{"id":218459,"date":"2023-03-01T07:50:44","date_gmt":"2023-03-01T07:50:44","guid":{"rendered":"https:\/\/www.forexmentorpro.com\/blog\/?p=218459"},"modified":"2024-05-23T01:17:09","modified_gmt":"2024-05-23T00:17:09","slug":"live-day-trader-junkie","status":"publish","type":"post","link":"https:\/\/www.forexmentorpro.com\/blog\/live-day-trader-junkie\/","title":{"rendered":"Live: Day Trader Junkie"},"content":{"rendered":"

Hi members,<\/p>\n

In today’s webinar, I discussed the recent fundamental events that have moved the markets. I also shared how the governments are manipulating the figures to keep the inflation figures down. I went through some stocks and\u00a0 then M2 setups.<\/p>\n

Ashley then shared the E&S pairs and also the shorter timeframe setups.<\/p>\n

Day trader Junkie<\/h2>\n

For the past couple of weeks, I saw members struggling to catch trades so I thought ill do a little experiment myself. I started trading shorter timeframes using\u00a0 30 min charts. The results?<\/p>\n

It was the first time in many years I felt like I went back to my old days when I started trading. I took around 7 setups that week using shorter timeframes. I sat there for a few hours trying to force trades and looking for setups. I was getting addicted to take a trade as I was watching the charts and not doing much. By the end of it all, I was actually quite exhausted most of the days as I was watching the screen too much and I’m actually now in a drawdown of 0.5%.<\/p>\n

Conclusion<\/h3>\n

I would strongly advise sticking to the Longer timeframes as this is what changed my trading results. I went from my Day trader Junkie to a person trading a million-dollar funded account within a year. The big boys focus on the bigger picture, look at where the currency will head in the next 6 months, and invest in that direction. The shorter timeframes have too much noise. As I showed you in recent weeks my M2 roared back and still gave me profitable trades, but you have to be patient.<\/p>\n

Fundamentals<\/h2>\n

After the FED gave clues of raising interest rates further and the risk of recession, the markets saw this fear and bought the $. We saw the S&P500 drop which was the worst week in 2023.<\/p>\n

S&P 500 records worst week in 2023<\/a><\/p>\n

It’s getting more obvious in the sense that markets cant bring down inflation or control it without actually raising rates further. But this brings the risk of a recession recent papers mention.<\/p>\n

risk of recession with further rate hikes<\/a><\/p>\n

Here is a reminder of the US debt clock which I don’t think will ever be repaid. Also, the US hit its debt limit again this month crossing $31 trillion which was increased by Biden last year. So what will they do next? I think it’s quite obvious.<\/p>\n

Here are a few sites showing the true debt figures in US.<\/p>\n

US debt clock<\/a><\/p>\n

Here is another website comparing the US declared debt vs the actual debt they think the US accounts for.<\/p>\n

Truth in accounting debt<\/a><\/p>\n

Here are the stats using official figures vs how inflation was calculated the old way<\/p>\n

Shadow stats for inflation<\/a><\/p>\n

Also, it shows that official unemployment figures could be even higher than what U.S claim it to be which is 3.5% where it could be 25%!<\/p>\n

Unemployment figures<\/a><\/p>\n

More pain for the people in UK as inflation figures show it’s slowing down but food prices have increased by 17%.<\/p>\n

Food prices rise in UK<\/a><\/p>\n

A report showed in January Germany going into a winter recession as Private consumption hits a low. As a result, annual GDP growth for 2022 was also revised downwards to 1.8%, from 1.9% YoY. It’s funny how Lagard was trying to explain inflation will peak a little and come down with her hand. Where is she now?<\/p>\n

Germany facing a winter recession<\/a><\/p>\n

Here are some quotes on economists that pretty much describe how they are.<\/p>\n

Economic quotes<\/a><\/p>\n

Heres a post we did on whether candle stick formations are important<\/p>\n

Should You Pay Attention to Candlestick Formations?<\/a><\/p>\n

Ashley then went through the E&S setups and the shorter timeframe setups he sees. You can view his analysis from minute 41.00 onwards:<\/p>\n

We are NOT a \u201ctipping service\u201d our aim is to teach you how to trade for yourself.<\/p>\n

\"\"<\/a><\/p>\n

You can view the full webinar below:<\/p>\n