I read around saying taking more trades means more probability in ending the day (for a scalper or a day trader) in positive.
To me that is totally BS and an amateur perception, as soon as we enter the market we are at great risk, due to the costs and spread and the vicinity of our protective stop if used. The only one making money is the broker.
A good day trader or scalper needs to carefully choose his trades, there are a few spots during the day where there are better opportunity where a clear double pressure will occur to push prices away from our risk, otherwise staying out is the best trade and then being carefully to take the trade when they occur.
To me that is totally BS and an amateur perception, as soon as we enter the market we are at great risk, due to the costs and spread and the vicinity of our protective stop if used. The only one making money is the broker.
A good day trader or scalper needs to carefully choose his trades, there are a few spots during the day where there are better opportunity where a clear double pressure will occur to push prices away from our risk, otherwise staying out is the best trade and then being carefully to take the trade when they occur.
I noticed the other day on another forum a trader takes trades similar to mine in terms of entry, he uses a combination of different time frames pivot points for what I understood, I do not.
I shows to me it does not matter what technicality we use, they can be all good if used wisely.
I shows to me it does not matter what technicality we use, they can be all good if used wisely.
tokyojoe
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Good post Fugazsy, always been a firm believer in the optimum time of day to be active, I think most people end up going the same way when they discipline themselves to treat this as a job.
The only thing I would say is the market being the market does not care for my time window, so it does take a great deal of self discipline to stick to my times when I'm in the game.
I want my money in the market as little as often, people will say scared money don't make money, well I can also say sweaty palmed money doesn't fare much better.
Recognizing tradable flow, bailing early & holding a semi decent runner (much harder than I ever imagined in the beginnig) are the true skills required for this game, I took ages to get to a place where not taking a trade is ok, I was a bloody menace to myself last year, sometimes 30+ trades a day at fairly high £pp.....wrong wrong wrong !!
Every day is potential wipe out, every day a wage is taken, or taken from us by "others", none of us know what will unfold. We just trade it as it's printed, no amount of trend lines, supply/demand levels, crystal ball reading is going to help us in the heat of the moment.
We're all doomed
Good post Fugazsy, always been a firm believer in the optimum time of day to be active, I think most people end up going the same way when they discipline themselves to treat this as a job.
The only thing I would say is the market being the market does not care for my time window, so it does take a great deal of self discipline to stick to my times when I'm in the game.
I want my money in the market as little as often, people will say scared money don't make money, well I can also say sweaty palmed money doesn't fare much better.
Recognizing tradable flow, bailing early & holding a semi decent runner (much harder than I ever imagined in the beginnig) are the true skills required for this game, I took ages to get to a place where not taking a trade is ok, I was a bloody menace to myself last year, sometimes 30+ trades a day at fairly high £pp.....wrong wrong wrong !!
Every day is potential wipe out, every day a wage is taken, or taken from us by "others", none of us know what will unfold. We just trade it as it's printed, no amount of trend lines, supply/demand levels, crystal ball reading is going to help us in the heat of the moment.
We're all doomed
Hi Joe
I hope you are well.
Christmas is due, must be nice over there in my old city.
Nice to see you posting.
Fugzs
tokyojoe
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Hi M, yes it's ok down in my neck of the woods, us soft southerns don't take too well to the cold, poor buggers in Cumbria are having a bad time as you may have seen.
Christmas !! where ? what ? how ?... I swear 2014 Christmas was only a few days ago
Good luck tomorrow mate, or today
Hi M, yes it's ok down in my neck of the woods, us soft southerns don't take too well to the cold, poor buggers in Cumbria are having a bad time as you may have seen.
Christmas !! where ? what ? how ?... I swear 2014 Christmas was only a few days ago
Good luck tomorrow mate, or today
M
Christmas is also time to think and rest, I like white Christmas and the shopping in the high street being via Condotti in Roma or Old Bond Street in London.
Not beach for me today, maybe tomorrow...
M
this is one of the strategy I use and based on the fact that at the end of a trend day traders will probably take profit, saw a pin bar on the 30m and went short, I covered @ +20 at the average, pullback at it was nearly flat, seems a test of the recent high is possible.
I am enjoying my counter trades atm......
I am enjoying my counter trades atm......
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this is one of the strategy I use and based on the fact that at the end of a trend day traders will probably take profit, saw a pin bar on the 30m and went short, I covered @ +20 at the average, pullback at it was nearly flat, seems a test of the recent high is possible.
I am enjoying my counter trades atm......
went much further than the usual taking profit....
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but took 91 pips on this account
she might go back to 0980.
done today, time for myself.
she did not, she stalled.
I am looking to trade the previous day pattern........it was a bear day...so I am looking to trade anything like a double top bear flag, a wedge and reversal, a channel line overshoot and reversal or anything, 3 pushes up, it does not matter what we call them......they are just names, in this case we are looking to trade against the weaker hands in the direction of the least resistance.
Keep in mind I could be wrong, this can be a trend from the opening going towards north......well it does not matter I need to trade my perception.......if I wrong I am wrong, nothing wrong with that, I am not perfect....and I have the balls to accept that.
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If prices reverse to any of those levels the better, if they do not the same, but I need to see some significant reversal, if is not clear I might look at the bigger TF up to the 30m sometimes the hourly but rarely.....
Technicality does not represent absolute truths, they are only perceptions and traders use them to create their own island in a sea of uncertainty..... (I think I said that before, not sure where I read it, it is not mine)
Technicality does not represent absolute truths, they are only perceptions and traders use them to create their own island in a sea of uncertainty..... (I think I said that before, not sure where I read it, it is not mine)
Here I entered using the 15m at resistance (2 pips below,but it does not matter.. only perception...) a double top bear flag, 3 pushes up clearly on the 5m and a pin bar on the 30m.
My risk was 11, made 15 and covered half, now SL is @ BE.
Here anything can happen, I have not any control over that and I doubt I will take more trades for the day.
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Technicality does not represent absolute truths, they are only perceptions and traders use them to create their own island in a sea of uncertainty..... (I think I said that before, not sure where I read it, it is not mine)
like it
Hi Joe
I hope I find you well.
Fugzs
