How I trade forex and make a profit.
- Thread starter Traderallen
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DionysusToast
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There ya go! :clap:
Mind you - there's really no need to plug your website @ the start of every vid...
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Traderallen
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It's not the mechanics that's the issue with making a video, it's the fact that making a video alters your trading psychology and takes you out of the zone. I trade only a real money account. So I really don't like taking chances. In scalping especially you must remain focused and in the zone at all times.
Plugging my website might get monotonous for people that watch them over and over but since it's on YouTube you never know which video is going to be someone's first time watching you.
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tar
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NO , win rate alone doesn't mean much .
You can make money with a win rate of 30% and you could lose big time with a win rate of 90% . There are other factors to look at like your R:R , max DD is important as well .
For example lets say you have a TP of 10 pips and a SL of 400 pips , and your win rate is 95% . At first glance hey his win rate is 95% what a great trader - zulutrade providers ... etc - but in reality its an ugly performance if we factor other details in .
Thats why i gave a live example from Zulutrade's most famous Signal providers , it was a disaster , traders lost a sh@@ load of money following such strategy it was ugly , saw it live happening infront of my eyes and it was predictable by anyone knows anything about trading .
tar
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Not clear , if that's all very well then what we're arguing about ?
DionysusToast
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I don't get the point of the video you made.
It starts off with a plug for your website. Then goes on to a trade that's part way through. Then it just plays silently with no commentary but just has the squeaking of your chair.
Mine has been processed now...
This was in your honor...
You'd sell more if you discussed the reasons for getting in and gave some indication it was actually on a live account.
Can I also ask if you think "Wall Street 2 Easy Street" is conveying a realistic image about trading?
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DionysusToast
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Wish someone would teach my wife that....
ffsear
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Because you automatically dismiss people with sweeping statements such as " Win rate means nothing" Then you use a ridiculous example of a 10 point target with a 400 stop loss to back up your point.
Maybe step back for a second, assume that some people actually understand risk management, targets and stops and have a sound strategy. In which case win rate becomes important.
We all understand what your saying (its pretty basic stuff), but stop throwing the worst case scenario at everything.
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Mr. Charts
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You asking for volunteers?
DionysusToast
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So you will be posting account statements too right?
Tar is dismissing TraderAllen, so you say he needs to post evidence.
You are dismissing Tar - so how about you put up?
This is a trading forum - people come & discuss trading. I don't see FFSear posting statements either.
So do we all need to post statements before we continue?
lexcorp
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He's made lots of live trades though. And when done 'properly' (long NOW here at xxx stop at xxx) is better than any other form of proof of ones ability.
Traderallen
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DionysusToast ,Your critic of my videos are duly noted. And I always try to improve them. Keep in mind I am not a professional video maker by any means. I think you still got the point of how I trade so when I talk about my trading on here you'll have a good Idea of what I am trying to say. the only way I can show you its a live account is to display my account number and as you know that's a bad idea. As far as I know Ninjatrader does not say "live account" anywhere. If you ever watch some of my past videos you'll see me make lite of this fact as I have in the past made great spur of the moment trades and not realize till it over that I forget to switch to a live account (ninja defaults to sim.) I now color code my chart trader for a visual reference.
ffsear
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Thats not what i'm saying. I'm just saying let the thread develop without quoting the usual basics at each other. If this strategy dosen't work it will be obvious.
tar
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Sweet kid isnt he ?
Hey come here to this thread post live trades , thats between you and me , an open competition . Bring your mates as well .
http://www.trade2win.com/boards/indices/120172-anyone-scalping-ftse-futures-6403.html
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tar
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You didn't put up anything , an occasional screen shot of your P&L- when you feel like it- isn't the way to prove anything .
SlowlyButSurely
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@TraderAllen,
Hi, I see you are using the 70tick chart and from some of the techniques you use I recognised similar things from the book/method Forex price action scalping. Have you read this book in the past and taken inspiration from it?
Cheers.
Hi, I see you are using the 70tick chart and from some of the techniques you use I recognised similar things from the book/method Forex price action scalping. Have you read this book in the past and taken inspiration from it?
Cheers.
lexcorp
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That's not what i'm saying.
If someone only posts the occasional statement when they have a winning day, it's not much use. Did they get killed on the other days?
Or in a thread some time back when someone was trading the DAX, they were discovered to be hiding their 'open trades' and possibly some of their losing closed trades!
Money/pnl is certainly what matters. No arguments from me there.
But for trying to prove ability on a forum, they come up short
kimo'sabby
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Forexmospherian
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Hi Guys
First of all - glad you are back Trader Allen and i wish you well with your scalping
A couple of quick questions - you mention you are on the 8th trade of the month and up approx 106 pips - with no losing trades. Well done - but might that suggest your average trade win in under 13 pips - and if your stop is say on average 5 pips ( including spread) then your average RR might be just over 2.
As a scalper and intraday trader on purely FX - I am on my 92nd trade of the month with 22 losing trades of approx 1 to 6 pips - so maybe atm only just over 75% win ratio- but with well over 600 pips - as I leave many trades running with stops already in profits - and so there is an element of double counting with 70% stake trades counted as one set of pips and then the 30% stakes as further pips.
This maybe shows that many of the comments from the other members are correct - win ratios alone are just part of the equation - and whilst important not paramount on their own.
My own RR ratio average is well under 2 - even though i do have some great RR's on some of my 30% stake trades - ie over 10 and 20 already this month - but RR pip ratio can be different to RR money.
With regards to focus and concentration - I agree with you - for scalping its extra importance - but like anything in life - generally the more you do it - and more you multi task - the better you get at handling the pressure and stress. I would not have a clue how to make a video of one of my trades - but have for the last 2 -3 yrs been able to type and blog whilst sticking on 4 -10 lots a pip on many scalps with 5 pip stops.
I have actually found blogging as made me focus more and increased my awareness - and stopped me being idle at times - ie up say 38 pips in first 2 hrs of the morning - and then thinking - i will take the rest of the day off - and not look at learning more and catching more pips - but go for a long walk with the dog.
With regards to many of the other comments on this thread - i for one have been hounded by Tar - but actually agree with so many things he says and comments on.
I know for a fact - even with out meeting the guy that Dow Jones can trade and make consistent money - purely by the way hes does it and the fact that he is so red hot on risk and keeping his losses as small as possible
Certain methods will stay profitable for many years - I am still doing what I did 7 years ago - but I have far improved my performance - simply because I went full time and learnt more from live charts - not just books and theory. However as we know and as Tar has quite rightly mentioned - you do really need thousands of trades to get a proper take on how good a method is. I know for long term traders taking less than 8 trades a months - it's difficult - as they can have 2 years of good results and then 6 months can wipe their profits out - unless they have extremely good MM.
If you are happy Trader Allen with say 15 -25 trades a month and making say 180 -250 pips a month - and you can keep that going over the next 12 months - then extremely well done. 150 - 200 pips a month does not seem a lot but if you can keep a high win ratio - ie over 80% and small stops - you will have the confidence to sticking larger stakes on and then 200 pips in a month could be $10- 20K a month.
Unfortunately you will have the odd "Black Swan" event - when you do have 7 trades lose in a row - or even worse 15 consecutive losses and you will do your head in. Whether it happens just once a year - or twice in a quarter - it will take place as that' how the markets work - nothing is certain and change is continual.
Plan for the worse - but stay positive and focused - knowing you are not alone and there are always other traders who might be able to assist
All the best
Regards
F
First of all - glad you are back Trader Allen and i wish you well with your scalping
A couple of quick questions - you mention you are on the 8th trade of the month and up approx 106 pips - with no losing trades. Well done - but might that suggest your average trade win in under 13 pips - and if your stop is say on average 5 pips ( including spread) then your average RR might be just over 2.
As a scalper and intraday trader on purely FX - I am on my 92nd trade of the month with 22 losing trades of approx 1 to 6 pips - so maybe atm only just over 75% win ratio- but with well over 600 pips - as I leave many trades running with stops already in profits - and so there is an element of double counting with 70% stake trades counted as one set of pips and then the 30% stakes as further pips.
This maybe shows that many of the comments from the other members are correct - win ratios alone are just part of the equation - and whilst important not paramount on their own.
My own RR ratio average is well under 2 - even though i do have some great RR's on some of my 30% stake trades - ie over 10 and 20 already this month - but RR pip ratio can be different to RR money.
With regards to focus and concentration - I agree with you - for scalping its extra importance - but like anything in life - generally the more you do it - and more you multi task - the better you get at handling the pressure and stress. I would not have a clue how to make a video of one of my trades - but have for the last 2 -3 yrs been able to type and blog whilst sticking on 4 -10 lots a pip on many scalps with 5 pip stops.
I have actually found blogging as made me focus more and increased my awareness - and stopped me being idle at times - ie up say 38 pips in first 2 hrs of the morning - and then thinking - i will take the rest of the day off - and not look at learning more and catching more pips - but go for a long walk with the dog.
With regards to many of the other comments on this thread - i for one have been hounded by Tar - but actually agree with so many things he says and comments on.
I know for a fact - even with out meeting the guy that Dow Jones can trade and make consistent money - purely by the way hes does it and the fact that he is so red hot on risk and keeping his losses as small as possible
Certain methods will stay profitable for many years - I am still doing what I did 7 years ago - but I have far improved my performance - simply because I went full time and learnt more from live charts - not just books and theory. However as we know and as Tar has quite rightly mentioned - you do really need thousands of trades to get a proper take on how good a method is. I know for long term traders taking less than 8 trades a months - it's difficult - as they can have 2 years of good results and then 6 months can wipe their profits out - unless they have extremely good MM.
If you are happy Trader Allen with say 15 -25 trades a month and making say 180 -250 pips a month - and you can keep that going over the next 12 months - then extremely well done. 150 - 200 pips a month does not seem a lot but if you can keep a high win ratio - ie over 80% and small stops - you will have the confidence to sticking larger stakes on and then 200 pips in a month could be $10- 20K a month.
Unfortunately you will have the odd "Black Swan" event - when you do have 7 trades lose in a row - or even worse 15 consecutive losses and you will do your head in. Whether it happens just once a year - or twice in a quarter - it will take place as that' how the markets work - nothing is certain and change is continual.
Plan for the worse - but stay positive and focused - knowing you are not alone and there are always other traders who might be able to assist
All the best
Regards
F
