My Forex Prediction using Advanced GET - page 57
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Thanks Kenneth. I have another important question, relating to general trading, which only you guys who are actively trading can answer, by virtue of your experience.
Is day trading more or less difficult than swing trading?
I have noticed that day traders get in, make 40 -50 pips, pocket real money and move on. Whereas swing traders have to go through more emotional turmoil in holding a position, see it go their way for some time, only for the market to retrace and take much of their profits and then possibly go their way again.
As there isnt much time in day trading for other external factors to influence, is it easier to day trade? In our own forum we have Kenneth doing day trading (more or less) and GreatYves doing swing trading in demo account. Overall, over a period of say 4 weeks, which one of these has been banking more? (assume GreatYves is also trading real money).
I have read about whether to day trade or not depends on individual psychology, but seems to me there is more to it. I am beginning to think that daytrading is more profitable, which a lot of us are not able to do because of our current work commitments. I have another buddy who travels in the train with me and is a daytrader too. He too is in the money most of the time, while here I am reading about theories.
Your views much appreciated.I lost real money trying to daytrade while i was not able to day trade because of work, wife, children, dog, house, lawn, car, mother, brothers and sisters, you get the picture. I broked a toe kicking on a sink because i answered the phone while i was waiting for nfp to come out and missed my entry, enter too late and lost a lot of money. My neck and back have started hearting a lot because of too long screen hours. I literally lost 110 pounds because i was not eating properly ( i gained back 55!!) all this in my first 2 year of day trading. If you can commit to your chart all day then day trading is for you. Yes you'll make more money, and might loose more money too. I am back at trading demo because i have been burned in the past and came to wonder if making money on forex was really realistic. I can tell you that i have 3 demo account and i am respectively 54%, 57% and 57% swing trading only, in only 3 months. I want to quadruple at least one of these account or all tree before considering risking real money again. And all this swing trading. Yes it can be stressfull, but less then daytrading. And sleeping at night is a mater of position sizing. Never be more then 6% exposed in all your positions. i can trade 2% on 3 uncorrelated pairs.
Anyway the conclusions to my story is trade the way that fit you. If you like me, having a life, consider not looking at anything under a 4 hr chart, and use proportionate stops. And use the weekly/daily charts to identify your trends. I am trying hard to just trade with the monthly/weekly and daily but it take wisdom to be able to do that. But somewhere inside i know i will do it one day. And pretty sure i will be as much profitable.
EUR/USD : Can an extended 5th be longer than Wave 3? It appears so in this case. Nothing mentioned about it in the text book that I am reading. Strangely (maybe rightly) Elwave is treating this as Wave 3!!
Extended Wave [5] and sometimes Wave [1] can also be extended is always longer than Wave [3]. There can only be ONE wave that is the longest.
Wave count depends on the date the GET and Elwave start their counting ie their setting.
For GET, it focuses on the last parts of the chart (how many days I do not know) for trading shorter time frame traders. They call their setting "Original". If on the other hand, I change GET's setting to "Long Term", it will then display the Wave Count also as Wave [3] same as Elwave.
In theory, Elwave's wave count is a closer one than GET. Elwave however is very fond of giving complex patterns even in Impulse moods such as in Waves [3] and [5] they give patterns such as XYZ and other such combinations. This is theoretically wrong because such patterns are for Waves [2] and [4], as these are corrective patterns.
So my conclusion is sometimes these guys are confused and they make users confused also. It is in the midst of chaos, the more intelligent users (aham) make the best use of it and the others are too confused to use it, and consider the GET and Elwave "useless".
Kenneth
Thanks Kenneth. I have another important question, relating to general trading, which only you guys who are actively trading can answer, by virtue of your experience.
Is day trading more or less difficult than swing trading?
I have noticed that day traders get in, make 40 -50 pips, pocket real money and move on. Whereas swing traders have to go through more emotional turmoil in holding a position, see it go their way for some time, only for the market to retrace and take much of their profits and then possibly go their way again.
As there isnt much time in day trading for other external factors to influence, is it easier to day trade? In our own forum we have Kenneth doing day trading (more or less) and GreatYves doing swing trading in demo account. Overall, over a period of say 4 weeks, which one of these has been banking more? (assume GreatYves is also trading real money).
I have read about whether to day trade or not depends on individual psychology, but seems to me there is more to it. I am beginning to think that daytrading is more profitable, which a lot of us are not able to do because of our current work commitments. I have another buddy who travels in the train with me and is a daytrader too. He too is in the money most of the time, while here I am reading about theories.
Your views much appreciated.My views are always abnormally long-winded and as such I reserve it for Sat/Sun to do it, mate.
It gives me an excuse so I do not have to think of any new articles to write this weekend but to focus on yours, Ganesh. Thanks, buddy.
Kenneth
Attached is the file containing my trade yesterday on the GBPJPY.
It was concluded within 4 hours 29 minutes - which I considered is quite reasonable with a gain of 38 pips or US$392.00;
Anything 10 hours & above is a long wait - can have a good sleep, wake up etc. and because it is closed within the same day - we call it "day-trading". It should be called "day dreaming"; while waiting for prices to move, I can siesta and day dream. At least I avoid the period when paper loss can be as much as 200 pips???
Kenneth
Today, I SHORT this currency pair again per GET signal to sell.
Sold at 141.21 and bought back at 140.76 within 8 hours 7 minutes.
Made US$507.21 or 45 pips.
Shall attach later a file on this transaction.
Kenneth
Today, I SHORT this currency pair again per GET signal to sell.
Sold at 141.21 and bought back at 140.76 within 8 hours 7 minutes.
Made US$507.21 or 45 pips.
Shall attach later a file on this transaction.
KennethAttached is the file containing today's transaction on GBPJPY.
Probably I shall let this currency pair take time to digest. It just cannot be going down every day. There will come a time when there will be a correction. So I rather leave it alone tomorrow even though GET may still continue to signal it as a Sell.
Kenneth
Today, I SHORT this currency pair again per GET signal to sell.
Sold at 141.21 and bought back at 140.76 within 8 hours 7 minutes.
Made US$507.21 or 45 pips.
Shall attach later a file on this transaction.
KennethIn addition to the above, subsequently later I also SHORT EURUSD (though it is not my favorite).also per GET's trade Sell signal.
Sold at 1.4693 and bought back at 1.4673 making a gain of only 20 pips or US$200.00;
This trade took 12 hours 14 minutes to close.
So for total of 65 pips or US$707.21;
Attached is the file containing both the transactions.
Kenneth
(PS: At time of writing, GBPJPY is going up by about 48 pips. It was a good thing I had closed my Sell order, otherwise would see my profit wiped off.)
To comfort you i am short also on eur usd at 4705, stop at 4773 currently 4669. Took this trade on daily chart and intend to keep it as long as possible. I will set my stop at break even as soon as i am 50 pips in profit. (was 47 at one point.) I can be wrong, but i feel something is brewing on... And by the way i got off the guppy with more pips then i usually can handle.. Th violent bounce of 88.00 on USDJPY is apparent intervention. I am not fighting this. JPY is due for a major correction.