Anyone else feel the rush? Just logging into charts daily, placing orders, and walking away with profit? Real money that gets sent to your bank account, and you withdraw and can do whatever you want with it
It's awesome being able to do this and just living a life of trading and making money
So many people give up after 1 day of losses
Not enough people are putting in the work to grind, backtest, and take profitable trades consistently
Everyone is in this for the same reasons. We all want the lifestyle, the money, the freedom
All of that is possible to achieve, you can make the 10-20k a month, live in the big mansions, travel year round, not answer to anyone and not have a set schedule. All of that is within your reach, you need to hustle for it though
A lot of you just want the lifestyle of money but don't want to actually put in the work
It's just wanting the reward without going through the process
Stick to the process, take the losses, learn and improve your trading
Before you know it, you'll be making as much money as you want. However much money you want, it can be yours
You have to learn this craft though
This stock has been dumpstering for the past 5 weeks and finally it stops and we're sitting at $340
I'm enjoying this brief moment of green while it lasts
The rest of the market can kiss my ass
Just saying to brace yourselves
If price doesn’t close at least 335 by the end of the day, things may be rough going forward
Big dump is possible
However, I will say that I’d rather be in GOOG than any other company
Really it’s 1 of the 3 for me: GOOG, Microsoft, or Amazon. Since they’re the biggest players of owning compute
So many people are trading without understanding what session times are
The top post of this subreddit is a guy who took a trade on NQ and held it past 12 pm est and is getting butthurt because he experienced nothing but chop in the past few hours
Obviously he did, because he has no idea how session times work
You need to know that NQ and ES traders are all on the charts at 9:30 am est at market open, because that's when the most explosive moves happen. And they typically exit their positions before 10 am
The idea is to participate in the most trading activity in the day, because that's where you get the most wide moves, aka opportunities for profit
The same thing applies to forex. You put your trades through the london-new york overlap because that's the highest trading activity of the day
If you're a noob, and you don't understand the session times of what you're trading, you'll go and open a NQ position at 7 pm eastern and see nothing but chop. Then get butthurt that you aren't making any profit
My boy, there's specific blocks of time when the big institutions, traders, and basically everyone is on the charts, making their moves
Trade during those times. That is where the profit is
Stop placing trades during asian sessions and expecting them to hit profit
Play where the big money is
I’m writing this from an airport right now. About to catch a flight, and head to another country
I don’t tell people that I’m profitable
Why? Because most people won’t understand
I trade forex using tech analysis and the general public just talks crap as soon as I bring it up
Even here on Reddit, on various subreddits people just immediately talk smack. Saying that I’m scamming, trying to sell a course, or tech analysis is reading tea leaves and nonsense
Meanwhile I’m making hundreds of dollars a day on the trades I’m taking
I’m pulling that money from the broker, withdrawing it to my bank account, and using it to fund my life
I’m traveling, eating out, spending money, and not bothered by anything
I have money to sustain myself, so I can just go wherever and do whatever I want, with my luggage and phone/laptop
All I do is make sure I’m ready in my hotel or wherever I’m staying to place a trade and then exit it the next day in partial amounts
I’m actually living the life of trading from a phone, adventuring, and traveling
But again, every time I mention it on the internet, I get so much hate
The moral of the story is that if you’re profitable, don’t even bother mentioning it
Just live your life and enjoy
So many people will talk smack it’s ridiculous
UPDATE: I have no idea why this post blew up
But I made it to my destination safe and sound, and I had a baller ass day
To those who are traders, let’s get it
And to the haters? Buzz off, you ain’t got nothing on us
Still trying to catch this move
This time, price is a few pips away from my limit order. Want to get in on the 50 EMA + spread, 1 hour chart
I should be able to get in on this, only like 4-5 pips away lol
I have been in situations though where price literally will not go to my order and take off without me
So let's see
UPDATE: Just got in the trade, let's go baby
Now is the best time to buy imo
We're at the edge of a triangle on the daily
If this is a true triangle, breakouts happen around the 50-75% length of the triangle. We're getting closer to that 75% point which happens on September 11, the end of next week
Remember, this is traditional TA
I'm predicting from now until then, we totally smash through the top of that triangle, and blast through 370, ascending into the stratosphere
Long term target I'm predicting we hit around $510 in 6-7 months from now. So around March or April of next year
But in the short term, I'm expecting us to blast through and at least reclaim all time highs
Lots of people getting shaken out right now as we speak because they're getting impatient and losing hope
This is right before the big moves happen
Let's get it baby
Today in Saturday, markets opening up tomorrow at 5pm eastern
Big bearish move today on eur/usd, lots of noobs arguing with me saying they're taking eur/usd longs definitely got flushed out
What moves are you looking for going into next week?
Personally I'm looking for GBP/USD shorts and USD/CHF, USD/JPY longs
If I can get a sweet pullback on a GBP/USD short though I'll be happy af
I'm a single male in his 30s, no kids. I've been trading forex and starting to become profitable. I have enough cash to generate close to 5 figures a month in gross profit. I should have a comfortable amount of money to live wherever, since I can trade any where around the world. I just need my computer or phone, and I have to be awake during certain hours
With this in mind, since I don't have plans at the moment to get married and raise kids, I've been thinking why don't I just live around the world?
Could spend 1-3 month stays in various locations, come back to the US to recharge for a month or so, then head out to a new location for another couple months
Basically doing this year round, always hopping locations, maybe throwing in some repeat visits if I'd like
Is this a good lifestyle to have?
Going for a long on this
Got an upward trendline, bullish on the daily, DXY also bullish
Aiming to get in on a 70% retracement, stop loss is set at 1.6x the ATR on the 4 hour, also placed 2 pips below that swing low next to the long wicked red candle
I should be able to get it on this with my limit order
Will ride the trade all the way until 11:30am eastern the next day, taking partials starting at around 8am
Hey folks, just wanted to take the time on the weekend to review a trade I placed during the week. I'm hoping this is a solid analysis to share and gives a window into how I trade and make decisions
So first I wanna say that this trade is a loss, but it is important to review losers just as much as it is to review winners
The key thing is that my process was followed logically and resulted in me placing this trade, the market does with it does, and at the end of the day the results are what they are
So with that being said, let's start the review
Picture 1
We start our tech analysis on the daily and see we've got a 2 touch trendline which is great, we mark that on the chart
Picture 2
We go down on the 4 hour and see we've also got another trendline, but this time 3 touches. Also great, we mark that on the chart as well
So far our higher time frames are telling us price is bullish, so we want to look for long trades. Price is also appearing to bounce somewhat off of the 50 EMA on the 4 hour which is another bullish sign. Price is also right near that 4 hour trendline so this may be a good entry price to put on a long trade and ride a potential bounce upward
With all this in mind, let's look at the hourly chart
Picture 3
The hourly chart shows us that price is in a really good spot for a trade
The way I trade is that I open positions during the asian session which is around 7-8pm eastern, and I ride those positions all the way until 11am the next day, taking partial profits during the last few hours
I do this because I want to get in a position at the beginning of the day, and ride it through the london-new york overlap which is the most high volume trading time of the day. There's an opportunity during that overlap to catch bursts of movement that could go in the direction of my trade, landing me in big profit
So right now at around 7pm, I see that price has pulled back on its previous rally up
I use a fib retracement tool to mark the last rally upward, placing it on the swing low and swing high of the move. I see that price is now sitting right around that 78.6/23.6% retracement level
This is great. That signifies a deep pullback on this rally up, allowing me to get into a long trade on an immensely discounted price. Basically, I'm not going long at the top, I'm getting in at the bottom
I'll take it
So at this point I know I wanna enter now and I wanna enter long, so let me put on my long position and let's find out where my stop loss goes
Picture 4
To find my stop loss, I'm using average true range 14. I go back to the 4 hour and see that ATR is 14 pips. I add about 1 pip on to account for the spread. So I'd like my stop loss to be at least 15 pips. This will cover any noise that happens on the hourly and 15 minute charts that could end up shaking me out. That's why I use ATR of the 4 hour
I also like that this 15 pip SL is below the trendline. That's perfect, I want to cover that trendline as well because I'm expecting price to bump off of it
But one thing I see is that the EMA 50 on the 4 hour is not covered
It's about 5 more pips away from my stop loss. That's not good, I wanna cover that too and it won't hurt my risk to reward ratio that much if I extend my stop loss around 5 more pips. It's definitely worth it to cover that
Picture 5
So I drag my stop loss down and now it covers that EMA 50 on the 4 hour. My stop loss is now 20.3 pips
What I like to do when I'm covering an EMA is I take the exact price and add at least 1 spread size. So usually that's around 1-2 pips away from the EMA. Which is what I have done here
Now let's take a look at the 1 hour chart again
Picture 6
It turns out that by extending my stop loss to 20.3 pips, I also covered the EMA 200 on the 1 hour
That's terrific. So just by adding around 5 more pips to my stop loss, I covered the EMA 200 on the 1 hour, and the EMA 50 on the 4 hour
If price is nearly at these levels, I should cover them because I would not be surprised if price gets close to these levels like a magnet. Placing my stop loss just above them is such a bad idea and obvious mistake
Now obviously, if these levels were 15-20 pips away, I wouldn't cover them. Because that would damage my risk to reward ratio too much. But in this case, they're pretty close by, so I end up covering them
So I've got my stop loss placed, I know where I wanna go, which is long. And I've got a trendline supporting me
I'm expecting price to bounce off that trendline, and move me upward towards profit
Now let's run the trade and see how things turn out
Picture 7
So it looks like things didn't turn out favorably for me
Price dumped right through the trendline, but then found a level of support
Around 6am EST there was a pump that brought price back up to break even briefly, and then chopped
While this was happening, I scaled out of my position. So I like to start scaling out at around 8:15am, 9:45am, and close to 11am
Basically I take my position off in thirds throughout the new york session. To capture a consistent exit in terms of price
This trade ended in a lost of about 30% total risk. So in my case I was risking 1%, but with this loss I'm now down around 0.30%
So why did my trade fail?
Well, that's the nature of tech analysis
Doing this review has allowed me to see that my process for taking the trade made sense, and I executed it in a logical way
Once everything was set up based on the TA, I allowed the price action to flow
It simply turned out that the trend line didn't hold, and I was brought into the negative right away
I will say that my coverage of those EMAs on the 4 hour and 1 hour, allowed me to not get stopped out for a full loss. Had I simply used a 15 pip stop loss, I would have gotten stopped out on that big dump that happened shortly after I got into the trade
I didn't cover those EMAs because I was expecting a big dump. I did it because I know that generally, price will gravitate to these levels. Which is why by default, I cover them if I can
I do the same with swing lows and swing highs
Conclusion
With that being said, that about wraps up my trade review
I hope this was a valuable and insightful post, and something has been learned here
Cheers and take care