.

Hi, thx for your question; two reasons:
1) I don't really want to go into detail regarding my scalping style
2) I really re-visited this site to try & show that it is possible to make consistent profits and try to point out some basic ideas/things to avoid

1) I understand.

2) TBF I think the site needs people like you, Random et al who can give small, yet very valuable advice to one and all, show what is possible, and de-bunking myths.

Also F who has gave advice in bucket-loads, and I for one enjoy reading different points of views when I take a few moments away from trading.

Best
John.
 
Anyone with a 100% win rate has to be running some kind of scam! No one in does that unless they have massive stop loss and never close the losers
 
From what I see you entered just before the UK construction PMI release and the figure was really really good. What would've been your plan if the figure had been bad ?

Still crushing it... +40-ish pips for an hour's work. :)
 
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You would have lost a minimum of 25 pips if the spike had been in the other direction and of the same height. Yes it wasn't in this wrong direction but, seeing the P/L (in pips) of your trades in general, I dare say that this particular trade was very risky.

Correct. That's a good question, and is exactly the type of thought process people should focus on. So to answer, I would have been stopped out very rapidly. Thx for yr post.
 
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So... So...
You start a thread when you show the result of some of your trades.
But being very mysterious concerning your trading plans. Sure, seing some entries will kill a discretionary method because everyone will decipher your knowledge.

Then you claim to "crush" the market with a trade (the one you entered just before the release) which was like tossing a coin. But as your broker is very friendly (I'm dubious about the fact Lmax wouldn't have slipped you in a news which is expected and is known by its very low liquidity) your loss would've been minimal.


So what do you expect from me ? A wave of applause ?
Tell the community of t2w the reasons of why you enter and when you take your profit/loss. It will be more useful.

Just read your edited post - "You would have lost a minimum of 25 pips if the spike had been in the other direction and of the same height." This is not actually true. A while back I had a 5 pip stop on a EUR/USD trade when the ECB hit the market with some unexpected news, causing an immediate 80 pip drop. My trade was closed for -5 pips, with zero slippage.

My advice to you is get some experience with a professional broker, and be careful of assumptions.
 
I am sorry but showing a screenshot of the trades you've taken "after the event" is meaningless , it is still considered as = after the event calls ...

Good Luck
 
Hi guys

I am off out in 10 mins as finished for the day

When I come back ( later on sometime) I am going to post a EA trade I took around 3 00pm UK time

I will copy my post comments prior the entry - with times shown and also my chart showing why i took it etc

The times of the moves will match with the chart and price falling

I hope that is OK with DJ and if not - will hold and not post

I suppose I could have manufactured everything - like I do say 10 -20 times a day for last 3 months - (lol) but I have not and so you just have to believe me

I can vouch that DJ can intraday trade exceptionally well

I have seen his posts and can see he reads PA and understands price structure on all frames - and that he his a experienced intraday trader

The only comment I would say is why is he not doing at least 25-40% +profits on his account - every month - of course without compounding and as long as his account is under say $200k

I will always welcome him on my thread - and would listen to his comments - because he can walk the walk - not just talk the talk ;-))

Regards

F
 
Thanks DJ

These EA trades from 3 00 pm UK time to 4 00pm UK time

I have attached charts with times I am commenting on - then attached my comments with the T2W time logs

Pity they are not included in the normal quote as it would be so much easier.

Basically from 3 03 pm to 4,40pm - say 90 mins - 3 trades and approx 115 -120 pips available - and I am happy with 50% of those pips - because as you know - I am not a greedy trader ;-)

My recommendation is strongest on last trade as I quote 65 a couple of times - and as you know my stops are all around 3- 7 pips ( 5 pip normally)

I say this - because I think you are as accurate on entries as me and so with 5 pip stop - 21 pips and RR of 4 is your 0 .5% stake taken to 2% in one trade

I mention this because later I will go through your figures and interpretate how I see it

Please view attachments on EA trades and charts - Hopefully self explanatory :)
 

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Hi F, you (or anyone else) is very welcome to post in this thread.

Thank you for your kind words, and let me answer your question regarding profits by way of example...
- Let's say a hypothetical day-trader averaged 25 pips/day after costs. Let's also say he traded an average position size of 3 lots ($300k notional). That trader is averaging $750/day.
- Obviously there are varying days one can't trade (holidays, illness, other commitments) but let's keep it simple and say there are 220 trading days for this trader in a calendar year.
- Finally, lets say this trader has a £50k trading account.
- This trader is making $165k pa gross
- Convert to sterling @1.6, gives us: £103k gross
- Tax (w/ expenses) is about £35k, gives us: ~£68k net
So a 136% return pa, or about 11% return pcm.

Also, in many cases, some of the above figures would be considered optimistic and thus returns lower still.


Hi DJ

With regards to your example figures for the hypothetical day trader with the £50k - or approx $81k

I would agree on approx 220 days - in fact last year with my holidays I did not make even 200 days - and really its only like 11 months at an average 19 /20 days per month so fair.

I would only expect to have less than 5% losing days per year - but lets look at 10% losing days as a fairer view

With $81k on 1 % and say stops at 5- 7 pips max - then that's still up to 11 full lots per pip - or up to $115 pp and on 0.5% stake ( low but safe ) then 5 full lots.

My targets are now 50 pips per day - but for years it was under 30 pips and I reckon 40 pips per day - ie 200 per week is not out of the range of any decent consistent intraday trader.

So 20 day month - 10% - 2 losing days - ie lets say down 30 pip then thats really 6 x 0.5 = 3% losses per day or on 2 days - 6% total

Now on the 18 winning days - a low day under 40 pips - lets say 25 pips is really worth 5 x 0.5% = 2,5% and a good day will be over 70 pips which is say not 14 but just 11 x 0.5% = 5.5% - so mean average = ( 2.5 + 5.5 ) = 8 divided by 2 = 4%

18 days times 4% = 72% minus 2 bad days at 6% - net 66% - or net average just over 3% per day - which is not that unreasonable on short term intraday with tight stops.

As you might know I am trying to assist Major Magnum - who had 2 yrs prior experience of harmonics and pitchforks - but had not scalped up to 3 -4 months ago

Last week - only using 1% of his capital on stakes he had one day with a 13% gain and another with 10% - ( only demo - but give him 2 - 4 more months he well be doing that live on normal retail size accounts ) ( records available and shown already on other thread)

He's managing to keep his stops under 7 pips and even getting down to 3 - 4 pip stops - so his timing is improving - but he has still not done the multi thousands of live scalps like we have.

I do think without the help from me - he would need another 2 yrs plus scalping full time to get to a good level - thousands of hrs watching paint dry and working out whats going on - and even then - he still might not get there. He deserves it though as he's put the study in and will work his butt off to get there

So back to the figures 66% per month with 2 losing days might be pushing it on only 0.5% stake sizes - but it is possible on accounts under a quarter of a million dollars - as long as you don't try and compound heavily every month

30 -50% is more achievable per month and I have found that yes - I can struggle to achieve 25% some months - but then others 70% is on without going silly.

Per year that's 300 - 500% - which sound ridiculous compared to the commercial world - but its a different ball game - we have leverage - freedom and so much choice without the big pressure

I have found that by reducing my EU intraday trades and concentrating more on the EJ''s and the GU's and EA's - I am drastically improving my results- but realise that's because I have the experience and skill - and if I tried to have done it 4 yrs ago - I might have ended up with a load more losses and going off course down a slippery slope.

$81k x say 4 = $324 - $240k gross - £147k - and after tax ( get some tax free speadbetting in UK ) is £85 - 90K after tax - not bad for 40 hrs a week - with no weekend work (lol)

Have a good February DJ - but I am sure you will :)

Regards

F
 
Just a quick question, which do you find more favorable to trade, ranging or trending markets?

Trending markets normally - although if in a nice range over say 70+ pips - I enjoy intraday short term trading it. Its when we have tight ranges under 20 -30 pips that can be frustrating - mostly these are just tease zones to set trader up in the wrong trade direction ;-)
 
Trending markets normally - although if in a nice range over say 70+ pips - I enjoy intraday short term trading it. Its when we have tight ranges under 20 -30 pips that can be frustrating - mostly these are just tease zones to set trader up in the wrong trade direction ;-)

Thanks, I trade range-bound markets (60+) which works well for me but have yet to create a solid system for trending markets. The last week has been great for my strat but stayed out today expecting some breaks of the range.

Interested in both of your posts so will be lurking.
 
Hi DJ

Well Done and impressed with your safety first profit approach. All experienced intraday traders know 3 positive pips banked are far better then 12 minus pips still on the table whilst you hope and prey that within the next hr price will go back you way

I have had a busy 2 hrs - going mad - overtrading ( 9 extra trades) - but all based on risking no more than 15% of my days winnings. I am up another 46 pips - but money wise only about the same as a 11 pip scalp win with proper stakes.

With regards to the EU - I got quite a lot of those pips above 85 and 3600 and left then 30% stakes on over 3603 with my stop in profit

Still worked out I have done less than a 6 hr day ( part timer) but had enough now and will just hang around to see how Major Magnum got on - that;s if he's been at it again

Look forward to you joining us more in the other thread - - you do need to refresh the page every 30 seconds to catch all the comments - and if we cannot get you taking more trades - we will certainly get you typing above 80 wpm ;-))

Have a great weekend

Regards

F
 
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Great stuff

Definitely noticing tumble-weed blowing through this thread... Probably you're as bored reading it as I am writing it, so will save you the further pain :)
Posted a little in this thread earlier today: http://www.trade2win.com/boards/dis...ng-calls-expert-retail-forex-trader-1269.html ).


Guess the point I've been trying to make through all this, is that it is possible to make money day trading. However imho the average retail participant is not properly prepared or equipped to do so. Even on a good day it's not easy.

For those genuinely seeking - good luck.

Enjoy your posts -thankyou (y)
 
Thx to all the above for the positive comments/likes etc.

Had a good morning today (see posts: #10213 & #10235). Was up $1700 after BOE & planned to take the rest of the day off. However weather here turned atrocious, so returned to the desk and closed the day at just over $2k.

I can't be bothered to screenshot the entire day's p&l (although I will if someone really wants me to). As a short-cut I've re-attached the pics from the aforementioned post. There are some things that are worth highlighting (no, not the p&l):
- Manage risk (that's what we're being paid to do).
- It's critical to focus on the downside. The pic shows some nice wins - believe me they can be wiped out in next to no time if you're not on your game.
- I can't emphasis enough the need for a solid (institutional level) broker. I couldn't do this without one. The other pic shows tiny EU and GU spreads (this was during major news!). Fills were even better.
- Believe in yourself. Ignore the: self-proclaimed guru's, retail vendors, forum "experts", haters etc. It's easy to be a d1ck. It's hard to be a competent trader.

very good work DJ. :)
 
Definitely noticing tumble-weed blowing through this thread... Probably you're as bored reading it as I am writing it, so will save you the further pain :)
Posted a little in this thread earlier today: http://www.trade2win.com/boards/dis...ng-calls-expert-retail-forex-trader-1269.html ).


Guess the point I've been trying to make through all this, is that it is possible to make money day trading. However imho the average retail participant is not properly prepared or equipped to do so. Even on a good day it's not easy.

For those genuinely seeking - good luck.

Hi DowJones
I like other's do appreciate your thread and would like to thank you for posting your trades, if anything it shows new traders who maybe struggling to
turn a profit and feel they are banging their heads against a brick wall that it is possible to make a profit on a consistent bases. :smart: (y)
 
Thx to all the above for the positive comments/likes etc.

Had a good morning today (see posts: #10213 & #10235). Was up $1700 after BOE & planned to take the rest of the day off. However weather here turned atrocious, so returned to the desk and closed the day at just over $2k.

I can't be bothered to screenshot the entire day's p&l (although I will if someone really wants me to). As a short-cut I've re-attached the pics from the aforementioned post. There are some things that are worth highlighting (no, not the p&l):
- Manage risk (that's what we're being paid to do).
- It's critical to focus on the downside. The pic shows some nice wins - believe me they can be wiped out in next to no time if you're not on your game.
- I can't emphasis enough the need for a solid (institutional level) broker. I couldn't do this without one. The other pic shows tiny EU and GU spreads (this was during major news!). Fills were even better.
- Believe in yourself. Ignore the: self-proclaimed guru's, retail vendors, forum "experts", haters etc. It's easy to be a d1ck. It's hard to be a competent trader.

Hi DowJones
Don't know if you are aware that you can get 12% rake bake on commissions from Lmax Via HFT group and a min deposit of $1000 instead of $10,000. I have a demo account at the moment but will be going live within the next month.
 
Well Done again DJ

I bet you where pleased the weather was really bad and you went back to your desk - well worth taking those extra trades

Excellent Scalping and totally agree with so much you say

Keep it up - but I am sure you will - as you have proved its not just down to a bit of luck - its a skill acquired after loads of graft and study and you Sir are a perfect example to all retail traders of how it can be done

Regards

F
 
Some FX day trading results for the past hour or so...

Have posted similar every day this week, just trying to gauge if there's much interest on this site regarding live trading results...

Looks pretty good, keep it up!
 
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