Myth #1: > Day-Trading is impossible.
In my opinion, traders from M2 Trading Group and people who specialize in the oil market,
as well as more than 40 excellent traders I know
and who have an income of more than 500k per year, I would say FALSE.
You need to know exactly what you are doing and why.
And establish very clear entry and exit rules.
And have an iron discipline and over several years
and suffer the worst blows and go through the most difficult trials
and study the same market for more than 5 years, from all angles,
without ever giving up.
But impossible? No. Really not.
Myth #2: work and use graphs of 30 seconds or less, is simply crazy and suicidal.
Unfortunately, I must disagree once again.
I worked with graphics of less than 1 minute
(a bar represents for example, 30 seconds) for more than 10 years.
People are afraid of very short time intervals because they do not have the necessary knowledge and they fear the unknown.
I look at the oil market American and, with an indicator (if I am out of the office or travelling) and I know immediately if I have a transaction or not, either when the markets open in Europe, or in the United States, and I know it in four seconds.
Unfortunately, it took me many years to have such a clear vision.
Myth #3: I need 100k to start as a day trader.
Hum… let’s see… no…
I had students on oanda.com and they progressed slowly, risking a few dollars for each transaction.
What matters is experience, and in trading, experience is counted in years, even decades.
Myth #4: >b>No one should attempt to enter the oil market.
My answer will be once again: FALSE.
I make one or two transactions every day, on oil.
On the 30-second graph I published here, in the last 48 hours, I have only 3 transactions.
I can track each transaction, and each one requires from a few minutes to a few hours.
Just because we work on 30-second charts does not mean that each transaction is 30 seconds. Far from it.