Most are of the opinion it is a zero sum game. A day trader has to find greater fools every day , during his day trading activities, to pay him more than what he paid for the currencies or instrument.These other traders paying him more money are bank traders and professional traders , who are much smarter than the day trader. The day trader has to predict the direction to make money , he can't predict his own fate. Who pays the day trader for his profit? How many fools are there greater than the day trader? After costs , it may be safe to say , day trading fx is a negative sum game.Those who do not agree ,please post audited reports of day trading financial results for last 10 years.Justify your argument with evidence.
Why entertain these same redundant thread titles if you're a profitable daytrader? These kinds of people will never relent. Just keep making money and move on.
amazing isnt it the market is random. it is impossible to trade. daytrading is a losers game. trading is a zero sum game. there is no such thing as an edge, its all a myth. my system has an profitfactor of 5. you only have one post to read now on ET [/tread]
Yes, you are right about that. The problem is some traders not you, may go for a 5 tick profit with at 25 tick stop. Since they are not currently advertising, this is the model of Alex from puretick. Yes, they have many days where they make money and lose nothing. However, 1 bad day, can destroy a newbie account. Plus instead of honoring requests to cancel subscriptions they keep charging the credit card until or if you fraud close it. I am surprised no one has put them in jail for this.
" see you aren't familiar with the currency futures." = makes no sense at all. Good call, but you ruined it by the after the fact size and conveniently 'tight' looking stop . Any reason why you didn't post this critical info on entry? If nothing else , you proved you can read the paper and divine that a currency under attack on 3 or 4 fronts might be a good short. Better than most here have shown. PS Oh yeah, help me out here. Why are you trading the illiquid Sept? Seems odd at best.
I stated you were obviously not familiar with currency futures because you listed the price incorrectly. Regardless of the size, a single contract is still currently worth $2,587.50 per contract. I entered just prior to my signal triggering so I waited till the morning to set my hard stop. That is what is called "confidence in one's trading plan". I've been doing this for going on 18 years so I think I know what set ups work and which one's don't by now. My initial stop I placed when I entered was 20 points higher at 1.4305. Sorry, I don't read financial rags. I get the local paper and get the rest of my news from sources. The media makes me sick. I'm strictly a chartist. If the chart isn't set up correctly, I don't mess with it. PERIOD! Oh, I trade whatever contract month is giving me the best set up and the September Euro FX was the winner. The June contract had some nice intraday shorts of Friday but nothing on a longer term swing chart. I knew I was going to in front of the screens on Friday so I picked a nice one for you that could play out for a few days. I don't think the September contract is illiquid, at least not for what I do. I can trade a 10 lot without a great deal of slippage and you can see the value of that play yourself. You just have to know what you are doing. Thanks for the back handed compliment. It was more than I expected. You simply offered a challenge and I answered. Some of us that can actually trade don't have a problem with posting trades, others that trade like I do, would never post a trade. To each their own preference. I could post more but then I get questions and I don't have time to answer them. I learned to trade on my own and with the help of one good friend. I've never attended any seminars, though there are a few worthwhile ones out there and I've never read any "how to" books prior to trading. I've read quite a few after I learned but from a point of reference and comedy only.
Took entire position off at 1.3960 for an even 300 pips per contract or $3,750. Just a nice over-the-weekend trade.
All depends on which signals you observe. For me your statement is not true. Signals on all timeframes have equal relative edge, provided volatility is high enough to give trade room for a movement.