joe_sixpack

Still holding your breath, guys? Lol.

Well, I too hope that all is well with him, but that was not the best start.

Now I am trading in forex . Already I have earned some profit . Now I want to earn a huge amount of money .

Well, I know a few who wanted to do the same. Their dreams have been corrected by the market.

You can make a living day trading, but to make it big, you probably need to start big and not be afraid to lose it all. You need to be very aggressive, but you also need to have big pockets. Otherwise, it's just daydreaming that can lead you to a poorhouse quickly.

I wish you good luck, but be realistic. Making a good living as a trader is possible. I have been doing it for a while day trading emini futures, and so have a few other people I know.

Getting rich from day trading? I am not sure about it. Unless, as I said, you have money and guts to get you there. Not just knowledge.

Never tried the affilate path. It must be something peculiar to Forex because I never heard about it as far as futures brokers go. Well, as long as your broker is someone you can honestly reccomend to a good friend of yours, I see no problem with making money as an affiliate. Otherwise, you will be participating in yet another online sham.

I do recommend online businesses, but mostly only to good friends of mine, and I don't get paid for it. Well, if you don't count a beer or some other treat like that.

Learn to trade folks. Forget crystal balls and oracles. If anyone had one of those, they would never sell it. Simple as that.

Good luck.

"These are not just another ordinary indicators. "

They are just indicators. Not enough to make you a winning trader. My mentor likes to say that "an indicator is only as good as the trader that uses it." That applies to all indicators, even those "less ordinary."

Would not get too excited about this indicator--stop loss is twice the take profit. These indicators(systems) are doomed for failure. You have to have a 66% winning ratio just to break even. One of the many reasons forex traders as a whole lose money.

Not really. My winning rate is about 90% and I am not alone in this respect. Don't dismiss things so easily. Trading is still an art.

BTW, I am not using these indicators. Just a general comment.

There was some good discussion and good people. But there was always something "off" about the admins. I figured they would do something like this eventually after they got enough "goodies".

Well, the "goodies" were not necessarily (always) legal, so sooner or later someone was bound to go after them. I guess that's what happened.

So I have realised the way I trade is scalping...

 

I have spent weeks denying this, because it sounds so risky.

 

However I am able to make 20+ trades a day with 90% or so win rate.

My stop losses are dynamic and generally I am either right or wrong, and if I am wrong I exit with a 1 or 2 pip loss.

 

Sometimes I get greedy and once my stoploss is at breakeven Ill setup a trailing stoploss however still working on rules for that...

 

My main question is, are there professional scalpers and if so when did you realise scalping was for you?

What does not mean "professional"? I am making a decent living scalping. I don't think about myself as a professional. I did not have to realize I would be a scalper because I knew that what I was after was scalping. I take about 10 trades a day, on average. My win rate is very good too. I am actually surprised there are people out there that can't believe that profitable scalping is possible, but yes, you will find them on some silly trading forums.

Thanks for starting this "coming out of the clioset" thread, :).

Thanks. Got it. Will be in touch by email now. BTW, got myself King too. Cheers.

No problem. I think you will enjoy it. Take care.

Yes, it's not a bad forum, but gets slow at times.

 

I read the king's sales page the other day and must say that it's brilliant. If it was written by the vendor than I am even more impressed because English is not his mother tongue.

I sent you a PM with my email address. Since neither of us is coming here often that seems the best way to communicate. Feel free to use it.

The King manual is also well written. I like to re-read parts of it every weekend. I find it helpful.

Hi,

 

Sorry that I did not reply sooner, but I don't hang out on trading forums too often.

 

Yes, I day trade AAPL on more volatile days. I basically trade pullbacks. My strategy is not particularly sophisticated, but I would rather not reveal it here. AAPL is a good stock for day trading, but I am not sure if 50K is enough to make day trading it worthwhile. 100K is much better if you want to make some reasonable profit, but then again, you could give it a try.

 

I noticed that you were using King. A friend of mine got it a few months ago. He is quite pleased with it, but he was not that happy when he got it. Are you still using it? Scalping Dow emini?

Thanks for your reply.

I too don't come here very often, but I think that's still one of the better trading forums out there.

Yes, I am using king and doing well. I am trading only YM. I tried other emini markets (ES, TF) and you can trade them too, but I like to specialize and YM is very much to my liking and I get very good commissions too.

You may be right about 50K not being enough for day trading stocks for real profit. Actually, I have a similar problem with eminis. I would be making 200K a year, if I had access to at least 150K for that. Now that's real money.

Try this http://www.anfutures.com/

Not free, but the prices are reasonable.

Never buy any stuff paid through Click Bank!!! You will never get money back guarantee on scam! You can email them 1.000 times and nobody home!

Hermes

That's just not true. Plain and simple.

"My philosophy is that the market is always changing, it seems what used to work last year is no longer as valid this year."

Yes, the market does change all the time and yet it stays the same. The core principles and ideas do stay the same, but don't try to construct too elaborate approaches because they tend to be inflexible. I am afraid that your approach is just that: too elaborate. That was my first impression to your first posts. Try to be more flexible. You also mentioned some problems with your trading psychology. You need to fix those because otherwise no system will work for you. Often these problems are caused by undercapitalizion. I am not sure if that's your case, but it could be.

Anyway, just my 2 cents. I wish you good luck.

I daytrade quite often these days, but usually on more volatile days. I am doing pretty well. But I am also heavily invested in diamonds and recently exited AAPL some 500 pts above my entry point. I thought it would go higher after the recent earnings, but disappointed a bit, so I sold it. That was a very good investment. Did not expect it to go that high, but planned to hold it for at least 2-3 years as I often do with my better performing stocks. I might still buy some AAPL shares on a pullback. AAPL is also good for daytrading.

Are you daytrading AAPL? Scalping? I have thought about trying daytrading stocks. I started with 15K in my IB account, but I am now over 50K and could easily afford daytrading some stocks.

Can you tell me more about what you are doing? And those 500 points in AAPL are very impressive. I am kicking myself for not buying some shares below 100. Oh, well. Live and learn, learn amd live.

Thanks.

What's so special about Decision Bar?

Anyone making money with it? They are well positioned in search engines, so I sometimes run into them doing searches. Somehow I am not convinced they are the real deal, but I am always ready to learn something new even if that proves me wrong.

A statement like that without mentioning the size of the correction you are predicting is not very meaningful. Sure, it may drop 200, even 500 points, but why would you want to bet on something like that when you can make much more on the long side in the long term. I have some long position in Diamonds and I am not unloading it until 14, 000. Put it on when the Dow was at 10,000. I think we will see 14,000 in the next 12 months. At least I feel much safer about the long side.

I agree that the long side is safer long term. I remember Dow at 4000 and then 5000. It was 15 years ago or so, probably more. I am not sure we will see 14,000 in the next 12 months, but I very much doubt we will see 12,000 either.

It's really an interesting question. actually I think one day i realized I should lower my expectation on profit. a reasonable profit expectation will help you ease your pain and control your desire to earn more and avoid the high risks.

Make some sense, but being aggressive works pretty well for me. The key is not money management or anything that specific, although this is not to say that any of these more specific things can be ignored. They key is excellence. Once you are really good and you know this, trading will be effortless. If you are not, you will know this too and this will be a big drag on your performance.

Hello gang

I'm using I.B for about 4-5 years and trading forex .I trade 1,5,15 min and don't complain about anything.I'm using ninjatrader 6.5.

Using the Dom BRACKET TRADER.so far i can give them 8.5,the only problem is ,very bad technical support,and the platform is not easy to learn.

Good trading

Egaal

A technical support for what? TWS or BT? Never requested either. IB is for those who really don't need much support. If you are not one of those people, you probably need to look somewhere else. There are plenty of smaller brokers, mom and pop shops, that can be more suitable for technically challenged people. IB is a very good broker, they offer competitive commissions and if you use BT then you really don't need to rely on TWS that much.