Forex tends to be highly liquid, so you can make reasonable probability speculations based on price alone.
I'm looking at moving into Futures and possibly E mini Index Futures, so thanks again you've given me a few good pointers.
Daytrading quickly becomes a bullsh*t job, and as such people justify it?
- Thread starter crgarcia
- Start date
Forex tends to be highly liquid, so you can make reasonable probability speculations based on price alone.
I'm looking at moving into Futures and possibly E mini Index Futures, so thanks again you've given me a few good pointers.
I absolutely agree that FOREX is a highly liquid environment. It is just a shame that the banks do not see clear to pony up the volume information of their individual feeds and allow them to be merged into a single "Whopper" of a market.
That is just "me" speaking because I require volume data to engage my "edge". This means for me that FOREX offers me limited consistent profit potential because of that limitation. Seemingly you, as others have learned to overcome this limitation.
Possibly but with a reduced edge.
A few nuggets of trading wisdom from Uncle Larry.
<object width="480" height="385"><param name="movie" value="http://www.youtube.com/v/1_XLud78dLE&hl=en_US&fs=1&rel=0"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/1_XLud78dLE&hl=en_US&fs=1&rel=0" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></embed></object>
<object width="480" height="385"><param name="movie" value="http://www.youtube.com/v/1_XLud78dLE&hl=en_US&fs=1&rel=0"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/1_XLud78dLE&hl=en_US&fs=1&rel=0" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></embed></object>
If you honestly accept what failed_trad3r said as truth, then you're an idiot. There's a credible if/then statement for you. The horrible example that he used is littered with if/then statements with data points that are engineered to prove his bias as correct. His example is easily one of the worst attempts at disproving anything on this site.
Simple math for simple minds.
I'll second that...
do you mean "just don't happen" or "don't just happen straight away"?
Good system depends on what suits your personality, trading style, etc. There are hundreds of "good" systems that work if you implement them correctly and there is no one size fits all "holy Grail"
Building intuition & instinct does require hundreds if not thousands of hours of screen time, the trick is to build an effective non discretionery operating frame work to allow you to make an income whilst you are developing those skills.
Trading 4 hours a day mon to fri = 20 hours a week = 80 hours a month = about a year to have amassed a thousand hours, which seems about right before you can move on to an intuitive trading style (maybe even put in more hours a day for the first year) or whatever suits you as an individual.
Also the required time to build intuition will vary from person to person.
You are more likely to be successful if you do not start from a loser, defeatest, negative mind-set of it's all a load of bulls**t.
No the daytraders don;t use their heads. Time is equivalent to salary. If 90% of investors lose, and so do 90% of daytraders. Then investors still win. The reason is investors spend almost no time on investing. Most daytraders DONT ACCOUNT FOR TIME SPENT A.K.A SALARY. Most daytraders dont understand compounding and time spendage which is the basic tenets of business building. Also they dont know the risks involved with leverage as we saw during May 6. All these factors combined mean daytrading is the worst thing a newbie can do.