Forex Daytrading a Losing game?

[stinger1979]

If you trade right and find the right pattern of course you can make money. The ones that dont are letting greed, fear or just plain being stupid control there trading. Trade with the right tools and with no emotion and you will be alright. Ignore people like this!

 

[Wallace]

ell i'll only intra-daytrade the 6E but fx is better for day-to-days trading since the
margin doesn't increase for o/n trading

as to trading methods, well there's lots of those
since my method's based on EW, the basic pattern repeats continually forming
part of the next larger scale so one can 'scalp' for a pip or two or more off a say
10 tick chart

since a lot of EW enables projecting price targets using the EW patterns plus
additional tools it throws up the question whether it's simpler to trade dtd rather
than going to all the trouble and monitor time required of intra-daytrading
so the question might be how does one want to use their time

 

[sakhter]

Quote from GaryN:

I keep running across articles like this:

Having been a forex trader for 25 years it amuses me when I see writers defend day trading. They say it really can make money! - Of course they have no track record to back it up just empty words. Fact is you are guaranteed to lose in day trading for one simple reason:

All Movements in Short Time Frames Are Random

Trillions of dollars trade hands each day and million of trader�s trade, all with different objectives and opinions and to say that you can predict what they do in a few hours or a day, is ridiculous. You can�t.

Volatility takes prices anywhere in a day and support and resistance levels are meaningless, so you would have the same success rate flipping a coin.

It�s absolutely impossible to get the odds on your side � PERIOD

This is of course why you NEVER see any of the vendors selling these systems give you a real time track record � Why?

Because they don�t dare trade it!

They would rather write some enticing copy and appeal to the greed and naivety of traders and make their money selling you the system � they win you lose � period.

But I have seen a track record you may say and yes will have, but it�s NOT real.

If you check the disclaimer on it you will see there all hypothetical!

What does that mean?

It means done in hindsight knowing the closing prices!

Now who can�t do that it�s not exactly hard.

If we all knew tomorrows price today we would all be millionaires but we don�t � and neither do we know what will happen tomorrow, so there not worth the paper their written on.

Day trading is a good story but the logic doesn�t add up and the biggest lie about day trading is you can make money at it longer term.

If you could you would see a track record or the vendor would shut up and trade it himself and not need your few hundred dollars.

If you want to win

Appreciate that trading is an odds game and to trade the odds you need to trade over longer periods, where the data is valid and you can have a chance of getting the odds on your side.

Finally

Don�t day trade, get real and trade with the odds on your side.

Article Source: http://EzineArticles.com/?expert=Kelly_Price


I am exploring currency trading and after watching for a couple of weeks it does appear to me that currency fluctuations are more random than stocks and indexes. The books I have read are almost unanimous in saying that you must trade longer term to be successful in the currencies. Does anyone have links to traders who are daytrading currencies profitably?

I've been trading forex for 1 1/2 years and I can tell you that you are very, very, extremely wrong.

"All Movements in Short Time Frames Are Random"

WRONG.

"If we all knew tomorrows price today we would all be millionaires but we don�t � and neither do we know what will happen tomorrow, so there not worth the paper their written on."

If a large volume order came in, don't you think the market will try to stop you out before you hit your target? If I knew *FOR A FACT* EURO was going to $1.48 when it was $1.47. Do you think I would wager $10,000 a tick?! What if it goes down 200 points before coming up 300 points? Can you hold that drawdown??? Does the 200 point retrace mean I am wrong if my target still hits?

I am running a fucking marathon, not a sprint. You can have the best strategy, execution, spread. But greed is the ultimate forex killer.

 

[dodo]

For any newbie trading intraday is a suicide. However, there are traders out there who are really good at trading like this. for example fxsurfer on moneytec from about 3-4 years ago. He would hold a position for days but rarely weeks.
He was really strict on risk reward ratios and that's mainly how he was able to be constantly profitable.

 

[freeze83]

How about balancing trades between short and long term time frames? Is that possible?

 

[sakhter]

Quote from freeze83:

How about balancing trades between short and long term time frames? Is that possible?

If you are still allowed to *hedge* yes.

 

[cabletrader]

Quote from dodo:

for example fxsurfer on moneytec from about 3-4 years ago. He would hold a position for days but rarely weeks.
He was really strict on risk reward ratios and that's mainly how he was able to be constantly profitable.

Haha, as I remember it FXSurfer blew up when he bet the farm shorting Eur/Usd from 1.21 saying it wouldn't break above 1.30 ('Big Mama Wave C', remember that? ), he said if it did he would quit trading!

When it did break 1.30 (as quite a few people told him it would) he started a signal service with his sidekick Stoxx, lol, another useless Elliot Waver!

Turned out they were both con men just out to promote their paid-for signal and 'training' services, both had multiple aliases on Moneytec....can't find the screenshots which Soultrader did of their ID's and IP's now but I came across these two, lol, takes me back to my nightmare GFT days.....they busted that Gbp/Usd trade, bitches!