Forex Day Trader's Thread

Most indicators are useless on anything but the dailies and 4hr charts unless you are going for very small moves.. I was looking at the dailies.
 
Thanks, this is interesting to hear after reading a lot on intraday divergences.. what would you classify small moves? < 50 pips?
 
for Asia:

short 88.55 targeting 29 pips with stop and reverse 88.65 targeting 88.9 with a 20 pip stop

Also, Buying 88.03 for 40 pips (or whatever looks good) .. 16 pip stop
 
You always hear about one guy who cleaned up using a 1m strategy, but it's a 99.9999% losing proposition for everyone else. Trading noise is extremely difficult and indicators are no better than a coin flip on the smaller time frames. They're barely any help on the larger time frames.

People who write books about trading are generally just interested in selling you a book. There's always an example of the multi-millionaire who succeeded using the author's system (usually themselves), yet they fail to mention the abysmally poor success rate of everyone else who tries it.

Most at-home, normal, "solo guy in front of a computer" traders make money by keeping their risk small and holding their trades for a long time. Day trading is very difficult, scalping 20-30 successful trades is EXTREMELY difficult.
 
i know of a 1 minute forex trader who grid trades and does really well, fades the spike on news days and avergages down into it.

but yeh it is kinda desperate on a 1 min
 
Yeh this makes sense, always thought that about trading education in general

Anyways I'll stop high-jacking but will probably post the odd trade here and there, ty pippy
 
I'm long euro again. Stopped on cable. Self-exclusion approaching. Since friday it's been one hell of a slippery slope and i'm just trying to not think about it.
 
aye :[ lucky it bounced the 38.2 on the PP re-paint! Closed the trade positive.. but point taken :]]
 
I'm suspecting liquidity issues were to blame for that silly move down only to reverse..

where are you long from Mask?
 
this one does not look very promising at all.. EJ has shot up 70 pips even though Japanese stocks are down 1.5%
 
I think a mini celebration is due. You have retained top spot on arcade and Evolution hasn't been playing for a bit. Slowly his spirit will be crushed and he'll submit.
 
no, it was a UJ trade .. one which makes no sense and I'm damn lucky not to have been stopped out.. I think I came within 2/10ths of a pip TWICE
 
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