What is Day Trading - page 2
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MP -- probably just a typo
What is Day Trading?
Allow that I agree with most of your well presented and informational post, but either thru typo or a non-daytrading mentality, there are a few things i would like to open up further --- anything eliminated from your post is only because i agree completely and do not wish to waste the space.
Characteristics of a Day Trader
• Sufficient Capital
One cannot expect to make money day trading. Day traders use only risk capital, which they can afford to lose. Not only does this protect them from financial ruin, but it also helps eliminate emotion from their trading. A large amount of capital is often necessary to capitalize effectively on intra-day price movements.
the first sentence is what I take issue with -- perhaps it is a typo because day trading is one of the MOST profitable manners of trading known because one is usually moving UP and DOWN with the market, avoiding those hours of waiting while a trade may be in drawdown and the trader is waiting for it to come back.
It is nothing more or less than what market makers, specialists, commodities and futures brokers and the lower tier forex brokers and liquidity providers do each and every day, included within being US, the wee humble retail traders, running hither and yon for the crumbs thrown by the "big fish !"
The joy of forex (since thats what were talking about) is the margin arrangement which allows higher purchasing power ALTHOUGH that brings MUCH INCREASED RISK alongside its advantages, and brings us right back to where you refer to KNOWLEDGE !
But I have watched a young woman trader start a present contest with $500 which she increased nicely, only to suffer a margin call taking her equity down to $130 and then watching in 3 weeks as the equity built back to (ready for this ?) $18K as of last nite, ALL done by day trading only.
enjoy and trade well
mp
Now Wall eyes ---- prithee DO tell me whom the others are who are "replying to your replies with accusations tha you're a fool", although at this point I imagine your scouting high and low for those to join your "lets not allow anyone but us to say anything here !"
youve asked for proof of my earning power and i showed you statements that DOUBLED my normal average ---- you havent gotten into accusing me yet of simply trying to get newbs money, because Ive been teaching newbs HOW to MAKE money for a year and receive nothing but the most sincere thank you's ----- in fact, other then the trolling youre doing, you have nothing much to say at all.
This thread has to do with day trading and I would love to have intelligent discussions so concerning, but you keep trolling me which of course keeps adding to those who ask me questions and rapidly find out that I'm a particularly helpful person in a world of particularly not so helpful people !
I guess, in my search to help others, you are really OF TREMENDOUS ASSISTANCE, as you continuously throw people at me who want answers, and dont seem to get them from you !
So troll away my friend --- it gets you nowhere but IT DOES HELP THE NEWBS WHO WANT TO KNOW SOME FACTS, and Im committed to helping them learn those facts for as long as I can continue.
as an addition, we BOTH know why you carry on the way you do, and it has NOTHING to do with your not trusting what I say --- au contraire mon ami, but you simply are trying to protect your OWN agenda and those of whomsoever you may be involved with, and THAT is your underlying and fully intentioned purpose !
enjoy and trade well
mp
False words are not only evil in themselves, but they infect the soul with evil. - Plato
Mike,
Why does everyone not care about your opinions here? I don't think your literate, because it seems I am not the only one replying to your replies with accusations that you're a fool.
Sorry, I didn't read any of your story telling.
I'm still actually waiting for that name of that very successful trader you mentioned you knew for a long time.
I'd assume if you knew her for a long time, you'd at least catch a first name, right Mike?
Cinderella maybe was it?
Now Wall eyes ---- prithee DO tell me whom the others are who are "replying to your replies with accusations tha you're a fool", although at this point I imagine your scouting high and low for those to join your "lets not allow anyone but us to say anything here !"
youve asked for proof of my earning power and i showed you statements that DOUBLED my normal average ---- you havent gotten into accusing me yet of simply trying to get newbs money, because Ive been teaching newbs HOW to MAKE money for a year and receive nothing but the most sincere thank you's ----- in fact, other then the trolling youre doing, you have nothing much to say at all.
This thread has to do with day trading and I would love to have intelligent discussions so concerning, but you keep trolling me which of course keeps adding to those who ask me questions and rapidly find out that I'm a particularly helpful person in a world of particularly not so helpful people !
I guess, in my search to help others, you are really OF TREMENDOUS ASSISTANCE, as you continuously throw people at me who want answers, and dont seem to get them from you !
So troll away my friend --- it gets you nowhere but IT DOES HELP THE NEWBS WHO WANT TO KNOW SOME FACTS, and Im committed to helping them learn those facts for as long as I can continue.
as an addition, we BOTH know why you carry on the way you do, and it has NOTHING to do with your not trusting what I say --- au contraire mon ami, but you simply are trying to protect your OWN agenda and those of whomsoever you may be involved with, and THAT is your underlying and fully intentioned purpose !
enjoy and trade well
mp
False words are not only evil in themselves, but they infect the soul with evil. - PlatoYup, all true walrus, but that certainly doesnt mean i have to tell you --- understand that I could make up any name I choose and it would be of no use to you as the contests are run by alias, not names but knowing how much of a troll you are, I have no problems with letting you prattle on !
Once again, and youre trying hard to slip out of it, all references were to you googling ME, of which you certainly performed poorly but that probably matches your accounts ------
WAIT A MIN --- i saw something youre posting about a small account that isnt half of what she made ---- is THAT WHATS PUT A BURR UNDER YOUR SADDLE, your simple lack of ability to even match a "girl ?"
LOL -- ill bet dollars to a cops doughnuts thats whats got you so irritated --- you were soundly beaten by a chick ! (and a cute one at that !)
enjoy and learn to trade well
mp
"seeking truth is simpler if first you clear your mind of lies !"
Sorry, I didn't read any of your story telling.
I'm still actually waiting for that name of that very successful trader you mentioned you knew for a long time.
I'd assume if you knew her for a long time, you'd at least catch a first name, right Mike?
Cinderella maybe was it?Wait a minute, doesn't that just means you're doing what I've accused you all along?
Making up stories to build some kind of credibility? Building up stories of other successful traders to make yourself sound knowledgeable?
Surely it's not that hard to type someones name, since your clearly proficient in English and typing, that shouldn't be a hard task at all!
But hey, you're so successful in >teaching< i'm surprised none of your groupies have come in here saving your pathetic excuse to of a facade.
Maybe its because there is no one- actually there probably isnt.
Yup, all true walrus, but that certainly doesnt mean i have to tell you --- understand that I could make up any name I choose and it would be of no use to you as the contests are run by alias, not names but knowing how much of a troll you are, I have no problems with letting you prattle on !
Once again, and youre trying hard to slip out of it, all references were to you googling ME, of which you certainly performed poorly but that probably matches your accounts ------
WAIT A MIN --- i saw something youre posting about a small account that isnt half of what she made ---- is THAT WHATS PUT A BURR UNDER YOUR SADDLE, your simple lack of ability to even match a "girl ?"
LOL -- ill bet dollars to a cops doughnuts thats whats got you so irritated --- you were soundly beaten by a chick ! (and a cute one at that !)
enjoy and learn to trade well
mp
"seeking truth is simpler if first you clear your mind of lies !"MP --- trolling a troll --- wont teach you about forex, but can be fun
Wait a minute, doesn't that just means you're doing what I've accused you all along?
Making up stories to build some kind of credibility? Building up stories of other successful traders to make yourself sound knowledgeable?
Doesnt make any sense at all wally --- knowing of a woman who is doing very well in one of the contests is in NO way any form of self engrandizement --- Im sure many people know of successful traders and that is the end of it because, as I stated, she is a friend but not a student, so nothing she does is attributable to anything I did or do !
Surely it's not that hard to type someones name, since your clearly proficient in English and typing, that shouldn't be a hard task at all!
While I can handle your incoherent babblings because you bother me not a whit, I would truly be afraid for you if you should bother her and get her angry and I shall simply leave you with "its not guns that kill people, its large holes in vital organs that kill people". Giving you her name would simply send you on a search to find her and should you actually find her, begin trolling her, you would find she has in no way the same sweet and docile personality as mine.
Additionally my friendly troll, I am under NO obligation to give you the correct time of day, let alone a friends name and you are fully aware that your silly tactics wont work
But hey, you're so successful in >teaching< i'm surprised none of your groupies have come in here saving your pathetic excuse to of a facade.
Maybe its because there is no one- actually there probably isnt.
Why would I need any assistance in dealing with YOU --- just whom do you think you are in this world, besides an overinflated, ego and agenda driven and poorly performing trader who seems intent on trolling !
enjoy and learn to trade well
mp
I don't need any convincing, Really I don't think anyone else does.
If you wouldn't give me the time of day, then you wouldn't reply. You quite obviously give me the time of day, so I don't really understand your babbling yourself.
Secondly, if you think that talking in riddles and avoiding questions make your case look anymore credible your quite wrong.
The fact is, you can't name that person- you won't ever be. Like how you can never prove live that you're a trader. How you can't prove you work at hedge fund. How you can't prove when you look up your name with +"Scam" beside it in google, there seems to be a bunch of threads linked to that.
I guess its no coincidence that scam, and Michael Parker seem to came hand in hand. It also comes hand in hand with every other Alias you go under.
So as much as I am a troll, I gather I have much more >credible< credentials here or anywhere else than you do.
Cheers- you flagrant pos.
enjoy and learn to trade well mp
Mp -- as i said, its all about you wanting to be top dog !
I don't need any convincing, Really I don't think anyone else does.
If you wouldn't give me the time of day, then you wouldn't reply. You quite obviously give me the time of day, so I don't really understand your babbling yourself.
ah, let us re-read what was said as opposed to what you have posted --- "I am under no obligation" simply asserts that i will or will not produce information as I see fit and NOT AS YOU DESIRE ! Quite honestly, ANYTHING you wish is not of my concern unless it coincides with my thoughts or desires, and I DESIRE TO KEEP HER NAME OUT OF A PUBLIC FORUMN, period and end of thought !
Secondly, if you think that talking in riddles and avoiding questions make your case look anymore credible your quite wrong.
The fact is, you can't name that person- you won't ever be. Like how you can never prove live that you're a trader. How you can't prove you work at hedge fund. How you can't prove when you look up your name with +"Scam" beside it in google, there seems to be a bunch of threads linked to that.
WHERE did I say i wished to PROVE anything ? When I came here, I simply added my opinion to an open thread and YOU STARTED THIS WHOLE THING all over again ! I NEVER said anything except that "daytrading is a very viable method of trading for those so inclined !" AND THEN YOU DECIDED TO TROLL ME !
Having said that, for one as stupid and unworthy as you express me to be, there are a lot of people who like my "predictions" and who have learned to UNDERSTAND how the forex market works --- even if you consider me an utter fraud, its amazing how many people have learned from this "fraud !"
I could understand your ramblings better if I was indeed attempting to create "creds" or establish myself into the pecking order around here, but I have done NOTHING but offer up a simple opinion on an open thread --- YOU are the one who seems to have lost credibility by "going on" as you do !
As far as providing you private information in a public forumn, its simply NOT going to happen, no matter how much the piglet squeels for it --- underneath all your rhetoric people can read real truth, and since what I teach costs nothing but TIME, people are more than willing to try it --- let me state that one more time --- IT COSTS NOTHING BUT TIME.
If a newb wishes to take a look, there are any number of people and endorsements on the site where I teach and ANYONE is free to ask ANY question they wish, although theyre not free to spam or insult ---
After spending the time to learn, the NEWB themselves judge if the expenditure of TIME was worth it or not as i can only promise to give them the information and the NEWB then decides what to do with it !
I guess its no coincidence that scam, and Michael Parker seem to came hand in hand. It also comes hand in hand with every other Alias you go under.
I thought when you googled for me you came up with "story teller" --- have we now made up a new category for me to live in ?
We have LONG AGO PROVEN THERE IS NO SCAM BUT FOR YOUR WORDS --- I simply allow others to partake of my knowledge and experience for absolutely no cost but perhaps my willingness and having already proven myself repeatedly doesnt work for you --- fortunately for a lot of newbs, its worked VERY WELL for them !
So as much as I am a troll, I gather I have much more >credible< credentials here or anywhere else than you do.
WELL, your admission certainly took a while --- as far as your credentials, I dont really give a rats rump as I do what I do and have never gotten in your face about what you do ---
but its interesting and psychologically quite illuminating to see that you FINALLY ADMIT ITS ALL ABOUT WHO IS THE TOP DOG and that you believe you own that title and wish to keep it --- if you wish to be the top dog, go ahead and be it cause I sure dont care !
There are those who benefit from what I teach and those who dont and I suppose there are those who benefit from what you teach and those who dont --- YOU are making a big deal out of not wanting to share this site or its many threads with ANOTHER, as skilled (if not more so) than you !
hey -- you want to be able to pea further and bark louder --- GO AHEAD CAUSE I JUST DONT CARE !
ENJOY AND LEARN TO TRADE WELL
mp
MP -- MAYBE WE ACTUALLY GET TO SAY SOMETHING of value
DAYTRADING is a catch all classification for the act of entering and exiting a trade in ONE day --- in forex that can be considered as 24 hours which differs from stocks, index and commodity trading which have a much shorter day.
It consists (essentially) of all the normal types of trades that are done with the one caveat that they be finished in that "day", which is pretty obvious.
the simplest is perhaps taking a 30 or 15 min "position" trade and produces far less drawdowns than taking an H1 "position" trade and "can" be exploited by those who understand the process by using a LARGER trade than one would normally take over multiple days because your exposure time is much less. Additionally, because forex reverses direction during the US session, taking a 15 min trade will usually have you free and clear by the time the morning session becomes the afternoon session --- often the 30 min will do that also, but momentum (speed of movement) is what determines the timeframe you use. On SLOW DAYS, one uses the 15 while on FAST DAYS one uses the 30.
"Scalping" which is actually a misnomer but has come into such common usage as to be pretty well accepted these days (it was originally done in the 1990's when trades were done in the decimal system and a fast trader could grab a trade BETWEEN the bid and ask of let us say 1/8 point, and make 1/16 point profit. They would do this 100 times a day and could make a very decent amount of money from the trades)
the changeover to 0.01 pricing destroyed that ability for the most part and the term became applied to those who trade (up or down or both at the same time) for between one and 5 pips profit on VERY short timeframes.
"Scalping" requires a very solid knowledge of short term movements and can be considered part art and part tech information but it presents the FASTEST method of earning pips, simply because with ANY position trading, there will be times when the price has reversed, if only for an hour or a few, but during that time, unless you trade the "dip" also, you are actually losing money on paper because your equity is doing nothing positive and its going DOWN --- when scalping, you ride the ups and downs and always being "in the market" you are continuously making money. (at least, THATS the idea !)
Of course, a smart trader would probably have played the dip as a short term position trade, taken profit and then "averaged down" on her long by now going long at the lower price --- the "average" part simply has to do with CHANGING the average price of your starting position for the long you hold by hopefully having bought a second position at a cheaper price. Its actually nothing more than a long term investors method of trading, as applied to a significantly shorter timeframe, and works VERY nicely !
as said above, you can also play the 5 (or 10 min chart), taking profit at the top of a move and then shorting its dip, which comes close to "scalping" but requires stronger nerves because your exposure time is longer !
Trading the very short timeframes also allows you to use LARGER trades, as your money is exposed for a relatively short period of time, BUT YOU BETTER GAIN THE EXPERIENCE on smaller trades before you try this, as anything can and will go wrong at the most inopportune moments when you extend yourself this way.
It is simply NOT TRUE that daytraders do not make money and i havent a clue where that started, except perhaps brokers trying to have you do longer trades --- all the dealing desks and the overwhelmingly large number of traders you work with are daytrading and theyre NOT doing it to throw away equity !
enjoy and trade well
mp