any successfull "day traders" here?

forexworld

Newbie
4 0
Hello, I wanted to know how many of you here are successfull day traders ? trading the 5 or 15 minute chart ? i read somewhere that around 99% of people who try day trading blow up their account and i think this is totally false ! are there any day traders here?
 

Jack Francisco

Member
85 1
well i think that i am a successful trader in Forex because i gain profit daily in the trading game. And its no matter that capital of profit is high or low. Profit is profit for me. And if you want to became a successful trader in Forex then you should use demo account first.It is really can be a good place to train our idea, strategy, concept, money management and not forget the psychology, without having to worry we will loose any cent.
 

x4x

Well-known member
465 61
Day traders trade from tick charts not from 15 min !!!!

That's a strange comment - I didn't know there was any rules in trading - Day Traders can surely trade whatever they wish.
 

Dinos

Veteren member
4,112 713
I use 10/5 combination successfully and have done for many years, I've being trading full time over 10 years now. Trade with what ever works for you, (time based or tick chart).


Check out the Live Trading Thread
 
Last edited:

Lee Shepherd

Senior member
2,164 572
That's a strange comment - I didn't know there was any rules in trading - Day Traders can surely trade whatever they wish.

Yes of course there's rules. Just like any job. As one would need a certain amount of bars to trade from and from a technical standpoint and so between news events, naturally you would require a certain time frame that would give you this.

An example is you wouldn't use a daily chart to trade on the day, not specifically any way. Just as much if you used an hour time frame, by the time it gave you 8 bars the day would be over. So using a 15 minute time frame for the day would mean that your signals would have to be very quick in producing something remotely solid for you to trade off. You get 4 per hour, so what do you look for???

Lee
 
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x4x

Well-known member
465 61
Yes of course there's rules. Just like any job. As one would need a certain amount of bars to trade from and from a technical standpoint and so between news events, naturally you would require a certain time frame that would give you this.

An example is you wouldn't use a daily chart to trade on the day, not specifically any way. Just as much if you used an hour time frame, by the time it gave you 8 bars the day would be over. So using a 15 minute time frame for the day would mean that your signals would have to be very quick in producing something remotely solid for you to trade off. You get 4 per hour, so what do you look for???

Lee

I can assure there are no set rules in trading, other than what you determine yourself.

I day trade, and have done for years, I watch all time frames but enter using a combination of 1M & 2 point Renko, but if someone wants to trade off 15M, and have a solid method, they can do so - my main point was that Day Traders don't HAVE to trade off tick charts.
 

timsk

Legendary member
7,379 2,166
I can assure there are no set rules in trading, other than what you determine yourself.

I day trade, and have done for years, I watch all time frames but enter using a combination of 1M & 2 point Renko, but if someone wants to trade off 15M, and have a solid method, they can do so - my main point was that Day Traders don't HAVE to trade off tick charts.
Hi x4x,
Lee can speak for himself, obviously, but I don't think your respective views are mutually exclusive. Far from it, I suspect Lee would agree with you - as do I. I suppose that in theory, someone could day trade looking at weekly candles / bars and certainly day candles / bars. However, as a generalization, it's probably true to say that most day traders utilise lower timeframes. I think that's all Lee was trying to say.

Anyway, be that as it may, what you wrote in your post that really caught my eye is your use of Renko charts. I love 'em! But I think I'm the only trader on the site that likes them and uses them. So, I'd be very interested to hear what instruments you trade and how you use Renko and why you prefer them to other charts - especially P&F charts - which are the default choice (or so it seems to me anyway) for traders who utilise non-time based charts.

Cheers,
Tim.
 
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15 min tlb

Senior member
2,057 98
Hi x4x,
Lee can speak for himself, obviously, but I don't think your respective views are mutually exclusive. Far from it, I suspect Lee would agree with you - as do I. I suppose that in theory, someone could day trade looking at weekly candles / bars and certainly day candles / bars. However, as a generalization, it's probably true to say that most day traders utilise lower timeframes. I think that's all Lee was trying to say.

Anyway, be that as it may, what you wrote in your post that really caught my eye is your use of Renko charts. I love 'em! But I think I'm the only trader on the site that likes them and uses them. So, I'd be very interested to hear what instruments you trade and how you use Renko and why you prefer them to other charts - especially P&F charts - which are the default choice (or so it seems to me anyway) for traders who utilise non-time based charts.

Cheers,
Tim.

Most day traders as defined properly , can not make money , there are fundamental reasons for it .Day traders do not keep positions open overnight , because they are day traders .80 % of day trading is range trading , markets range 80 % of the time , some trends happen overnight most choppy trends happen day time cause of news releases.Day traders have no more than 50/50 chance in the market less spreads on good set ups.Most day traders have 33 % chance of success , hence more losers .

Content Gufaw !:LOL::LOL::LOL::LOL:
 

x4x

Well-known member
465 61
Hi x4x,
Lee can speak for himself, obviously, but I don't think your respective views are mutually exclusive. Far from it, I suspect Lee would agree with you - as do I. I suppose that in theory, someone could day trade looking at weekly candles / bars and certainly day candles / bars. However, as a generalization, it's probably true to say that most day traders utilise lower timeframes. I think that's all Lee was trying to say.

Anyway, be that as it may, what you wrote in your post that really caught my eye is your use of Renko charts. I love 'em! But I think I'm the only trader on the site that likes them and uses them. So, I'd be very interested to hear what instruments you trade and how you use Renko and why you prefer them to other charts - especially P&F charts - which are the default choice (or so it seems to me anyway) for traders who utilise non-time based charts.

Cheers,
Tim.

Hi Timsk,

My original post was really in response to killbill's quadruple exclamation mark in response to the OP's suggestion that day traders can trade off 15M charts - the OP is a new member and I felt there was a bit of ridicule intended, and only responded because I didn't like it. There are day traders who scalp off yesterday's high/low levels, so of course one can day trade off any time frame one chooses.

Apologies to Lee if my reply to him was rather sharp, I was probably being a bit defensive on here as I was expecting a battle!

I've tried trading multiple markets (3 or 4) but am just not up to it, so I stick to just trading one market at a time, currently EUR/USD. If I know the market well, I can usually get a daily profit, whereby if I trade several markets, I end up missing things. The DAX is probably my favourite, but I occasionally hold overnight positions and IG's increase to 10 spread makes that difficult.

I've never really looked at P&F, Renko closely resembles candles, which I prefer, as I have channels on every chart and use them as the basis of my trading - I think they show trend, consolidation, support, resistance and general market condition a thousand times better than anything I've ever come across.

The price is currently inside every channel from 1M thru' 1H, so I'm in no rush to trade at the moment, and when you consider the price has been at this level for the past 18 - 20 hours, the channels are spot on as usual.

I think a lot of people dislike Renko because they don't show wicks and tails, if stop placement is correct, they are just noise - and using a 2 point block, makes them even less relevant.

Cheers.
 

x4x

Well-known member
465 61
Most day traders as defined properly , can not make money , there are fundamental reasons for it .Day traders do not keep positions open overnight , because they are day traders .80 % of day trading is range trading , markets range 80 % of the time , some trends happen overnight most choppy trends happen day time cause of news releases.Day traders have no more than 50/50 chance in the market less spreads on good set ups.Most day traders have 33 % chance of success , hence more losers .

Content Gufaw !:LOL::LOL::LOL::LOL:

Why do you feel that trader's have to be Pigeon holed, can I not be (for example) a scalper this morning, a momentum trader this afternoon, and a swing trader next week?

Surely you have to adapt to the market, not expect the market to adapt to you....

You're perhaps the only professional trader on here, so your response will be much valued.
 
 
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