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

[tdezo]

MM,
looks like the statement shows Bid prices , just like charts. So your position was not opened at 17 , it was 17+ spread. Sold at 21 - spread. This could be an explanation.
Basically a short term position small gains eaten up by spread , twice , slippage , commissions if any. The same short term position losses on the other hand magnified by the same. So a break even / no profit or loss/ trade does not mean you entered and exited at the same price. It means the price moved in your way by 2-5 pips at closing time. I think this is the hardest part of scalping. If price moves against you 4-5 pips , it means you're gonna book a 8-10 pips loss. /- 4-5 p - 2x preads - slipppage -comissions./

 

[Forexmospherian]

this is what I don't get

4pips at 1.4m size =130 net
-1 pip at 600k size =-111 net
How can I overcome this
it feels like an uphill battle when this happens!

Hi MM

Did not get back until 5,30pm - Christmas trafiic ;-(

Re this post you have asked me to look at

You need to go to your broker ( FXPro I think ? ) and ask them to explain it in more detail etc

See the spread is low - which is great and in theory you made 4 good pips at 70% stake and 1 bad losing pip at 30% - but the commission they have charged on your 1 bad pip is excessive for amount size.

The end result is still a positive money net result - but with additional brokers commission charges they are screwing you more ( both ways) ( crafty ) than should happen

For example keeping it easy - use $ per pip - so $14 at 4 pips is $56 and then minus 1 pip at $6 gives a net of $50 and then even after spread and commission - say 1 or 1.5 pips at average should be less than $16 -18 leaving you still with $32- 34 profit.

Not much - but after all the average here is only just approx 2.5 pips net

Ideally you place $ 30 + a pip and not take 70% off under 7 or 10 pips - hoping after a slight pullback the move will go to 20 or 30 or even more pips.

If you know when you scalp you might not hit 7 pips - ie quick scalp on a small retrace - with no AAA+ rating you take 100% off at what you can grab in the black - ie 3 pips or 6 pips etc - take profit with 100%

Remember trading is not a science - I must repeat - its not black or white - there are loads of grey areas to overcome.

All I know is profit is king and 4 pips at 100% stake is better than any loss - ;-)

But if you are risking up to 5 pips to only make 2 or 4 pips - not a good idea - but using 5 pips to make 7 pips or 14 pips or even 25 pips - is brilliant

Keep it in context - be choosy with your scalps - as I have said only 1 or max 3 per hour - not 4 -8 scalps in an hr - you will end up burnt out and chasing your tail ;-))

Everyday - you need a scalp over 10 pips on 100% and also 1 or 2 trades making 20 -50 pips even if most of those pips are on only 30% stakes - still good business ;-))

Hope this helps MM

Regards

F

 

[tdezo]

Yes all this has really thrown my game. ive been going over figures etc but need more time to work it all out. I hope I can work it out cos it cant be a game changer, as F works to these tolerances too, or maybe his costs are low enough for better odds

F emphasized several times the importance of low spread and low trading cost for good reason. Speed of execution could be a major factor as well.

MM , why don't you just use fixed size , 1 Lot , without reduction , just straight in and out for some of you trades? It would show very clearly the costs of this position.

 

[Forexmospherian]

F emphasized several times the importance of low spread and low trading cost for good reason. Speed of execution could be a major factor as well.

MM , why don't you just use fixed size , 1 Lot , without reduction , just straight in and out for some of you trades? It would show very clearly the costs of this position.

Agree with you tdezo

The commission charges on part trades seems to be too high here - I appreciate MM as said its a demo with no special deal.

He needs better rates for part stake trades - but also need to check that he is not splitting the orders into 2 before trading.

You only place one entry - and to keep it simple it should be a say $30 per pip - or even better on the demo - $50 or more a pip - and then the main split needs to be higher than 50% - ideally 70 -75% as this gives you a bit more leeway - as long as you get more than 7 - and ideally 10+ pips - before taking part off

On 2 - 6 pip wins only - just take 100% off - unless you are really sure it going to go further and any pullback will not take you in the red of entry

Regards

F

 

[Forexmospherian]

Morning Traders - approx 7 00 am UK time and quick review

UChf - New low yesterday 8832. Last 12 hrs been trying to rise - but needs over 60 and staying above 44 to continue in any intraday up trend

EU at 3773 and bullish above 3760. Needs over 3800 to think it will continue up as we have a LH there and if this pair as topped then we might even see another LH under 3800.

GU - Over a week of LH's and LL's with yesterday down to 6215 would need back over 6360 to break the sequence - and bullish atm over 78

Hour change window coming to an end in next few mins

More updates to follow along now with scalp plans

Have a good day

Regards

F

 

[Forexmospherian]

AU - testing the R which was S yesterday - at 8910 -20 area. Above 8901 a scalp buy but we need over 14 to hold

 

[Forexmospherian]

EU - scalp buy - but to hold it need over 77 and under 72 pull

 

[Forexmospherian]

AU - testing the R which was S yesterday - at 8910 -20 area. Above 8901 a scalp buy but we need over 14 to hold

We just touched 14 - but could not breach it. - out at 12 - but above 06 it may try up again - but with PA so slow atm - can only scalp for bits and so on EU - no 76 so except 2- 4 pips - unless you are prepared to hold - but 72/3 is scalp sell time again

 

[Forexmospherian]

GU - above 86 in scalp buy bias with 6300 being a natural R - so far we have just touched 97 and then a pullback is happening now AU is also still trying up - but now EU seems to have topped at 78 and under 74 became scalp sell.

Be careful with EU though - as play can be excessive - just to make it more difficult to trade

 

[Forexmospherian]

EA - keep an eye on 5420-5430 area - as will see if I can get a scalp buy in that area from a pullback from top at 80 area. Current price is 5457 and under 70 still in scalp sell until at least 40 I would have thought

GL

 

[Forexmospherian]

GU - above 86 in scalp buy bias with 6300 being a natural R - so far we have just touched 97 and then a pullback is happening now AU is also still trying up - but now EU seems to have topped at 78 and under 74 became scalp sell.

Be careful with EU though - as play can be excessive - just to make it more difficult to trade

EU taken 70% off scalp sell at 65 and will hold 30% on with stop in profit at 72

GU - under 86 was scalp sell - late getting in at 83 and now 70% off at 77 with 30% stop now at entry

 

[Forexmospherian]

Eu - 30% taken off scalp sell at 61 as support area 57-60.

 

[Forexmospherian]

EA - keep an eye on 5420-5430 area - as will see if I can get a scalp buy in that area from a pullback from top at 80 area. Current price is 5457 and under 70 still in scalp sell until at least 40 I would have thought

GL

posted approx 30 min ago and EA now at 5439 - taken 70% off scalp sell with 30% in profit at 51.

Still want to scalp buy - but hoping in 20 -30 area rather than 30 -40 price zone

Lets see in time window ?

 

[Forexmospherian]

Stopped out 30% stake on GU at 83 - with 82 being a scalp buy price - but have not taken it as a lot of GU news in next hr - so will look at this pair more later on

 

[Forexmospherian]

Half hr time window and EA low at 5437. Still not scalp bought yet - but have placed 30% stake stop on sell down to 49 and now will just watch next 5 mins - before deciding next action

 

[Forexmospherian]

Dilemma on EA - 38/9 is scalp buy - but need 52 to hold - and my scalp sell 30% stake stop is at 49

Will let it play out for now

 

[be-positive]

forex are you going to be here for 9am session

 

[Forexmospherian]

forex are you going to be here for 9am session

Hi BP

got to pop out at 9.10 am and hope to be back at 10am and then around again

Yes we have EU news soon on hr and then GU news on half hr

Will give you my thoughts on these 2 before I go out - and nor forgetting later on tonight at 7pm all the US stuff - that yet again could be a game changer

Have a good day

Regards

F

 

[Forexmospherian]

EA - taken out 30% scalp sell as the scalp buy as made 52 now. See if low holds for 30 mins and above 38 look for more scalp buys off pullbacks

 

[Forexmospherian]

With regards to next hr and news etc effecting EU and GU . Both are still bullish - but with LH's saying topping might be taking place. The market might still really be waiting for tonight and US news and so we might only see just 15 -40 pip moves - rather than large one