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Why most traders are losers
- Thread starter tomsmith
- Start date
"So I am very puzzled that WHY would you care to read on level 2 AT ALL????? "
I have that on my screen, that is not level 2 info.
I have that on my screen, that is not level 2 info.
Quote from chrismontez:
"So I am very puzzled that WHY would you care to read on level 2 AT ALL????? "
I have that on my screen, that is not level 2 info.
Okay... I am going to avoid the terminology or technicality. My main question still is: For someone who would only trade once in two years, why does that person deal with this level of details? 20,000 quantity on the ask. 5 cents spread. And need to look at this information every minute of every trading day?
Or are you telling me that the snipers in Vietnam needed to live in the jungle for 2 years but needed to stare into their eye-pieces every minute during daylight hours to wait for their perfect shot?
"Okay... I am going to avoid the terminology or technicality"
Right. So we are going to have an intelligent discussion about spreads and volume without you knowing what you are talking about.
As for watching the screen for a year, I didnât sit there with finger up my arse. I tried paper trading different systems using Bollinger bands, S&R levels, reversals using deviations from previous opening and closing positions and IV, and a few others. I found that breaking news about SARS, mad cow disease and the war in Iraq trumped the TA for moving the market in the short term and I was constantly getting stopped out with paper loses even on trades that would have been winners over the long haul. So for me, taking a big stab when I thought the conditions were right made more sense. After that , I didnât watch the screen, just traded on news very infrequently.
Right. So we are going to have an intelligent discussion about spreads and volume without you knowing what you are talking about.
As for watching the screen for a year, I didnât sit there with finger up my arse. I tried paper trading different systems using Bollinger bands, S&R levels, reversals using deviations from previous opening and closing positions and IV, and a few others. I found that breaking news about SARS, mad cow disease and the war in Iraq trumped the TA for moving the market in the short term and I was constantly getting stopped out with paper loses even on trades that would have been winners over the long haul. So for me, taking a big stab when I thought the conditions were right made more sense. After that , I didnât watch the screen, just traded on news very infrequently.
Most traders lose due to lack of knowledge and experience, and I believe the number one reason is the use of stop loss. Traders are much better off going stopless but using mederate leverage. Currencies in Forex range and almost any order has a chance to be profitable if it wasnt for excessive leverage and the use of tight stoploss assinments.