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

[MajorMagnuM]

aj a buy here or soon?

 

[Forexmospherian]

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 ?!

Yes any one following needs to refresh pages every 30 seconds to see all comments - especially at busy times in time windows

I am use to pressure and multi tasking and even watching Sky news why I am scalping and blogging

My mind works better when its sharp and on edge - otherwise I get bored and miss so many trades lol

Anyway how are the EU and GU scalp sells doing ?

Yes take some profit ;-))

 

[MajorMagnuM]

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.

this is a pretty excellent post

 

[MajorMagnuM]

aj and au looking good

 

[MajorMagnuM]

reversed gu took -1.4

 

[Forexmospherian]

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.

HI SCM

I so agree with you

You did well in January with only 2 losing days - I have not had one for a few months now but have had 7 days when I have not reached my daily targets

Some days - its easy - 2- 4 hrs and I am at target

Other days I will be at charts for 5 hrs trying to make over 25 pips - as you say you dont always know whats around the corner

Still keep it up - but similar to Dow Jones - you know what you are up to and therefore you should always prosper on your Journey

Here's to a good February as well

Regards

F

 

[sonofcablemonster]

this is a pretty excellent post

take a look at your statements. Would you be profitable if you limited all those losses to 3 pips? It is the key to moving forward and you can cut your time to being a CPT down if you are able to do this.

GL

 

[MajorMagnuM]

aj getting better

 

[Forexmospherian]

MM out for about 30 -40 mins

See you later - out both EU and GU scalp sells a bit ago now

 

[MajorMagnuM]

staying long on gu aj au ( sl be)

 

[MajorMagnuM]

take a look at your statements. Would you be profitable if you limited all those losses to 3 pips? It is the key to moving forward and you can cut your time to being a CPT down if you are able to do this.

GL

im sorry what is cpt = a pro trader?
yes if i got over ego about not being wrong, i would stay with flows of market better.
i must get better at taking a " direction/ course adjustment" immediately"

 

[MajorMagnuM]

aj next res at 92. ( beyond this point)

 

[DowJones]

im sorry what is cpt = a pro trader?
yes if i got over ego about not being wrong, i would stay with flows of market better.
i must get better at taking a " direction/ course adjustment" immediately"

Consistently profitable trader. I've had my disagreements in the past with SCM, but he's spot on here.

 

[MajorMagnuM]

missed eu there

 

[DowJones]

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?

may we need again the cleaner for post same this

I'm guessing someone is a little sore about this:

Short EU at 1.36116 SL 1.37

Closed @ 67 = -56 pips

 

[fx_]

good point DJ !

by the way I miss the EU also MM.

 

[MajorMagnuM]

closee aj au longs

 

[MajorMagnuM]

also close gu at same time accidentally bummer as then it hot up more!

 

[fx_]

but take the PB now on EU +5 for 70% already and free trade

 

[MajorMagnuM]

ok i managed 3.7 % but going to begin afresh after lunch. ee just rang me, god they are desperate to sell anything