Hi myattitude
Maybe worth reading the first few pages as well -also skip through my other thread explaining my methodology -
http://www.trade2win.com/boards/tra...ding-forex-market-make-consistent-profit.html.
Every trade I take - whether its just a scalp for 3 pips or a scalp/ swing that goes on to make 300+ pips is always from a tight stop of 3 to 7 pips - which includes the spread as well
So on the GJ and say EA etc - might need to allow 3-4 pips as spread - so I need a 7 pip stop ( soft - one click style )
With my main pairs - all with spreads under 1 pip - then a 5 pip stop is adequate when you get your timing correct and allows scalps for say 7 or 10 pips to end up as trades with RR's of 2.
My entries are KEY = and paramount for my method - and so time and time windows and the 6 key times of the hour are factored into my method.
If I get the entry correct and at the correct price within say 1 minute - even if the trade does not make my goals of 7 -25 pips under 20 -30 mins - I still might be able to exit with a profit - even if its only 1 or 2 pips.
If i am totally wrong and after entry within say 1 min it goes 2 or 3 pips against me - I exit - I dont wait for my soft 5 or 7 pip stop.
If the scalp works out well - and i think it as potential of more than 20 -25 pips - I will exit with 70% and leave 30% with stop in a few pips profit .
Its then a win / win scenario - I either get stopped out with just say 1-5 pips - or it goes on for hours and days and I just move the stop more into profit. I don't have to babysit it every few mins like a scalp - once its got say 30 or 60 pips behind it - i can just check every hour or two and if it gets over say 120 pips - then it might only need checking every 4 hrs and in between I can even scalp against my 30% stake.
My method works - Full stop. I have taken in total over 16k live trades now and over 7k with the exact same way as I will do this week.
Trouble is - its complex and requires a lot of skill and thousands of live chart FX experience behind you - so that you have a great understanding of FX movements at the "coalface" - ie on charts from tick to 30 mins. I need plenty of clues and many variables to match up for a high probability
I personally dont think simple can make the returns I require from Intraday FX trading - ie 25 -50% per month off retail size accounts - with no compounding - with no large drawdowns and stake sizes on accounts over $50k under 1%
My daily target is 50 pips - some days it easy and i make double or treble even off under 15 trades
Other slow or difficult days - I might take 18 trades - have 5 go wrong - and only make 36 pips and struggle - but priority is no losing day
By all means check it out and if I can answer any of your queries etc - please dont hesistate to join in etc etc
I am at least once a day making live calls in advance of the price entry with stops under 7 pips - but for the rest of the time - if you use my chart set up - my time windows etc - then you will see trades as I see them - without out me calling them in advance - ie I don't want to be a trade alert service - and i don't sell anything - but happy to help genuine traders who might want assistance on their journey
Good Trading
Regards
F