Quote:
Originally Posted by bossxero
According to me, most who trade for a living does not scalp the market as we say, they usually trade on higher timeframes from H4 and over. You will be amazed how the simplest system works perfectly on higher timeframes. Most who trade for a living are therfore position traders.
Most losers are those who sit and keep staring at the monitor for hours and hours thinking that they would make their first million next week. They are always looking for a system to catch each and every move. A totally false perception...
Just try even the simplest systems on the H4 and see for yourself how at the end you are able to come up with some pips. Try using MA crosses, stochastics, adx, pivots, all of these work great of higher timeframes. Thats my two pips 
All the best.
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Good thoughts BossXero !
dayTrd, scalping or even scaling are to be compared with F1 ; you do NOT start driving an F1, you start with F3 or whatever : that is one of the quaility a trader need to have, that s a pre-req! and it s called Patience! >> if you cannot watch a position develop, which means taking time to understand what is happening, then if you want to start scalping you are just living in "random city" / you bound to lose. Trading for a living is possible : but what the pros dont say is that when they scalp, scale or so they also keep some positions Long-term, bcz they know it is this one they will play around with or this one they will get the most from ! By "playing around with" i mean protecting it : when u have a swing or a LT posi° you manage it, you hedge it even! (only hedge when u in profit, rule #5)), you play around...although it s not a play....thus short term techniques are for people who understand the markets "perfectly" (way of saying) : know why u enter a trade, if you dont, stay in cash, understand what s behind the "price zone", understand why you have put the trigger, when you will exit and why you will....understand your strategy : this why you can t buy a strategy, nor a system, because this is you! not the guy trying to sell his c*** to you : psycho. is #2 pillar in trading.
As for account : what happen when you enter a trade? >> you also enter a statistical run, or serial, call it as u wish : you think the stat run will spare you, noway! you are part of it, or you dont trade! that is why losses are part of the business and small accounts are bound to fail, as well....anyone saying otherwise has been part of an extrem lucky stat run, but long term will prove him wrong ... as it always has. If you start with a nice account size and a good system (that mirrors your expectations and features) you have the "chance" to weather the storm ... think "tidal wave", keep this image : you measure its strength only when it s up on you....too late ))
now drawdown : like we said they are part of the game ... "tidal wave" again ... limit them >> more than trading books, buy stat books, physics and so on, you ll understand what neg streaks are.
Indicators : BossXero said it ... i want to add : if you understand risk and position mangement you will need one or two....trust me they all come back to the same thing.
simple things work best ; BUT you need to treat them as a Pro ; to do this you need to understand simple things can be complicated for us, human beings : example : no trader can understand completly what fibonaci's are untill he/she s been into quantic physics or so....do NOT just read what you find on the web abt Fibo's ... fibo's are part of something bigger than this ; that s what i mean by "simple complicated things" ... life is a paradoxal entity, why would trading escape this rule ... all of us are in direct contact with a swarming chaotic universe ... can you pick your run? ))
good luck to you all
exni