Forex Day Trader's Thread

I do longer term trades too.. There are just situations where there is a much greater than 50% chance that the price will back off a bit after meeting s/r after a long move.. You only risk what you intend to make.. The two scalps I did last night actually would have both stopped me out had I not taken such a small little bites.. It's extremely difficult to know where spot will be the next day, but if you can easily guess what will happen if a certain r/s is reached under current conditions.. It's very useful because you don't have to worry about whether a s/r will break.. only that it will back off slightly rather than ramming straight through.. The real bread and butter of trading is picking the reversal point of longer moves and holding the trade for 200 pips or so.. Just one successful trade allows you to pick the wrong point 7 times and still be profitable overall. I have been training to use small stops since April and I'm able to get it right about 50% of the time.. My overall goal is to be able to use much more leverage per trade.
 
Keep trading whatever the strategy you are comfortable with.

I have 2 different strategies, day trade & medium term trade. Day trades are my bread & butter trades. The medium term trades are the ones I'll take when there are clear paths.
 
wondering if most of you guys have jobs other than trading. i am trading full time at the moment, have been for about a year. seems like it would be rather difficult to trade successfully if you were doing it just part time. just curious :)
 
bbc I trade full time, but there are drawbacks. For eg, I didn't trade for the past 3 months due to various reasons and had to dip into my reserve. Which does have an impact when I don't trade regularly because I take "salary" so to speak, weekly and this is like not working 3 months.

But yes you can live if you treat it like a job and not gambling or expecting to make millions in a year. You have to have a million to make a million as they say and most of us start with about 10,000. Some with much less.

Good luck.
 
anyone else trade equities as well? I'm starting to get the feeling that the us stock markets break high one more time, sucking in more longs, before we start a another big leg down. The same can be said for the euro. I should point out that i am still quite bearish on the global economic outlook. it is a bias that i can't seem to shake. wondering what some of the big picture outlooks are on this board. have to admit it's getting a little hard to keep suggesting that we go lower but its just how i feel. at the same time, im trying not to be so stubborn that it costs me money. i feel like we are at, or close to a big turning point in the equity/currency markets. but ive been wrong before. thoughts?
 
I do this full-time but I also have other sources of income.. The secret to trading successfully is to make the fewest number of trades possible. Because the truth is that almost everyone who tries to be super trader and get in on every single little movement eventually ends up wiped out.. There are situations where a small risk can be worth a huge reward, but these opportunities only come about once per week or maybe a few times per week. I'm talking about trading the daily charts and leaving all the other charts alone.
 
IMO, maybe wrong here, SP 500 may go higher to anywhere between 1100 - 1200, then will go sideway for a couple of months before heading south.
 
Pippy5000 said:
I do this full-time but I also have other sources of income.. The secret to trading successfully is to make the fewest number of trades possible. Because the truth is that almost everyone who tries to be super trader and get in on every single little movement eventually ends up wiped out.. There are situations where a small risk can be worth a huge reward, but these opportunities only come about once per week or maybe a few times per week. I'm talking about trading the daily charts and leaving all the other charts alone.
Click to expand...

That's good advise. I just trade 2-3 times a day. Just hold off your urge to jump in when the conditions are not favorable
 
The concept of the buy stop scalp just means that you're temporarily riding the price surge created when banks hit their stop losses and/or new buyers enter the market.. a break of 1.415 sees 1.418 but we don't want to risk getting greedy.. we're talking about a 20 second trade for 15 pips.. get out at 1.4172 .. set it up with a demo account.. I'm usually not wrong. On the smaller time frames you just need to ask one question, "where are the bank orders?" figure that out, don't get greedy and you'll be able to snag a few hundred dollars per day.

Stop scalps are a lot safer than the limit scalps I was using last night btw.. going in the direction of the price action is better, but you can't get greedy! Other short term traders will t/p and it usually results in a pullback.. You have to setup your stop perfectly or it will come back on you and stop you out.. You want to set it up 7 pips beyond s/r .. too close to s/r and you'll get nailed by false breakouts.. too far and you can't use previous s/r to hide your stop behind and you won't be able to reach your target..
 
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good sell signal on the weekly (the blue lines turning red) same on the daily etc

very reliable as you can see from the last few moves
 

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