IRONJAW's Day Trading Journey - From nothing to something (UK)

Kaeso

Established member
916 106
EU is a common abbreviation for Euro-US dollar. It's the most widely traded currency pair and, creates the most daily trading volume in the forex market. I remember, last year, that Donald Trump accused the ECB of manipulating the currency. It's not just the ECB, the big banks, also, play around with the price. Better to trade other currency pairs.
Oh i see, I rarely trade currencies my mind went straight to the stock markets. To me its harder to have an edge in forex but it obviously depends on your situation. And i'd be happy to prove myself wrong on this!
 

alan5616

Established member
754 79
Oh i see, I rarely trade currencies my mind went straight to the stock markets. To me its harder to have an edge in forex but it obviously depends on your situation. And i'd be happy to prove myself wrong on this!
Forex is a market like any other. If you ever do decide to trade forex, I'd recommend reading NVP's thread and acquire a copy of his forex correlator.
 
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russian_trader

Junior member
26 3
I don't wanna break your dream, but the reality is slightly tough than may seems at the first. Real stat among traders told us that less than 1% stay profitable in the long run. Imagine you come to the interview for getting a job and there are more than 100 people and only one will get the job. Are you ready for this challenge?) I think you should look more sober at the real state of affairs. Look at this work for example https://www.nber.org/papers/w22146
 

Kaeso

Established member
916 106
I don't wanna break your dream, but the reality is slightly tough than may seems at the first. Real stat among traders told us that less than 1% stay profitable in the long run. Imagine you come to the interview for getting a job and there are more than 100 people and only one will get the job. Are you ready for this challenge?) I think you should look more sober at the real state of affairs. Look at this work for example https://www.nber.org/papers/w22146
thanks, where does it mention "1% " in this study?
 

ironjaw

Member
60 9
yes i also wasn't sure who he was talking to specifically, sorry for deflecting your thread off topic ! :geek:
None taken. I do think he/she makes a point. FX is a quite a volatile market and with leverage that is not properly controlled it can lead to quick losses. Risk management is very important
 

russian_trader

Junior member
26 3
None taken. I do think he/she makes a point. FX is a quite a volatile market and with leverage that is not properly controlled it can lead to quick losses. Risk management is very important
My name is Andrew, I from Russia, I've been trading for more than 11 years. This statistic independent of markets. Any market is zero-sum game and money you want to earn belongs to someone right now. In what skill you better than other market participants? It's a very complex question and without an answer on it, your long term profitability is impossible.
 
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russian_trader

Junior member
26 3
thanks, where does it mention "1% " in this study?
1% is my own experience. That research shows dip problems related to trading and opens eyes to the real
state of affairs.
 

ironjaw

Member
60 9
My name is Andrew, I from Russia, I've been trading for more than 11 years. This statistic independent of markets. Any market is zero-sum game and money you want to earn belongs to someone right now. In what skill you better than other market participants? It's a very complex question and without an answer on it, your long term profitability is impossible.
Hi and welcome. I understand the zero sum game, but I wouldn't say profitability is impossible. I have two strategies that I am starting out with, one is a long term investment, whereby I invest and hold shares in well-known tech stock for the long term 5 to 10 years or more in my ISA or index fund. Second, which is bit riskier, but with well risk management I am buying and selling shares on a daily bases. this could be scalping, or holding the night over, etc. I haven't decided yet on the approach as this is still something I am looking at. With good risk management, I am sure you can be profitable.
 

ironjaw

Member
60 9
UPDATE 4: WAITING

Hi all, just a short update here. I am waiting for HL to transfer my ISA to IG so that I can finally get set up with them. I checked on Friday but nothing yet, but they did say it takes around 14 days. Other than that, I am setting up TrendSpider and working slowly through their guides and videos trying to familiarise myself with the charting software and capabilities. I customised my charting background and candlesticks colours to be a bit more easier on the eyes.

Charts.png


I also like that you can change colour theme to either Dark or Light. The white background I have changed to a bit off white so that it doesn't strain the eyes. What I dislike is that you can only have 4 charts open in one browser session. I want 6 charts and the ability to look at quarterly and yearly.

Charts 2.png


Next, I am actually reading Mark Minervini's Trade Like a Stock Market Wizard, and have also bought his second book Think & Trade Like a Champion. I've read great reviews and it seems many traders are recommending his books. In the next couple of weeks, I am going to be doing reading while I await the transfer and plan what I need to do. As I've probably mentioned my strategy will be two-fold:
  • Long-term - ISA Shares and Stocks will be an investment vehicle in which I hold shares for the long term.
  • Short-term - Daily buying and selling of shares, or more precisely, I intend to monitor the market daily and patiently await the setup I need to enter/exit. This means, I will only trade when my strategy fits.
Hence, I need to start working on a trading journal to set out my strategy and risk management.

Another, playful, thing I did yesterday was that I was able to setup MetaTrader 4 (MT4) on my Mac OS X Catalina 10.15.6, which I have been struggling to do since December of last year. It felt good to have this working and that I can have a look at the FX market and the currency pairs that I like to follow. I visited ForexFactory and after spending a couple of hours reading some recent threads, I had the biggest headache. The same story that the market is a zero sum game and manipulated and you are doomed to lose everything, etc. It's sad the the truly helpful and insightful posts are being saturated by people militantly voicing their anguish and loss.

mt4.png
 
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