Ammeo

Everyone knows these 5 steps already...:P

Why are regulators even allowing HFT ? HFT could destroy not only stock markets but the ideologies of corporate financing in near future if it stays like this...

Im am not berating Scalping. I know scalping exists and there are many day trading who do it successfully time after time .But saying that scalpers are more smart is not agreeable (as the other poster said) . There is not a single scalper who is there on the Forbes list .They were all long term traders/investors/fund owners and they used to invest only after getting reliable information about their desired assets. My personal choice would be to do 10 trades a month and win 8 of them rather than having 120 trades a month and winning 70 of them........

If one cant sit all the day in front of PC , he could swing trade which takes only 1-2 hours a day and it dont drains mind either...

my advice will be to do manual trading .I have seen many experienced traders across many forums who did both manual trading as well as using EA's and always came up with a conclusion that manual trading is more profitable than EA's . One cant fully rely on some bots trading for them cause a bot cant see what a human mind can see. Also there hasnt been any EA that has been profitable in the long run. All those Fab Turbos ,Sharks or Million Dollars Pips stop giving any more profits cause markets dont remain the same while the EA's dont have the ability to change themselves according to market conditions..

"5. Average people long for the good old days. Rich people dream of the future." Well not necessarily a passion gets someone to huge money amounts ..some people have a passion for hiking or surfing or cooking which dont earn them much money or sometimes no money at all bt still they are happy about what they are doing cause this is what they wanna do irrespective of that brings money or not...

I have a day job and i trade during my day job..my boss doesnt say anything to me over it.. bt i have to say ---> Day job first ,trading 2nd ...

By the look of it ,it seems you are day trading (scalping) ..my advice will be to try swing trading and looking at the daily/weekly charts rather than intraday charts which can be stressful and produce false signals so many times... 2ndly ,try trading some different asset ..if fx is not working for u,try trading stocks or options and vice versa..

Forex is risky bt still more people are coming into it year after year because this is a world of hope..though many know they can lose all their money in it and finish up with nothing even after giving in so much effort and time into it bt still they come into it cause of the hope of succeeding. in the end almost no one succeeds cause forex is much of a false promise to every wanna trader.i wont say dont trade forex bt only trade it with money that u dont need and have some proper source of income alongside it which can guarantee ur monthly expenses ....

How much ur total profit/loss been on ES since u started this thread??

Personally speaking, im getting a belief that forex trading is just bull***t . no one can ever make consistent money in it all of his/her life...i have seen many wanna traders saying " i have just started being profitable for the last few days or last few weeks" ...Days? weeks? why not talking about years after years or even a decade ...everyone can be profitable for a week or a month.. Forex trading can be much time wasting ...trading other assets is much better.

Go for stocks first (though i would say learning forex is much more easier, atleast from my experience) ..make a list of stocks ( 25-40) would be enough and only concentrate on them at first.. 1 other advice -->dont scalp in the start , people may say scalping is the easiest method bt thats wrong..scalping drains ur mind like no other thing in trading . and before making a trade always look at the daily charts , daily charts are the true representation of an asset..

How much is ur account up for this month? are ur swings working for u?

Not necessarily ,the more you trade the more are the chances that'll u'll make losing trades ..my personal psychology is to trade less but trade only when u are sure abt it....scalping is just a miss or hit game which cant make people the ones that are on the Forbes list...Those who became rich invested only in the things they were sure of making profits (though there is no holy grail but there is a big % success chance on thoroughly researched trades)..

If i had a million $ ,i would have invested it in multiple investments ..20% in real estate ,20% in hedge fund or mutual fund, 20% in stocks ,20% in options and 20% in forex/commodities...

Try to keep your charts as clean as you can ...i used to fancy so many indicators on my charts bt now i only use MA's and look at the S/R levels ...nothing else...

If you have a small capital to trade or invest with ,then maybe fundamental analysis wont do much help as its a long term strategy. For small capital trading technical analysis will suite more..

I always try to keep myself away from stress in trading cause i dont take high risk and never rush on anything...also i have learned trading should not be one's only goal in life and he/she should be having some secondary income source which should provide him the guarantee of a healthy living..

There is no holy grail in trading not even technical analysis bt i have seen in my short trading career that simple 50,200 DMA and S/R levels on Daily Charts (be it any asset) is the best and also the simplest setup when it comes to TA and it works often if not always...

Buy Gold whenever it goes down....Gold's long term future is up only..

im not satisfied cause i know many day jobs will give me way more than what i earn through trading...bt still i havent lost hope yet... i thing i do have realized with time is that there should always be a permanent source of income which should be so enough that i could cover any monthly losses occured during trading...

i always try to avoid intraday trading.....making more trades dont mean u will make more winners...the more the trades,the more the winners,the more the losers....i like to trading swings (both stocks and forex) and always use daily chart as my primary chart ...

which games during play in between trades ..its something i sometimes do myself ,playing MMO's ..

i started my trading career with scalping and making quick 5-20 mins trades bt soon i realized that needed too much attention and more time in front of computer as u dont want to lose any scalping opportunity that comes through..so soon i turned myself to a swing trader and im much happier and at ease with this style of trading.i dont give more than 5 hours a day to trading and have much more time to do other stuff in my life ,go out ,hang with friends ,give more time to family and so on...

Well said..family should be above everything...