BeginnerJoe
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So that's your excuse for not showing a statement ? Not convinced because I believe the reason is something else.
So that's your excuse for not showing a statement ? Not convinced because I believe the reason is something else.
http://www.google.co.uk/search?hl=e...1278776&qsubts=1340389275291&q=excuse+meaning since you obviously don't understand the context in which to use it
Hi Beginner Joe, I see that you have not had much luck on the TRO thread. I could have told you. Others, better than you, have tried baiting him but it takes two to make an argument.
You said that you were bored, well, you'd get even more bored waiting for him to answer you!
You said that you were bored, well, you'd get even more bored waiting for him to answer you!
BeginnerJoe
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I played with him before, when I was briefly hooked in by his RAT for 12 hours. He thought he had a sucker and engaged.
Wasn't expecting a response, as he probably has 100's of threads going all over the place.
Hold on a minute, am I trashing my own thread?!
You are! Dig this .... a bulletin board = location with hidden identities, hidden agendas, pancers and dancers - now throw in the constant stream of new arrivals just dreaming about getting in on this easy-moneymaking game akin to losing weight by just watching TV. They come in droves, daily - at EliteTrader they come in droves by the second.
And they get lost. One post out of 10,000 has a passing gem, albeit hidden.
Most end up losers themselves ... and the vicious circle continues and propagates.
It could stop by just one single bulletin board requiring confidential certified trading results and then rates the posters without divulging info to the general pulic as to the identities.
I have no trouble trusting the admin. at T2W or EliteTrader regardless how little they like me personally.
That's why.
My personal bet is that not a single one at T2W or Elite makes a nett profit of more than 100 bucks per year - 98% lose much much more than that.
Yes I do.
If a trader thought another time frame would make just as much profit (or reduce risk of loss just as much) and assuming they have equivalent access to market in both timeframes, I do assume they would trade both. But generally, people here are reporting they don't do that, so it's interesting to ask the question why, when there is a generally held belief that TA works equally well in all t/f's.
wackypete2
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Plenty of reason why traders wouldn't trade different time frames.
1. You could have opposite positions on different time frames. For instance short term long for 15 pips target and long term short for 100+ pips target. Most forex brokers won't let you do that anymore and futures regs don't allow it. You need 2 accounts.
2. Even if my style worked equally well, or better, on a daily time I just do not like to keep trades open overnight. A personality flaw, yes, but it's why I don't do it.
3. While I don't have a problem risking 10 pips to make 20, I do have a mental block risking 100 pips to make 200. I'm sure there are others who have the same issues.
Everyone has to trade within their own comfort zone.
Peter
BeginnerJoe
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Market exposure is risk. Longer exposure is bigger risk. It would not be wise to choose a longer time frame when a shorter one will suffice.
The longer you hang your stop loss out there, the more time you give the market to fill that order. Eventually it will no matter how wide you make that stop. Wide stops produce excellent profit for the market and they will love you for it.
The Leopard
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Where you sniffing this bull5hit from?
Especially YOU, read at least the first 2 linked articles very very slowly and repeat 3 times.
They are talking about YOU - the loser in denial who is born to lose and the brokers and other sharks capitalize on the well-known fact that there is no better gift than a repeat-loser
Stress test for traders: Do you need a new job? - Paul B. Farrell - MarketWatch
Day-Traders Lose Big, Still Live in Denial: 77% of American Traders are “Losers” While 82% of Day-Traders in Taiwan-China Are Bigger “Losers” « Wall Street Warzone
Why do Forex Traders Lose Money - Reasons Why Forex Traders Lose Money
Youre giving away your immaturity there deadbroke. Trade2Win should have an age policy for younglings such as yourself. You see only an idiot makes such comments referencing an article on a site that earns money from vendors. Lesson 1, do your homework and source reputable information that isn't provided through a sales platform for vendors before you use it as an authorative reference. Lesson 2, branding a person who is in essence a complete stranger is the type of thing I expect from a child, not an adult, you not doing yourself any favours and frankly it looks pathetic. Keep it up and you going to make more enemies than friends
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But trading using a plan as set out in 1, then you are trading different time frames, and you actually expect both to fulfil the primary critieria, that is, they either increase profit or reduce loss / risk of.
As for 2 and 3, I suspect these are indeed the real reasons most traders don't use two very different t/f's, and these are internal, attitude reasons, nothing to do with the market. This is exactly my point - it's interesting that everyone says TA works in different t/f's, but nobody is able to make it happen. I thought it was just me, but it seems it's everyone else too.
I don' think this is true as stated so simply. Shorter t/f's don't automatically mean reduced market exposure of your capital, and they don't automatically reduce risk. I agree that holding a position for 10 times the average time it usually takes to make a given profit target is just asking to be stopped out, but that applies on 5m t/f as much as on 5d t/f.
And I have in the back of my mind the feeling that the majority of the 95%of traqders who hit the wall are mostly daytraders, and mostly believed that not holding overnight meant they could never be wiped out.
Add to this the likelihood that a short t/f trader is far more likely to over-trade.
I would like to hear from traders who make 50% of their profit intra-day trading and 50% extra-day trading. They seem to be in the minority, which is not what you'd expect, given that we generally believe TA works equally well in both, and that TA not only identifies profit available, but it also identifies the risk on the other side of the same trade. I'm not saying it can or can't be done (though I will say I can't do it!) but the ones who can must be very special people - who better to learn from?
wackypete2
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A good reason for that is it's the only avenue available to them to trade here in the US. It's difficult if not impossible to open a futures account or stock margin account for less than $2000, yet most new forex accounts are considerable smaller than that. Traders open very tiny forex accounts because they see ads everywhere they can make money with only $250, or $500. (or less!)
I don't believe that thought really occurs to new traders. They fail because they over leverage. If you open a $500 account, trade all day, and make $5.00 using proper money management then percentage-wise you are doing well. After a while you realize that $5 a day for doing all that work isn't worth it, but if you increase your trade size tenfold then it looks much better....and poof, one day you go bust.
Peter
darktone
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What are the possible benefits of showing a statement?
Gratification. (If youre into that sort of thing)
Vendors looking for clients. (Fair doos imo)
Managers looking for OPM. (Fair doos imo)
Possible problems for the statement seekers:-
Photoshop!
Hedged accounts. (Which imo makes a statement completely worthless)
On the daytrading avenue for US traders, yes, you could be right. It makes for a further interesting line of research into who are the 95%? - why should we worry that the statistic that seems so ferociously against financial success is actually padded out with under-capitalised get rich quick scheme victims.
On over-leverage, I'm not so with you. Yes, they will over-leverage, but that is allowed by my point that they think it is safe to do so because they aren't exposed to market risk - not only are they already world-class traders, they can't actually lose the account anyway because they're only in the market a few minutes at a time, and what are the odds of something awful happening in such a short period of time, especially compared with overnight when you can't react because you're asleep??
darktone
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Yep, overtrading in size and number of trades. It seems so logical to up size after a good run, I always seemed to get spanked doing that!
BeginnerJoe
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If statement are so worthless, why do people have such difficulty showing them ? The emotions I evoke in people when I ask them for statements are unreal, almost as if I am grabbing at the most sensitive and vulnerable part of their soul. I estimate most would rather loose a leg than show a statement. That, to me, shows significance and worth investigating. I never said once PS statements are disallowed.
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darktone
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Calm down dear.
. Im only presenting the situation as i see it and my comment wasnt directed solely at you. I doesnt surprise me most folks would rather not show a statement, but i wouldnt assume theres a one and only reason. Personally id rather have beer and a chat to get a handle on someone than see a 100 statements.
Each to their own.
