Finally giving it (another) go

itspossible said:
Just joined today but traded years ago.Well done and expect the string of losses in due course lol,Do you trade for a living mate.
Click to expand...

No, don't trade for a living.
I've been trading on and off as a hobby for a long time and I'm taking it more seriously now and I'll see where it takes me.
 
Forexmospherian said:
OK - that's fine but we can get your entries 4 - 8 pips better with better timing etc - one step at a time though

As you know I have not got a clue on the Dow or indices etc - but on your 2 currency pairs I must have easily taken over 10k live trades on them so know them intra day inside out and so if you do have a loss tomorrow - I will explain why along with the levels so that you can fine tune your set up etc and maybe filter in the future

Let's say you take 20 FX trades over the next week anything over 15 being winners is good - but still expect 2 or 3 bad ones in a row at any time - it will happen - but don't let it unsettle you - just discover the reason why and realise that nobody intra daying will be over 90% correct on 100's or even thousands of trades

GL and have another goodun tomorrow :)


Regards

F
Click to expand...


Cheers F. As far as I see losses are inevitable. I know I've been lulled into a false sense of security by such a good start!

I need to start thinking about how I exit. Today's Dow was the perfect example. I risked 10points and made 50, but I read the situation perfectly and should have made far more than 50 points.

I think that understand the markets a wee bit more than I thought, and all the hours I've spent in the past might have been well spent.

So far, I'm pleased to be still on the game. My aim each day, week, month is to break even for the time being. After this start I've got some wiggle room now!
 
Morning E T

The last 90 mins on the GU and EU have been great scalping fun and very profitable

Check out the GU on the one minute chart

I call it the 'bouncy ball ' effect

Four scalps - possible 50+ pips in under 90 mins - but anything over 25 - 30 pips is still excellent especially with less than 5 pip stops needed

Meanwhile EU did a classic 'gameplay' trick - ie put in a low in range - get bears on board - then fry them

You need to use a tick or one minute along with time windows to catch these crafty moves - designed and manipulated to catch out 90% of all normal intra day traders

Have a good day - mine already as been :) :)

Regards

F
 
Hi
Didn't post at all yesterday. Was trying to concentrate on make more trades. I made 8 trades on Gbpusd and on the Dow. 1 lower, two break evens and 5 winners, with a minimum of 1:1.
Tonight I'm going to post up some charts and go through how I trade.
 
Edinburgh Trader said:
Hi
Didn't post at all yesterday. Was trying to concentrate on make more trades. I made 8 trades on Gbpusd and on the Dow. 1 lower, two break evens and 5 winners, with a minimum of 1:1.
Tonight I'm going to post up some charts and go through how I trade.
Click to expand...
Charts would be good, can see your rationale for trade
 
Edinburgh Trader said:
Hi
Didn't post at all yesterday. Was trying to concentrate on make more trades. I made 8 trades on Gbpusd and on the Dow. 1 lower, two break evens and 5 winners, with a minimum of 1:1.
Tonight I'm going to post up some charts and go through how I trade.
Click to expand...


Well done again - 8 trades for yesterday and only one real loss.

Here's a tip if you are going to intra day multi trade - don't place your stop at just b/e when it starts going you way - always try and place it 2 or 5 pips in profit - its amazing if you end up taking say one thousand plus live trades a year and you get say a few hundred ending up just break even - now you will gain an extra 300 - 800 pips a year and then when you get to say $25 a pip it can be worth another $ 7 to $20k per annum

Remember every pip counts and winning just 2 pips is far better than just break even :)

Look forward to seeing your charts and as dark tone says - your rationale for entering and taking a trade

Regards


F
 
rathcoole_exile said:
Meaningless


Far too short


Much too tight
Click to expand...

There are many ways to trade the markets and all retail traders should understand retail trading with capital under say $50 or $ 100k is totally different to commercial / institutional trading with large multi million dollar accounts

Retail traders who can get to really the pinnacle of master trading - is short term intra day trading taking anything from 10 to 20 trades a day all with ultra tight stops and achieve over a 70% success rate and then leave the winning trades on with stops in profit will then go on to make 30% to even 100% gains on their small retail capital accounts per month even. - far greater returns than can be made by other methods.

Swing trading or investment trading is really inefficient and cannot produce the same results possible on retail capital accounts

As a driving analogy - to achieve the highest grade or pinnacle of say a Formula one driver takes special skills and talent and only a select few will get there etc

Similarly to be good at short term intra day trading cannot just be achieved after a couple of years part time - it might take 4 years it might take 8 years - but if you can work towards it - then you can read and profit from noise and basically follow and earn from nearly every pip in the FX market

Its all down to how high you set your bar

Even on 0.5% stake size - on really good days I can get over 80% win ratio on over 15 trades and make even as high as 7- 9% gain or ROC - in a day

You are not going to do that with 50 pip stops and a on or two trades a day - and being totally honest - you trade to make money with low risk and you want the best return possible.

Whether E T can make it to a master trader level will only be known after another 3 or even 5 years time

To do it takes a lot of commitment hard work and a really high skill level that's why out of the 10 or 20% of successful profitable traders - less than 5% of them actually achieve a master trader level

Sure - there are easier less stressful ways to trade - so if he wants an easier life that's fine - but he just will not end up earning as much as he possibly could

Regards

F
 
Hi
Have spent the last couple of days reviewing and back testing. Happy enough with my system and have made a tweak or two.
Weirdly my confidence is fairly low. Off to a really good start and it's scared me a little!
 
mrblonde said:


Hmm, dya reckon...?
The day he stops chasing the chart,and lets the chart come to him, will be the eyeopener i'm guessing.Also the day when he realises stop to b/even is generally favoured by losing traders,thats fear trading,also the realisation that not all trades are equal,all will require a different stoploss.
I'm sick of hearing that **** forexmorphian's bollox.
Here's a chart,every picture tells a story. i see the usual mugs on Twatter got ****ed,, go figure..
Click to expand...

LOL Mr Blonde

I like a man that says it as it is!
 
mrblonde said:


Hmm, dya reckon...?
The day he stops chasing the chart,and lets the chart come to him, will be the eyeopener i'm guessing.Also the day when he realises stop to b/even is generally favoured by losing traders,thats fear trading,also the realisation that not all trades are equal,all will require a different stoploss.
I'm sick of hearing that **** forexmorphian's bollox.
Here's a chart,every picture tells a story. i see the usual mugs on Twatter got ****ed,, go figure..
Click to expand...


Good

I am sick of hearing your aggressive condescending rubbish Mr Blonde

I suggest you get anger managment and also grow up

Good trading

Regards

F
 
mrblonde said:


Hmm, dya reckon...?
The day he stops chasing the chart,and lets the chart come to him, will be the eyeopener i'm guessing.Also the day when he realises stop to b/even is generally favoured by losing traders,thats fear trading,also the realisation that not all trades are equal,all will require a different stoploss.
I'm sick of hearing that **** forexmorphian's bollox.
Here's a chart,every picture tells a story. i see the usual mugs on Twatter got ****ed,, go figure..
Click to expand...

The guy comes on here, has the balls to post his ideas and trades, so perhaps you could explain your reasoning instead of just slating him.

E.T.... i admit i'm one of the first who will pull someone up for being a tit, so ignore anyone giving you flack and carry on, if he doesn't have the decency to explain i'll PM you later.

Regards......:)
 
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