This is it gentlemen! Batten down the hatches!! Big moves ahead

This is reasonable, but this is the first time you mentioned this.

 

"On any given day, ANYTHING can happen. If it were as easy as applying common sense macro to each daytrade, everyday, everyone would be rich."

Again, you're missing the point. I don't propose that one should apply macro principals to a day trade. I am however suggesting that certain macro decisions DO have a direct impact at certain points during the day while day trading.

If you are day trading CADUSD, monetary decisions made by the Bank of Canada and FED, have a direct impact on that days events. The impact may not be exactly as expected, but an awareness of the theoretical consequences is important. If you don't understand the theoretical consequences, you can't plan properly. You're just winging it. Maybe winging it works for you. If so, all the more power to you.

 

You are talking about the minority of the trading day (ie news releases). Most of the day is price action trading, not event driven activity. Some days there is NO intra day news.

You also are not accounting for the biases that are formed from knowing 'too much' from a macro perspective. These biases manifest in bad daytrading decisions, I've seen it a 1000 times in traders.

 

Actually, I am counting on it. There are certain lessons learned at the academic level that simply don't apply in the real world. I am smart enough to recognize this. Quite frankly, I want to "unlearn" some of the theoretical knowledge I have been given. It is helpful to apply theoretical knowledge and watch it work, AND watch it fail.

 

Exactly, and that was the point I was trying to make about gaining a proper perspective.

To be honest, it's probably better to come into trading with a clean mental slate than to have the burden of knowledge. It tends to be very difficult for some to shake. Hopefully you will be able to work through this.

 

.... but ....

You'll never get a job in the prop. office of a major bank without a finance related degree at a top level university.

 

What does a this have to do with our conversation

 

that why they need bailouts

 

You said this: "To be honest, it's probably better to come into trading with a clean mental slate than to have the burden of knowledge."

The fact that major institutions expect "knowledge", suggests that you may not be right.

 

For all who have been mocking me, looks like shorting CAD has been the right short term trade since yesterday. Panic causes a rush to the USD.