Leverage on this account is probably no more than 5x max i think.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Fun money
- Thread starter Visaria
- Start date
Leverage on this account is probably no more than 5x max i think.
Yeah, could be. I know of one person on the whole of the internet who I can confidently say has an 'edge'. I've seen him call hundreds of trades on skype, and it's like he has a crystal ball. So whenever someone tells me they have an 'edge', maybe I expect them to be able to achieve similar results!But i suppose my definition of edge may differ from yours.
Thousands of them. And not in hindsight like nearly everyone else online.why do you think your skype friend has an edge? because he made some profitable trades?
And with tight stops and much bigger targets.
And with a VERY high hit rate. (80% or so) It couldn't be clearer.
my problem atm is that i am not sticking to the plan. i have deviated by doing day trades and by not exiting profitable trades correctly (that's a biggie, i have always had a problem with this).
I'm going to be a strict bracket trader on this account. Place trade, place OCO for stop and target and walk away. Come back at the end of the day.
I'm going to be a strict bracket trader on this account. Place trade, place OCO for stop and target and walk away. Come back at the end of the day.
My mentor strongly disapproves of day trading. I met up with him last week. Here is some of his objections (but written in my words):
1) waste of life in terms of energy and time taken
2) market is going to go where it wants to , you have no control, therefore how does watching a screen do anything for you?
3) the big money is almost always made over longer periods simply because bigger moves take more than a day to take place.
4) quality of intraday signals is weak
5) day trading is a blue collar occupation sort of like working in mcdonalds or in a factory...you're working for the market rather than letting the market, capitalism, the system, call it what you will, work for you.
6) day trading is generally entertainment focused rather than profit focussed.
7) the costs of trading distort the risk reward ratio adversely when looking for small moves.
8) daytraders are competing with algos , hft and supercomputers. good luck with outsmarting them!
9) about 5 in a 1000 (yes a thousand) day traders make serious money. some make a bit of money, but they never make it to the 5 in a thousand, the rest lose.
10) your eyes, brain and penis will eventually cease to operate if you keep staring at a screen.
11) there is no need to day trade to make money or to become wealthy
1) waste of life in terms of energy and time taken
2) market is going to go where it wants to , you have no control, therefore how does watching a screen do anything for you?
3) the big money is almost always made over longer periods simply because bigger moves take more than a day to take place.
4) quality of intraday signals is weak
5) day trading is a blue collar occupation sort of like working in mcdonalds or in a factory...you're working for the market rather than letting the market, capitalism, the system, call it what you will, work for you.
6) day trading is generally entertainment focused rather than profit focussed.
7) the costs of trading distort the risk reward ratio adversely when looking for small moves.
8) daytraders are competing with algos , hft and supercomputers. good luck with outsmarting them!
9) about 5 in a 1000 (yes a thousand) day traders make serious money. some make a bit of money, but they never make it to the 5 in a thousand, the rest lose.
10) your eyes, brain and penis will eventually cease to operate if you keep staring at a screen.
11) there is no need to day trade to make money or to become wealthy