who is still profitable in the forex?

TraderGreg · May 15, 2009

Quote from killthesunshine:

can't play anything less than the '15'.
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Hahahaha! I love when people believe that bullsh**

It just means I can get in before you

Mounafia,

I might suggest you tighten your risks a bit (my trading rules don't allow three straight losing sessions).

As for your strategy, you might want to take a break for a while to clear your mind and/or work harder to look for flaws in your strategy.

If there's one big thing I had to learn it's that the markets have nothing to do with what is "rational" or what "makes sense." All you should worry about is what is.

Best of luck to you.

rsikit · May 15, 2009

If kill the sunshine were reall a trader, you would be able to trade anything. Thats what a real trader does. Obviously he is a fag

killthesunshine · May 15, 2009

Quote from rsikit:

If kill the sunshine were reall a trader, you would be able to trade anything. Thats what a real trader does. Obviously he is a fag
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that's complete BS!

the eminis are a real trading vehicle. they act like it push up pull back.. push up pull backi can scalp all day long.

a REAL traders dream.

no one trades forex, they INVEST for the WEEK that's trading
for loosers

:eek:

Pascal · May 15, 2009

Quote from killthesunshine:

trading is about GAMING the action.

forex has NO game.

can't play anything less than the '15'. you'll get rich if lucky in short run and go broke if you play enough

that ain't trading

forex is a joke.
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Haha, this guy is a joke.

Forex has more backfills in 10 minutes than the eminis do in a week.

cabletrader · May 15, 2009

Quote from killthesunshine:

trading for loosers

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Losers, trading for losers, not loosers

cabletrader · May 15, 2009

Quote from rsikit:

Obviously he is a fag
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Quite probably but he's just doing what he does best, trolling forums

Turhovach · May 15, 2009

What's going on at ET lately? What is it with all these people who start threads or post messages telling us that trading doesn't work, trading futures doesn't work, trading Forex doesn't work? Why are they here? This is a trading forum for crying out loud. That's what we do - trade. What is it they hope to accomplish with all this BS? I just don't understand some people. Why waste your time signing up for a trading forum to tell traders they can't trade? Don't they have anything better to do with their time/lives? Sheeesh...

baron193 · May 18, 2009

Quote from achilles28:

Btw, a friendly tip - don't get stuck on any one time frame. Depending on market amplitude, a 1 mins, 30 second, 10 secs, 5 secs, or 1-2 secs chart may be required.

Sticking to only one time frame will lead to losses. The market doesn't operate like that. You need to think in broader terms.
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Best thing i read here in a long time achilles, your last few posts,
i know what you're saying is right, because (even though we probably use different PA/TA techniques) it is exactly my expirience as well, what i like the most is your truthfull statement
that it takes years, not just a few months, as most new to this would expect.
10 second charts are incredible tools...at the right times

cabletrader · May 18, 2009

Quote from Turhovach:

What's going on at ET lately? What is it with all these people who start threads or post messages telling us that trading doesn't work, trading futures doesn't work, trading Forex doesn't work? Why are they here? This is a trading forum for crying out loud. That's what we do - trade. What is it they hope to accomplish with all this BS? I just don't understand some people. Why waste your time signing up for a trading forum to tell traders they can't trade? Don't they have anything better to do with their time/lives? Sheeesh...
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They get their kicks from trolling, it's their life ambition, in fact one guy has dozens of different names and makes hundreds of troll posts every week!

I must admit I don't have a particularly exciting life myself but that is just way too sad!

jamus · May 18, 2009

Quote from achilles28:

Market structure never changes, brother.

Your system catches high range trends, and loses in range-bound/tight markets. Right?

The market goes up, down and sideways.

Its the amplitude of that movement that kills traders.

When the market consolidates into tighter and tighter ranges, the more long-term trend followers get killed.

When the market contracts, only scalpers profit. By scalper, I mean guys with 10 pip emergency stops, that go for minimum 10 pips, per trade.

Why only scalpers? Because the market trends 85%+ of the time, on lower time frames. What is chop, head-fakes, and whipsaws to long and medium-term traders are pure, clean and exploitable trends to scalpers on the 10/30 second chart.

IMO, market structure can be organized into 9 subsections, according to direction and amplitude. A successful day-trader must be able to exploit at least 7 of these conditions to profit long-term. Why? Because market amplitude expands and contracts. If a trader can't avoid losses in a tight market, they won't make a living at all.

The following description of market structure is from the vantage point of a scalper trading off a 30/10/ or 5 second chart. Where the market trends, they can profit.

1) High range, up markets = trend = profitable

2) Medium range, up markets = trend = profitable

3) Low range, up markets = trend = profitable

4) High range, down markets = trend = profitable

5) Medium range, down markets = trend = profitable

6) Low range, down markets = trend = profitable

7) High range, sideways markets = trend = profitable

8) Medium range, sideways markets = trend = profitable

9) Low range, sideways markets = NOT EASY.

Market conditions most difficult to trade are tight ranges (10-15 pips) on weak-trending/sideways markets where price action is "jumpy" (ie. price quickly jumps 3-5 pips in anticipated direction before a decent signal is generated. Doesn't sound like much, but thats 20-50% of the move, right there!)

This is actually the most difficult incarnation of #9, and happens much more often than one would think.

Monday last week during late New York Session is a good example.

I am still trying to figure out how best to profit from days like this, but its the hardest trading out there. Basically, a trader needs to focus on the higher time frame chart (5 mins) to determine direction and possible entries, than use no latency entry signals (support and resistance) or price action off low latency charts (1 or 2 second). Very little margin of error on these days...

Anyway, from the sounds of it, your system profits during #1, 2, 4 and 5. Its no wonder you're taking heavy losses as the market does #3, 6, 7, 8, and 9, and your system can't exploit those periods.

Basically, you need to change your strategy and learn how to scalp off lower time frames. Then you can profit from 80% of market movement, which will cover the losses from the other 20%. In time, that 20% can be widdled down to 10 or 5%.
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Best Post I have read on ET...and I have been here for some time...