Is earning in Day trading so very easy?
- Thread starter new-to-markets
- Start date
There is no such thing as any company or individual giving "sure hit calls". I regularly track 28 forex pairs, and literally any other market someone wants me to that I can apply my methodology to. I never suggest anyone to trade my forecasts, even though I'm real good. Most of my calls are within a few pips of the week's dips and peaks. I could never expect anyone to get the same results I do with their trading, as it should only be used as a learning tool. The reasons are simple:
1. I'm not right all the time. What if someone takes a trade where I was wrong. I know how to react, but do they?
2. Mindsets, margining, and lot sizes are different.
3. I can never expect for anyone to have the same confidence in my forecasts as I do. It's just common sense.
4. For the most part, in entering other people's trades it is an emotional decision rather than a practical one. When you read my Weekly Previews every week, and then see the accuracy of the forecasts, you would be tempted to say, "Wow! I'm going to trade his picks and be rich, so the trader gets to bold with the lot sizing, leaves no practical room for pullback, then eventually bankrupts.
You can use other people's forecasts and trades to learn from, but never use them to trade from as a set methodology. Also, no one has "sure hit cals". I know only one that has 100% perfect calls 100% of the time, but he does not trade. His name is God.
1. I'm not right all the time. What if someone takes a trade where I was wrong. I know how to react, but do they?
2. Mindsets, margining, and lot sizes are different.
3. I can never expect for anyone to have the same confidence in my forecasts as I do. It's just common sense.
4. For the most part, in entering other people's trades it is an emotional decision rather than a practical one. When you read my Weekly Previews every week, and then see the accuracy of the forecasts, you would be tempted to say, "Wow! I'm going to trade his picks and be rich, so the trader gets to bold with the lot sizing, leaves no practical room for pullback, then eventually bankrupts.
You can use other people's forecasts and trades to learn from, but never use them to trade from as a set methodology. Also, no one has "sure hit cals". I know only one that has 100% perfect calls 100% of the time, but he does not trade. His name is God.
Yes...quite a good insights from all
Thank u all
As JK also mentioned in one of his posts, that we are tied up with markets at every second and every now and then we need to fight with our emotions with every tick changing the colour of the candle to Red or Green. As a newbie, it is quite tough to sit like machines.
Some one else said abt patience...
4xpip...as u had quoted as above, when u were a newbie, how did u manage to let it do the thing. To let the price to hit the SL or TP..
Bcos, as of yesterday, i cud not resist my urge to do something in between when the price did not hit the TP or SL. It was playing with Red and Green candles every now and then. Then a panic strikes and then i exit at whatever price i get or exit near to the entry price. Then i see that price hits the target.
How did u manage to practice that virtue?
Thank u all
As JK also mentioned in one of his posts, that we are tied up with markets at every second and every now and then we need to fight with our emotions with every tick changing the colour of the candle to Red or Green. As a newbie, it is quite tough to sit like machines.
Some one else said abt patience...
4xpip...as u had quoted as above, when u were a newbie, how did u manage to let it do the thing. To let the price to hit the SL or TP..
Bcos, as of yesterday, i cud not resist my urge to do something in between when the price did not hit the TP or SL. It was playing with Red and Green candles every now and then. Then a panic strikes and then i exit at whatever price i get or exit near to the entry price. Then i see that price hits the target.
How did u manage to practice that virtue?
8 yrs back: I wanted 100% per month returns...I would spend all my free time trying to make strategies that would make me those kind of returns...I would try different indicators...I would stack many indicators...I would tweak their settings...thinking that the holy grail lies in some secret settings...I would not look at any charts higher than 5min
6 yrs back: After facing regular losses, I removed some indicators...reduced my monthly targets to 50%...thought up some more strategies...
4yrs back: Got frustrated with the continued losses...thought that trading was not for me...took a sabbatical...came back with a fresh mind and thought of new approaches...was still trying to make a lot of money fast...
3yrs back: Instead of focusing on trading stategies, started understanding money management techniques as well...finally understood the redundancy of indicators...started to look at higher time frames...started feeling that even 20% per month return would be great...
2yrs back: One line that changed everything for me:
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong."
Now: I trade using daily charts...no indicators...feel that even 50% per annum returns would be great...my winning trades are usually 2-3 times my losing trades...I can afford to be right only 35% of the times and still be very profitable...and I have all the time in the world to pursue my hobbies...
It took me 8 yrs to realize this...maybe this post can help someone cut his time by a couple of years
6 yrs back: After facing regular losses, I removed some indicators...reduced my monthly targets to 50%...thought up some more strategies...
4yrs back: Got frustrated with the continued losses...thought that trading was not for me...took a sabbatical...came back with a fresh mind and thought of new approaches...was still trying to make a lot of money fast...
3yrs back: Instead of focusing on trading stategies, started understanding money management techniques as well...finally understood the redundancy of indicators...started to look at higher time frames...started feeling that even 20% per month return would be great...
2yrs back: One line that changed everything for me:
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong."
Now: I trade using daily charts...no indicators...feel that even 50% per annum returns would be great...my winning trades are usually 2-3 times my losing trades...I can afford to be right only 35% of the times and still be very profitable...and I have all the time in the world to pursue my hobbies...
It took me 8 yrs to realize this...maybe this post can help someone cut his time by a couple of years
Keep it up. And a big thanks to all those who have generously shared their thought process and methodology.
Sanjeev Bhatia
NTM, in terms of a metaphor, I am at a point in my trading where there is ice in my veins. That is not something that just happens, nor did it happen because I have this cool and clam makeup. As a matter a fact, if you knew me in person, you would know I'm not cool and calm. For 54 years old, I'm still very hyperactive.
When we talk about coolness and calmness with respect to, we are really talking about obviating fear and greed, or at least coming as close to that point as possible. This is not something you have when you first start trading. This is developed over time. Foremostly, there are some things you need to know for yourself: 1. Do I have a methodology that is a proven winner on a demo account. If you are not winning on a demo account, then please stay out of the markets with your live money.
Let's assume your methodology is fully developed. Enter the markets, but be highly conservative in your position sizing.In the beginning, your only goal should be to see your equity higher at the end of the month than it was the beginning.
Your experience with winning consistently, however slight the gains might be will be your confidence that you need to keep propelling you. You will get to the point that you know in your heart of hearts that your methodology is the best thing around. You will start noticing a coolness and a calmness. Fear and greed starts to lose its grip. My position size relative to my total equity is always the same, no matter how good the trade looks when I enter it.My methodology has proven itself so much to me that when I am in a trade and it goes against me, everything is still going to be alright, yet, if the trade hits my stop for a losing trade, big deal! It's just part of the territory.
This whole thing evolves through experience, and experience breeds confidence. In your case, school has just begun. You have months and maybe years in your learning curve. Regardless how long it takes, be patient with yourself. When you get to the point your job is your home office, you will be very happy you stuck it out.
When we talk about coolness and calmness with respect to, we are really talking about obviating fear and greed, or at least coming as close to that point as possible. This is not something you have when you first start trading. This is developed over time. Foremostly, there are some things you need to know for yourself: 1. Do I have a methodology that is a proven winner on a demo account. If you are not winning on a demo account, then please stay out of the markets with your live money.
Let's assume your methodology is fully developed. Enter the markets, but be highly conservative in your position sizing.In the beginning, your only goal should be to see your equity higher at the end of the month than it was the beginning.
Your experience with winning consistently, however slight the gains might be will be your confidence that you need to keep propelling you. You will get to the point that you know in your heart of hearts that your methodology is the best thing around. You will start noticing a coolness and a calmness. Fear and greed starts to lose its grip. My position size relative to my total equity is always the same, no matter how good the trade looks when I enter it.My methodology has proven itself so much to me that when I am in a trade and it goes against me, everything is still going to be alright, yet, if the trade hits my stop for a losing trade, big deal! It's just part of the territory.
This whole thing evolves through experience, and experience breeds confidence. In your case, school has just begun. You have months and maybe years in your learning curve. Regardless how long it takes, be patient with yourself. When you get to the point your job is your home office, you will be very happy you stuck it out.
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