Simulated Forex Daytrading

what have you done to prepare for this my friend ?

read any books ? FXCM online course ?


Loosing is part of the game.....hopefully, not for long though
 
Read lots of books and I've been position trading futures, stocks and options successfully for several years. I thought that if I made a fairly steady daily profit (and losses of course, but a decent average daily upward motion) that I would day trade, but it seems that over time I would do little better than breakeven.
 
Are you certain you want to give up so quickly? Daytrading really takes a different mindset and you're probably still in the position trading mode that you've been successful with in the past.

Give it a few months and then decide whether or not it is right for you.
 
My problem most likely stems from my methodology. I've never been successful with technical analysis and that's what I'm trying to use to daytrade forex.

For my position trading I base my entry and exit decisions on historical patterns and statistical probabilities. Unfortunately I'm unsure how to apply that to the forex market.
 
07/12/07
3 Trades (2W, 1L)

Trade 1
Short EUR/USD
Entry: 1.3775 @11:50 EST
Exit: 1.3784 @12:24 EST
-9 points

Trade 2
Short EUR/JPY
Entry: 168.88 @23:21 EST
Exit: 168.71 @02:18 EST 7/13/07
+17 points

Trade 3
Short USD/JPY
Entry: 122.53 @23:21 EST
Exit: 122.37 @2:17 EST 7/13/07
+16 points

Total P/L: +14 points

I tried something new yesterday. Combining Bollinger Bands and MACD for entry, and support/resistance for setting stop and target.
 
Quote from dejatrader:

My problem most likely stems from my methodology. I've never been successful with technical analysis and that's what I'm trying to use to daytrade forex.

For my position trading I base my entry and exit decisions on historical patterns and statistical probabilities. Unfortunately I'm unsure how to apply that to the forex market.
More...

Nobody is really successful with most of Technical Analysis. In spite of overwhelming evidence against in large numbers of well-defined studies, people keep piling into the ghetto.

And yes, the fuming will follow, but the serious major evidences in support of technical analysis will not. Only anecdotal, testimonial, or pure "I believe" posts will follow...
 
Quote from dejatrader:

07/12/07
3 Trades (2W, 1L)

Trade 1
Short EUR/USD
Entry: 1.3775 @11:50 EST
Exit: 1.3784 @12:24 EST
-9 points

Trade 2
Short EUR/JPY
Entry: 168.88 @23:21 EST
Exit: 168.71 @02:18 EST 7/13/07
+17 points

Trade 3
Short USD/JPY
Entry: 122.53 @23:21 EST
Exit: 122.37 @2:17 EST 7/13/07
+16 points

Total P/L: +14 points

I tried something new yesterday. Combining Bollinger Bands and MACD for entry, and support/resistance for setting stop and target.
More...

This is called a "Rube Goldberg machine." Look it up...
 
This is called a "Rube Goldberg machine." Look it up...
More...
That's not a very helpful post. Why don't you just make your case as to what you think is a simpler and more effective approach?
 
Quote from dejatrader:

Read lots of books and I've been position trading futures, stocks and options successfully for several years. I thought that if I made a fairly steady daily profit (and losses of course, but a decent average daily upward motion) that I would day trade, but it seems that over time I would do little better than breakeven.
More...

Have you explored moving out on bigger TFs? FOREX can give enormous opportunities in the swing TFs. Less work, more dough, but everyone wants to be a daytrader.

Best regards,
MK
 
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