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

[bustech]

 

[Forexmospherian]

I never said you were selling anything. I said you were telling porkies about your situation.

Commissions are of total interest to scalpers since they are the primary reason higher frequency trading is a negative yield venture for retail types.

You failed to address my questions about commissions and said you'd get around to them later, and again you avoided them here.

As I said in that post, you may well be the best scalper who ever lived, but you do not trade size, and you have never traded 2.2 million clips if you pay 10k commission in a few months and think an ECN can legitimately offer zero spreads. You needn't worry about me though, because with zero spreads you're about to make an absolute fortune with a breakout trade on the bid rate and press conference. The market has no way to take people out who don't pay a bid/ask.

Hi random 1234

OK lets start answering all your points with regards to the what I actually pay my broker and a lot of the other stuff you have mentioned saying that I am telling porkies etc etc

Did you read my first post in this thread ??

ie - the one that I said I hit 20/22 lots and peaked - I hit my financial wall and was no longer able to carry trading at that level - in fact I know I have not take more than 10 trades at that stake size - and it did my head in and nearly made me give up altogether.

So you then say you should be paying a lot more than $10 k a month on your spreads and commissions to your broker - NO wrong - again

If you were to read again any of my first few blogs you would see now I don't go over £100 a pip - ( 12 / 14 lots ) and the fact that i drop down to "free trades" - my average lot size could easily be under 6 full lots

That still does not stop me making $30 k a month - in fact you could do it on just 2 lots per trade if you able to make over 1500 pips a month - yes done that many times in a month.

However - every month can be different - in fact every day can be different - trading is not linear and you stay the same all the while in your journey.

I might have a bad month - ie only trade say 12 / 13 days - and struggle to make my 50 pips net target on occasions - which results in me only making say 600 - 800 pips in the month

Another month - I am in the zone - with no holiday breaks and the market is easier and I trade 19 days and i average over my 50 pip per day easily and have the odd bumper days hitting 200 -400 pips - yes that can and does happen as well - and then I have to pay my broker a lot more - but I don't mind paying my broker even $14k a month if I make over $40k net - far better than only paying him say $8k and only making $27k net - yet again its not all linear - just like this compounding malarkey traders pull straight off an excel spread sheet - ie real life trading is just not like that - trust me - butt you know that

I will say I thank you for not believing all and sundry that I am selling something connected with Forex trading - I can assure you - you are correct and I am not - but i suppose I have promoted the group Forexmosphere and the spherians - who are not a secret clan - just a group of traders with similar open minded views who like to use their E.Y.E.S and B.R.A.I.N.S to trade and not just follow the sheeple.

Some think we should not help new traders too much - and they should learn the hard way - ie do their time along with hard work and study and then if they are really dedicated and use their own brains etc - they should get there.

I was helped originally - everything I seemed to pay for - was not really that good - it just left me average in performance - but then i was given a few tips that lead my into developing my own way of short term trading - and when combined with advanced MM - you can make it work .

For me though - my brain would not let its work at high compounded rates - I hit my wall - and so I still use a retail broker - and I do have trades at certain times - with ZERO or near ZERO spread - but still a commission.

I am quite happy with the EU and GU having spread under 0.5 pips most of the times - and then have no problems to it widening to 1 -4 pips on news items etc etc

Commissions are negotiable and the larger the money you are placing as stakes - the more you can try for better deals - especially if you are doing well over 100 trades a month - broker's love you.

I am an expert scalper on only currency pairs - i am not an expert on Gold or other commodities or stocks and shares etc - and nor am I am expert on all brokers and the best deals month to months.

You may well be and if you are I would welcome advice - especially if I can save 5 -10% on what I am already paying out - but aay there will always be costs - and yet again did I say I get zero spreads with no commissions for all my trades - ????

So in conclusion - I think you have been trying "hardball" with me over nothing - and certainly trying to put words into my mouth - but don't worry - you are not alone ;-)

I think though you are very knowledgeable on trading and may well be an excellent trader yourself - so have no problem - even if we might totally disagree on so many aspects of the "game"

There still may be more for me to answer - but I think if you re read many of my early comments - you would see i have never said I am making 100's of thousands per month etc etc - in fact i have been most open with my results and still stand by my quote - I can make money every day from forex trading - but whether I could using say 100 lots per pip - don't know - totally a different ball game -and as I have said before - i already know my limits )

Have a good week

Regards

F

 

[Forexmospherian]

Before we start this next week - I have just been looking at trading thoughts on other network sites - from both retail traders and of course commercial funds and Banks.

Personally - i don't trust any bank advice - especially if it from Goldman Sachs and UBS. These guys talk with forked tongues and some of their trader forecasts will say - for example - we are selling the Euro and aiming at 3150 - yes they quote even x amount of millions etc along with their 150 -200 pips stop loss.

Surely they are being truthful ? yes maybe - they are selling in one of their divisions with x millions on - but then in 3 other divisions they are buying like mad just around 3200 - with 50 x millions with a first quarter target for 2014 of above 3800 ;-)

Other groups are checking their weeklies and monthly charts and see H & S etc and other patterns and are looking at 400 - 700 pip targets.

Well as far as I am concerned - I have not got a clue were price will be at the end of November and then in January - because I am not a fortune teller or massive guesser.

How can you factor in if Obama gets shot and / or just off the coast of Greece they find massive oil wealth - larger than anywhere in the Middle East - and then Merkel decides due to sudden ill health to retire - etc etc - we just don't know what is around the corner in another week or month.

However when I am trading in the next 30 min period - i feel fairly confident I am not guessing too far ahead and that my probabilities are a lot higher than long term investment trading.

Just like guessing the weather in the UK ;-)

That's only my view - but for me trading the hardest part - ie mainly the noise under 30 or 50 pips is the most rewarding - as better probabilities and also generates the chance of higher returns

I know thousands of traders disagree with me - and they are quite entitled too - but can they make money out of forex trading every day ???

 

[Forexmospherian]

Morning traders - just gone 7.00am UK time and EU trying up at a R area of 3372 -75 area. Its a scalp buy and worth holding over 80 - whereas fall back under is scalp sell land which then should be held under 57 and 54.

Will check out a few pairs - but its is a Monday - so might be slow until even London Open

Lets see - have a good week ;-)

 

[Forexmospherian]

Eu still cannot get over 72 /3 area and although still a scalp buy above 66/7 - its going nowhere for now with 3 mins to half hr change.Would need under 65 to look at scalp sells and then 57 and 54 to hold them on - whereas 75 and 80 mean holding scalp buys. Out for London Open but back at desk then next hour

 

[Forexmospherian]

Morning Major Magnum - Sorry been delayed this morning - as total gridlock in our area - with a few trains down and trafiic chaos. i am normally back from school run at 8.40 - today - 9 30am

The EU as been slow but nice with price now at 3394 - only left 30% of scalp stake on with no stop in profit - but instead 5 pips under my second scalp buy entry at 68 and it held

Moving stop up to 80 and will hold scalp buy on until next hr change and look at some other pairs

 

[Forexmospherian]

EJ as been the better scalp buy from earlier on - but did not take it with me going out - and the GU as messy PA - so ignored.

Swissy (U/Chf) as been a slow scalp sell whilst EU tried up - but that may well change in next hr frame

I am out again at 10.10 - but hope to be back after 11.00am

Being a Monday am - I dont think PA will set the world on fire - and so not too bothered missing part this session.

Hopefully I can devote several hrs to some intraday scalp moves between midday and London close

Regards

F

 

[Forexmospherian]

We have entered my time window - and we cannot get past 94 on EU so take the 30% off at 91 and now look to see after hr change we can get a scalp sell ?

 

[Forexmospherian]

EU - would need under 86 and 84 to get into scalp sells with 92 holding - so not quite a 5 pip stop there so not so keen to take it yet - will wait as I prefer all trades under original 5 pip stop and then after any scalp sell entry need price under 81 to hold scalp sell

Back over 96 and 98 would scalp buy again - in case a spike over 3400 before then a pullback again

 

[Forexmospherian]

EU price action as been nice prior to Opens - not like GU ;-)

EU chart attached

 

[Forexmospherian]

GL - major magnum - EU scalp sell might be OK - but need to see under 84 now and then would hold it if we made 79 on part stakes - ;-)

 

[Forexmospherian]

when did e/u hit 96? hi 4 me was at937 at 09:50, but its a demo account do does that make a difference?

My EU high was 33941 - yes all our charts will differ by normally 1 to 3 pips depending on broker and live and demo accounts. I did not mention 96 - i dont think only 3394?

Under 86 and 84 were needed for the scalp sells and then we need to stay under 93 - otherwise bail if not out all ready ;-)

 

[Forexmospherian]

The EU does have interim supports from 75 to 79 area - so any pullback might be light - and then it might be another case of looking for scalp buys again.

I would need under 70 and 65 to think the up bias is going away - but out again now - so will not hold any scalp buys or scalp sells

GL - see you after next hr or so - for i hope longer ;-))

Regards

F

 

[Chooseyourusername]

for the benefit of someone who can't be bothered to read five hundred posts, what's the point of this thread, please?

 

[ffsear]

for the benefit of someone who can't be bothered to read five hundred posts, what's the point of this thread, please?

The clue is in the title

 

[tdezo]

Thanks Forexmospherian for your detailed explanation. Makes sense , explains everything very well.
Regards

F[/QUOTE]

 

[Forexmospherian]

Hi Guys - back now for an hour or so

 

[Forexmospherian]

Thanks tdezo - any other questions - no problem and sorry today not been covering 3 or more pairs yet - as had a few domestic jobs that have took way longer than they should heve

Update for this next hr change at 2.0pm UK time

EU - up at 3412 and broke the resistance areas - but needs to stay 3390 and 84 to carry on trying any further highs. May be a chance for a scalp sell or pullback in the next half hr - especially if we can peak by 2.09pm - will watch this one along with EJ- that as been similar to EU rising and as done over 80 pips+ so far - but had not traded it earlier - as was in the EU .

Need to check out next R's on EU and EJ and then supports for swissy ;-)

 

[Forexmospherian]

interesting - both EU and EJ have R;s 13 -17 pips higher and swissy as support less than 12 pips lower of current price

 

[Forexmospherian]

for the benefit of someone who can't be bothered to read five hundred posts, what's the point of this thread, please?

Hi Chooseyourusername - just seen your comment - I think both ffsear -and myself know who you are - having just joined again and with only 3 posts etc etc.

A very positive way to join any forex social network site - by still having a go at the member you attacked under your previous nic.

Pretty pathetic really - So I will totally ignore answering your question and just get on with intraday trading

I wish you well and have a great trading week

Regards

F

PS - you are more than welcome to follow and ask proper forex related trading questions - if you are so keen on following me