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

[Forexmospherian]

yes ok have been less than robust recently.

Most days I will have 1 to 4 bad scalps - but they are not adding up to 20 or 25 pips in total

Some times 3 bad trades are less than minus 10 and then - 2 good trades can be up say 16 pips and even up to 40 pips

On average I have 8 to 13 good trades a day - that can take care of even 6 bad trades quite easy

 

[MajorMagnuM]

Now back from 6693 to 6405 - 7 area

Cannot scalp sell again atm

But will be keeping an eye on it if we stay under 6711 now

yes i took double figure on that one, was good entry and very clear

 

[Forexmospherian]

EU cannot get over 3698 for now

Lock some profit in if you can MM

 

[Forexmospherian]

yes i took double figure on that one, was good entry and very clear

excellent

 

[MajorMagnuM]

ok gonna get breakfast and then begin again. gu scalp ouitweighed eu loss and au loss.

 

[MajorMagnuM]

EU cannot get over 3698 for now

Lock some profit in if you can MM

took a small loss a while ago

 

[Forexmospherian]

EU now then under 98 is scalp sell - confirmed at 94 and 92

Would only scalp buy again over 3703 and 7 I reckon

 

[Forexmospherian]

EU now then under 98 is scalp sell - confirmed at 94 and 92

Would only scalp buy again over 3703 and 7 I reckon

Teasing me here over 98 now - out scalp sells - but not in buy atm

 

[Forexmospherian]

GU not gone over 6711 - so a scalp sell is now confirmed under 06 and 03

 

[tar]

Amazing , FM and MM reply to each other within 1 minute - most of the time - , i dont understand , are they really scalping and paying attention to the markets or they just keep refreshing the page here to check the latest and then reply ?!

 

[MajorMagnuM]

GU not gone over 6711 - so a scalp sell is now confirmed under 06 and 03

what about mid term lr set under price on GU?

 

[MajorMagnuM]

Amazing , FM and MM reply to each other within 1 minute - most of the time - , i dont understand , are they really scalping and paying attention to the markets or they just keep refreshing the page here to check the latest and then reply ?!

Sorry what point are you making?
i have taken a few scalps this morning. i refresh alot, sometimes i even check back a page if a post i make appears at the top of a new page> Is that ok?

 

[fx_]

Amazing , FM and MM reply to each other within 1 minute - most of the time - , i dont understand , are they really scalping and paying attention to the markets or they just keep refreshing the page here to check the latest and then reply ?!

may we need again the cleaner for post same this

 

[MajorMagnuM]

and i sold GU.

 

[Forexmospherian]

EU now then under 98 is scalp sell - confirmed at 94 and 92

Would only scalp buy again over 3703 and 7 I reckon

Did not even get to 3700 - but came out scalp sell and had to reenter again and now down at 94 now

 

[MajorMagnuM]

to add, i do check the thread all the time for F advice, but usually end up off beam on my own misled odyssey. then i try to follow F more closely for help. I do not think that is bad thing

 

[MajorMagnuM]

Did not even get to 3700 - but came out scalp sell and had to reenter again and now down at 94 now

missed it. sorry i did not get the reply in within 1 min

 

[MajorMagnuM]

gu sitting on aforementioned lr set

 

[MajorMagnuM]

next supps for GU at 66936 and 896 if we can break 70

 

[sonofcablemonster]

Most days I will have 1 to 4 bad scalps - but they are not adding up to 20 or 25 pips in total

Some times 3 bad trades are less than minus 10 and then - 2 good trades can be up say 16 pips and even up to 40 pips

On average I have 8 to 13 good trades a day - that can take care of even 6 bad trades quite easy

sounds good. I don't know any profitable intraday trader who does not cut losses tight. Certainly I would have moved along with my trading faster if I had stuck to a tight stop loss. For me the sweet spot intraday is 3 ticks, 4 ticks was too much for me. So I NEVER take a loss more than 3 ticks but this is the MAXIMUM and really 2 ticks is far better. My daily loss limit is 15 ticks and I quit when I am 20 ticks up. If I get up to +15 ticks and then lose a couple of trades and I am up +10 I always quit for the day. So easy to give it back. Doing this I had 2 losing days in January, the rest positive.

A surprising amount on the journey to becoming a CPT comes down to loss control imo. It doesnt matter if you are right/wrong/whatever you just have to GTFO. The thing is I know if I make 5 good trades according to my plan and I take 5 x -3 tick losers I will be down -15ticks for the day and I finished for the day. As long as I have done everything I should I will sleep soundly. How would I feel if I had a few +3 wins a few -3 wins and a -11 tick shocker, I would feel like 5hit.

You just have to get over the 'being right' psychological monkey. I watch the Bund ladder and if I take a trade long then it could be the best trade I have ever seen in my life but if someone drops a total 3000 contracts at market in the next 90 seconds then it doesnt mean I am wrong, it means GTFO without feeling your were wrong.

When you are trading I find it helps to focus your 'inner chat' to yourself on loss control. So constantly in my mind I have 'I take 3 tick losers' over and over again.

AND if you cant take small defined losers then quit as you are going to be bankrupt soon.

anyways this applied to people who overtrade and have discpline issues (like me). Some people who tend to be the 'scared to trade' type have this built in however they have other issues to contend with. I think most people overtrade rather than undertrade.