Be honest ............

gtspeed

Active member
101 6
Evening all , I see lots of chat about how the newbies should trade but never much in the way of content regards profit.

I find very few that can trade a 5 min chart in fact not found any that consistent at 5 min and make a wage. So be honest about the profits made and the real timeframes that are traded. If any guys are really making 20k + a year can I ask does it come from 4hr or 5 min. Be honest as curious to find out if it is possible or a dream sold by the fake gurus and the IML only need 10 pips a day pyramid schemes that is all over youtube followed by the demo bullshitters

Thought of the day
 

panda

Member
97 3
Hi, if peeps do reply, how do you tell if they are being "Honest" ?
any proof required ?
A bit like fibo's thread asking about trading records etc

It's an interesting question and it'll be interesting to see what is posted
BTW i am not profitable
 

Bloodhound

Senior member
3,467 1,318
Price action is fractal. If you learn to read price correctly then it doesn't matter whether you are looking at a 1 minute chart or a monthly chart. (BTW when I say price action I am not talking about candle patterns, price patterns etc. or any derivative of them.) If I understand your question correctly it would appear that you are sceptical of the so-called gurus trying to sell 'amazing 1 minute scalping systems' and the like. If I were to give 1 piece of advice it would be to avoid anything that involves the word 'system'. Proper price action trading has nothing to do with having a 'system'; that's for gamblers on a roulette table
 

panda

Member
97 3
Price action is fractal. If you learn to read price correctly then it doesn't matter whether you are looking at a 1 minute chart or a monthly chart. (BTW when I say price action I am not talking about candle patterns, price patterns etc. or any derivative of them.) If I understand your question correctly it would appear that you are sceptical of the so-called gurus trying to sell 'amazing 1 minute scalping systems' and the like. If I were to give 1 piece of advice it would be to avoid anything that involves the word 'system'. Proper price action trading has nothing to do with having a 'system'; that's for gamblers on a roulette table
can i ask then, what are you talking about when you say "price action" ?
 

gtspeed

Active member
101 6
Hi, if peeps do reply, how do you tell if they are being "Honest" ?
any proof required ?
A bit like fibo's thread asking about trading records etc

It's an interesting question and it'll be interesting to see what is posted
BTW i am not profitable

Please not even close to Fibo , just curious really , only proof needed is honesty
 

Pat494

Legendary member
13,984 1,438
So often time frame is dictated by the trader's circumstances and personality.
As pointed out above some can make profits on any time frame. The strategy must be roughly the same I guess.
Those that have to trade daily TFs because of other commitments e.g. work have excellent opportunities too.
Having the luxury of being retired I can choose any TF. I usually use H1 though.
I have a basic system. I just need to tweak it a bit to squeeze out good profits. Or so I hope !!
 
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Bloodhound

Senior member
3,467 1,318
can i ask then, what are you talking about when you say "price action" ?
That's a very good question and one that different price action traders will probably have a slightly different take on. The best way I can probably explain my 'take' would be to say that it is the relationship between buyers and sellers as visually represented on a chart and most easily seen via the relationship between price highs and lows. Some, including myself, will also call this market structure. I guess the basis for it is found in Dow Theory; a much under-rated subject that most traders probably read about when they first start out but then completely miss the importance of when they start to develop their price reading skills. A true price action trader will be one who can look at a chart, build a story and then with near perfect accuracy say where price should go next.
 

gtspeed

Active member
101 6
Price action is fractal. If you learn to read price correctly then it doesn't matter whether you are looking at a 1 minute chart or a monthly chart. (BTW when I say price action I am not talking about candle patterns, price patterns etc. or any derivative of them.) If I understand your question correctly it would appear that you are sceptical of the so-called gurus trying to sell 'amazing 1 minute scalping systems' and the like. If I were to give 1 piece of advice it would be to avoid anything that involves the word 'system'. Proper price action trading has nothing to do with having a 'system'; that's for gamblers on a roulette table

Yes something like that , I have being trading 3 years or so and only just started break even after spending a fortune on courses that are not really worth the money. The main part was to see if there really is a normal retail trader making a living rather than the demo warriors
 

Bloodhound

Senior member
3,467 1,318
Yes something like that , I have being trading 3 years or so and only just started break even after spending a fortune on courses that are not really worth the money. The main part was to see if there really is a normal retail trader making a living rather than the demo warriors
Very, very few would be my honest answer. To be self-supporting as a trader takes a huge amount of time and effort as well as sheer bloody-mindedness.
 

Pat494

Legendary member
13,984 1,438
Even the greats like Anton Kreil have to lecture and train others to supplement their incomes.
 

barjon

Legendary member
10,359 1,594
That's a very good question and one that different price action traders will probably have a slightly different take on. The best way I can probably explain my 'take' would be to say that it is the relationship between buyers and sellers as visually represented on a chart and most easily seen via the relationship between price highs and lows. Some, including myself, will also call this market structure. I guess the basis for it is found in Dow Theory; a much under-rated subject that most traders probably read about when they first start out but then completely miss the importance of when they start to develop their price reading skills. A true price action trader will be one who can look at a chart, build a story and then with near perfect accuracy say where price should go next.
Maybe It’s coloured by the fact that in nearly forty years I’ve not been able to master that skill to anything remotely approaching “near perfect accuracy” but I think that all price action merely opens up potential trading opportunities with managing the trade you take associated with your money management being the much more important element.

Last week, for about the 10,000th time I let a loss run on for far longer than I should have done and wiped out the profit from the four previous trades in one swoop. Even allowing for the occasions when price kindly (luckily) came back in my direction to rescue me I would be quids in had I improved my exit judgement and the discipline to exercise it.
 
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Bloodhound

Senior member
3,467 1,318
I think it's very much a case of horses for courses. I happen to know someone in the village where I live who is a retired CBOT floor trader and it is fascinating comparing the way he trades to the way that I do. He focuses on aiming to approximately get the entry right (i.e. ideally in the right general direction!) but the emphasis is mainly on trade and money management once he's in. He then builds positions in a way that I simply can't fathom. When he wins big it's very big, but his losses are always small. We've discussed our relative styles and he never stops reminding me that 'in the old days' the only charts they had were the ones that they drew themselves so they didn't have the capability to be as 'precise' as one can be nowadays. His criticism of the way that I trade is that, because I don't like losing, I don't get stuck in enough.
 
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rossored

Senior member
2,091 49
The idea pushed by many that you can make your money in 20 minutes per day is complete garbage. It is true that *some days* you might make your money in a short period of time, but by and large it requires you to sit at the desk for a number of hours each day to capture each opportunity. You might trade for 1-2 hours and then take 30 minutes off because the concentration required is tiring. Then do another 2 hours or whatever you need. But, the dream to trade with huge size and only capture 10 pips a day, then climb in the Lamborghini (or helicopter, Mr Secker) and off you go ... hmm, that one might not be quite true.
 

gtspeed

Active member
101 6
Secker , full of spin, I understand your thoughts rossored , the one who makes me laugh the most is FXLIFESTYLE a tit if ever there was one. I make gains but not enough for a living and always thought the 10 pips at £20 a point (£200 a day) sounds great but reality is 20 pips a mountain to climb , 20 pips loss a sledge ride down lol
 

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