Day Trading is Dumb

Sep 11, 2004
7
0
11
#22
I agree with sidinuk, I am currently building / testing various systems, I have been testing on a years worth of intra-day forex data, by moving the stop loss 10 points, the back-tested results went from losing 2,743 pips to a gain of 4,200, this does not mean I have found good system or that it will work, it just demonstrates the sensitivity / difficulty of trying to find an edge.
 

sidinuk

Active member
Dec 4, 2002
624
4
28
Surrey
www.online-futurestrading.com
#23
To be fair, I'm sure everyone takes more care over their trading than they do with posting comments on a forum. I was just trying to identify why Sun may not be making a profit - It just struck me that he was probably more of a 'big thinker' and perhaps a little careless with the detail. Anyway, I'm going to stop digging this hole now - before someone picks up on my far from perfect English.

Pennt, that is quite a huge difference that just moving the stop loss 10 pts makes - Can you share any more details?
 

donaldduke

Well-known member
Jan 1, 2004
1,664
251
93
#24
Sun,

You havent figured the game out yet. you need to work harder,
trade more, read as many books about trading as you can get your hands on,
read everything you can find on the internet. Perhaps attend a few day trading courses etc.

Youll get there in the end but you might need to lose another 10K to get there. Keep your positions
small so the 10K doesnt but become another 25K down the hole.
 

Roberto

Well-known member
Aug 28, 2004
1,069
11
48
uk
#25
sidinuk said:
Perhaps English is not your first language, for which I apologise if I have caused any offence.
Whenever I say anything like the contents of your post (which I do all too often, in another place), they always turn out to have dyslexia, which leaves me dreadfully embarrassed. Not that I'm suggesting a defence for him, you understand ... :)
 
Nov 20, 2003
597
6
28
uk
#26
Roberto said:
Whenever I say anything like the contents of your post (which I do all too often, in another place), they always turn out to have dyslexia, which leaves me dreadfully embarrassed. Not that I'm suggesting a defence for him, you understand ... :)

you all on about my enlish pleeesas pooint thiis out to me thakcs.

sun :confused:

ps i ,made money today :D
 

LION63

Active member
Oct 4, 2004
746
33
38
CROYDON
#28
How many of us have systems or strategies that stand up under scrutiny? It reminds me of a very short joke. "Man sends a telegram to his relatives - System working send more funds."
 
Apr 2, 2004
6
0
11
Co.TYRONE N.I.
#30
Hello everyone.I rarely post being somewhat slow and useless with a keyboard but I am moved to congratulate those who have expressed themselves so honestly on this thread.I trade full time and for me the only vehicle is intra-day index scalping.I have found the real time volume charts available on www.marketvolume.com especially useful.I make a very modest living which has got a little better since conquering my own weakness for trading whipsaw phases in the indices.Keep cool,keep clinical and do not allow your emotions to drive your trades.
 

LION63

Active member
Oct 4, 2004
746
33
38
CROYDON
#31
Sun123

Do not despair you are not alone. Most traders lose money week in week out. The fact that you even turn a profit is a step in the right direction. Stick to your task and stay the course, as long as you continue to search for knowledge you will get better. My advice (humbly given) is that you read as many threads and posts as possible; you can only learn from them.

In order to be successful one has to stay ahead of the crowd. The lumpen and lemmings rush in and suffer the consequences - THEY JOIN THE SLAUGHTERED. Trading on old news is useless; trying to squeeze the last points out of a trade is CRIMINAL. The old market hands used to say that we are 'looking for a bigger fool'.
 
Nov 20, 2003
597
6
28
uk
#32
To Sun123

Nice to here from you and being honest with us. Would you be willing to share you statements for the last 12 months and I be happy to see where you may be going wrong.

Yes, I would agree its a different story trading for a living. The hobbyist becoming a professional trader. The difference with pro trader he knows money is important but the hobbyist, they focus on the market. Pros know that money is just a way to keep score where the Public who treat the market like a hobby have a hard time concentrating on anything but the money. when the public see the market go 5 or 10 ticks against them, their reaction is, It will come back I've got it covered, by the time, the pros would have taken the loss

The unsuccessful ones are uncomfortable with profits but not with losses, Mental toughness and discipline are required to survive let alone prosper in the future market, The Road to success is rough and lonely, Most people quit along the way. Some people become over confident after a few early successes. They think they are experts, but they don't realise that they might hit the top one day and crash the next. The emotional swings could destroy you when it does you hear the excuses. I don't have time for this anymore. I cant follow this. IM confused. They Havant yet developed that mental toughness. Good luck. I also suffer from dyslexia thank God for spell check. My offer is open to you

CJ
 

axthree

Active member
Feb 19, 2004
185
0
26
oxon
#35
OK, In with my two pen'orth.
Dyslexia. Many dyslexics make great artists. Could the same apply to traders? I think it could.
Just think about it. I'll happily expand on my theory if anyone's interested.

Trading. I trade in a small way part time but am doing full time work which allows me great freedom.
I used some of this freedom to have a go at trading intra day. IT IS A VERY DIFFERENT KETTLE OF FISH IMHO.
For me, the experiment was a disaster!!!
I got impatient, didn't sit on my hands, looked for trades where they didn't exist, bottled out because I was watching the screen and could see every tick that the market moved against me.
I could go on and on. Back in my position trading configuration I am making moderate profits again.
Having read some of Socrates posts and the responses, I am going to repeat the experiment later in the year better armed against myself.
I'm sure that one or two traders will dismiss me as a p**t. I don't give a damn and neither should anyone else who isn't making megabucks.
If you worry what others think of you you will not be able to go your own way and your own way is to do what works for YOU.

Sorry, it's rather rambling but i'm sure people will follow the gist of it :confused:
 
Nov 20, 2003
597
6
28
uk
#36
Well said axthree,by speaking the truth and not trying to look cleaver. The problem is most on here,try to look smart,and knowing deep down they not so smart.Let see more of you come out ,and speak the truth.

If you successful, you will win some false friends and some true enemies;

succeed anyway

If you are honest and frank, people may cheat you

Be honest and frank anyway.

What you spend years building, someone may destroy overnight

Build anyway

CJ
 

LION63

Active member
Oct 4, 2004
746
33
38
CROYDON
#37
Only losers are concerned about what people think of them. You must do what suits you after all, you trade YOUR money and at the end of the day, you only account to yourself.

In the brief time that I have had the privilege of being a member, I have seen people ridicule others just because their strategy is different but in reality, it tends to stem from a lack of perception. Just because an individual trades differently doesn't make it wrong. It is the £/$ that count.
 
Nov 20, 2003
597
6
28
uk
#38
cj12 said:
To Sun123

Nice to here from you and being honest with us. Would you be willing to share you statements for the last 12 months and I be happy to see where you may be going wrong.

Yes, I would agree its a different story trading for a living. The hobbyist becoming a professional trader. The difference with pro trader he knows money is important but the hobbyist, they focus on the market. Pros know that money is just a way to keep score where the Public who treat the market like a hobby have a hard time concentrating on anything but the money. when the public see the market go 5 or 10 ticks against them, their reaction is, It will come back I've got it covered, by the time, the pros would have taken the loss

The unsuccessful ones are uncomfortable with profits but not with losses, Mental toughness and discipline are required to survive let alone prosper in the future market, The Road to success is rough and lonely, Most people quit along the way. Some people become over confident after a few early successes. They think they are experts, but they don't realise that they might hit the top one day and crash the next. The emotional swings could destroy you when it does you hear the excuses. I don't have time for this anymore. I cant follow this. IM confused. They Havant yet developed that mental toughness. Good luck. I also suffer from dyslexia thank God for spell check. My offer is open to you
 
Last edited: