Intraday Live short term trading calls from an Expert Retail Forex Trader

[NVP]

wow that's impressive. It's like your LRs and time window give you small scalp opportunities in between the dealers moves. kudos. I agree about respecting the market. One problem I have had issues with is being wrong, i hate being wrong, detest it. Like my 7 birds in the hand 8 in the bush comment earlier in the week, it doesn't matter if you don't capture the whole move you just need to bank the majority of it. As you know the markets are not black and white. GL

I am still a p/t trader but really enjoy F's threads and energy......hes the first trader in many a year on T2Win to step up and call it .........day in and day out ..................we need more sharing traders like this to get t2win firing on all cylinder's again .....but many simply trade and don't get involved giving something back ........shame as they all at some point were mentored and helped .......no one makes it alone or without a lot of coaching and help

i'm comfortable with my strengthmeter approach..... but at the scalping level I am still far too aggressive in leaping in and taking positions ........I am gradually easing off the peddle and learning to be more patient ..........slowly

F is a master at this .......whilst I don't use his indicators thanks to his calls I am now much much more mindful of ATR's and pip moves/swings these days to really make safer calls instead of diving in .......

all the best
N

 

[NVP]

got yer NVP. I was going to ask you a question about currency baskets. I wanted to create a custom indicator that was the dollar index (minus the cable) and a pound index (minus cable). This would then give me an idea of the dollar and pound strength with cable taken out of the equation. This could be useful for me as it would help me spot 'fake' moves in cable. I saw this software that allowed you to pull MT4 quotes into excel, I could then create my own custom basket and plot it. just havent got around to it. do you think it would be easy to do?

hey SD

heres my response ........if you want to play more we can discuss over on my thread ..........and leave this thread to the scalping crews

http://www.trade2win.com/boards/for...-basic-ideas-strategies-1988.html#post2378542


N

 

[Forexmospherian]

wow that's impressive. It's like your LRs and time window give you small scalp opportunities in between the dealers moves. kudos. I agree about respecting the market. One problem I have had issues with is being wrong, i hate being wrong, detest it. Like my 7 birds in the hand 8 in the bush comment earlier in the week, it doesn't matter if you don't capture the whole move you just need to bank the majority of it. As you know the markets are not black and white. GL

I used to hate getting it wrong - and then i thought about my businesses from 15 yrs ago and telesales and salespeople.

Many were on a small basic salary along with a great commission structure - ie - it was a numbers game - they might do 5 or more calls - and get NO's and then every sale would give them their money.

If they thought they were wasting their time with a prospect - they would move on and accept no win etc

I do the same and think well the market with supercomputers and big bucks is king - don't think you can beat it every trade- accept your loses as quickly as possible and get on earning money from the winners.

So now losses to me are just part and parcel of making money - but remember it is a numbers game - so 5 losses is nothing if you get 15 -20 wins ;-)

 

[NVP]

yep...........preaching to the converted............

I have spent years trying to "crack" things.........and instead of recognising that I wasn't doing too bad % wise and improving on execution .........I always fell back to trying to "perfect" things more .............

but we should respect the law of diminishing returns .........trading is no place for perfectionists..........as many mathematicians, astrophysicists and other phd merchants have found out over the years !

N

 

[SpreadDoctor]

I am still a p/t trader but really enjoy F's threads and energy......hes the first trader in many a year on T2Win to step up and call it .........day in and day out ..................we need more sharing traders like this to get t2win firing on all cylinder's again .....but many simply trade and don't get involved giving something back ........shame as they all at some point were mentored and helped .......no one makes it alone or without a lot of coaching and help

i'm comfortable with my strengthmeter approach..... but at the scalping level I am still far too aggressive in leaping in and taking positions ........I am gradually easing off the peddle and learning to be more patient ..........slowly

F is a master at this .......whilst I don't use his indicators thanks to his calls I am now much much more mindful of ATR's and pip moves/swings these days to really make safer calls instead of diving in .......

all the best
N

I personally believe scalping is very very hard due to the nature of human psychology. It takes a certain type of character to be able to take scalp with impunity, cut the losers tight. Sounds as if F is one of these characters. i believe the skills can be learnt but it requires an individual to broken down and rewired, something that is very difficult. Just like joining the army, they teach you how to do everything again right down making your bed with a ruler. I dont mind admitting that I cant take 10+ trades a day and be profitable, I am just not wired that way. The ups and downs of it play havoc with my decision making processes. These days I only take 3 to 4 trades per day max, sometimes only 1. On occasion I exit and re-enter - for me this I count this as the same trade. Things turned around for me when I started taking less trades and crucially was OK taking less trades. The need to be involved has gone, with age and experience it just dissipated. GL

 

[NVP]

I was asked to do a profile here a while back at T2Win and your comments are pretty much as I observe in that piece .....

we all need to experiment and then find and perfect our own edge ........once achieved sound execution should deliver profitability ...

we are all wired differently but can always learn a lot from others and how they do things...........!

N

 

[Forexmospherian]

Usd / Cad - 1 min LR chart for NVP

Hi N

This is the 1 Min LR chart on Cad for today - with 2 main Time windows ie 7 00 am and Midday

I do use trendlines and channels along with my LR structure - and highlighted at Midday it was saying price should go lower as suddenly all 9 Lrs had gone over price - even the 2 long ones saying - sell

 

[Forexmospherian]

I was asked to do a profile here a while back at T2Win and your comments are pretty much as I observe in that piece .....

we all need to experiment and then find and perfect our own edge ........once achieved sound execution should deliver profitability ...

we are all wired differently but can always learn a lot from others and how they do things...........!

N

I agree fully

You have to find a way that suits you etc etc.

I have always enjoyed micro managing and being busy etc and like you N as trained originally as an accountant - like figures and stats ( and blondes )

So after getting some tips about 10 yrs ago - worked on an method using info from well known short term traders like Al Brooks and Lance Beggs etc - and then added to them etc etc

In the end the most over complicated method out - but it works most of the time

Posted that Cad chart for you to study and see if it makes sense - along with your 5 min - 30 /60 min correlators etc

Regards


F

 

[Forexmospherian]

I personally believe scalping is very very hard due to the nature of human psychology. It takes a certain type of character to be able to take scalp with impunity, cut the losers tight. Sounds as if F is one of these characters. i believe the skills can be learnt but it requires an individual to broken down and rewired, something that is very difficult. Just like joining the army, they teach you how to do everything again right down making your bed with a ruler. I dont mind admitting that I cant take 10+ trades a day and be profitable, I am just not wired that way. The ups and downs of it play havoc with my decision making processes. These days I only take 3 to 4 trades per day max, sometimes only 1. On occasion I exit and re-enter - for me this I count this as the same trade. Things turned around for me when I started taking less trades and crucially was OK taking less trades. The need to be involved has gone, with age and experience it just dissipated. GL

You are right on your views etc

You can learn to re-programme etc - took another member here - a guy called Major magnum to go from swing trading to intraday scalping approx 8 months to really get it and be successful with live trading - and that was after 500+ trades having results from like 10% win ratio right up to 100% on 30 trades

I am still learning - but my age now stops me going from strength to strength this next 5 years - so hope to be retired ( fully) in next 3 yrs now

 

[Forexmospherian]

GU

I think stop can be 94 /5 now - tried a few times this last 2 hrs to go over 92/3 and cannot for now - so just need under 80 and 78 now for the LL's and Lhs etc

 

[SpreadDoctor]

I agree fully

You have to find a way that suits you etc etc.

I have always enjoyed micro managing and being busy etc and like you N as trained originally as an accountant - like figures and stats ( and blondes )

So after getting some tips about 10 yrs ago - worked on an method using info from well known short term traders like Al Brooks and Lance Beggs etc - and then added to them etc etc

In the end the most over complicated method out - but it works most of the time

Posted that Cad chart for you to study and see if it makes sense - along with your 5 min - 30 /60 min correlators etc

Regards


F

I get you. Damn accountants everywhere lol. I like Al Brooks work and I know he stated it took him 10 years to become profitable and has now been profitable 10 years straight, prior to that he was an eye surgeon. He is very good at 'The What' but he doesn't address the 'Why'. I know it is not necessary to know 'the Why' to be profitable, definitely not to have an edge. Not knowing 'the why' bothers me though, damn scientist in me. This is why I ended up using fundamentals for longer term biases and dealers/MM for short term biases. As NVP says all this stuff is horses for courses. Trading is such a great business to be in.

 

[SpreadDoctor]

GU

I think stop can be 94 /5 now - tried a few times this last 2 hrs to go over 92/3 and cannot for now - so just need under 80 and 78 now for the LL's and Lhs etc

yeah it's starting to roll over now.... still think it should be trading lower though given the numbers that have been out.

 

[SpreadDoctor]

GU - must be all those poor bar stewards buying off the ascending 1 hour trendline. Oh well someone has to lose. lol

 

[NVP]

the issue is that usd and gbp have been highly correlated for the last few hours....... they both fell and are both now rising again on 5 mins ......... until they divorce we see flatlining............if you were buying pretty much anything else into the GBP in last few hours (except yen and usd) there were no issues

N

 

[SpreadDoctor]

but my age now stops me going from strength to strength this next 5 years - so hope to be retired ( fully) in next 3 yrs now

well that scalping will take it out of you. That FX documentary I posted yday from the 80s had an interesting comments on age. The dealers on the Barclays dealing room floor were starting in their early 20s and by early 30s they were moved to oversight roles.

 

[NVP]

well that scalping will take it out of you. That FX documentary I posted yday from the 80s had an interesting comments on age. The dealers on the Barclays dealing room floor were starting in their early 20s and by early 30s they were moved to oversight roles.

yep..............that word explains a lot

 

[johnradical]

Hi N

This is the 1 Min LR chart on Cad for today - with 2 main Time windows ie 7 00 am and Midday

I do use trendlines and channels along with my LR structure - and highlighted at Midday it was saying price should go lower as suddenly all 9 Lrs had gone over price - even the 2 long ones saying - sell

F,

The last scalp at 4:09 on your chart did you take it? I hesitated on that one as I wasn't sure if the price was just going to keep falling. What were your signals for entry on that particular scalp?

Cheers,

 

[Forexmospherian]

well that scalping will take it out of you. That FX documentary I posted yday from the 80s had an interesting comments on age. The dealers on the Barclays dealing room floor were starting in their early 20s and by early 30s they were moved to oversight roles.

Interesting - I started trading before I was 50 - but got really into scalping by the age of 52 /53

Now near 61 and I reckon I peaked 2 yrs ago - still don't wear spec's but reactions not as quick now and no longer want to do 20+ trades a day over 12 hrs - 10 -15 trades over 8 -10 hrs with 4 hrs of screen time enough

Also spent 25 yrs + in business doing the 50 -80 hrs a week including weekends away etc oversea's and travelling - with big pressure - so 5 days a week stuff is easy peazy - my wife and kids think I am just part time and getting lazy ( lol)

But my typing is super quick nowadays lol

 

[Forexmospherian]

F,

The last scalp at 4:09 on your chart did you take it? I hesitated on that one as I wasn't sure if the price was just going to keep falling. What were your signals for entry on that particular scalp?

Cheers,

I know we needed over 58 and 61 to keep it on for a bigger turn - so took it as a scalp and exited around 51/52

 

[Forexmospherian]

Friday 22nd August 2014 - Pre Opens

GM - FX Intraday Traders

Last trading day of the week and Monday is a UK Bank Holiday and I am away to next Thursday 28th

Normal Stuff - quick review and update on the pairs I plan to scalp / short term trade today along with levels etc I will be looking at buying or selling from

Cannot always call every scalp - but if you are able to use or look at a 1 Min Linear Regression chart - similarly set up to the one I use along with time windows etc - then you will see more what I am doing

Check out my other Intraday thread in another part of the forum to understand more of my methods etc and any FX trading related questions are welcome.

Also in busy periods and when we have a few members all posting at the same time - refresh the page every 30 seconds so that you catch all the trading suggestions etc

Have a good day

Regards


F