GM
4 trades from Franky, 3 consecutive losses, one win....my RR is 1:2.
On all trades I followed my system
F
I read you post on the other thread. let me know when is coming, I am in and out.
7 09 am
GU
Price at 5542 and its fallen from a high on New years eve of 5619 area
Under 5585 area we are in a bearish price structure for now and start of the European session
That does not mean we cannot scalp buy - its just that we would need to see moves up over 40 /50 pips to be thinking the scalp buys can be left on for a larger pullback and tries above 5620+
5535 -40 is a support area so we need to see if this can be breached first
8 19 am
EU back at 2068 again after just a 12 pip pullback
From 2070 to 2080 its all R area - so unless we breach through this area - we will stop again and rest or pullback
Pullbacks staying over 58 can be scalp bought again - but under 54 and 50 scalp sells
Hi Fugazsy
I think you need to adjust to away from fixed targets
The market is dynamic - not in fixed cycles
For me a stop can be as tight as 3 pips including a 0 3 pip spread - or if i need 7 pips - I will take it on pairs with spreads over 2 pips
Targets to me are always floating - I might take profit at 7 pips - or 12 pips or 19 pips - go with flows and PA on tick and one min - rather than fixed in stone approach
Will exolain why you need to multi trade more as well - and why more trades for an experienced trader with a dynamic system - does lead to more pips and better results
Also - never let 4 pips + in the green go to a loss of minus 3 or minus 7 pips
Regards
F
morning pete did you short GU in 9.00 tw
F
Thank you for your post.
My tp is double of my risk, pretty good in in the arch of 10 minutes circa.
Letting it run based on PA may not work well in a range market, actually it may give worst RR, yes it may be good in a runway market, but I am covered with that in the sense that I will take additional trades before my previous TP is reached.
Regarding my trades showing positive pips, I will trail my SL to BE after +5, but does not work well all the time, in a slow market, often it will triggered (SL) just to see you trade get to target afterwards.
Quote:
Originally Posted by Forexmospherian View Post
F
More trades does not mean more profits, one has to learn how to trade without taking any trades meaning has to learn to stay engage with the market without been in it........In my view, there are not numerous opportunities (in the arch of 4 hours for a target of minimum 10 pips) in one instruments, some days you can have 6, some only one, the key is to be there, recognise the conditions and take the best trade available, if none but engaged in it shows a great deal of maturity as a trader.
Hi Fugazsy
More trades does not mean more profits is very applicable to over 85-90% of all FX traders
But the 5 -10 % of experienced scalpers who have a tried and tested formula that as worked for multi years - in any type of session then the answer is different.
First of all you need to know over 1000's of live trades that you can maintain above a 60% win rate. Thats not just on 10 trades - but also on 40 trades or 400 trades etc.
My system used by me as given me poor win ratios of 61/2% on batches of 100 trades up to a best of 87% on 100 trades - I think an average ove 72 -75% is possibll - but only when you are fully experienced and totally focused in your zone - thats your zone - ie what ever gets you there - ie pressure or no pressure etc
So if I take 5 trades and I have a average win ratio of only 65% then on say 5 trades i will have say 3 wins and 2 losses.
Lets say I make an average 7 pips on a win and average loss 4 pips
So 5 trades result 21 pips of wins minus 8 pips of losses - end result - 13 positive pips
Now if I take 10 trades - result with same stats - 6 wins - 4 losses say
Then 42 pips on wins minus 16 pips on losses - end result 26 pips
Now if i take 16 trades - ( easy to do over a busy session on 2 pairs ) my result might be say 10 wins and 6 losses
With stats as before - 10 wins is 70 pips and 6 losses are 24 pips - so end result is 46 pips positive.
Now - you can only do this if you have a system that allows you to take over say 40 trades a day on multi pairs.
If your system only allows 10 trades - because of stop size and targets - then you overtrade trying say 16 trades - and fail
My system easily allows up to 40 trades over 8 -10 hrs
I rarely take over 20 trades - normally in the 10 -20 range - but if I have say 7 great wins on the trot in first 2 hrs and over target - I can easily stop for day.
BUT
If i have made 8 trades with say 5 losses - i know I need more trades to make money
So i might need another 5 good trades or even another 9 on 50 /50 results - but more thgan likely with my system I will end up in a profit
That would not happen if I stopped after 8 trades with 6 losses - ie 2 at 7 pips 14 pips on wins and 6 at 4 pips 24 minus pips - end result a loss of 10 pips
Multi trading is so IMPORTANT for intraday traders - BUT
Only when you have a great system and are experienced etc
Regards
F
Forexmospherian is invisible Report Post Like Forexmospherian's Post
GU
9 32 am
5518 is cut off on any more sells on pullbacks
Above 5520 and 27 is scalp buys
Quote:
Originally Posted by Forexmospherian View Post
F
More trades does not mean more profits, one has to learn how to trade without taking any trades meaning has to learn to stay engage with the market without been in it........In my view, there are not numerous opportunities (in the arch of 4 hours for a target of minimum 10 pips) in one instruments, some days you can have 6, some only one, the key is to be there, recognise the conditions and take the best trade available, if none but engaged in it shows a great deal of maturity as a trader.
Hi Fugazsy
More trades does not mean more profits is very applicable to over 85-90% of all FX traders
But the 5 -10 % of experienced scalpers who have a tried and tested formula that as worked for multi years - in any type of session then the answer is different.
First of all you need to know over 1000's of live trades that you can maintain above a 60% win rate. Thats not just on 10 trades - but also on 40 trades or 400 trades etc.
My system used by me as given me poor win ratios of 61/2% on batches of 100 trades up to a best of 87% on 100 trades - I think an average ove 72 -75% is possibll - but only when you are fully experienced and totally focused in your zone - thats your zone - ie what ever gets you there - ie pressure or no pressure etc
So if I take 5 trades and I have a average win ratio of only 65% then on say 5 trades i will have say 3 wins and 2 losses.
Lets say I make an average 7 pips on a win and average loss 4 pips
So 5 trades result 21 pips of wins minus 8 pips of losses - end result - 13 positive pips
Now if I take 10 trades - result with same stats - 6 wins - 4 losses say
Then 42 pips on wins minus 16 pips on losses - end result 26 pips
Now if i take 16 trades - ( easy to do over a busy session on 2 pairs ) my result might be say 10 wins and 6 losses
With stats as before - 10 wins is 70 pips and 6 losses are 24 pips - so end result is 46 pips positive.
Now - you can only do this if you have a system that allows you to take over say 40 trades a day on multi pairs.
If your system only allows 10 trades - because of stop size and targets - then you overtrade trying say 16 trades - and fail
My system easily allows up to 40 trades over 8 -10 hrs
I rarely take over 20 trades - normally in the 10 -20 range - but if I have say 7 great wins on the trot in first 2 hrs and over target - I can easily stop for day.
BUT
If i have made 8 trades with say 5 losses - i know I need more trades to make money
So i might need another 5 good trades or even another 9 on 50 /50 results - but more thgan likely with my system I will end up in a profit
That would not happen if I stopped after 8 trades with 6 losses - ie 2 at 7 pips 14 pips on wins and 6 at 4 pips 24 minus pips - end result a loss of 10 pips
Multi trading is so IMPORTANT for intraday traders - BUT
Only when you have a great system and are experienced etc
Regards
F
Forexmospherian is invisible Report Post Like Forexmospherian's Post
F
Thank you for your post.
8 trades today only 2 wins. I am down 10 pips. Did nothing wrong, Only made one mistake.....emotion.....
I will call for the day and in the morning I will look at it and see if I could have done better. Ta
F
Thank you for your post.
8 trades today only 2 wins. I am down 10 pips. Did nothing wrong, Only made one mistake.....emotion.....
I will call for the day and in the morning I will look at it and see if I could have done better. Ta
Yes worth checking out all entries and exits - and see if any trade was up over say 4 pips and you let to go into a bad trade with a loss ?
I know at on stage MM was having period of over 7 scalp losses consecutively - he worked on it and could see his problem and then got his win ratios of over 70% and his losses as small as only 2 or 3 pips.
But it took maybe a few hundred trades to get there and lots of adjustments etc etc
Regards
F