Bob Volman Price Action Scalping

Here,s my day trading rules.

Friday, May 23, 2014

Futures Market Rules Revised for Daytrading.

Day Trading Rules.

1. Know your market. The best day traders specialise on only a small number of indices, stocks, or currencies
and get to know them intimately.
2. Prepare for the day. You need to have done your homework, and decided where you will be looking to get in and out of the market.
3. Stick to your plan.Once you have decided to follow a certain strategy, stick to it.
4. Don’t be greedy.Do NOT try to squeeze the last tenth of a point out of each day trade:-
5. Take a loss where necessary.Most day traders who fail do so NOT because they can't create winning trades, but because they fail to kill their losers soon enough.
6. Don’t chase the market (my favourite)If you are slow, and miss a day trade that suddenly looks like it would have made you a fortune, do NOT panic and try to jump in late
7. Don’t overtrade.Similar to rule number 6, don't ever trade unless you are ABSOLUTELY sure. Never day trade because you are bored, or need some excitement. Buy a Sony Playstation instead.
8. Trade with the trend. It doesn't matter how strong a swimmer you are; if you try to swim against the tide, you WILL drown.(n)
9. Care more about protecting your capital than increasing profits. (look down at your risk and not
up at the blue sky. Control you risk and the rest will take care of itself . You will do best in the markets if you worry more about stopping losses, than if you try to focus on making money.

10 Be wary around news announcements.It is a bad idea to be holding a position just before a major news announcement.
 
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SuperSaan said:
They are probably actual trades, but it doesn't matter. If these are your strategies, you should have trade them either way.
Click to expand...

Trading live price action is totally different that showing examples. I am trading this method and to sit in front of a computer waiting for these setups is serious screen time.
 
patong said:
Trading live price action is totally different that showing examples. I am trading this method and to sit in front of a computer waiting for these setups is serious screen time.
Click to expand...

Absolutely true. But assuming these examples are really coming from Bob Volman himself, to me its unlikey he is just going to make examples without trading them, since he is an excellent trader. These examples are also exactly as the ones from his book. They are very helpful to me.
 
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SuperSaan said:
Absolutely true. But assuming these examples are really coming from Bob Volman himself, to me its unlikey he is just going to make examples without trading them, since he is an excellent trader. These examples are also exactly as the ones from his book. They are very helpful to me.
Click to expand...

The charts are great. I was just wondering if they were actual trades or posted for educational purposes. Would love an answer to that as i trade full time and am watching the same charts, however the screen time is huge to nail the same trades as the charts posted. In no way am i implying they are not Bobs real trades.
 
Hello everyone, I'm so amazed about this post, even if I already know it's going to be impossible to read it in full, 400+ pages are a bit extreme ;)

I just finished reading volman's book, and really want to try. My plan is to do paper trading for the first 2-3 weeks (while re-reading the book and my notes, and getting used to the platform) and then start trading with real money with a pip value of 0,1 USD

The real issue is the 70 tick chart. Metatrader doesn't have this by default. I got thaat prorealtime is very good, but at the same time, 40+ EUR/month to start it's just a bit expensive.
What is your experience? What can you recommend me?

I found this
http://www.marketcalls.in/metatrader/how-to-setup-tick-charts-in-metatrader-4.html
that would allow to create a tick chart on MT4, but I'd love to wait from real trader's experience, since you were where I'm now.

What do you recommend.

Can you add to your recommendation also a broker? Who are you using?

I posted this few weeks ago:
http://www.trade2win.com/boards/for...ce-action-scalping-technique.html#post2314846
And traderallen was so kind to give me the link. I red everything there, and got the recommedation about using mbtrading + ninjatrader.
mbtrading support is very slow though, chat almost always offline, and they don't pay ninjatrader, so you have to pay for the license anyway.

I'd love to hear some recommendation from someone who is already doing this, and learn from your experience.

many thanks
 
jacksoggetto said:
Hello everyone, I'm so amazed about this post, even if I already know it's going to be impossible to read it in full, 400+ pages are a bit extreme ;)

I just finished reading volman's book, and really want to try. My plan is to do paper trading for the first 2-3 weeks (while re-reading the book and my notes, and getting used to the platform) and then start trading with real money with a pip value of 0,1 USD

The real issue is the 70 tick chart. Metatrader doesn't have this by default. I got thaat prorealtime is very good, but at the same time, 40+ EUR/month to start it's just a bit expensive.
What is your experience? What can you recommend me?

I found this
http://www.marketcalls.in/metatrader/how-to-setup-tick-charts-in-metatrader-4.html
that would allow to create a tick chart on MT4, but I'd love to wait from real trader's experience, since you were where I'm now.

What do you recommend.

Can you add to your recommendation also a broker? Who are you using?

I posted this few weeks ago:
http://www.trade2win.com/boards/for...ce-action-scalping-technique.html#post2314846
And traderallen was so kind to give me the link. I red everything there, and got the recommedation about using mbtrading + ninjatrader.
mbtrading support is very slow though, chat almost always offline, and they don't pay ninjatrader, so you have to pay for the license anyway.

I'd love to hear some recommendation from someone who is already doing this, and learn from your experience.

many thanks
Click to expand...

If you are only going to trade Bobs method I think is best to use PRT. I have been testing Rwtick charts, seen ok, but not as good as PRT. http://www.rwtickchart.com/?gclid=CPbC1NKK4L4CFZEGvAodnkMA_g.

FXCM have Ninja trader, but tha data is no good and you can not log into the active trader data from fxcm, so until they fix that I would look else where.

In fact I wish they would fix it.

My trade partners and I have done a huge amount of work on this so we have a ton more info.
 
patong said:
If you are only going to trade Bobs method I think is best to use PRT. I have been testing Rwtick charts, seen ok, but not as good as PRT. http://www.rwtickchart.com/?gclid=CPbC1NKK4L4CFZEGvAodnkMA_g.

[...]

My trade partners and I have done a huge amount of work on this so we have a ton more info.
Click to expand...

sure PRT is the best, but at the same time, if I look at trading as a business, it is just too expensive to pay a 42 EUR monthly fee when the trading volume is too small.

I think I'll try rwtick for 1 month and the PRT trial and compare them myself.

As a broker, who would you recommend? low spread, and possibilty to start with a 100$ deposit and 0,1$ pip to practice for the first period...
 
How is everyone doing in this low volatility environment. Personally i am thinking of giving it a rest for a few months and hope that vol comes back after summer. Apparently consensus is that thats how its going to be for the forseeable future, unless any unexpected external shock or some sort of crisis comes along.
 
jacksoggetto said:
sure PRT is the best, but at the same time, if I look at trading as a business, it is just too expensive to pay a 42 EUR monthly fee when the trading volume is too small.

I think I'll try rwtick for 1 month and the PRT trial and compare them myself.

As a broker, (not a broker), who would you recommend? low spread, and possibilty to start with a 100$ deposit and 0,1$ pip to practice for the first period...
Click to expand...

"if I look at trading as a business, it is just too expensive to pay a 42 EUR monthly fee when the trading volume is too small". Forex is a business and you are competing against the best of the best. And then all the scam brokers. You need a ferrari to trade FX , not a ford.

Use PRT demo for a month then ask for an extension or setup another email to a new account.

Your mini lot size at $1.00 per pips is way to high. Use micro lots.
 
Pippi56 said:
How is everyone doing in this low volatility environment. Personally i am thinking of giving it a rest for a few months and hope that vol comes back after summer. Apparently consensus is that thats how its going to be for the forseeable future, unless any unexpected external shock or some sort of crisis comes along.
Click to expand...

if you are only targeting 10 to 20 pips I don't see a low volatility environment a problem. In fact it could help develop more patience.
 
patong said:
FXCM have Ninja trader, but tha data is no good and you can not log into the active trader data from fxcm, so until they fix that I would look else where.
Click to expand...

Hi Patong, our other NinjaTrader users and Active Trader clients do not report any problems like you describe. While it seems you've already found an alternative, if you ever want to revisit our offerings, I encourage you to contact our 24-hour live customer support. I'm confident they can troubleshoot this issue for you.

For others, I hope the comments above will not discourage you from trying FXCM services. It wouldn't have been possible for us to achieve the client base we have if we did not have a stable platform. As of our latest financials, there are over 190,000 retail tradable accounts at FXCM.
 
Jason Rogers said:
Hi Patong, our other NinjaTrader users and Active Trader clients do not report any problems like you describe. While it seems you've already found an alternative, if you ever want to revisit our offerings, I encourage you to contact our 24-hour live customer support. I'm confident they can troubleshoot this issue for you.

For others, I hope the comments above will not discourage you from trying FXCM services. It wouldn't have been possible for us to achieve the client base we have if we did not have a stable platform. As of our latest financials, there are over 190,000 retail tradable accounts at FXCM.
Click to expand...

Hi Jason,

190,000 customers. How many are using tick charts and Ninja Trader. Considering FXCM haven't had Ninja for that long I wouldn't think that many. Especially a 70 tick chart.

If you can get Active Trade Data working on Ninja I would try it again, But i won't waste my time for two weeks trying to solve your data problem or trying to connect to Active Trader Account data.

I know of two other Pro traders in California with accounts greater than 1 million and it was them who first alerted me to your data problem. So its not just me.

Can get a reveiw from them if you wish?

In all I would love for FXCM to get this working correctly as I believe FXCM is a good company to trade through, using the Active Account spreads only. The standard account spreads are considerably too large for a scalping method.

Better still if FXCM made tick charts available on TS 2, that would be a winner for all.

I waited for Vinko to follow up after your last personal message , but he never did.

Cheers.
 
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EURUSD had some nice volatility last night. Taking the daily support break netted +67 pip trade, then reversed to give me a long entry at 1.3514 and closed 1.3639. = 125 pips profit. Had been waiting for this break all week and was well rewarded for patience. Perhaps the entries were not text book Bob Volman , but sometimes you just have to give it a go with risk management being the key.

However, using 70 tick chart it keep me in the long.

Cheers to Bob for such an awesome method. :)
 
Best one week of trading since starting this trade plan in August 2013 and other data from my tracking spreed sheet. (if you don't like the way I track my data I don't care. I depend on myself.)
June pips3.PNG

Work hard, stay focused, and adjust to market conditions that's what i learned from FPAS.
 
Traderallen said:
Best one week of trading since starting this trade plan in August 2013 and other data from my tracking spreed sheet. (if you don't like the way I track my data I don't care. I depend on myself.)
View attachment 175566

Work hard, stay focused, and adjust to market conditions that's what i learned from FPAS.
Click to expand...

TraderAllen, I think it's about time you backed up the results you claim with hard evidence. I'm saying this because it is misleading and unrealistic for people starting out, or at any stage of their career for that matter, to expect that they can achieve similar results if they work hard at their craft. I mean, let's be honest here, the stats you claim are absolutely ludicrous...
 
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Couldn't agree more Matt.

I Like to think I am a pretty good trader in all. If I could consistently get the results Traderallen gets I would retire in about 12 months. And if Traderallen is that good why on earth is here trading mini or micro lots?
 
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