AUDJPY, GBPJPY, AUDUSD, etc. and even EURUSD have their runs and then you have intradays for swings like CADJPY and USDJPY; it hasn't been this strong since June of last year. I think forex trading is better when the market is more volatile, I can trade all day without ever getting bored.
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so many Traders are getting killed
- Thread starter NY_HOOD
- Start date
AUDJPY, GBPJPY, AUDUSD, etc. and even EURUSD have their runs and then you have intradays for swings like CADJPY and USDJPY; it hasn't been this strong since June of last year. I think forex trading is better when the market is more volatile, I can trade all day without ever getting bored.
also,traders claim they protect themselves with "mental stops". well,i got news for you. i know a few traders that got killed becuse they kept getting stopped out and losing .20 cents over and over. I HAVE TO SAY,I know a few that do extremely well trading but they are a rare breed especially when you have to take consistency into consideration. after all,its a consistent trader that successful not the 10 strike outs and one grand slam type. its the singles and the doubles that add up and keep a good/disciplined trader in biz.
Quote from Landis82:
And that certainly has not been the case TODAY given the incredible rotation from one sector to the next.
Try taking your eyes away from the ES for a moment and look at a sector . . . such as the Defense stocks ( LLL, LMT, GD, NOC, RTN, etc ) or the Oil Service or Oil & Nat-Gas Drilling Sector and Nat-Gas stocks.
I'm amazed at how many people here on ET get so caught up in the indexes and how they tend to "chop" around, and yet there are equity sectors in the market that continually have some KILLER TRADING MOVES that are goldmines for both the day-trader scalper, as well as the position trader.
This is a great point - sector plays usually display much more movement and clarity of trend than the overall indices. Another advantage is that you can go long and short, leaving yourself with minimal exposure to overnight shocks or overall market trends. For example in the last month or so, long biotech, pharma and consumer staples, short commodity sectors has been a very nice trade.
Quote from short&naked:
Yup. You are speaking the truth. Most simply don't want to admit it.
There were some opportunities such as going long LCC and UAUA when oil peaked. Obviously, the financials and mortgage stocks have been great shorts and the AGs have offered a steady ride upward.
In short, there are always opportunities, but all these are fairly specific, longer term cases and hard to take advantage of.
It certainly isn't business as usual. Especially in markets such as forex, where leverage is necessary, even institutional traders are getting killed. The market is very choppy.
I do not buy into volatility allowing traders to make more money. Positioning becomes trickier and the longer term outlook becomes blurrier.
Forex is choppy? What are you talking about?
Quote from Jayford:
BINGO!
It kills me when position "traders" say you can't make money day trading. I think its FAR easier. No need to do any fundamental analysis, etc. Just learn the skill, and apply disciplined money management. That's all there is to it. People make it so much harder than they need to. Surviving the learning process is the only difficult part of the biz imo.
Nicely said, Jayford. Though August markets are not my favorites because low volume provides and environment for oddball moves and whipsaws, it has still been a profitable market to trade.
Makloada's correct. nothing has changed over the last 10 years. 95% of traders lose money over time and 5% win. what those 5% make varies depending on mkt conditions but those are the facts.long term diverisfied holders of stocks and funds over 10-20 year periods make money 100% of the time. and that also can't be challanged