DXYY:
UsOil

Bought

SL; 76.383

Tp1; 86

Tp2; 92

Risk; 0.34

Pondabrown:


Quick question Cashy, why do you use stop orders instead of limit orders? Cus I have noticed it when you post your chart entries.

Emmizay12:


Let me share you my experience,,, I quit my Bank job for Forex sept 2022, did I regret it? Hell no!!!!

I am a strong believer of financial independence.
Did I successfully become a day trader? Hell no

When I quit my job, I quickly discovered that I was not as skilled as much as I thought I was, I fully spent 1 year on Forex like dedicated my life to forex for 1 full year. I was footing my bills and also trading with my savings through that year and I fully respect myself for how I was able to handle everything without going to zero before getting another Job even though I was losing money constantly

Did I regret my actions,,,, no!!!!!!!!!! Inshort I should have resigned earlier, because right now I know exactly what to expect and what I need to succeed as a full time day trader because I have firsthand experience,

Crazy how I have a job which pays me higher than my previous job but the amount of USD I can afford is way less than what I used to buy when I was jobless

Cashhy11:
The method I currently trade now is purely continuation pattern. So in case I might not be online when market wanna breeze through my zone, buy/sell stop will help pick it along.

Like this GU trade here, I already set a sell stop before I went offline, I didn't know what I came back to do online. So I deleted it and wanted to wait for the candle closure, only for the candle to close 15pips away from me. Couldn't enter anymore. See the result below. This week ehn. I no go talk.

Succhrisfx:
Buy USDCAD
Entry: 1.3625
Sl: 1.3604
Tp: 1.3825

Succhris:
Buy silver 30.44 sl 30.01 tp 32.45

ICTcadet:



This is a St*pid question, I hate when people ask me this question it means they don't know sh*t about trading.

Cashhy11:
Not a stupid question, it's the miseducation from the onset that caused it. Must you catch 1000pips to become profitable? No! Just be right more times than you're wrong, and you're good to go even if you trade a 1:1rr.

@thread
I just need a simple answer to one question.
Trader A:
Risks 15pips to catch 45pips, average trades per month: 12.
Win rate: 50%

Trader B: Risks 80pips to catch 240pips, average trades per month: 5.
Win rate 60%

Who's the better trader, and more likely to yield more return at the end of the year?

To my bosses, @infofirst, & @gabsonfx2. I would like to hear your opinions on this. I know Boss info is a strict #team higher pips with lower lots.
I'm just curious as to why most people frowns so much at day trading, while swing trading is more respected among "professionals"

DXYY:


Am not too good with math but I think using the same lot size trader B is more likely to get more returns due to his win percentage since both are operating in a 1-3 RR,

However swing trading has some advantages

1) it gives peace of mind ( if trader B place a trade and watches the market do its thing trader B would have entered And gone out of the same particular trade more than 5 times


2) Swing trading is stress free


3) you will have time for other things like your job.

All these are just my thought though, at the end of the day na evidence matter.

What an educative question, weldone

Cashhy11:
Trader B will definitely yield more return if they both used the same lot sizes. But remember trader B will also have higher drawdowns when the losing streak comes knocking as a disadvantage of the huge stoploss required to swing comfortably. One 80pips SL loss on Trader B account, is more than 15pips SL x 5 = 75pips of trader A.

Also, about the stress-free aspect: The day trader might just decides to trade only 2days out of the 5trading days of the week, and have the rest of the three days to do other things too. Doing that alone, the stress part has been combated.

samfelly:

It will, indeed, take 2 years (in support with Gabsonfx2's point). Then we go add Anger Management sessions join am

Succhrisfx:
“By default, only selected few will be at the top of their career. Or be in the middle class and above. There is no spirituality or level of work that will change that. But the good thing is that, most of us have the ability to determine where we can be in the pyramid of life and only few have no control over that and example is that child born with all form of disabilities you can think of.
Impatience, indiscipline, greediness name it makes it almost impossible for most of us to explore the potentials we have.
There will be many losers in fx just as it is in life. It is not a curse. It is law of nature.
If every man is awarded $1billion today with no inflation. In less than one month... There will be millions of men with nothing to their name again.
Do you know how many millions tried to have a site like nairaland but never made it. Is it safe for me to say that trying to be a blogger or website owner is a mission impossible?

Forex trading is profitable. But 1% or less traders will be profitable from it.
Medicine is profitable but less than 1% will be able to become medical doctor........
It is what it is.“

-Infofirst

It's long but digest it
The answer is in DXYY. See below, I will add.

First is: The both traders will apply very different risk/money management in the form of lot size. They can never ever be the same, which simply means they both risk same amount in value not pips.

E.g., For a $1K personal account.

If A uses 0.5 lots,he risks $75 on each trade. That's just 7.5% loss.

Trader B would have (must) to use 0.09 lots to risk same $75, loss 7.5%.

Trading style (scalp, day, swing, position) should never be the reason anyone crashed an account cos risk/money management has to be adjusted as per each. The above example is an ideal case and that's what I will use if I'm to be a trader A or B. Any of the two has a tendency to be profitable, there is no better one.

However, if the both traders trade, the win rate you gave B is more than A, which makes your example a biased one, therefore making B profitable in the long. But say they both have same win rate 50%, the fact that they trade RRR higher than 1 to 1. They will again be both profitable, none is better than the other.

All said: one thing that will distinguish them for sure and in the long is edge. In all you do: edge is No. 1, if you like, apply the best risk money management, use 0.01 lot size on a $10,000 account - without an edge, you will still blow that account, it may just take time, but eventually, you will blow the account. So I will say: first thing is to have an edge: KNOW HOW TO TRADE!

Psychology is nothing to me: your edge builds your Psychology, edge makes you money, edge is what tells you when to go in and out or standby. Psychology feeds on your edge.

Above all: B would be more profitable cos he naturally is a swing trader and taking 5 trades per month is just the optimum required of him, however, A is naturally a day trader and can be a scalper in big events, 12 trades in a month is not reaching the optimum number of trade for that style, this simply means: A wil be losing out on many trade opportunities trading 12 per month.

Selah!

Cashhy11:
Not a stupid question, it's the miseducation from the onset that caused it. Must you catch 1000pips to become profitable? No! Just be right more times than you're wrong, and you're good to go even if you trade a 1:1rr.

@thread
I just need a simple answer to one question.
Trader A:
Risks 15pips to catch 45pips, average trades per month: 12.
Win rate: 50%

Trader B: Risks 80pips to catch 240pips, average trades per month: 5.
Win rate 60%

Who's the better trader, and more likely to yield more return at the end of the year?

To my bosses, @infofirst, & @gabsonfx2. I would like to hear your opinions on this. I know Boss info is a strict #team higher pips with lower lots.
I'm just curious as to why most people frowns so much at day trading, while swing trading is more respected among "professionals"

DXYY:


Am not too good with math but I think using the same lot size trader B is more likely to get more returns due to his win percentage since both are operating in a 1-3 RR,

However swing trading has some advantages

1) it gives peace of mind ( if trader B place a trade and watches the market do its thing trader B would have entered And gone out of the same particular trade more than 5 times


2) Swing trading is stress free


3) you will have time for other things like your job.

All these are just my thought though, at the end of the day na evidence matter.

What an educative question, weldone

GabsonFX2:
It's long but digest it

All said: one thing that will distinguish them for sure and in the long is edge. In all you do: edge is No. 1, if you like, apply the best risk money management, use 0.01 lot size on a $10,000 account - without an edge, you will still blow that account, it may just take time, but eventually, you will blow the account. So I will say: first thing is to have an edge: KNOW HOW TO TRADE!

Psychology is nothing to me: your edge builds your Psychology, edge makes you money, edge is what tells you when to go in and out or standby. Psychology feeds on your edge.


Selah!

GabsonFX2:
It's long but digest it
The answer is in DXYY. See below, I will add.

First is: The both traders will apply very different risk/money management in the form of lot size. They can never ever be the same, which simply means they both risk same amount in value not pips.

E.g., For a $1K personal account.

If A uses 0.5 lots,he risks $75 on each trade. That's just 7.5% loss.

Trader B would have (must) to use 0.09 lots to risk same $75, loss 7.5%.

Trading style (scalp, day, swing, position) should never be the reason anyone crashed an account cos risk/money management has to be adjusted as per each. The above example is an ideal case and that's what I will use if I'm to be a trader A or B. Any of the two has a tendency to be profitable, there is no better one.

However, if the both traders trade, the win rate you gave B is more than A, which makes your example a biased one, therefore making B profitable in the long. But say they both have same win rate 50%, the fact that they trade RRR higher than 1 to 1. They will again be both profitable, none is better than the other.

All said: one thing that will distinguish them for sure and in the long is edge. In all you do: edge is No. 1, if you like, apply the best risk money management, use 0.01 lot size on a $10,000 account - without an edge, you will still blow that account, it may just take time, but eventually, you will blow the account. So I will say: first thing is to have an edge: KNOW HOW TO TRADE!

Psychology is nothing to me: your edge builds your Psychology, edge makes you money, edge is what tells you when to go in and out or standby. Psychology feeds on your edge.

Above all: B would be more profitable cos he naturally is a swing trader and taking 5 trades per month is just the optimum required of him, however, A is naturally a day trader and can be a scalper in big events, 12 trades in a month is not reaching the optimum number of trade for that style, this simply means: A wil be losing out on many trade opportunities trading 12 per month.

Selah!

GabsonFX2:
In all you do: edge is No. 1, if you like, apply the best risk money management, use 0.01 lot size on a $10,000 account - without an edge, you will still blow that account, it may just take time, but eventually, you will blow the account. So I will say: first thing is to have an edge: KNOW HOW TO TRADE!

Psychology is nothing to me: your edge builds your Psychology, edge makes you money, edge is what tells you when to go in and out or standby. Psychology feeds on your edge.

Selah!