My Forex Prediction using Advanced GET - page 59
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NOTIFICATION: DAY TRADING vs SWING TRADING - WHO MAKES MORE MONEY?
Gann68uk in his post #563 in this thread (on page 57) has raised two important basic questions on the above subject:
1. Is Day Trading more or less difficult than Swing Trading.
2. Over a period of 4 weeks (ie 1 month) which one of these has been banking more.
These are legitimate issues that any one who wants to go into forex/stock market trading wants answers to in order for him to determine which course of trading approach is suitable for him after considering (1) profitability, (2) difficulty and (3) risks involved in each one of them.
I have already gathered all my notes and thoughts, and tomorrow I shall be piecing them together to pen down my response.
By Sat (Oct 10) around 8:30 am to 10:00 am Malaysian time or EST 8:30 to 10:00 pm, it will be posted in this thread.
Until then
Kenneth
Soros goal was 30-40% a year, yet he broke BOE. I put my goal so high (400%) because i think it can be done, i plan within 2 years; also, to give me confidence to put real money on the grill, knowing i can be confident in my own capacity. This confidence will allow me to found an account sustentially (50k to 100K) to truelly make a confortable living out of it. I cannot fail, it would be too desastrous. So my system must be faliure proof. I need to be able to trade in all maket condition. Or at least know when to stay aside.
If 400% is to big for you, is 1% a week is too much?
Coundpond 1% a week to say 1000 initial deposit, would make 1.644.63 after 50 weeks, 2704 after 100 weeks, 4448.42 after 150 weeks or 3 yers. Ouf 444% in tree years. Ouf! At this rate 5,000 would turn into 1,000,000 in 10.5 years. Open your account in a tax free country ( i think England is tax free on forex???)
Of course 95% of forex traders kill there account in no time because they don't understand, or haven't take the time to understand those maths, they want the quickest biggest outcome as fast as possible, taking huge risk trading the smallest time frame with 400:1 leverage, on underfunded account. I know i have done it. Several times.
So if really your goal is 20% a year, the best way for you is to apply your trading method to daily chart, use appropriate stops and target and let it go stress free. The pros is that you never have to worry about news releases.Good maths on compounding. Quite amazing to know that a miniscule 1% a week can really mean big, given the time.
Usd/jpy
I hate to jump on the bandwagon - but barring a real surprise in economic data during the US session, we may see continued weakness.
The Yen continued to gain versus the Dollar reaching its highest level since January as Japan Finance Minister Hirohisa Fujii signaled that policy makers are comfortable with their currency's strength. Overall, USD/JPY traded with a low of 88.00 and with a high of 89.38. Core Machinery Orders will be released overnight and expected to rise by 2.2% versus -9.3% decline prior.
USD/JPY-Last: 88.25
Resistance
88.75
89.15
89.40
Support
88.00
87.50
87.10
I hate to jump on the bandwagon - but barring a real surprise in economic data during the US session, we may see continued weakness.
The Yen continued to gain versus the Dollar reaching its highest level since January as Japan Finance Minister Hirohisa Fujii signaled that policy makers are comfortable with their currency's strength. Overall, USD/JPY traded with a low of 88.00 and with a high of 89.38. Core Machinery Orders will be released overnight and expected to rise by 2.2% versus -9.3% decline prior.
USD/JPY-Last: 88.25
Resistance
88.75
89.15
89.40
Support
88.00
87.50
87.10Hi, Alex-the-Gr8:
You are always welcome. And especially on the economic front, if you have any updates on the Dollar, Euro, Pound and Yen, do let us know.
Many times we are so taken up by what the charts tell us, that we forget the other side ie the economic frontier and what the respective governments are up to.
Thanks
Kenneth
Sold at 1.6041 and bought back at 1.6013 making a gain of 28 pips or US$280.00 within 2 hours 48 min - which can be considered quite fast for me as my waiting time normally is 10 hours and above.
It means from the time it was sold, the momentum subsequently picked up speed.
Once more, I like to acknowledge my thanks to gann68uk for providing me the Elwave chart and highlighting to me its Wave directions. GET was showing GBPUSD in consolidation. Using both GET and Elwave gives added advantage to the user.
I call it a day and I am going out for shopping.
Kenneth
(PS: Later when I am back, I will attach my transaction.)
Sold at 1.6041 and bought back at 1.6013 making a gain of 28 pips or US$280.00 within 2 hours 48 min - which can be considered quite fast for me as my waiting time normally is 10 hours and above.
It means from the time it was sold, the momentum subsequently picked up speed.
Once more, I like to acknowledge my thanks to gann68uk for providing me the Elwave chart and highlighting to me its Wave directions. GET was showing GBPUSD in consolidation. Using both GET and Elwave gives added advantage to the user.
I call it a day and I am going out for shopping.
Kenneth
(PS: Later when I am back, I will attach my transaction.)Attached is the file containing the transaction on GBPUSD.
Kenneth
This evening (Malaysian time) I did my Second trade. This time it was GBPJPY that I short as per the signal from GET.
Sold at 142.02 and bought back at 141.79 and made 24 pips or US$258.86 within half an hour.
I had to wait and wait and wait almost the whole day from morning till evening for the opportunity to short this currency pair. And the waiting was not in vain though the gain was only 24 pips.
So in total, today's taking was 52 pips or US$538.86;
Attached is an updated file containing the 2 transactions.
This time I can call it a day.
Kenneth
NOTIFICATION: DAY TRADING vs SWING TRADING - WHO MAKES MORE MONEY?
Have you ever wondered Who Makes More Money in forex trading - the Day Trader or the Swing Trader.
An understanding of this basic will help to shape a potential forex candidate to decide which trading "career" he wants to be - a Day Trader or a Swing Trader OR can he be a mix of two worlds.
I am now in the final stage of piecing my notes and points together in an essay form and touching here and there. It is going to be about 4 pages in a word document??
:
Hopefully on or before 4:30 pm Malaysian time ie EST 4:30 am, it will be posted. If I can do so earlier, shall do so.
Until then and goodnite. Malaysian time 9:00 pm. Early to bed after a hard day's work at trading.
Kenneth
Sold at 1.6041 and bought back at 1.6013 making a gain of 28 pips or US$280.00 within 2 hours 48 min - which can be considered quite fast for me as my waiting time normally is 10 hours and above.
It means from the time it was sold, the momentum subsequently picked up speed.
Once more, I like to acknowledge my thanks to gann68uk for providing me the Elwave chart and highlighting to me its Wave directions. GET was showing GBPUSD in consolidation. Using both GET and Elwave gives added advantage to the user.
I call it a day and I am going out for shopping.
Kenneth
(PS: Later when I am back, I will attach my transaction.)That is quite gracious of you to mention me Kenneth. I just provided the chart and asked the relevant question. Nothing more. You saw the potential and acted on it. Happy that I could be of some help, compared to so much of time that you give to this to thread, in order to help us.