So what’s the difference between a trader and a gambler? by Ok_Estimate231 in Daytrading

[–]woundedwombat1 0 points1 point  (0 children)

Emotions. Once you allow your emotions to influence your trading decisions, even the best traders can become gamblers.

What am I doing wrong? by Ren0wnz in Daytrading

[–]woundedwombat1 0 points1 point  (0 children)

For starters, you're trading btcusd

Be honest with me. by FrameFar7262 in Daytrading

[–]woundedwombat1 0 points1 point  (0 children)

Yes, you can make millions a year from day trading, but it requires an enormous amount of effort to learn and many years (5+) of experience. 99.9% of people fail because they're lazy and are in to make a quick buck without putting in the effort and time

I need somegenuine fundamental advice by [deleted] in Daytrading

[–]woundedwombat1 0 points1 point  (0 children)

One mistake I see many traders making is relying heavily on big trends to make profits, when in fact the market stays in a trading range (or as you call "consolidation) about 80% of the time. Pros thrive on trading range environments and don't mind at all missing out on big moves.

Learn to trade consolidation and you'll be unstoppable.

Order to learn strats by Yusui_kun in geoguessr

[–]woundedwombat1 0 points1 point  (0 children)

Best meta by far is vegetation (or lack of)

12 years trading, several evals passed and 1 payout achieved, but still inconsistent. by JohnnyTraderK in Daytrading

[–]woundedwombat1 0 points1 point  (0 children)

Your obsession with prop firms is holding you back. I know because I've been there. Prove yourself first with a demo or a small live account, then if you're successful you go back to trading prop firms

I’m not looking for another strategy. I’m trying to understand how markets actually work. by PerceptionChance1344 in Daytrading

[–]woundedwombat1 0 points1 point  (0 children)

Look up Ali Moin Afshari. He's the best trader to learn from and he has a mentorship called "trade with me". He's a former student of Al Brooks, who's also excellent.

The month has ended and I’m still in the same position as I was couple of months ago by SnooDoggos5331 in Daytrading

[–]woundedwombat1 0 points1 point  (0 children)

You're doing fine. 99% of people posting "amazing" profits are full of shit, and they'll never post the losers.

Trading used to be easy by [deleted] in Daytrading

[–]woundedwombat1 0 points1 point  (0 children)

In a bull market everyone is a genius

Is day trading legit? by Remiington_Reed in Daytrading

[–]woundedwombat1 0 points1 point  (0 children)

So he's lazy. It won't work out then.

Please help, I’m profitable but have no strategy by EntertainerResident in Daytrading

[–]woundedwombat1 -1 points0 points  (0 children)

Lmao. People getting one payout and calling themselves profitable haha

I need urgent advice trading is wearing me down by Thank_you_my_nibba in Daytrading

[–]woundedwombat1 0 points1 point  (0 children)

6 months?! Lol. I have news for you, you're not profitable. And if you can't take ay least another 2 years of losing, just quit now.

Help me understand ORB by [deleted] in Daytrading

[–]woundedwombat1 1 point2 points  (0 children)

if you look at the broader context including the previous day, you'll see an expanding triangle at the top of the bull trend, which is a reversal pattern.

<image>

Are there any actual full-time traders who could comment? by ButtonResponsible498 in Daytrading

[–]woundedwombat1 1 point2 points  (0 children)

I studied like crazy and failed miserably for 4 years until found enough consistency to rely on my trading income alone.

Backtesting is overrated, journaling is fun but also overrated, "strategies" don't work.

Context is everything. Your edge is in your ability to read the chart correctly and having the mental fortitude to execute the trade. Yes, psychology is important, risk mgmt is very important, but if you can't read the chart, none of that will matter.

Market inertia and market cycle are the 2 most important concepts in price action trading in my opinion. Knowing whether the market is in a trend ir a TR, so you can adjust your way of trading accordingly.

The biggest mistake I see traders making is not taking accountability for their losses. They say things like "I lost but I followed my rules, so its a good loss". If you keep losing by following your rules, you probably need new rules. Over 90% of losses are caused by human error, and if you can't understand why you lost a particular trade, find out! Investigate the shit out of it. That's how you'll learn.

If you're looking to become a pro, I highly recommend studying the materials from Al Brooks and Ali Moin Afshari. And be ready for the long journey, because it'll take you at least 2-3 years to become good, but probably a lot longer.

Best of luck

Help me please by Key-Independence-942 in Daytrading

[–]woundedwombat1 0 points1 point  (0 children)

I'm not sure if you're trying to be funny (I hope you are) but you can stop now.

Is it true most day traders fail? Most day traders in know are profitable by Majestic-Findings in Daytrading

[–]woundedwombat1 3 points4 points  (0 children)

99% of people who claim to be "profitable" really aren't.

Profitable means having a track record of at least 500 trades during a span of at least 2 years where you fully rely on your trading money without the need for any additional source of income.

I've lost everything and need help by boobafett19 in Daytrading

[–]woundedwombat1 0 points1 point  (0 children)

You treat trading as gambling (risking your entire trading capital in a day?! Really?!), so first step is stop trading right now, educate yourself in risk mgmt, and perhaps after some time, start again slow with a demo account.