Can you expand on that or direct us as to where to get such relevant information?
- | Joined Mar 2007 | Status: we are stardust, we are golden | 1,364 Posts
Virtue finds and chooses the mean.
Aristotle, Ethica Nichomachea
Short Term Vs. Long Term Trading 81 replies
Why Trading Forex is So Difficult - Long Term vs. Short Term 84 replies
It seems impossible to make money in the long run 93 replies
Long term Vs Short Term Trading 72 replies
Short Term / Medium Term / Long Term? 3 replies
DislikedHe said to me that the short term traders meaning any trader not trading intraday but that do not hold their position for more than a few days or a week or two , always lose or break even, that they never make any money in these markets.
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DislikedCan you expand on that or direct us as to where to get such relevant information?Ignored
DislikedI'm sorry. You can ignore me if you want or ask someone to delete my post.
However i have a few words for your friend.... if he can't do it... ask him to quit and let the others suceed on what he failed.
And by the way... as i expected... i see a statement and not a single explanation.
Now... explain this, how can intraday traders suceed and short term don't, if intraday traders are more subject to noise, weak resistance/support and poor trend/mood analysis.
Its so obvious that the more you wait to be certain of a trade, more quality the trade has. So i dont get your friend.
Yesterday i closed my best trade so far, technically and fundamentally perfect. (Double H4 top with bad NFP) 300+ pips. Accidentally? LOL
Now regarding long term traders. The only way you can be a long term trader in forex is on carry trades, or based on the interest rate range in a country that has a cycle of going up and down.
And you can loose everything after years of trading because a simple retraction on the weekly chart that you are supposed to ignore as a long term trader, can transform in a major reversal before you know it.
So, as far as im concerned and as far as examples that ive seen i cant even know how can be possible to make profit if not on the H4 chart.
Your friend remind me one user of this forum. He says that its impossible to make 10% in the entire year. Yesterday i made 13.8% with 3% risk.
So... no one can tell you what you can do but yourself. Simple but truthful words.Ignored
DislikedIm sorry.. I dont understand some of your points.. Im not saying my opinions are the "holy Grail". What i am saying is.. I have a fair amount of experience trading markets and these techniques have worked for me over the years.Ignored
DislikedHere’s a visual to help you along, please note that the pip counts are approximations. If you were able to catch the exact bottom and held on to the very top it would net you about 2200 pips.
For purposes of illustration only!, if you could determine the bottom and tops of the intermediate moves you would double your pip count, able to call the reverses more than triple.
Now imagine dropping down in time frames and doing the exact same thing to each of the individual waves, how many pips can we possibly accumulate? Here is the intraday traders hunting ground.
Why day trade? There’s much more opportunity for profit. But each type of trade
has it’s place, positional, swing or day, depending on the size of ones account.
Fwiw,Ignored
Disliked
Even the person only looking to earn 10 pips a day on two or three currency pairs is well suited to find themselves staring down at a large bankroll, just the same as the person who only goes for those 150+ pip week long trades. As long as both of them follow their system and management plans diligently there's no reason why they both can't be successful over the long-haul.Ignored
DislikedIn answer to the question I believe the answer is yes, although the word "short term" is a very subjective one. I've traded live for over a year and have been in forex for about 2.5 years altogether, although I only really "matured" as a traded during a short 4 month period in which I was on vacation between undergraduate and graduate school so I had a chance to watch the markets and trade 24/7. No family, no responsibilities.. just charts and calendars and big bankers' comments for 4 months.
I can say from my POV, 1 HR and above timeframes can take out enough noise from the market to give a trader a decent idea of what is going on in terms of market activity. If you consider H1 and H4 to be short term and impossible to make money off, please tell your friend that some very intelligent, disciplined people are making hundreds of thousands of dollars without even being known on the market (don't look at me, I need another 6 months ).
Just look at fxhermit's sig. There's your holy grail right there, and you don't need no weekly chart!
Best,
-PIgnored
DislikedOk, here it goes.... Ive never been one to comment in these forums, but i enjoy reading some of the entries..
I have been trading commodity futures, options, stocks for over fifteen years. I got involved in the forex business about a year ago. I have literally run through all the pitfalls that trading has to offer.. Ive been making a living trading for over ten years.. I guess I consider myself a professional. Over the years I have made a lot of money and I have gone bankrupt twice.. So, I feel I can comment on some of the issues that arise in...Ignored