Day trading difficulties
- Thread starter oilfxpro
- Start date
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Nice clean trade from another friend.
You do realize that there are traders of Forex from all over the world. Thus, everybody is not in your time zone.
Simply, you're misguided if you believe "chop during the day and trend at night" has some sort'uv negative impact on day trading itself considering traders in a different part of the world will see that same chart very differently in comparison as "chop at night and trend during the day".
Therefore, wouldn't traders of Forex EurUsd in a different part of world conclude if they used the same misguided theory as you do that "chop at night and trend during the day" is good for day trading.
Thus, your belief is misguided because you think the fault is day trading itself. In reality, the fault is your trading plan involving the time zone you tend to trade within and the specifics of your trade method that gives you trade signals.
Regardless, good traders adapt when market conditions change and that adaptation rarely involves changing the trade method itself. Instead, it involves making a change in the trading plan...such would include trading at a different time of the day if they have statistical proof their trade signals are appearing in a time zone when they normally are asleep. Another option for a serious trader would involve moving/residing in a time zone more suitable for his/her trading plan.
In addition, your thread so far has shown how much baggage (misguided beliefs) you're bringing into day trading or have developed while trying to understand day trading which in my opinion these types of beliefs are blueprints for failure @ daytrading.
Getting back to the pschological aspects considering this thread is still in the "Psychology Section"...day trading must really be a threat to your ego which explains why you seem glued to trying to understand day trading while you're on record in stating you have existing profitable automated swing trading methods.
Last of all, it was once suggested you're using this thread to discover why you're failing at day trading and to improve your understanding of the psychological aspects of day trading that's a key ingredient or variable to profitable day trading. I hope that's what's really going on with you.
Mark
Mark
Whichever part of the globe a trader lives in , the problem of trend breakouts happening in the alternative session will always cause difficulties.
Day trading and trying to trade trends on minute scale will always be difficult , due to the randomness of intra day trends.This will create other problem like discipline , psychology etc
A solution to day trading fx lies in providing liquidity /service , when either buyers or sellers are scarce. This involves taking risk with wide stops , and using a specific system to trade random noise.
I am working on solution to develop a combined trending and contrarian/random mechanical system to day trade fx.
Whichever part of the globe a trader lives in , the problem of trend breakouts happening in the alternative session will always cause difficulties.
Day trading and trying to trade trends on minute scale will always be difficult , due to the randomness of intra day trends.This will create other problem like discipline , psychology etc
A solution to day trading fx lies in providing liquidity /service , when either buyers or sellers are scarce. This involves taking risk with wide stops , and using a specific system to trade random noise.
I am working on solution to develop a combined trending and contrarian/random mechanical system to day trade fx.
nakachalet,
I just closed a EUR/JPY short from 117.685, last portion covered 117.041. Attached the statements so you can refer the numbers.
The point is not whether I could have traded 4 standard lots or 4 mini-lots. Daytrading forex can be done if you know what to do, and work on your techniques, and discarding wrong myths. Rather than to create 3 threads to convince yourself that daytrading don't work, that trends are random in minute charts, etc. And to continue to argue against good advice given in this thread, still insisting that trends are random ...... this is 4mins chart and the trade is clear and simple.
You're not being clear. Why is trend breakouts problematic in day trading. I can only see such if you're trading without a stop and you're on the other side of that trend breakout.
Out of curiosity, why are you concentrating on trading trends or trying to catch trends on minute charts ???
To me...seems like a tough thing to do profitably on a consistent basis via an entry signal point of view without the critical market context. My point is this...market context can't be coded...it's too subjective. Thus, it makes more sense to understand why trends occur in the first place prior to trying to catch/trade them.
I do understand you have the "mindset of a coder" and that you found discretionary day trading too difficult...no surprise there. Thus, it only seems natural for you to approach day trading from a different route...something you're familiar with...as in automation or mechanical systems.
Good luck with that.
Mark
If you trade at night in far east sessions , because easy money is made at night ,and mainly trade trends .If trends became rare and market conditions became choppy in far east sessions and trendy in Franfurt/london sessions , the problem of randomness does not go away.
Finding trends and direction can be easier to trade and place real money on the table , they are also more profitable.