A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

GU

1 57 PM

Not mentioned it much today

Its started of bullish and above its LiTs - but just could not make over its R area in between 5380 and 5400 ( as mentioned prior to 8 30 / 9 00 am )

After 11 00 am ish - it had given up trying higher and so from then as just dropped 40 pips - but with loads of pullbacks in between - ie not that nice a PA

Maybe NVP and real 1-3 pip scalpers would have loved it - ie taking 50 -100 trades over 3 hrs and just making a few pips each time - but I am too old to be doing that nowadays and really I need moves over 7 pips to get me interested in scalps etc etc

Although saying that - if the markets are really really slow and boring - then yes - I will scalp for just 2 -5 pips to make my numbers etc

Thankfully this week - I have not had to to really do that - as the EA / EJ / EU / GU and UCad have all given me nice moves through out the last 5 days

 

[Forexmospherian]

1 30 pm

Seeing Cad weakness on news - and a 15 -25 pip spike up

Not convincing so not planning to enter either way atm

UCad

2 00 pm

Did not scalp buy it as was not convincing enough and better opportunities on other pairs

Shame as missed out on 40 pips on where I would have entered - ;-((

Thats trading - you will never catch every move and only take the ones you feel really confident that the probs are on your side

Still need over 2990 and 3000 for a bull turn on UCad

If we dont see that - then look for scalp sells this next hr

 

[Forexmospherian]

2 00 pm onwards as been scalp sell time on EU / EA / EJ and even GU

This time I had some luck - I chose the best mover - ie the EJ - nice PA and a 21 pip fall up to now

All lined up as well

 

[Forexmospherian]

2 00 pm onwards as been scalp sell time on EU / EA / EJ and even GU

This time I had some luck - I chose the best mover - ie the EJ - nice PA and a 21 pip fall up to now

All lined up as well

GU

2 53PM

Looks as though the GU takes the scalp sell crown after 2 00 pm

Up to 2 30 pm the EJ and EU had fallen nicely - but then stopped - guessed so with EU and had not taken a sell on that pair

However the GU just carried on after the 2 30 pm TW - making so far 35 pips

All lined up well

I hope some of you might have caught either 2 or 2 30 pm - either one well worth while

See chart - 2 50 pm as been a scalp buy for now

 

[Forexmospherian]

GU

3 01 pm

Its been a scalp buy since 2 50 pm - as shown on chart above

It might try 40/45 before we can look at scalp selling next

So far its made 16 pips on the buy - so stop in profit at 17 now - and still on 100% scalp stake for now

 

[Forexmospherian]

GU

3 01 pm

Its been a scalp buy since 2 50 pm - as shown on chart above

It might try 40/45 before we can look at scalp selling next

So far its made 16 pips on the buy - so stop in profit at 17 now - and still on 100% scalp stake for now

GU

So far not got over 32 and 3 09 pm said scalp sell so out 70% on buy - taken profit and scalp sold at 100% now

Not an ideal set up so will have to manage both trades here

 

[Forexmospherian]

GU

So far not got over 32 and 3 09 pm said scalp sell so out 70% on buy - taken profit and scalp sold at 100% now

Not an ideal set up so will have to manage both trades here

If we go under 15 I stay with scalp sells at 100% and drop 30% buy

If we stay above 15 then I drop the 100% scalp sell stake and stay with 30% buy

Price a 18 atm and in profit on both trades anyway for now - but prefer the drop as make more

 

[Forexmospherian]

If we go under 15 I stay with scalp sells at 100% and drop 30% buy

If we stay above 15 then I drop the 100% scalp sell stake and stay with 30% buy

Price a 18 atm and in profit on both trades anyway for now - but prefer the drop as make more

16/17 is low so far so exit sell at 18 and stay with 30% stake on buy atm

Now need over 33 to stay with it longer or to add

 

[Forexmospherian]

GU

3 36PM

Its being hard work just teasing both ways

3 31pm said sell again - so just exited my 30% buy and will see if we make a new low under 5310 - and I will not be in it for now

Back next hr some time

 

[Forexmospherian]

5 16 pm

Finished early today - after last night 7 00 pm US news etc

My best trade of the day was off the EJ - followed by EU and EA and then GU

Caught some of the UCad on sells again as after news failed to take scalp buys - but I knew it needed over 2990 and 3000 to go fully into bull bias ( as mentioned after 2 pm ) It made 2990 and then after 3 30pm dropped over 65 pips

This week as been very good - total over 1300 pips counting all the partials - but my main objective every week is to make at least 250 pips at full size stakes - and that would mean on 30% partials I would need over 800 pips anyway just to achieve the same money return.

Out early tonight to B'ham for a Balti curry. I am English guy and love Sunday Roast Beef etc etc - but you still cannot beat a nice Balti with nan bread and a few bottles of cobra - and then the wife driving home - ;-)

Have a great weekend and will pop in sometime later or over the break

Regards


F

 

[liver1234]

Have a great night forex

 

[NVP]

5 16 pm

Finished early today - after last night 7 00 pm US news etc

My best trade of the day was off the EJ - followed by EU and EA and then GU

Caught some of the UCad on sells again as after news failed to take scalp buys - but I knew it needed over 2990 and 3000 to go fully into bull bias ( as mentioned after 2 pm ) It made 2990 and then after 3 30pm dropped over 65 pips

This week as been very good - total over 1300 pips counting all the partials - but my main objective every week is to make at least 250 pips at full size stakes - and that would mean on 30% partials I would need over 800 pips anyway just to achieve the same money return.

Out early tonight to B'ham for a Balti curry. I am English guy and love Sunday Roast Beef etc etc - but you still cannot beat a nice Balti with nan bread and a few bottles of cobra - and then the wife driving home - ;-)

Have a great weekend and will pop in sometime later or over the break

Regards


F

great to see you back in saddle F ..........my wifes mum took ill this week so we have been scrambling around since our return froms hols

she is recovering ok but i'm in Switzerland from Tuesday morning so may get a small window Monday to trade.........doubtful though

grrrrrrrrrrrrrrrrrrr 😡
N

 

[NVP]

ok one comment then have to shoot back to my mother in laws flat

jees look at the week ...............6am London sessions were about selling usd index off of resistance levels....

you couldn't lose as long as you were sensible pairing usd to bull currencies :smart:

amazing ..5 off the bat 👍

N

 

[Forexmospherian]

ok one comment then have to shoot back to my mother in laws flat

jees look at the week ...............6am London sessions were about selling usd index off of resistance levels....

you couldn't lose as long as you were sensible pairing usd to bull currencies :smart:

amazing ..5 off the bat 👍

N

Hi N

Sorry to hear about your mum in law and hope she is OK

My holiday breaks of last 2 months now seem a long way back - I hope yours was good and your batteries are fully charged for your new consultancy gig - all the best

Yes last week was an excellent trading week - not just a normal 1 or 2 great days - but all 5 had lots of great intraday movements

First time I can comment on the thread at a weekend for nearly a month - and the fact that I am not on Twitter / Face book / Instagram / other social trading sites etc etc I am looking forward to sharing some more of my FX trading experiences here

I hope you will be able to join in a few times during the rest of October - even if only for a few hrs of scalping

Regards

F

 

[NVP]

hi guys

yep will certainly try to ..............I am also incredibly aware that being out of things for more than a few days is incredibly debilitating .................takes a wee while then to get back into the swing ......so I am determined to try to get a couple of scalping sessions a week ...........

wifes mum is a trooper and fighting back ..............jees 2 stents in her heart and she still wont stop talking .....😀......we are all on duty over weekend still


as we have talked about before gang - its not all about head down and working

take the time out to enjoy life.........

smell the coffee and the roses
walk the dog ..kiss the family (and vice versa)😛
breathe in deep and appreciate you are alive ..........

because one day we and our loved ones will not be here ...........if you believe you are invincible take a walk around a hospital and see people of all ages .........it is humbling 😎

N

 

[liver1234]

Hope she gets better N looking forward to Monday really enjoy this thread.

 

[Forexmospherian]

Your own "Psychological Money Wall"

Over the last few years I have had a few fellow traders say to me - OK you have a great consistent FX Intraday method - why is it you are not trading with far great stake sizes and compounding more and making twice or three times your present money returns .

The answer is quite simple - Its all down to your own psychological "comfort zone" and everyone's is different.

A great analogy in sport is marathon running and anyone who jogs will have heard of the "wall".

A marathon distance is 26.2 miles - but most first time runners who may have put 100's of miles training in prior to their big day - will hit the so called "wall" at between 16 and 20 miles.

Ok the less prepared might hit it earlier and the fitter novices might even make 22 miles - but then their "mind" kicks in and tells their body - we don't like this - its hurting - stop !

All that pre preparation as disappeared - you become a quivering wreck and suddenly you dont feel comfortable and instead of carrying on jogging - you start walking a few hundred yards and then you stop for a water drink.

By then all the pain of the last 15 + miles is kicking in and even though you know you want to carry on and make it to the end - your muscles won't work and you feel a loser - your are useless - no good - go back to being a couch potato etc etc.

Now - imagine that in trading.

Most traders know there is a world of difference between sim or demo trading and trading with real money. You just don't have the emotions of losing real money or seeing your entry take 3 seconds or 3 pips difference to when you wanted to enter.

Its easy on demo - in fact I would say 80% of traders can make profits on demo - they are confident and feel in control and every winning day means they can move up from 1 lot to 5 lots to 10 lots to 50 lots etc

After a month or so they think this trading lark is easy - they open their first $1k account and feel it will be $5k by the end of the month with no problem.

The newbie traders who are disciplined will be Ok - ie maybe only 1% stake size based on their capital and stop size and the first few sessions go OK - ie 6 winners 4 losses and they are up 2 % are are delighted.

They then progress slowly and stay in control.

This was probably me over 8 -10 yrs ago before I went full time.

However I had compounded and taken a larger account up to £170k and was then feeling it was time to push it more and go over £100 a pip with the objective of getting to over 25 lots per pip.

At that time my stop size was approximately 10 pips on average .

I had done well in my business life and earned a lot of money - losing a couple of grand on a trade would be no problem if I was going to be winning £5 - 10k every day - so I thought 😉

I had a few thousand live trades behind me and thought I could handle it - even 5 bad trades in a row - so I thought 😕

Nobody talks about this next part - you will hit a psychological money well - and with me it was approximately 22 lots or at that time just over £150 a pip.

One normal trading day it happened

My first time I had 7 consecutive losing trades over a 2 hr period and my previous few days profits had disappeared - and I could not think straight - I was a scared quivering wreck of a trader.

I was not comfortable - I tried the next day on only approx 10 lots and I experience palpitations and sweaty palms and by brain was frozen - I could not think clearly - i was no longer in control .

In the back of my mind I had big doubts and thought my method is not that good - Its not working etc etc etc.

See on my prior trading journey I had not experienced this. It was real live losses - with my own money - not just a few grand - but more than I had been earning in a few months in my business life - all in a couple of days.

It took me nearly 6 months to get back to a fairly normal trading routine and even now over 5 yrs later I will not trade over 10 lots a pip with my own money - its out my comfort zone.

Every trader will have different comfort zones.

I am no gambler - hardly ever bet on the horses or on other sports and even then would only be a fiver or tenner - never 100's or thousands of pounds on any cert.

Gamblers could end totally crushed - because they maybe will take far greater risks and even end up martingaling and end up losing their whole account.

That's never happened to me - thankfully I am too disciplined - but also I have had luck of never being involved in a major black swan event over the last 8 years of serious trading.

Nowadays 1 to 5 lots per pip is a piece of cake - its in my "comfort zone" - over 10 lots would be hitting my psychological money wall and being in my 62nd year of life - I don't want palpitations and extra worry and stress etc etc.

Think about it

If you trading ambition is to go full time within 2 to 4 years and earn over say £50k or £100k per annum ( all possible but remember you will be in a very small band of full time retail traders maybe less than 5% of all financial traders - but still many thousands around the world ) then its all possible on just 2 or 3 lots per pip with a great method.

If you can make over 5 lots per pip - great average just 500 pips a month and $25k or £16k of earnings per month puts you well up in the high earning bracket .

But take your time getting there - dont go from $5 a pip to 5 lots all in three month - step by step - stay in your comfort zone and remember even with a 75% win ratio - you can still on very odd occasions have 7 or even 10 bad trades in a row .....

But also remember you can have 25 or even 35 winning trades in a row - 🙂 - make sure your money management is designed to cope for all occasions


Regards

F

 

[Forexmospherian]

hi guys

yep will certainly try to ..............I am also incredibly aware that being out of things for more than a few days is incredibly debilitating .................takes a wee while then to get back into the swing ......so I am determined to try to get a couple of scalping sessions a week ...........

wifes mum is a trooper and fighting back ..............jees 2 stents in her heart and she still wont stop talking .....😀......we are all on duty over weekend still


as we have talked about before gang - its not all about head down and working

take the time out to enjoy life.........

smell the coffee and the roses
walk the dog ..kiss the family (and vice versa)😛
breathe in deep and appreciate you are alive ..........

because one day we and our loved ones will not be here ...........if you believe you are invincible take a walk around a hospital and see people of all ages .........it is humbling 😎

N

Totally agree with you - visiting hospitals puts it all into perspective .

You never hear old people in their 80's or even older saying - "I wish I had spent more time in the office working" etc etc

Seeing children really ill pulls on your heartstrings and makes you count your blessings

As you get older you do look back and think what would I have changed.

Personally I have been very fortunate ( so far ) I have enjoyed far more highs of life than lows - but maybe i wish I had not been working 60+ hrs a week with my businesses when my kids were young - but saying that without the rewards - we would not have enjoyed all the family holidays together

Life is tough - and then you die

Its a balance and very few of us get it spot on

I am a bit of a workaholic still - even 6 hrs trading 5 days a week seems part time compared to my previous 25 yrs . I retired first time just over 50 - but missed work but hope by 65 I can get my balance totally sorted .

I still plan to do 2 triathlons in 2016 and hope I am still fit enough to do a marathon at 70 - ( I hope ).

I don't want to spend 30 hrs a week on the golf course - I am too old for motor racing ( my wife says) but I do want to be able to spend some quality time with family and friends etc etc - while I am still healthy.

Lets also hope that the NHS can stay fit and healthy as well - but that's another topic

All the best N

Regards

F

 

[liver1234]

Great article about trading forex.I am 49 years old and have been trading a few years. Done the same old stuff buying software and attending courses but i have come to realise that it is the price action which is most important. I have started to become a little bit more consistent but realise i still have a long way to go.I work shifts so can only trade a few days week.

 

[Forexmospherian]

Great article about trading forex.I am 49 years old and have been trading a few years. Done the same old stuff buying software and attending courses but i have come to realise that it is the price action which is most important. I have started to become a little bit more consistent but realise i still have a long way to go.I work shifts so can only trade a few days week.

Hi Liver

Yes - it really does take time and as they say - there are no real short cuts to gaining proper experience - you have to live it yourself.

I hope I can at least shorten many retail FX traders trading journey to success by at least 3 or 5 years - but as you know it still takes maybe 6 -8 months to fully be successful with my own method - its just not possible to pass over all the information and to get to the skill level needed within just a month or two.

Maybe thats good because its then only the really devoted , committed and disciplined traders who get there in the end - but it is well worth all the pain and study for all the returns then possible.

Good Luck on your journey and as long as you can get in 1 or 2 days a week then you will carry on learning and you will then start to see more consistency and improved results

Regards

F