Intraday Trading the Forex market to make consistent profit

[MajorMagnuM]

I disagree . I think thats the most informative post .lol !

"a trend to me is any move over 3 pips " Forexmospherian

again, i would reiterate, as i did last time you bored us with this, how many pips to you counts as a trend? 4? 6? 7.2?

i found reading frost and prechter assisted me in understanding the concept behind this.
hope this helps lol

 

[Forexmospherian]

What is the optimum number of trades to take if you are an Intraday FX Trader ?

I love most sports and one of my favourites is motor racing. I have participated in go karts /FF2000./ saloon car etc and have been a follower and big fan of F1 for over 30 yrs.

Its the pinnacle of all motor racing and involves high tech - precision - timing - accuracy - planning etc etc all that is so important to achieve top results

If you therefore want to be a successful FX Intra day trader and have a technical 'edge' that means you can trade profitable - then the next steps are optimising all the other components involved in the daily decision making.

I don't just mean your money management and your mindset rules etc - I also.refer to how many intra day trades should you carry out to optimise your own system.

For me - I am a great fan of intra day multi trading - ie taking more than 2 trades every session you are trading in and because the FX markets are dynamic and ever changing you have to remain fluid and flexible and adjust to what will happen over your daily trading period - whether it is just 4 hrs or 10 hours ahead.

I therefore have optimised my own number of trades to normally between 10 trades and 20 trades over a 10 hour period.

Its based on so many factors and I am quite happy to share them with you over my next few blog comments in this thread.

Taking normally just 3 to 5 trades in a morning 2 to 3 hour session is not enough - yes its fine if everyone is a winner and you hit your target - in my own case 50 pips per day.

But I know from the last 6 years experience of trading normally 180 to 210 days per annum that I could take 5 intra day short term trades in say 2 hrs and have a loss of say 5 pips on every trade putting me back minus 25 pips before having one winner. It is very rare but for sure it can happen

So you need to be able to handle that situation and my method as it covered so even if it does happen - I still have a high possibility of making the day profitable.- even if I don't hit my 50 pip target.

OK - the devil is in the detail - and I will explain why I need to take normally between 10 and 20 intra day short term trades every day

More to follow

Regards

F

 

[Mr Fox]

I love most sports and one of my favourites is motor racing. I have participated in go karts /FF2000./ saloon car etc and have been a follower and big fan of F1 for over 30 yrs.

Its the pinnacle of all motor racing and involves high tech - precision - timing - accuracy - planning etc etc all that is so important to achieve top results

If you therefore want to be a successful FX Intra day trader and have a technical 'edge' that means you can trade profitable - then the next steps are optimising all the other components involved in the daily decision making.

I don't just mean your money management and your mindset rules etc - I also.refer to how many intra day trades should you carry out to optimise your own system.

For me - I am a great fan of intra day multi trading - ie taking more than 2 trades every session you are trading in and because the FX markets are dynamic and ever changing you have to remain fluid and flexible and adjust to what will happen over your daily trading period - whether it is just 4 hrs or 10 hours ahead.

I therefore have optimised my own number of trades to normally between 10 trades and 20 trades over a 10 hour period.

Its based on so many factors and I am quite happy to share them with you over my next few blog comments in this thread.

Taking normally just 3 to 5 trades in a morning 2 to 3 hour session is not enough - yes its fine if everyone is a winner and you hit your target - in my own case 50 pips per day.

But I know from the last 6 years experience of trading normally 180 to 210 days per annum that I could take 5 intra day short term trades in say 2 hrs and have a loss of say 5 pips on every trade putting me back minus 25 pips before having one winner. It is very rare but for sure it can happen

So you need to be able to handle that situation and my method as it covered so even if it does happen - I still have a high possibility of making the day profitable.- even if I don't hit my 50 pip target.

OK - the devil is in the detail - and I will explain why I need to take normally between 10 and 20 intra day short term trades every day

More to follow

Regards

F

Good Afternoon F,

I hope you've had a pleasant weekend,

The main reason why "I HAVE TO TAKE EVERY TRADE SEEN" thus circa 10 trades a day is very simple, and that is to maximise profit. If we take 10 as an example, and take 3 losses per day as an example too, and since the distribution of winners to losers is something I have no control over, then if I say miss the first 3 trades in the am, and they were all winners, it brings down the ratio of winners to available trades, and increases the losers to available trades.

Naturally, I assume that your reasoning is quite different to mine, that's why I posted, as it will be good to see a different perspective from ones own, and anyone else's views on this matter too.

Best
John.

 

[NVP]

I love most sports and one of my favourites is motor racing. I have participated in go karts /FF2000./ saloon car etc and have been a follower and big fan of F1 for over 30 yrs.

Its the pinnacle of all motor racing and involves high tech - precision - timing - accuracy - planning etc etc all that is so important to achieve top results

If you therefore want to be a successful FX Intra day trader and have a technical 'edge' that means you can trade profitable - then the next steps are optimising all the other components involved in the daily decision making.

I don't just mean your money management and your mindset rules etc - I also.refer to how many intra day trades should you carry out to optimise your own system.

For me - I am a great fan of intra day multi trading - ie taking more than 2 trades every session you are trading in and because the FX markets are dynamic and ever changing you have to remain fluid and flexible and adjust to what will happen over your daily trading period - whether it is just 4 hrs or 10 hours ahead.

I therefore have optimised my own number of trades to normally between 10 trades and 20 trades over a 10 hour period.

Its based on so many factors and I am quite happy to share them with you over my next few blog comments in this thread.

Taking normally just 3 to 5 trades in a morning 2 to 3 hour session is not enough - yes its fine if everyone is a winner and you hit your target - in my own case 50 pips per day.

But I know from the last 6 years experience of trading normally 180 to 210 days per annum that I could take 5 intra day short term trades in say 2 hrs and have a loss of say 5 pips on every trade putting me back minus 25 pips before having one winner. It is very rare but for sure it can happen

So you need to be able to handle that situation and my method as it covered so even if it does happen - I still have a high possibility of making the day profitable.- even if I don't hit my 50 pip target.

OK - the devil is in the detail - and I will explain why I need to take normally between 10 and 20 intra day short term trades every day

More to follow

Regards

F

so my 500+ scalps last week was a little excessive ?

see you all tomorrow on the start line

N

 

[Forexmospherian]

Good Afternoon F,

I hope you've had a pleasant weekend,

The main reason why "I HAVE TO TAKE EVERY TRADE SEEN" thus circa 10 trades a day is very simple, and that is to maximise profit. If we take 10 as an example, and take 3 losses per day as an example too, and since the distribution of winners to losers is something I have no control over, then if I say miss the first 3 trades in the am, and they were all winners, it brings down the ratio of winners to available trades, and increases the losers to available trades.

Naturally, I assume that your reasoning is quite different to mine, that's why I posted, as it will be good to see a different perspective from ones own, and anyone else's views on this matter too.

Best
John.

Hi Mr Fox

Without me knowing your intra day trading method I cannot really comment on whether your are optimising on 7 trades or 10 trades or even if you need to do even 14 trades

I can comment on my own method simply because I have the stats based on multi thousands of trades based over 10 + years with consistency over the last 5/6 years.

I can also say you can have an influence over your run of wins or even your run of loses etc and I will explain more about that as progress.

May I ask you the following -

What is the period over which you day trade -is it over 5 hours - over 8 hrs - or even longer and is it possible to complete your 10 trades before 2 30 pm UK time

Next question - if you have say 6 good trades consecutively would you stop for the day ?

If you had say 6 losers in a row would you still carry on in that session ?

What is your average win in terms of pips - under 12
Pips - under 20 pips - over 30 pips ???


What is our average loss in terms of pips?

With this info I might be able to tell you if you are optimising your number of trades

Regards

F

 

[Forexmospherian]

so my 500+ scalps last week was a little excessive ?

see you all tomorrow on the start line

N

Only a little - lol

I might not be around until a bit later in the morning as a trip to doctors with my daughter again - she caught pneumonia last week - she's on the mend but needs another x ray and check up etc

Have a good week - get your pacing and your timing sorted and look ideally for the 5 pips to 30 pips waves - 10 to 20 of those a day with the better ones left on etc is all you need along with stops under 5 pips ideally - you pulled one off Friday afternoon only needing a 2 pip stop including spread - keep that up and you will be flying but as you know it will not just happen overnight etc

Regards

F

 

[Mr Fox]

Hi Mr Fox

Without me knowing your intra day trading method I cannot really comment on whether your are optimising on 7 trades or 10 trades or even if you need to do even 14 trades

I can comment on my own method simply because I have the stats based on multi thousands of trades based over 10 + years with consistency over the last 5/6 years.

I can also say you can have an influence over your run of wins or even your run of loses etc and I will explain more about that as progress.

May I ask you the following -

What is the period over which you day trade -is it over 5 hours - over 8 hrs - or even longer and is it possible to complete your 10 trades before 2 30 pm UK time

Next question - if you have say 6 good trades consecutively would you stop for the day ?

If you had say 6 losers in a row would you still carry on in that session ?

What is your average win in terms of pips - under 12
Pips - under 20 pips - over 30 pips ???


What is our average loss in terms of pips?

With this info I might be able to tell you if you are optimising your number of trades

Regards

F

Good Afternoon F,

Please call me John.

First of all I hope your daughter makes a speedy recovery. Pneumonia has a silent way of creeping up on people, and as much as we forget it, our ultimate wealth, is our health.

As for my trading, oh its nothing to write home about, and you really shouldn't think, that I do very well.

I commented as I wanted to hear your perspective, as I was under the impression that every trade regardless of all the positive expectancies we have for it, still boils down to 2 outcomes, either target hit, or stop loss hit, and since you are "hopefully" bringing a new case to prove the case otherwise, or a different view point, I was/I am very intrigued to hear your perspective.

Best
John

 

[Forexmospherian]

Good Afternoon F,

Please call me John.

First of all I hope your daughter makes a speedy recovery. Pneumonia has a silent way of creeping up on people, and as much as we forget it, our ultimate wealth, is our health.

As for my trading, oh its nothing to write home about, and you really shouldn't think, that I do very well.

I commented as I wanted to hear your perspective, as I was under the impression that every trade regardless of all the positive expectancies we have for it, still boils down to 2 outcomes, either target hit, or stop loss hit, and since you are "hopefully" bringing a new case to prove the case otherwise, or a different view point, I was/I am very intrigued to hear your perspective.

Best
John

Hi John

Yes you are so correct - our health is so important and in my daughters case she had a bout of double pneumonia when very young and now at approx 19 she probably did too much partying at her unit's freshers week etc and so I reckon she became a little run down and therefore it caught hold

Hopefully she is on the mend and hoping to return later to uni by the end of the week - finger's crossed

With regards to our day trading - we do have a lot of choice - that can change the outcome of our success.

You probably have heard me mention about the trader who traded some of my money over 12 yes ago with the fixed mentality.

With me being a total novice I went along with his basic rules of his trading game - that was on or two trades a day placed early AM and targets set at 50 pips and stops fixed at 30 pips.

A very static black and white method in a totally dynamic market

The number of positive pips we missed because he would wait for his 30 pips stop to be hit - after price had only risen say 38 pips - his method was set in stone and totally antiquated - probably because he was told by the trade that's the way to do it.

So for me nowadays - flexibility and being fluid is key - meaning more decision making - but surely simple decisions - don't let say 20 or 40 pips of profit go to a 5 or15 or even 25 pip loss because that's you rule

Adjust - think outside the box - add to wins - don't add to moves the wrong way etc etc ie - the opposite to the martingale gambling methodology

The number of multi trades is key to good results but it should be totally flexible to the session ahead - is a busy Thursday with good moves much mean 3 or 5 more trades compared to a slow Tuesday

Extra pips in the kitty above your target allow you to take more trades working just on your additional pips - so that you never ruin a reasonable day's results

I will explain more and how I work my optimal numbers out more on this thread and then it may help you to modify your own method etc

Good Trading to you

Regards

F

 

[Mr Fox]

Hi John

Yes you are so correct - our health is so important and in my daughters case she had a bout of double pneumonia when very young and now at approx 19 she probably did too much partying at her unit's freshers week etc and so I reckon she became a little run down and therefore it caught hold

Hopefully she is on the mend and hoping to return later to uni by the end of the week - finger's crossed

With regards to our day trading - we do have a lot of choice - that can change the outcome of our success.

You probably have heard me mention about the trader who traded some of my money over 12 yes ago with the fixed mentality.

With me being a total novice I went along with his basic rules of his trading game - that was on or two trades a day placed early AM and targets set at 50 pips and stops fixed at 30 pips.

A very static black and white method in a totally dynamic market

The number of positive pips we missed because he would wait for his 30 pips stop to be hit - after price had only risen say 38 pips - his method was set in stone and totally antiquated - probably because he was told by the trade that's the way to do it.

So for me nowadays - flexibility and being fluid is key - meaning more decision making - but surely simple decisions - don't let say 20 or 40 pips of profit go to a 5 or15 or even 25 pip loss because that's you rule

Adjust - think outside the box - add to wins - don't add to moves the wrong way etc etc ie - the opposite to the martingale gambling methodology

The number of multi trades is key to good results but it should be totally flexible to the session ahead - is a busy Thursday with good moves much mean 3 or 5 more trades compared to a slow Tuesday

Extra pips in the kitty above your target allow you to take more trades working just on your additional pips - so that you never ruin a reasonable day's results

I will explain more and how I work my optimal numbers out more on this thread and then it may help you to modify your own method etc

Good Trading to you

Regards

F

"A very static black and white method in a totally dynamic market". A very good way of putting it F, well put, and I totally concur.

I trade on a 1 min chart F, and so my SL is as low as 3 pips, and never greater than 7 pips, and that's inclusive of a 1 pip confirmation of a move in my desired direction. As the trade progresses, I will move my stop higher until I settle at +1 pip, then I just let it play out, and wait for it to hit 1:1 R:R ratio.

Probability of my trading style has taught me that if it goes to -4 pips, there is a higher probability of the trade going against me, so I will think of cutting the trade, and waiting for the next, or be dynamic, and re-enter the trade on the second break of S&R, alas sometimes after killing the trade, it may go in my desired direction, but ho hum, I've only lost a few pips, and I just wait for the next one.

Naturally, I still make some mistakes, and on 2 trades today they went to a 1:2 risk:reward, yet greed got the better of me, and I stuck with them until I was out for scratch(+1pip on each). What is your mind set on how to over come such foibles.

Best
John.

 

[Forexmospherian]

"A very static black and white method in a totally dynamic market". A very good way of putting it F, well put, and I totally concur.

I trade on a 1 min chart F, and so my SL is as low as 3 pips, and never greater than 7 pips, and that's inclusive of a 1 pip confirmation of a move in my desired direction. As the trade progresses, I will move my stop higher until I settle at +1 pip, then I just let it play out, and wait for it to hit 1:1 R:R ratio.

Probability of my trading style has taught me that if it goes to -4 pips, there is a higher probability of the trade going against me, so I will think of cutting the trade, and waiting for the next, or be dynamic, and re-enter the trade on the second break of S&R, alas sometimes after killing the trade, it may go in my desired direction, but ho hum, I've only lost a few pips, and I just wait for the next one.

Naturally, I still make some mistakes, and on 2 trades today they went to a 1:2 risk:reward, yet greed got the better of me, and I stuck with them until I was out for scratch(+1pip on each). What is your mind set on how to over come such foibles.

Best
John.

I would always lock some profit in - ideally more than 55% and up to 75% and then if you think the trade still as legs - in your favour - leave the stop in a few pips profit and see what happens

Normally out of 20 - 25% of all scalps I take they will go on to make a proper move of 30 or 50 or even hundreds of pips - then manage your stop and try and keep over 60% of any ongoing move - so if 60 more pips try and lock in over 35 pips and if 200 pips lock in at least 120+ if you still think it can make more - or just pull at least 90% of a good move and then re enter

It will all depend on the day - the time of the day and if any major news within a few hrs

Its all decision making options - but then that's why so many take just the easy simple option - and fail

Regards

F

 

[MajorMagnuM]

Im putting these here as they are based on F methodology. These results were achieved in far less than a whole weeks trading, MM was ramped as the context was competition - ie how much how quickly. In real life terms i would have done things a little differently, but in most cases trade were taken as scalps, a few swing, depending on whether i was sitting at pc all day or multitasking. One day was spent shifting soil 150 metres and checking charts as i walked past the PC on the way to the skip. If there was a time window, i would look for a trade.

 

[NVP]

Only a little - lol

I might not be around until a bit later in the morning as a trip to doctors with my daughter again - she caught pneumonia last week - she's on the mend but needs another x ray and check up etc

Have a good week - get your pacing and your timing sorted and look ideally for the 5 pips to 30 pips waves - 10 to 20 of those a day with the better ones left on etc is all you need along with stops under 5 pips ideally - you pulled one off Friday afternoon only needing a 2 pip stop including spread - keep that up and you will be flying but as you know it will not just happen overnight etc

Regards

F

hope all is well with your daughter F.......best wishes

 

[Forexmospherian]

hope all is well with your daughter F.......best wishes

Cheer N

Yes - she's getting back to normal and went back to Nottingham Uni on Thursday - feeling a lot better - but still awaiting some more X ray results

Will go into more detail on the other thread over the weekend about the levels on the EU you mentioned early on one morning - plus a few nice perfect trade examples - such as the Eur / Aud Friday - and GU and AU Friday afternoon after 3 00 pm

Regards

F

 

[flipya4it]

Im putting these here as they are based on F methodology. These results were achieved in far less than a whole weeks trading, MM was ramped as the context was competition - ie how much how quickly. In real life terms i would have done things a little differently, but in most cases trade were taken as scalps, a few swing, depending on whether i was sitting at pc all day or multitasking. One day was spent shifting soil 150 metres and checking charts as i walked past the PC on the way to the skip. If there was a time window, i would look for a trade.

A sea of green!! lol.well done mate.Whats the plan to go live?Big jump of course psychologicaly etc but those results must give you a level of confidence?

Looks like you've been very strict with the time windows too.

Any chance you could jot down your understanding of the system?i.e when you sit down at the computer and switch it on,how you set things up,look for first etc.

Cheers,

 

[NVP]

hey Guys

can I ask again about the time window philosophy.........ive not as yet paid as much attention to it as I should.and I should !

F ......as much as you are able to reveal would be appreciated

N

 

[Forexmospherian]

hey Guys

can I ask again about the time window philosophy.........ive not as yet paid as much attention to it as I should.and I should !

F ......as much as you are able to reveal would be appreciated

N

Will do N - no problem

I realise only a few properly understand the concept

The fact that most T2W members think I am a nutter helps - as they cannot be bothered to really understand it

Its worked brilliantly this morning on EU - EJ - GU
##

Check out my thread from say 7 00 am

Later on will use live examples and go into the devil in the detail

Have a good one

We will get you doing 50 -100 pips a day - day in day out - but it takes time and MM will testify etc


Regards


F

 

[NVP]

Will do N - no problem

I realise only a few properly understand the concept

The fact that most T2W members think I am a nutter helps - as they cannot be bothered to really understand it

Its worked brilliantly this morning on EU - EJ - GU
##

Check out my thread from say 7 00 am

Later on will use live examples and go into the devil in the detail

Have a good one

We will get you doing 50 -100 pips a day - day in day out - but it takes time and MM will testify etc


Regards


F

yep - can see that ......................I believe windows work (similar to using the L/H on higher TF bars )..........but in truth at the moment with half hour and full hour windows theres not much that not in the window ?

N

 

[Forexmospherian]

yep - can see that ......................I believe windows work (similar to using the L/H on higher TF bars )..........but in truth at the moment with half hour and full hour windows theres not much that not in the window ?

N

Its the 36 mins out of every 60 mins when maybe 80% + of all changes happen

When you break it down though certain 6 times are key

ie on hr exactly - 9 mins past - 21 mins past - on half hr - 21 mins too and 9 mins too

Then use your scalp set up and use 6 key times to assist for changes

Its a lot more detailed then I have just explained - but watch those 6 time for say 3 days - and then you will work the jigsaw out

Never 100% - nothing is in trading - but over 70% then it all helps

As you know i need over 3or 4 clues agreeing - and ideally 5 -7 clues that say a direction for a AAA+++ TRADE


Hope that helps N

Speak to you later


F

 

[NVP]

Its the 36 mins out of every 60 mins when maybe 80% + of all changes happen

When you break it down though certain 6 times are key

ie on hr exactly - 9 mins past - 21 mins past - on half hr - 21 mins too and 9 mins too

Then use your scalp set up and use 6 key times to assist for changes

Its a lot more detailed then I have just explained - but watch those 6 time for say 3 days - and then you will work the jigsaw out

Never 100% - nothing is in trading - but over 70% then it all helps

As you know i need over 3or 4 clues agreeing - and ideally 5 -7 clues that say a direction for a AAA+++ TRADE


Hope that helps N

Speak to you later


F

thanks mate ................in other words the old 80/20 principle...........important in all things

ok will look later ......getting washed, suited and booted for agency fashion roadshow..........sigh

N

ps 80/20 principle ......... is a good book by Richard Koch if anyone interested

 

[be-positive]

Will do N - no problem

I realise only a few properly understand the concept

The fact that most T2W members think I am a nutter helps :cheesy::cheesy::cheesy:- as they cannot be bothered to really understand it

Its worked brilliantly this morning on EU - EJ - GU
##

Check out my thread from say 7 00 am

Later on will use live examples and go into the devil in the detail

Have a good one

We will get you doing 50 -100 pips a day - day in day out - but it takes time and MM will testify etc


Regards


F

Pete be pleased that Tar has taken the time to post on thread ---- I think I will call you (F)errari trader and Tar the Steamroller ------ at the end of the day does it matter how many pips we make as long as its on the £+++ side