Shakone
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Fxmo, have you ever thought of writing a book on your methods? Perhaps when you retire.
Intraday Trading the Forex market to make consistent profit
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Fxmo, have you ever thought of writing a book on your methods? Perhaps when you retire.
Forexmospherian
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🙂
Well - interesting ........ talking of methods - I spent over double the time I have at FX trading in the condom industry - or as you might say the prophylactics business.
I reckon I know that industry really well - from R & D to product manufacture - to sales and marketing in the UK - US - Europe and Australia etc - so maybe I could do a safe sex updated version of the Karma Sutra.😍
Surely that would be far more entertaining and would sell a lot more copies as it would be appealing to lot larger world wide audience than a few thousand FX technical nerds / anoraks ( like myself) 😉
NVP
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NVP
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tar
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A book about condoms ? Nobody would read that , as usual u didnt answer the question . 😕
timsk
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Forexmospherian
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Yes - worked with 4 main brands - Sagami - Mates - Ansell and Condomi
Introduced flavoured condoms into UK and Europe - such as "lager and lime" and apple flavoured as well developing the ribbed dotted / delay action condom - a very popular one in the 1990's
A far more interesting industry than the forex markets - but in some ways very similar - ie a lot of up and down - and I always thought you did need to spend a lot of time testing 😉
Regards
F
Forexmospherian
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Trading the FX "trend" - to make consistent profits ( cont)
As a short term intraday retail FX trader - a trend for me is any movement over 3+ pips.
As far as i am concerned every move above 3+ pips is also a stop hunt - whether its just for 16 pips or 160 pips - it will more than likely take out some trader's stop loss - before then reversing in the other direction
Many traders look upon the larger trend movement as being the important one ie a monthly fall in price of say 950 pips would make them wary to take a buy for say just a 120 up move.
If you then roll back the charts over say 3 or 5 or even 7 yrs - the 950 pip monthly down trend - might actually be in a 6000 pip uptrend over 4 years - so you could say - well its in a "uptrend" still even after a 950 pip fall ?
So that lead me to realise - don't have bias - you must be willing to trade in both directions - and if you are short term intraday trader don't think you should only be a bear after a 2 or 3 day fall - or only a bull for the second half of the month if the currency pair you have been trading as been only rising in price for 11 days.
Because basically every move is a type of stop hunt - many retail traders feel they should not use stops
Well I can tell them 100% - they will end up one day in trouble - and by not using stops they are trading inefficiently - they have capital tied up in bad positions that is of no use to them - and is a waste of time and energy and resources
Ideally - for me to be 100% trading efficient on a new trade - I want my stop 1 pip only
The fact that most FX spreads are above 0.5 pips it is very difficult to work with a 1 pip stop - so I use 3- 7 pips maximum
Remember to me - a trend is 3+ pips - so if a move goes say 4 pips against my entry - I have got it wrong - ie i have made a mistake with my entry.
If it then goes another 3 pips against me - ie 6 or 7 pips - what am I doing still in that trade ??
Its in a trend opposite to the one I chose - so my reading of PA and my timing of my entry is incorrect - ie I am wrong -
What am I doing in a trade if I am wrong ?
I know many traders cannot understand the next part of my method - which come about from being into "micro management" during my business career - but for me - i have to accept I will be wrong in trading at times - and therefore to be out that trade - ASAP
More to follow 🙂
As a short term intraday retail FX trader - a trend for me is any movement over 3+ pips.
As far as i am concerned every move above 3+ pips is also a stop hunt - whether its just for 16 pips or 160 pips - it will more than likely take out some trader's stop loss - before then reversing in the other direction
Many traders look upon the larger trend movement as being the important one ie a monthly fall in price of say 950 pips would make them wary to take a buy for say just a 120 up move.
If you then roll back the charts over say 3 or 5 or even 7 yrs - the 950 pip monthly down trend - might actually be in a 6000 pip uptrend over 4 years - so you could say - well its in a "uptrend" still even after a 950 pip fall ?
So that lead me to realise - don't have bias - you must be willing to trade in both directions - and if you are short term intraday trader don't think you should only be a bear after a 2 or 3 day fall - or only a bull for the second half of the month if the currency pair you have been trading as been only rising in price for 11 days.
Because basically every move is a type of stop hunt - many retail traders feel they should not use stops
Well I can tell them 100% - they will end up one day in trouble - and by not using stops they are trading inefficiently - they have capital tied up in bad positions that is of no use to them - and is a waste of time and energy and resources
Ideally - for me to be 100% trading efficient on a new trade - I want my stop 1 pip only
The fact that most FX spreads are above 0.5 pips it is very difficult to work with a 1 pip stop - so I use 3- 7 pips maximum
Remember to me - a trend is 3+ pips - so if a move goes say 4 pips against my entry - I have got it wrong - ie i have made a mistake with my entry.
If it then goes another 3 pips against me - ie 6 or 7 pips - what am I doing still in that trade ??
Its in a trend opposite to the one I chose - so my reading of PA and my timing of my entry is incorrect - ie I am wrong -
What am I doing in a trade if I am wrong ?
I know many traders cannot understand the next part of my method - which come about from being into "micro management" during my business career - but for me - i have to accept I will be wrong in trading at times - and therefore to be out that trade - ASAP
More to follow 🙂
Last edited:
Forexmospherian
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Trading the FX "trend" - to make consistent profits ( cont 2)
Although the ideal stop would be only 1 pip from entry- you are making it difficult for yourself- as it means every scalp entry as to spot on the correct price at exactly the correct time - with no lag and no slight slippage
3 -5 pips stop on FX pairs with spreads under 1.5 pips is achievable - and please don't just rely on me - (who has taken thousands of live trades with stops under 5 pips) - ask Major Magnum - who has only been scalping my method for under 6 months and is achieving 70 -85% win success rates now - even on batches of 15 -30 trades in a session.
That blows another myth out of the water - ie you cannot trade FX pairs in the "noise" - yes you can - very successfully when you know how to do it and have spent hundreds of hrs carrying it out.
I don't rely on 3 - 5 pip hard stops - I use one click in and out with hard stops placed away by at least 15 -25 pips - and then I can choose to exit manually - at minus 3 or minus 5 etc - if the trade goes wrong. Also if you do get a nanosecond spike of say 3 pips - you then don't gave to worry - you are in control.
Now - moving on to the important part - you entered the trade - you know your exit level and after 2 mins you are now in profit by 2 or 3 pips - question - whats your target - is it 20 pips - 48 pips - or just 5 pips ???
I have said that for me a trend is a move over 3 + pips - so if price moves in your direction by 6 or 7 pips - that surely is then a trend ?
At this point - you as a retail trader - are in control - and you have choice 👍
Ideally - you do have a first target - and ideally again - its above the size of your stop - making the trade at least risk efficient - ie you don't want a 30 pip stop to just have a 5 pip target - bad plan and unless you can guarantee a 90%+ win ratio ( which nobody can) you will lose money.
Many of my scalps average over 7 pips on 100% stakes
The good ones hit 15 and 22 and 30 pips all within less than 15 mins - and i am delighted - because it means I got the trade direction correct and made a great return - ie RR's over 3. - You are out with the money then sitting in your account - not in "suspense land"
Others falter under 5 pips - and i just exit - knowing - although i might have made a profit - ie 3 pips at $50 per pip is still a nice $150 net - in what under 10 mins - I had not achieved a proper result and really i was wrong - but still made money.
So - moving on first targets ideally above 6 pips and then decide where interim dynamic or horizontal S & R are - that might provide the barrier to your trade.
For scalps - most first barriers should be in the 7 -25 pip range - before price pulls back
Check out on the pair you are trading for the scalp range - as the GJ will be totally different to the Swissy or EG.
Then you have to make a decision
Do you exit your scalp with 100% stake - or do you leave some on - hoping that the price will after any pullback stay above your initial stop or entry and then carry on in your direction further.
This is the "No Pain Gain Trade" - previously the free trade concept - ie what ever happens you end up in a win win situation.
I prefer to take of between 65 and 75% of my scalp stake off and leave 25 - 35% of the original stake on ( mostly 30%)
I don't agree with the 50% off and the stop to break even - yet again for me inefficient and not as profitable for me as the 70% off and stop in profit by 5+ pips for the rest of the trade.
That maybe because i do plan to take more scalps ( both ways) on a pair i have a NPGT on - but only when it suits me with my time management and overall risk exposure during the session
Once you are in a NPGT - you can do it after every successful scalp if you want - your target then can be anything - ie the move may just carry on 36 pips - or it might make 360 pips over several days - or even 1000+ pips that happened on one of mine in 2012.
Since March 12th - i have several NPGT's on the EA with the totals now over 700 pips - and then NOT counting the additional scalps I have taken both ways.
And this is from a intraday scalper - what am I doing with trades on over 2 weeks ??
Well start "thinking out the box" - discover and learn the SECRETS 👍
More to follow
Regards
F
Although the ideal stop would be only 1 pip from entry- you are making it difficult for yourself- as it means every scalp entry as to spot on the correct price at exactly the correct time - with no lag and no slight slippage
3 -5 pips stop on FX pairs with spreads under 1.5 pips is achievable - and please don't just rely on me - (who has taken thousands of live trades with stops under 5 pips) - ask Major Magnum - who has only been scalping my method for under 6 months and is achieving 70 -85% win success rates now - even on batches of 15 -30 trades in a session.
That blows another myth out of the water - ie you cannot trade FX pairs in the "noise" - yes you can - very successfully when you know how to do it and have spent hundreds of hrs carrying it out.
I don't rely on 3 - 5 pip hard stops - I use one click in and out with hard stops placed away by at least 15 -25 pips - and then I can choose to exit manually - at minus 3 or minus 5 etc - if the trade goes wrong. Also if you do get a nanosecond spike of say 3 pips - you then don't gave to worry - you are in control.
Now - moving on to the important part - you entered the trade - you know your exit level and after 2 mins you are now in profit by 2 or 3 pips - question - whats your target - is it 20 pips - 48 pips - or just 5 pips ???
I have said that for me a trend is a move over 3 + pips - so if price moves in your direction by 6 or 7 pips - that surely is then a trend ?
At this point - you as a retail trader - are in control - and you have choice 👍
Ideally - you do have a first target - and ideally again - its above the size of your stop - making the trade at least risk efficient - ie you don't want a 30 pip stop to just have a 5 pip target - bad plan and unless you can guarantee a 90%+ win ratio ( which nobody can) you will lose money.
Many of my scalps average over 7 pips on 100% stakes
The good ones hit 15 and 22 and 30 pips all within less than 15 mins - and i am delighted - because it means I got the trade direction correct and made a great return - ie RR's over 3. - You are out with the money then sitting in your account - not in "suspense land"
Others falter under 5 pips - and i just exit - knowing - although i might have made a profit - ie 3 pips at $50 per pip is still a nice $150 net - in what under 10 mins - I had not achieved a proper result and really i was wrong - but still made money.
So - moving on first targets ideally above 6 pips and then decide where interim dynamic or horizontal S & R are - that might provide the barrier to your trade.
For scalps - most first barriers should be in the 7 -25 pip range - before price pulls back
Check out on the pair you are trading for the scalp range - as the GJ will be totally different to the Swissy or EG.
Then you have to make a decision
Do you exit your scalp with 100% stake - or do you leave some on - hoping that the price will after any pullback stay above your initial stop or entry and then carry on in your direction further.
This is the "No Pain Gain Trade" - previously the free trade concept - ie what ever happens you end up in a win win situation.
I prefer to take of between 65 and 75% of my scalp stake off and leave 25 - 35% of the original stake on ( mostly 30%)
I don't agree with the 50% off and the stop to break even - yet again for me inefficient and not as profitable for me as the 70% off and stop in profit by 5+ pips for the rest of the trade.
That maybe because i do plan to take more scalps ( both ways) on a pair i have a NPGT on - but only when it suits me with my time management and overall risk exposure during the session
Once you are in a NPGT - you can do it after every successful scalp if you want - your target then can be anything - ie the move may just carry on 36 pips - or it might make 360 pips over several days - or even 1000+ pips that happened on one of mine in 2012.
Since March 12th - i have several NPGT's on the EA with the totals now over 700 pips - and then NOT counting the additional scalps I have taken both ways.
And this is from a intraday scalper - what am I doing with trades on over 2 weeks ??
Well start "thinking out the box" - discover and learn the SECRETS 👍
More to follow
Regards
F
Last edited:
varun.nagpal18
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Hi F,
read your thread n really liked it. i am new to this website. first of all thnx for sharing your strategy wid us coz i think its goin to b very helpful as i m in forex market for around 2-3 yrs haven't have much success. i hv a few questions...
1.) can u also tell me some specific times when u think it's best to trade or when the market is more volatile n it's likely to give more or better signals as per ur system.
2.) what are the spreads ur broker's charging from u???
regards,
vn
read your thread n really liked it. i am new to this website. first of all thnx for sharing your strategy wid us coz i think its goin to b very helpful as i m in forex market for around 2-3 yrs haven't have much success. i hv a few questions...
1.) can u also tell me some specific times when u think it's best to trade or when the market is more volatile n it's likely to give more or better signals as per ur system.
2.) what are the spreads ur broker's charging from u???
regards,
vn
Forexmospherian
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Hi VN
Thank you for your comments
I will reply in more detail during this morning - atm scalping in the other live thread
Welcome to this site and all the best on your journey
Regards
F
Forexmospherian
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Hi VN
1 - specific times to trade - ideally in the first hour of the opens - like European at 7 am - and then London open at 8 am ( uk time) and then US opens after 1 30 and 2 30 pm for the stock exchange
Trouble is volumes etc might be up around these times and part of this FX "game" is always to try and send traders in the wrong direction - by setting up false sentiments on the charts and then stop hunting
The FX market is the world's largest money market - but also one big game
You really need to understand who are the players and what they will do to try and take your money away from you
Watching live charts ideally under 5 min frames for hundreds and then thousands of hrs will help to train you to read Price action and also to spot many of the tricks used to mislead you.
Besides key times for trading - most trades are entered and exited around the hour change window- along with others around the half hr window
That's when price directions might change
2 - Brokers spreads - For intraday trading - ie taking multiple trades in a 4 -12 hr session - you want low cost
Most of my spread costs are below 1 pip and some up to 2 pips - including any commissions on lot size.
Please dont use a broker offering you spreads of say 3-6 pips on the main FX pairs - too high and can be improved.
If you have got a couple of years FX experience behind you - please come and check out the live Intraday thread in the forum.
Its not for new or inexperienced FX traders -but might be useful if you can scalp etc.
I am presently helping a trader - Major Magnum - for last 5 months - and he already had 2 yrs behind him
I reckon it takes 9 -12 months to retrain day traders and get them up to a good standard and allow them to make money 80%+ on the days they trade
Hope that helps
Regards
F
Last edited:
varun.nagpal18
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hi F,
can u please suggest some gud brokers coz my broker charges huge spreads.
and which broker r u working with?
can u please suggest some gud brokers coz my broker charges huge spreads.
and which broker r u working with?
Forexmospherian
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Unfortunately - you might not get the same deal i have with the main 2 I use - FXPro and Dukascopy - as they will negotiate if you use a larger Capital account over $25k
I have also used Pepperstone and Major Magnum seems happy with LMAX in the UK
Hope that helps
Regards
F
Forexmospherian
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Hope to get some more of my controversial ( or just different) Fx trading views and methods over the weekend
Will be away twice during next 6 /7 weeks and then will only be concentrating on the daily ( LIVE) intraday thread - hoping to get at least 5 more members involved - but remember it might take you 9 -12 months to get to a good intraday level - and then its just a case of every 1000 live trades you do - the better you get and the more you learn ( 1000 trades would be normally 4 -6 months )
But you do need the time - focus - discipline - patience - energy and never give up attitude to get there.
Regards
F
Will be away twice during next 6 /7 weeks and then will only be concentrating on the daily ( LIVE) intraday thread - hoping to get at least 5 more members involved - but remember it might take you 9 -12 months to get to a good intraday level - and then its just a case of every 1000 live trades you do - the better you get and the more you learn ( 1000 trades would be normally 4 -6 months )
But you do need the time - focus - discipline - patience - energy and never give up attitude to get there.
Regards
F
Forexmospherian
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A question worth asking if you are a FX trader is -
If there are no secrets in this big world wide money game - why is it 85% + of the retail trading market fail to make consistent profits even on a weekly or monthly basis ?
Well I will try answer that - or some of it this weekend - starting later on today with more facts and stuff you do not normally read about - or find in books or on training courses etc
Regards
F
If there are no secrets in this big world wide money game - why is it 85% + of the retail trading market fail to make consistent profits even on a weekly or monthly basis ?
Well I will try answer that - or some of it this weekend - starting later on today with more facts and stuff you do not normally read about - or find in books or on training courses etc
Regards
F
Good Afternoon F,
The only question I'd like answered, and that is when are going to finish what your original post states 60+ pages ago.
I see you seem to be jumping from one subject to the next, with your latest outing being why 85% of retail fail, and it's going to end exactly the same way as your other posts where you lay down some opinions as facts, more intellectual members challenge your views, arguments occur, then you retreat like a wounded animal, leaving your minions to fight your battles, then you go OTT, and get banned.
Let me save me, and others from hearing how many trades you've taken, over what period, with what results, and a few lines at the end of why they fail, and more importantly save you from incurring another ban old chap.
They fail because what they are doing does not work, and some are just too pig-headed to realise there is a problem until it's too late.
Voila.
What does make me LOL is you going off topic on your own thread. Lol.
Are we going to get back on topic, and where you actually explain what you initial said you would, or are you going to skirt around it for another 30+ pages.
I sincerely think you would garner more respect around here if you just said plainly, and honestly, that the intention was there, at the start, but now I can't be bothered to follow through.
With trading there is no right, or wrong answer, in the respect that there are so many different time frames people use, different indicators people use, but the bottom line is
"If you make money consistently what you do WORKS".
I say this because there will be people who pick holes in your system, and more importantly there may be others who can help you enhance it.
P.S. Please don't misconstrue what I have written as a dig, but I'm making you aware of some issues that when rectified, may make you more affable to the majority.
Best
John.
The only question I'd like answered, and that is when are going to finish what your original post states 60+ pages ago.
I see you seem to be jumping from one subject to the next, with your latest outing being why 85% of retail fail, and it's going to end exactly the same way as your other posts where you lay down some opinions as facts, more intellectual members challenge your views, arguments occur, then you retreat like a wounded animal, leaving your minions to fight your battles, then you go OTT, and get banned.
Let me save me, and others from hearing how many trades you've taken, over what period, with what results, and a few lines at the end of why they fail, and more importantly save you from incurring another ban old chap.
They fail because what they are doing does not work, and some are just too pig-headed to realise there is a problem until it's too late.
Voila.
What does make me LOL is you going off topic on your own thread. Lol.
Are we going to get back on topic, and where you actually explain what you initial said you would, or are you going to skirt around it for another 30+ pages.
I sincerely think you would garner more respect around here if you just said plainly, and honestly, that the intention was there, at the start, but now I can't be bothered to follow through.
With trading there is no right, or wrong answer, in the respect that there are so many different time frames people use, different indicators people use, but the bottom line is
"If you make money consistently what you do WORKS".
I say this because there will be people who pick holes in your system, and more importantly there may be others who can help you enhance it.
P.S. Please don't misconstrue what I have written as a dig, but I'm making you aware of some issues that when rectified, may make you more affable to the majority.
Best
John.
Forexmospherian
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Hi John
OK - cut to the chase
What do I do that makes my trading successful and I make money consistent?
Basically 80% of what all other traders fail to do - ie I do the opposite - and I give you some examples
If you asked any top sportsman or top businessman - what made you successful - somewhere in the list would be - HARD WORK
Most FX traders I see want the rags to riches story from $1k to $10m - doing hardly anything. Thats why many are attracted to long time frames etc etc and minimum work possible
That's why they take say 3 -5 yrs to find out they are getting nowhere.
Trading is suppose to be simple
Well trading to make money consistently - is NO WAY EASY. I am the guy who has compared it to brain surgery and rocket science - both take years of study and commitment to get to even entry level and of course not many people can make it - and even fail at the first stages of not getting a first or distinction in a difficult degree subject.
Most of the people who will try FX trading - should not even be attempting it.
Then the 30% who have got intelligence - patience - commitment - prepared for endless hrs of study - level headiness - sound mindset - energy - and be able to accept you will be be losing as there is no holy grail - might with luck and time on the hands make it in the 3 to 7 yrs
Another myth is there are hundreds or thousands of ways that will work
There might be - but there are few that will work day in - day out and then that's only half the story - as advanced MM and understanding the tricks of the trade as well as finding out how you get in the zone and perform at the high end of your ability - are things that are unique to you
I always think of traders who cannot do the time and have no patience - they will end up just another fail statistic - but do they want to hear that ;-)) ( yes you have guessed it )
If you cannot already see what I do in this last 5 months and 3 months on this thread that gives me the "edge" - get your specs on - and read it all again
Hope that helps John
Have a great weekend
Regards
F
OK - cut to the chase
What do I do that makes my trading successful and I make money consistent?
Basically 80% of what all other traders fail to do - ie I do the opposite - and I give you some examples
If you asked any top sportsman or top businessman - what made you successful - somewhere in the list would be - HARD WORK
Most FX traders I see want the rags to riches story from $1k to $10m - doing hardly anything. Thats why many are attracted to long time frames etc etc and minimum work possible
That's why they take say 3 -5 yrs to find out they are getting nowhere.
Trading is suppose to be simple
Well trading to make money consistently - is NO WAY EASY. I am the guy who has compared it to brain surgery and rocket science - both take years of study and commitment to get to even entry level and of course not many people can make it - and even fail at the first stages of not getting a first or distinction in a difficult degree subject.
Most of the people who will try FX trading - should not even be attempting it.
Then the 30% who have got intelligence - patience - commitment - prepared for endless hrs of study - level headiness - sound mindset - energy - and be able to accept you will be be losing as there is no holy grail - might with luck and time on the hands make it in the 3 to 7 yrs
Another myth is there are hundreds or thousands of ways that will work
There might be - but there are few that will work day in - day out and then that's only half the story - as advanced MM and understanding the tricks of the trade as well as finding out how you get in the zone and perform at the high end of your ability - are things that are unique to you
I always think of traders who cannot do the time and have no patience - they will end up just another fail statistic - but do they want to hear that ;-)) ( yes you have guessed it )
If you cannot already see what I do in this last 5 months and 3 months on this thread that gives me the "edge" - get your specs on - and read it all again
Hope that helps John
Have a great weekend
Regards
F
Surely everyone's past caring now (assuming anyone other than majorMagnum cared in the first place!)
There's no interest, because everyone thinks he's just a scenile old fantacist, lol!
Can you imagine how busy a thread would be if someone like Shakone or CounterViolent started a 'how to make money in the markets' thread! They certaonly wouldn't be more-or-less just talking to themselves.
I guess you're right Devilicus,
I appreciate if the mods decided to clear the non titled dross from this thread, we'd still be on the first post.
😆
One thing that does have me a little perturbed is that if his followers are moved away from this site, then asked for investment donations, or being charged for training, alas I shall not give this much thought as caveat emptor.
I think I shall bow out of this thread like I did in the expert with live calls thread, and just check in intermittently.
Best
John.
