Forex Day Trader's Thread

Skitch said:
I have to respond to this because it feels that its aimed at us..

I think you massively under-estimate the advantage youth has in this day and age.. Accelerated learning through modern technology wasn't an option for 25 year seasoned traders, we could learn what they did in 5 years.. in 5 months.

Coming from the poker background, many famous 'old schoolers' were astounded by how quickly the youth shot up the ranks. This is because a live player might play 100,000 hands a year.. but an online player may do that in a week.

Businesses want the hungry youths, because they know this generation works harder, learns quicker and excels faster.. I don't think its fair to categorize us as the mindless consumer force that drives the 'get rich quick' schemes. I'd argue that the older less tech savvy middle/lower class are more a victim.. then the younger generation who are accustom to the nature of the internet.. and the opportunists that reside here
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That was such a good post! You absolutely nailed some of my thoughts.

Kudos x

Takes like 5 seconds to take in information and apply it.
 
bclarke112 said:
Fine, if you can show me a picture of your infinity account statement, then i am convinced that price action can be beaten
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My infinity account has an unbelievable amount of money in it, You simply will not believe me or the statement.

What will i get in return for giving you such a privaledge ?

I could show you an account with $60,000 in it that i don't use anymore ? Its a Charles Schwab account, i grew it but then i realised commisions were far too high! I haven't bothered moving the money out yet... Again, whats the point?
 
Pippy5000 said:
You couldn't get 50 losers in a row if you tried.. perhaps if you bank trades at the very instant you make them before the price can move beyond the spread, but otherwise it would be difficult.. But if you're using 10 pip stops and 1,000 pip t/p it would be ok to take 50 losses in a row.. If you actually listen to the video you'll see that he has an all or nothing style.. he tries to catch big moves only.

and trader3333, trader dante, shadowninja and neil definitely aren't "noobs".. Their recommendation is how I found the video in the first place.. sure, it meanders a bit, a lot actually, but it has interesting information. Keep in mind that he's looking at the daily charts as well.

You have something to learn from anyone who has been trading for 25 years.. He's been trading longer than both of you youngsters have been on this planet ;)

I particularly like the speech about he said he wasn't ever going to quit until he found out a way to prosper..
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He had 50 losers in a row - it's a fact. He lost his followers tons of money.

Not sure about your point about Shadowninja - I speak to the guy on a daily basis pretty much. As for Dante - not much to comment except he was at a prop firm and now he's no longer there; make of that what you will.

I have 0 intention to be sitting here in 25 yrs time. I think anyone that tries to trade day after day for 25 years is a failure. If I haven't made my money within the next 5-10 years I will consider myself a failure. Only reason people would spend that amount of time and make tons of money is they're screwed up in the head and have little else to do with their lives.
 
GladiatorX said:
You lack belief in yourself.... Quick money does exist.

Problem is; Most aren't good enough to make money in trading, to make up for this, they try to use 'Others' ideas to make that money... Problem is, those who can, don't share. So they end up giving money and looking for advice from those who similarily can't; Then they tell people that 'Quick money doesn't exist'.

I'm 18;
View attachment 71308
Thats my swing trading account; The bulk of my trading is in futures, E-mini's in an Infinity Futures brokerage account.

95% of traders aren't good enough to get rich quick or slow, nor do they have the ability to get quick money.
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trust me I have plenty of money behind me that says how much I believe in myself
so I'd suggest not speculating my self belief.

for the record, im 21.

my point isnt that quick money doesnt exist, but that there is more to trading than that, and everyone has plenty to learn (especially young traders). your post is a perfect example, there is no track record here, that account can be blown tomorrow. I just see too many young "traders" thinking that what they are doing will last over time, which it wont, most of you will be weeded out of the system, no matter how much you try and convince yourself otherwise. . its fine with me, id rather less competition in the long run.

with regards to some of the responses to my post, although I dont think you understood my point...I agree with your passion and belief in the youth, I'd like to think of myself a part of that generation you speak of. however I wouldnt say to ignore a veteran trader who has great knowledge to share (this isnt referring to the video, just in general), in that case you might as well never read another book and see how far you get. which comes back to my point from the beginning, I simply believe to be successful you should be open, humble, and eager to learn.
 
and gladiator, this is not a direct attack on you or anyone (as just noticed my post could come off that way), its how I feel about a certain type of trader, I dont know you or anyone here personally so Im not saying that its you guys personally....and your account could do great forever, that was also just for the point
 
Masquerade said:
He had 50 losers in a row - it's a fact. He lost his followers tons of money.

...

I have 0 intention to be sitting here in 25 yrs time. I think anyone that tries to trade day after day for 25 years is a failure. If I haven't made my money within the next 5-10 years I will consider myself a failure. Only reason people would spend that amount of time and make tons of money is they're screwed up in the head and have little else to do with their lives.
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I really like this post, although I think it could be worded better :p but i totally agree
which brings me to a point I wanted to make in regards to James16

No disrespect, I've seen he has given a lot to the forexfactory crew but..

If I was going to spend money on PA, by preference I would rather buy a Steve Nison DVD then a forum page gone subscription model.. It just makes more sense to invest money into a public record of success and contribution

I mean the guy westernized candlesticks and his passion/respect for Japanese culture is very inspiring.. although he could do with hiring a web developer

Anyways this is something I always think about when looking at training products..
If they are good enough to offer advice why don't they have a CTA, why aren't they trading funds or on an institutional level..?

I swear with good production value and marketing anyone could make a return redistributing public information...

A great quote I read here was something like "You can buy the golden eggs, but never the chicken that lays them"
 
actually, gladiator...how come you can edit your posts after they have been posted? number of times you've done that without an edit showing!!!
 
trust me I have plenty of money behind me that says how much I believe in myself
so I'd suggest not speculating my self belief.

for the record, im 21.

my point isnt that quick money doesnt exist, but that there is more to trading than that, and everyone has plenty to learn (especially young traders). your post is a perfect example, there is no track record here, that account can be blown tomorrow. I just see too many young "traders" thinking that what they are doing will last over time, which it wont, most of you will be weeded out of the system, no matter how much you try and convince yourself otherwise. . its fine with me, id rather less competition in the long run.

with regards to some of the responses to my post, although I dont think you understood my point...I agree with your passion and belief in the youth, I'd like to think of myself a part of that generation you speak of. however I wouldnt say to ignore a veteran trader who has great knowledge to share (this isnt referring to the video, just in general), in that case you might as well never read another book and see how far you get. which comes back to my point from the beginning, I simply believe to be successful you should be open, humble, and eager to learn.
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I totally agree with your last post...
In poker we would call this positive variance which leads to the destruction of many accounts
I can imagine the same could happen to in-experienced traders (not regarding anyone here)

Sorry I misinterpreted your post however i think you'll agree with parts of the above in relation to James16 Group

*above being http://www.trade2win.com/boards/for...orex-day-traders-thread-1608.html#post1004380
 
Tarhini_Trade said:
I just see too many young "traders" thinking that what they are doing will last over time
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In my day-trading account; Which is significantly larger; I risk 2 points per trade (1%); I don't see how i am going to blow that any time soon; I've had to suddenly lost 100 trades in a row, and as of yet, i have a very high win percent and rarely have losing streaks more than 2 days.
 
GladiatorX said:
In my day-trading account; Which is significantly larger; I risk 2 points per trade (1%); I don't see how i am going to blow that any time soon; I've had to suddenly lost 100 trades in a row, and as of yet, i have a very high win percent and rarely have losing streaks more than 2 days.
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lol look at my post after that one. my point has nothing at all to do with you or your strategy, im not referring to you or anyone in particular
 
Tarhini_Trade said:
lol look at my post after that one. my point has nothing at all to do with you or your strategy, im not referring to you or anyone in particular
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Okay sorry for my mis-interpretation and also i apologise for making a judgement on your self-belief :)

This is quite cool; 3 young guys :D

I know what you meant btw; personally i kinda disagree; i believe if someone has made good money on good money management it wasn't luck and it is sustainable.
 
GladiatorX said:
i believe if someone has made good money on good money management it wasn't luck and it is sustainable.
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This is EXACTLY what I used to have to explain daily to family members/friends when I was grinding out the poker scene

Risk/money management & emotional control.. No luck
 
Skitch said:
This is EXACTLY what I used to have to explain daily to every family member/friend when I was grinding out the poker scene

Risk/money management & emotional control.. the rest is easy
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Yeah :)
Good thing about poker is that probabilities can be factually defined, in trading, they are always subjective or historically biased.

What uni you @ skitch ?
 
ooo to quick, in before the edit
Portsmouth - Studying digital forensics.. seems like I'm actually studying trading with a degree on the side tho these days :]]

What about you man?
 
Skitch said:
ooo to quick, in before the edit
Portsmouth - Studying digital forensics.. seems like I'm actually studying trading with a degree on the side tho these days :]]

What about you man?
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Gap Year; Going university in September; Kind of applying at the moment.... Suppose to have got it off by now but not yet; Think i'll do economics, haven't decided yet.
Pretty un-organised, too focused on other things :)

My mates going Portsmouth in Sept; Although you'll have finished by then will you?

Digital forensics seems a bit random to a poker/trading background no ?
 
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