Im watching all the majors for days now. Tonight the eur/usd has like a 30 pip move in 4 one hour bars. No one can make money in those conditions. The best 4 hours of the night too-1AM-5AM. The daily charts candles look so small last few days that I need my reading glasses to see them. Im soo happy I got sucked into all the hype of "24 hour markets, the most liquidity! Where all the big boys play! etc,etc,etc,. I gave up a winning stock market swing play career to get into- first day trading stocks, and then Forex daytrading and now I moved to Forex swing trading because the swings are so little. This market to me has lost so much of its excitement. Not to say equities arent slow either, but for a market like Forex which is supposed to be 4b a day, this is pitiful!
I would advise anyone wanting to trade, especially day trade to go back to individual stocks because there is always, I mean always something moving big. You can rent scanners for $25 a month to show you what has big volume or momentum NOW. Can you do that in Forex. NO! And I fell for the indutry scam that told us "So few pairs to worry about, so youll understand them much better." Yeah, right. That just means there is less easy money to take because you have everyone chasing the same nickel on the same 4-6 pairs. Get ready for this....would you ever trade stocks if there were only 6 of them to trade????? Of course not! Might as well make it one pair-eur/usd since in the end it all follows that pair anyway. Im so disgusted. Can anyone tell me they can vouch for a fact they are making money daytrading the Forex this month? I will even go this YEAR!?????? And half the guys on boards like this who claim they are sharing a "profitable" system, I see no one but the poster is making a living from the system. Why is that?
Last edited by Daytrader50; August 30th, 2012 at 05:19 AM.
Reason: spelling error
Easy Big Fella, it hasn't been all that bad has it? You make some good points about the FX hype and I agree about tonight's range, but in the "World's Markets" of today I invite you to look at how politically driven they've become. Tonight's moves (if you want to call them that) align pretty well with the data released in Europe which is often the case.
Honestly, I thought we might see more movement tonight too, based on the Beige Book report of yesterday but I guess the Jackson Hole "Pow-Wow" has become the "next thing" and traders are willing to wait and parse the words of Ben Shalom Bernanke. My issue with waiting for his speech tomorrow is the early close of the CME for the U.S. Holiday, lighter holiday volume and the holiday schedule for Monday. Another thought I've been having is, Christine Lagarde, will speak at Jackson Hole after Bernanke, that could be exciting as well. This weekend marks the end of summer, something we Floridians often overlook. I expect the volume to, Rise Again very soon. Pull the plug, go have fun, see Ya, Tuesday in the a.m. my friend.
The following user says Thank You to Cashish for this post:
Someone tell me if I am wrong. But when the daily trending move is so small that even if you got into 2 for 2 winning counter trend moves and its barely worth trading, you know the markets have not just slowed, they are constipated. And as with humans, some dont get well anytime soon. Some just dry up and ,well.........
What Im saying is in a healthy market there is room for both sides of the eur/usd players to make money in a given day,especially a week, but if the major trend which is definitely still DOWN is not producing much in gains, every counter trend system at the end of the month has got to be like watching paint dry on the wall. Then you know what happens ....we all go back to futures or stocks and then a huge move in the eur/usd takes place and all we will hear from FXCM and every brokerage firm is "What better place is there to have your money than in the exciting world of currencies." Sure Im venting, I could have been a pro at palin vamilla nasdaq stocks which I studied for years, but since I enjoy waking up at 1pm and palying the markets between 1am-5am I found a reason to switch. And now I know Iyt was a very costly mistake I may not be able to undue. Sorry guys, I love all you Forex people, to be honest, most of you are a more sophisticated player than what you find on Yahoo stock boards and such, but I need to make money, and now I see that as far as Forex is concerned, the way to go is some swing trading and some position trading. And maybe you can only day trade when Forex Factory has that nice red Icon next to the upcoming release of that day. Maybe. It will take me months if ever, for me to get into a 9-5 groove again. I wish stocks traded 24/5 like forex but they dont. Ok lets see what happens tuesday. If that isnt a wild day due to a 3 day weekend, I give up. But lets not get too excited over a one or 2 day move. Good luck to the shorts-the trend players and good luck to the euro longs, the counter trend players. Maybe there will be enough for both of us this tueday. And yes, Im ignoring the last question om purpose. Anyone who thinks I am talking out of my _ _ s, can just ignore me. I speak from the heart. To the winner goes the spoils, men!!!!!!!!!!!!!! =)
I will reluctantly agree stockhunter. But, I think partly, we are all being trained to think these past couple of days is so wonderful because it was so dead ,much more so than normal in summer. But Im usually on my MT4 watching all the majors trade at 2am est., and I still say something is wrong. When I see one of the majors start to make a move on a 15 min chart and connot sustain it, and by 3am all 4-6 major pairs are about where they started, something is wrong. Also, is it me or....Are most of the moves in the big pairs coming at odd times, not the usual 2-4am time for the night session.(Or early morning,depending on where you are.) Things arent back to normal as far as I am concerned! Show me 3 engulphing bars in a row on a daily chart and then we can say, maybe, just maybe...... Im talking- Eur/usd-GBP/USD primarily. Sure the aussie had some nice moves but not at 2-3am est. when Im waiting for it to leave the station! If only the aussie and JPY are moving, the markets are dead anyway.
My proof is I never ever had to use the 5 min chart on Forex before. 15 ws plenty low enough and now I notice because Im using it, the 5 min produces even more false signals than the 15 or 60 has been of late. Anyone agree?
I can agree for the past couple of days, thankfully there have been big enough moves to scalp though. We had a nice trend on the daily after the fed release (about sept 2 until sept 13). I was on vacation during that but I imagine it was a good time to be trading.
Yeah, things haven't been great but there have been some good opportunities lately. The trouble is that I've had to adjust my typical reward/risk a bit simply because trades aren't running very far. I'm not really scalping, but it's getting closer simply because that's often all the market is providing.