I have a serious problem please guide

[sun11]

Hi Sun

Don't accept pm's - as i would get loads of questions and maybe even hate mail etc ;-) and so prefer to keep any training or guidance open on the forums etc

No problem though if not willing to share your journey so far - but if you want some more guidance over this thread or on any journal you open - I am willing to assist etc - no commitments - no cost etc - just your own time invested on charts and study etc

Regards

F

Yes I understand...answers to your questions follows:

1. How many hours a day have you got to trade and what is your own time window - ie which is your main session you presently trade ?

My trading time is London session. 8 - 7 hours.

2. Do you reckon over this last 5 years you have watched either a 1 / 3 or 5 minute chart live for over say 2000+ hrs . ie say you had 3 hrs a day - 15 hrs a week and you watched and traded on a 3 min chart over 2 hrs a day 4 days a week - then 8 hours a week and it would take you approximately just over 5 yrs to have 2k hrs under your belt. If you had been doing say 15 hrs a week working on live charts ( nor back testing or reading books etc ) then maybe only 3 yrs needed ??

I spent almost a year in a company. Worked 9 hours per day. Watched 5 mins to 15 minutes live charts for 45 hours per week for a year. So I think 2k hours is already covered.

3. When I helped Major Magnum last year to get into short term intraday he used to put in over 40+ hrs a week trading on a 1 min chart - along with still carrying out his own job - by cramming in a few hrs every morning early and then 3 -6 hrs a night after he had finished work and his family had gone to bed. He managed to get in 1k hrs in under 6 months and that really helped him - especially with me telling him what to be looking for etc. Although you need over 5k and even the infamous 10k hrs to be really good and highly skilled without the first 1 -2k hrs you just will not be understand price action and price structure and timings of moves.

Answered in second question.

4. How many trades a session/ day have you been doing before in your past trading journey - ie less than 5 a day - 10+ or over 20+ ??

When I was in the company I was allowed to make only 3 trades per day. Then when I go solo, It was around 5-6 trades per day. I was not scalping, it was intraday swing.

5. Whats your best win ratio on over 100 trades on a demo ?? and what size stops are to comfortable with ?

Yet my best win ratio is 62% but its on real trading. I'm more comfortable with 10-15 pips SL.

6. What existing technical analysis method do you presently like - ie Elliots Wave - Harmonics Patterns - Gann - Fibs - other etc ?

I follow Gann systems.

Looking forward to your reply.

Thank you for your support.

 

[Forexmospherian]

Yes I understand...answers to your questions follows:



My trading time is London session. 8 - 7 hours.



I spent almost a year in a company. Worked 9 hours per day. Watched 5 mins to 15 minutes live charts for 45 hours per week for a year. So I think 2k hours is already covered.




Answered in second question.




When I was in the company I was allowed to make only 3 trades per day. Then when I go solo, It was around 5-6 trades per day. I was not scalping, it was intraday swing.




Yet my best win ratio is 62% but its on real trading. I'm more comfortable with 10-15 pips SL.



I follow Gann systems.

Looking forward to your reply.

Thank you for your support.

Hi Sun

Thanks for your reply

OK - I can work with this and also come up with thoughts and ideas on how we can progress - starting tomorrow or first thing from Monday morning.

Also forgot to ask -

1 - What's your main FX pair or favourite 2 or 3 ?

2. If you are comfortable with 10 -15 pips stops - what was your normal targets and do you always just "set up and leave" or did you manage the trade whilst it was in progress - via adjustments ie trailing stops - or stops moved into profit etc ?

Come back later to you

Regards


F

 

[sun11]

Hi Forexmospherian, Here are the answers.

1 - What's your main FX pair or favourite 2 or 3 ?

EURUSD is in top, then USDCAD, USDJPY. Sometimes EURGBP.

2. If you are comfortable with 10 -15 pips stops - what was your normal targets and do you always just "set up and leave" or did you manage the trade whilst it was in progress - via adjustments ie trailing stops - or stops moved into profit etc ?

Normal targets are between 20-30 pips. Sometimes I do pyramid if the trend is really good (without much correction & choppiness).Sometimes achieved 80-70 pips in intraday pyramid. But chances are very less.

Yes I stay during the process mostly 80% of the time. Even if I leave, I set alerts. (during the low volatile time)

Generally during the start of the London & US session, I get most of the trades. After that its just correction. I have seen, through out the day, in certain currency pair, there are maximum 2-3 good entry for swinging & those good trade offers during the start of the session mostly. But I feel swing trades have serious disturbance with new releases. So at some point, I'm not fond of it. I really hate to keep my trades open during news release, specially when they are in loss.

Thanks, when ever you feel convenient, reply. No hurry.

Good Day
Happy Trading
S

 

[Forexmospherian]

Hi Forexmospherian, Here are the answers.



EURUSD is in top, then USDCAD, USDJPY. Sometimes EURGBP.



Normal targets are between 20-30 pips. Sometimes I do pyramid if the trend is really good (without much correction & choppiness).Sometimes achieved 80-70 pips in intraday pyramid. But chances are very less.

Yes I stay during the process mostly 80% of the time. Even if I leave, I set alerts. (during the low volatile time)

Generally during the start of the London & US session, I get most of the trades. After that its just correction. I have seen, through out the day, in certain currency pair, there are maximum 2-3 good entry for swinging & those good trade offers during the start of the session mostly. But I feel swing trades have serious disturbance with new releases. So at some point, I'm not fond of it. I really hate to keep my trades open during news release, specially when they are in loss.

Thanks, when ever you feel convenient, reply. No hurry.

Good Day
Happy Trading
S

Hi Sun

OK thank you for your reply - now i think i have a picture and enough to start things off

We will work with the EU - UCad and the UJ

Ideally i would like to get you on the GU and EJ - but its step by step for a start.

The first part i want you to work with is maybe trying to start with a clean piece of paper and a very open mind

You will need to read and go through some of my threads to pick up my methodology etc but with you already having the basics behind you that will help.

My aim will be to be placing great emphasis on timing and getting any intraday entry as "spot on" as possible. (accurate to with 3 pips of perfection )

Forget the exit - that becomes easy when you are in a profitable trade and can follow PA along with time and other clues I will discuss

I want every trade you ever take from now on to start as a scalp with a soft spot of 3 -5 pips.

Your targets will be 3 to 100 + pips per trade - but that is secondary

I will want you to get to a minimum 70% win ratio off 3 -5 pip stops on the EU and UJ - both should have spreads under ideally 1 pip within 300 trades - knowing that you might start off only getting a 30% win ratio

You will need a broker who can supply linear regression indicators and let you have a demo and live account on micro lots

Ideally - you will take between 1 and 3 trades per hour - and over a session ideally 10 -25 trades

Some hours - you might loss 8 pips - or only make nothing or only win 3 pips - other hours you might make 30 + pips

Your daily target for a start will be 25 pips. If you achieve it on under 4 trades - no problem - stop or then just play on demo etc.

If you need 15 trades and 8 hrs to make your 25 pips - because you have had say 6 or 8 bad trades - no problem - you still have a chance to make your target.

Ideally we need you with at least 3 trades being taken before 9 00 am

You will only need to study the 1 min chart 20 mins every hour - and only more if you are in a successful trade that least longer than 15 mins.

If you cannot take a trade with a stop under 5 pips - dont take it

I am going to have my tea and then will pass on some more info later on

Any questions etc - please feel free to ask etc

If you want to start this on your own new trade journal or thread - no problem - whatever suits you .

Regards


F

 

[sun11]

Hello Forexmospherian,

Thank you for your reply, I understood the procedure. But have some questions regarding SL.

I will want you to get to a minimum 70% win ratio off 3 -5 pip stops on the EU and UJ - both should have spreads under ideally 1 pip within 300 trades - knowing that you might start off only getting a 30% win ratio

Well, as I don't have ECN account. So minimum stop level is 5. (If I set) Spread is 1-2 on UJ,EU pairs. Otherwise one thing I can do is didn't set any stops. Manually close it. But that would be risky during volatile period. So will the 5 pips sl under such condition will be ok?

You will need a broker who can supply linear regression indicators and let you have a demo and live account on micro lots

MT4 enable broker has many option for linear regression indicators. Just let me know what period you add for 1 minute chart in settings.

Lastly,May I add my own system with it? I have spent 4 years on it. Don't want to waste it. I can convert my system into hourly basis as you mentioned. In fact, I have useful tools to predict hourly trends.

I set a separate thread on trading journal.
http://www.trade2win.com/boards/trading-journals/208116-my-journal-pathways-improvement.html

Please feel free continue your post in there.
Thank you

Regards
S

 

[Forexmospherian]

Hi Sun

OK - no problem - from now on will be posting in the new thread with all my help and tips etc to assist you to become a successful intraday trader

Please carry on with your 1 hr system as well - i am sure it might also compliment with my ways as well

Have a quick look through my other threads on T2W to get more of a feel of how I trade - and then I will focus on the key components for a start

No disrespect to MT4 platforms - but ideally I need you not to use them

Try FXPro ctrader or get a demo on dukascopy - pepperstone or any ECN broker that as Linear regression indicators etc - these are key as well as accuracy on time down to the minute.

Heres a link - to my other threads as well

I am away in both August and September but only approx a week - so wil get you started and on the road etc next week

I wish you well and all the best

Regards

F

 

[sun11]

Hi Sun

OK - no problem - from now on will be posting in the new thread with all my help and tips etc to assist you to become a successful intraday trader

Please carry on with your 1 hr system as well - i am sure it might also compliment with my ways as well

Have a quick look through my other threads on T2W to get more of a feel of how I trade - and then I will focus on the key components for a start

No disrespect to MT4 platforms - but ideally I need you not to use them

Try FXPro ctrader or get a demo on dukascopy - pepperstone or any ECN broker that as Linear regression indicators etc - these are key as well as accuracy on time down to the minute.

Heres a link - to my other threads as well

I am away in both August and September but only approx a week - so wil get you started and on the road etc next week

I wish you well and all the best

Regards

F

Thank you Forexmospherian for such a prompt reply & sharing the links. I will read all.

I will open demo account on your suggestion. But the fact is, for my methods, I use a customized indicator, which I coded only for MT4. So I couldn't convert it for other platform. But if you want I can share the MT4 linear regression indicators screen shot for your view with the settings you recommend in your threads.

We will continue in my new thread in next week. Enjoy your weekend.

Best Regards.

 

[NVP]

Hey S

The secret to scalping is 5 pips

That's it ......everything else is mechanical,detail and practice

Aim to,get,5 pips,out,of,every trade you,take.........as F says exits are purely mechanistic ....... The skil is all entry timing

Just like in baseball"..........everyone believed that winning championships was about buying players who could hit home runs.......well it wasn't.......it's about getting players consistently to 1st base all the time......that's what wins games .....no drama....just ruthless consistency

Watch the film moneyball.......true story

http://youtu.be/D1R-LwHbld4

N

 

[sun11]

Hi
NVP, Well said!
5 pips & consistency with correct timing.
I am trying my best to improve.

Regards

 

[Fugazsy]

short 659 sl 719

Have a nice day

 

[Fugazsy]

short 659 sl 719

Have a nice day

Sorry wrong thread.....getting old....:smart:

 

[Fugazsy]

Sorry wrong thread.....getting old....:smart:

SL to BE.