Money management is not the most important thing in trading. Edge is. Money management is only the second.
BlueWaterSailor, Please provide your top 5 to 10 qualities that makes a consistent profitable day trader?
I assure you, moving averages work INCREDIBLY well for day trading currencies (and other commodities), or even long term trading. I also suggest adding a 200 EMA (I also use a 100 EMA instead of a 100 SMA). The difference is that I don't use any crossovers, I use them as support and resistance, essentially like ladders. My strategy is more complicated than that because I use a couple of other things on my charts, but essentially, that's how I trade and it is quite accurate (with a couple of minor tweaks).
no not really it is not about judgement. they can trade with probability with 30 % if they have a risk reward of minimum 1:2. to be profitable you have to be consistent with your probability and risk reward. world class traders are consistent with their RISK REWARD. IF probability is high reward has to be 1:1; if probability is low go for minimum 1:2 fraudsters promise probability of 100% and huge reward. this is impossible and that is why it is a fraud
"...any edge will eventually disappear" Nope, not if you stick with trend trading highly volatile instruments on the pullbacks.
i use Toni Tansen and brooks what do you use edit i trade context and sue simple entry strategies. i really like Toni.........she is a little more longer term than brooks so both supplement each other i would recommend Toni to everyone