My Journal - Pathways to Improvement

[Forexmospherian]

If Sun doesn’t mind, I’ll post my thoughts and questions on this thread as I think we can have similar questions and observations on our learning stages. I don’t post much anyway

Today I want to share my self-reflection on the relationship between winning % and profit taking. I’ve been having a very decent winning % until some two weeks ago. Why? I want to get more pips on each of my entries, hence left the trades running longer. Yes, I have had some occasional nice trades of 10-15 pips, but the winning % dropped dramatically. I felt very disappointed.

So, I think at this stage, it’s not advisable for me to shoot for profits bigger than 4-6 pips on each trade. As Sun can relate, it’s very…very common to have some +3 - +6 pips in profit which quickly become -3 - -5 and the trade must be closed (and the trade goes your way afterwards). So I’m going to leave a hard take profit limit around +4 pips (3.2 for me and 0.8 for the shark) and hopefully go back to a high winning % with a decent amount of pips. My daily target at this moment is very modest - 13-16 pips, so with 4-5 winning trades I can reach my daily target. I close trades between 3-6 pips in loss, so on average the R:R would be 1:1.

I’ll post how this approach is working out in some 2 weeks when there is a decent sample size to draw a conclusion. Any thoughts/advice is welcome.
Cheers,
Keen246

hI K

Please do - its always good if we can get 3 or 5+ students of the method discussing their own findings and whats going well and whats not working

The more the merrier as far as I am concerned - even if everyone is at different stages in their development etc etc

Also same for remulix - if you want to come on main thread as well - no problem - just put a friends request in and I can then allow you on with questions etc etc - thats as long as you have say 12/18 months minimum FX experience and have read through the other threads to understand the main basics of my method

GL and all the best

Regards

F

 

[sun11]

Thanks a lot Sun.
Don't worry I will let you study in peace; as far as I can see you will be 100% when I start

All the best and keep up the good work.

R.

Hi Remulix,

Don't worry you are welcome to share your views here.
All the best you too.

Regards

 

[sun11]

If Sun doesn’t mind, I’ll post my thoughts and questions on this thread as I think we can have similar questions and observations on our learning stages. I don’t post much anyway

Today I want to share my self-reflection on the relationship between winning % and profit taking. I’ve been having a very decent winning % until some two weeks ago. Why? I want to get more pips on each of my entries, hence left the trades running longer. Yes, I have had some occasional nice trades of 10-15 pips, but the winning % dropped dramatically. I felt very disappointed.

So, I think at this stage, it’s not advisable for me to shoot for profits bigger than 4-6 pips on each trade. As Sun can relate, it’s very…very common to have some +3 - +6 pips in profit which quickly become -3 - -5 and the trade must be closed (and the trade goes your way afterwards). So I’m going to leave a hard take profit limit around +4 pips (3.2 for me and 0.8 for the shark) and hopefully go back to a high winning % with a decent amount of pips. My daily target at this moment is very modest - 13-16 pips, so with 4-5 winning trades I can reach my daily target. I close trades between 3-6 pips in loss, so on average the R:R would be 1:1.

I’ll post how this approach is working out in some 2 weeks when there is a decent sample size to draw a conclusion. Any thoughts/advice is welcome.
Cheers,
Keen246

Hi keen,
Good point & you are really doing well with 13-16 pips daily gain!
Don't worry you are most welcome to share your views here.
It will be helpful when we discuss. Yes you are right we are both stuck into same issue at some point. If you are making around 13-16 pips. Then you are not far away from reaching daily 25 pips target. What i do is, at the 1st time of the day, i try to pick sweet spots. But it doesn't & get loss, then i scalp with short 3-4 pips profits to reach to BE.

We are having these issues is simply because our sweet spot entry is not good enough yet. We are not getting the nice trend which will not correct against us, moves at least 10+ pips. Common thought, you enter buy market moved up 5 pips you want more. Then market fall against you -5, originally it falled -10. So obviously it's not a good spot (excluding the spikes) . Hope that clears.

Happy Trading
Regards
Sun

 

[sun11]

Day 47

PL: 10
No of Trades: 21
Win Rate: 62%
Largest Win: 5.9
Largest loss: 8

 

[Forexmospherian]

PL: 10
No of Trades: 21
Win Rate: 62%
Largest Win: 5.9
Largest loss: 8

Hi Sun

Praise were praise is due - a winning day and yet the biggest loss was bigger than your largest win - unusual - but shows how your discipline is working well - trying to always take profit and cut the losers as soon as possible.

Slowly your balance will change over this next 4 weeks .

You will start to be cherry picking more and then your wins will enter the 5 to 15 pip target area - and your losing trades will slowly stay under ideally 30% - simple because of more experience or reading PA and LR's and time and improved skill levels.

Over the weekend will pass on some more tips for you at this stage

First one maybe - look back at your 2 main pairs any day this week on a 1 min and then study in your main trading sessions the correlations of pairs on movements and also try and discover what went wrong with the bad scalps - was it a bad reading - your got it wrong ? - or had you just entered too early and needed a 7 or 10 pips stop ??

There is so much to learn on a 1 minute chart - check PA - check the relationship of your 5 Lrs at every level during the day - spot the links with time and the previous 5 -15 mins of movements to the new movement with your new scalp.

Are you identifying interim levels OK ?

Not just for say 2 or 5 pip pullbacks or changes - but the levels that are giving 10 -40 pips of movements - sometimes they are never in sync with Fibs or main Pivots off 1 hr or 4 hr charts - the markets love to trick ;-)

Can you improve your time at your trading station?

ie are you sitting there for a boring bad 30 -60 mins - or then having a break during the busiest hour of the day.

UK times - i always try and be around for some of the key morning times of 6 30 am to 9 15 am time and also 2 30 pm to 4 30 pm - that's nearly 5 hrs in total off just 2 periods - and most days I will cover at least 3 hrs of the 5 hrs

I appreciate maybe after 3 pm ( UK ) is too late in the evening for you and maybe you prefer the 5 am to 10 am UK time sessions and those hours are fine for you to consistently look at aiming for 20 to 50 pips as a daily target.

Its certainly possible - ie consistency - but what will not always be the same is the number of trades you have to take to reach target.

If say your target was 25 pips - then you will have days when 3 winning trades and 1 hr - and your are finished - target hit - no losses

Other days - you need 5 hrs + and 22 trades because you only had a 55% win ratio and so 10 losses - say minus 40 pips and 12 winners average 6 pips - so yes you just make your target

More tips etc to follow over the weekend

Regards


F

 

[NVP]

hey all

just a couple of thoughts from me to all the traders now training on Forexmospherians approach

You will only get a few chances to work with good mentors in your journey through trading ............

I have had probably 10-15 great traders that have helped me over the years and then inside that number a handful of true and excellent mentors that took the time out to help and improve my trading ....I had no mentors for my specialist strengthmeter/index approach but that's life......I developed that myself and found my edge (as you all will eventually if you stay the course)........

use this time well and concentrate on what is taught......F is not looking to build robots here but he will need you all to follow what he teaches in the early months especially.......its the repetition and drilling that gets you there........in time the flourishes and advanced techniques will come but first lay the foundations that will last forever ........

even if one day you chose to incorporate additional features or adopt new methods this learning will be very very valuable throughout your trading career.........good training from good traders is never wasted

F opened my eyes on quite a few new areas/ideas on scalping .......so we are all always eternal students

N

 

[NVP]

PL: 10
No of Trades: 21
Win Rate: 62%
Largest Win: 5.9
Largest loss: 8

keep going ..........keep practicing ..........keep hammering out the trades and system ...........

 

[sun11]

Extremely Sorry Mistyped the data

PL: 10
No of Trades: 21
Win Rate: 62%
Largest Win: 5.9
Largest loss: 8

Hi everybody,
I'm extremely sorry, I mistyped the data. Actually Largest Win was 8 pips & largest loss was 5.9 pips. How can i let loss running above 5+???
You can verify by seeing my statement.

This is what happens when people knock at your door, while trading. aah!

 

[ennyoes]

lol

 

[sun11]

hey all

just a couple of thoughts from me to all the traders now training on Forexmospherians approach

You will only get a few chances to work with good mentors in your journey through trading ............

I have had probably 10-15 great traders that have helped me over the years and then inside that number a handful of true and excellent mentors that took the time out to help and improve my trading ....I had no mentors for my specialist strengthmeter/index approach but that's life......I developed that myself and found my edge (as you all will eventually if you stay the course)........

use this time well and concentrate on what is taught......F is not looking to build robots here but he will need you all to follow what he teaches in the early months especially.......its the repetition and drilling that gets you there........in time the flourishes and advanced techniques will come but first lay the foundations that will last forever ........

even if one day you chose to incorporate additional features or adopt new methods this learning will be very very valuable throughout your trading career.........good training from good traders is never wasted

F opened my eyes on quite a few new areas/ideas on scalping .......so we are all always eternal students

N

Hello NVP,

Yes i do keep my own developed dynamic S/R levels along with F's methods, as F agreed previously. F's approach is helping a lot. Previously for intraday swing trade i use to keep 10 pips sl. Now it fallen down to 5. I'm happy for it.

F's SSS method is best!

Regards

 

[sun11]

Hi F,
There was some silly mistake while sharing the statistics. It was 8 pips profit not loss.
I like market trick part. Need to be careful about it.

Currently the timing actually changed may be because of the daylight saving. My timing is wrong. I think i'm taking break during busy time & making trades during boring time. From this coming monday, i will settle down the timing, so that i can catch the both london & US sessions major movement. 11:30 to 20:00 IST timing I will be on. After that market is flat.

Thank you
Best Regards
Sun

 

[Forexmospherian]

Hi F,
There was some silly mistake while sharing the statistics. It was 8 pips profit not loss.
I like market trick part. Need to be careful about it.

Currently the timing actually changed may be because of the daylight saving. My timing is wrong. I think i'm taking break during busy time & making trades during boring time. From this coming monday, i will settle down the timing, so that i can catch the both london & US sessions major movement. 11:30 to 20:00 IST timing I will be on. After that market is flat.

Thank you
Best Regards
Sun

Hi Sun

Pleased it was the other way around

With regards world wide daylight time changes - we have another one in the UK on October 25 when we move back an hour from BST to GMT

So be aware of that change again and how it might effect you in India with regards to the European and London Opens and busy periods.

Over 45% of the worlds FX markets volumes take place in the European and London session ( London being the largest ) with the US only approx 25/27% world share.

On that cross over time between say 2 30 pm to 4 30pm current UK time then we have all 3 major centres open and so you expect its to be the busiest period of a 24 hr trading day in FX - and so guaranteed to see some action taking place.

When the market is at is busiest - it suits the intraday SSS method - instead of only getting say on the EU a 4 -6 pip move over say 5 -15 mins in a slow Asian off peak period - you get the 10 to 30 pip moves in a similar time - very important for racking up your numbers when intraday trading 2 to 4 pairs

Ok some more tips next to look at this week.

Its not to after stage 4 that I discuss all 9 + Lrs set up along with the LiTS areas and then multi stake sizing and of course PPND. This is then when your results will change completely and a 25 pip target day will see just far too low and easy

For all that to work we need your entry timings to be as good as possible. However please remember - even me who has been using the method full time for over 7 years notching up 20k live scalps this year - I still most days get one or more of my scalp entries wrong - ie you will never be 100% correct - BUT as with any skill - the more practice - the more you try to improve - normally results in small improvements. If we can get you between 65 and 80% win ratios on the next few batches of 100 scalps and staying with tight stops - you are there . Unfortunately 55 to 60% win ratios are still not quite good enough - they will still make you money etc - but its possible to improve - and so worth doing.

I know Major Magnum got to a point of staying in the 75% to 90% win ratio band on multi hundreds of scalps - which is great but then can psychologically increase the pressure on you to perform at 100% every day. So I reckon accept you will have days of 85%+ on 10 -15 trades - and then other days you struggle to make 65% on 20 trades - you will never stay at the same percentage all the way through the year on batches of 100 scalps - but as long as the end of the year its over 65% then you are doing extremely well

Which pair so far as given you the most success ?

What ever your favourite pair is atm - I hope by stage 6 we have you scalping the EA and the GU - as these 2 pairs are busier and still with low spreads. The EJ can be in between along with the EU - some days its easy and a good earner - other days it can be the hardest and most boring pair to scalp.

More to follow

Regards


F

 

[sun11]

Good morning F,

Today i timed it correctly. Currently struggling at EU. One moment it given me 5 pips, i greed more, second moment closed at BE.

I already adjusted the timing , thank you for the information.

Hard to explain which pair is favourable. Cause all works same way for me. But yes sometimes UJ & AU are least favourable. Sometimes EU, Ucad most favourable.

Will post results later today.

Happy Trading
Regards

 

[sun11]

Lastly want to ask a question.

What should be my average per trade gain now at this stage. Which you expect. I mean your benchmark for average per trade gain?

I mean do you want to me keep 5 pips per trade average or minimum? Or want more 10 pips per trade?

Sometimes i feel like it will be good if I know how long i should hold my trade. For example, currently sell trade on EU, I am targeting towards 1355. Market moved 8 pips in my favour. I thought I could hold more at 10+ pips. But now it seems its going against me. It was a perfect cross over of 100 LR & other LR's. Then suddenly it got changed, now testing at my entry area. That changing area, i had a horizontal support but i thought as it's still below 100 LR, i might hold more.

Regards

 

[sun11]

Ok made 8 pips on buy trades.
But missed 13 pips profit on EU in last 45 minutes. Too bad..Missing pips feels more pain than losing pips.
If I haven't miss those pips, then i would have reached the daily target within 60 minutes.

 

[Forexmospherian]

Lastly want to ask a question.

What should be my average per trade gain now at this stage. Which you expect. I mean your benchmark for average per trade gain?

I mean do you want to me keep 5 pips per trade average or minimum? Or want more 10 pips per trade?

Sometimes i feel like it will be good if I know how long i should hold my trade. For example, currently sell trade on EU, I am targeting towards 13655. Market moved 8 pips in my favour. I thought I could hold more at 10+ pips. But now it seems its going against me. It was a perfect cross over of 100 LR & other LR's. Then suddenly it got changed, now testing at my entry area. That changing area, i had a horizontal support but i thought as it's still below 100 LR, i might hold more.

Regards

Morning Sun

For now - your average winning trade should be ideally 6 to 10 pips

Unfortunately - there is no black and white or fixed target

If you only make 3 pips - no problem its still a profit

If you hang on and it spikes up from 7 to 11 pips and you exit - WD

The trick is reading the positions of the LRs to assist your reading of PA with the HH's and HL's or the opposite on falls

An ideal example this morning is the AU and 4 scalps - all different - but bias atm with scalp buys

Heres my chart - below

I have the advantage of other LRs as well - but lets focus on the faster 4 or 5 and how they help me stay or exit the scalp

I have circled ideal entries - exits are then based on the PA and the LRs - as well as the different S & R levels coinciding with TW's and key time

The four main scalps can be added to but in basic just one entry and on exit

scalp 1 buy from 6 39 am and make say 10 pips by 7 00 am

Then if you held on it would have made in total 25 pips from 6 39am

scalp 2 sell from 7 39 am - again another 10 pips in say 18 mins or so

scalp 3 buy from after 8 09am - again 10 pips easy in 15 mins - and a new high atm 20 pips higher then by 8 39 am

Notice how the TLs and also a bullish parallel channel assist as well

scalp 4 - sell again after 8 40 am from under 61 - it might only make 5 pips - but it could make 10 + - thats the unknown

So out the 4 scalps - if you only took 5 pips off each one you would have short changed yourself - but never expect 10+ pips - because every scalp is different and not every one will work and some that might start off good - fizzle out after just 4 pips

Overtime you start to take in all the clues quicker and you then get a clearer picture

Over this next month - that will happen

Have a good day regards


F

 

[sun11]

Day 48

Thank you Forexmospherian,

For the clear explanation.

Today there was a gap during the US session, had to go out. Then later trade hard on UCAD. Finally won it. UCad finally broke the range.

PL: 15 in pips
No of Trades: 19
Win Rate: 52%
Largest Win: 9
Largest loss: 3.6

Last war is finally won by me. Now I can sleep tight...No loss day. lolz

 

[remulix]

hI K

Please do - its always good if we can get 3 or 5+ students of the method discussing their own findings and whats going well and whats not working

The more the merrier as far as I am concerned - even if everyone is at different stages in their development etc etc

Also same for remulix - if you want to come on main thread as well - no problem - just put a friends request in and I can then allow you on with questions etc etc - thats as long as you have say 12/18 months minimum FX experience and have read through the other threads to understand the main basics of my method

GL and all the best

Regards

F

Hello F,

I just read this post now as I started to read the entire thread some hours/days ago.
Thanks a lot for your offer, let me say that I was wondering when and how I would ask for it
So, I am really pleased to accept your very kind invitation.
I probably won't be very talkative as I spend much time reading, and testing for now but it shall come gently

Thanks again to you (and NVP too that made me discover some great things lastly)
All the best to Sun and Keen246.
Congrats to MM.

R.

 

[sun11]

Good morning Forexmospherian,

I was checking your thread, i saw you mentioned about longer time frame on AU trades.

Just wondering when you are not sure about trends do you use longer time frame to confirm?

I mean do you use Multi time frame approach?

Regards
Sun

 

[Forexmospherian]

Good morning Forexmospherian,

I was checking your thread, i saw you mentioned about longer time frame on AU trades.

Just wondering when you are not sure about trends do you use longer time frame to confirm?

I mean do you use Multi time frame approach?

Regards
Sun

Morning Sun

I basically only check the weekly and monthly at weekends or out of my normal trading times

The idea of multi Lrs on a 1 min chart is really to get a 15 min and hr plus view all on one chart - ie the longer LRs give you a longer view projection

Trouble is you might need a 15 or 30 min chart to see the last 3 days action as many brokers 1 min charts will not cover over 1 day

For intraday - once you have an idea of the big picture - ie important levels - 100 -200 pips away - then really you never need anything higher than a 3 or 5 min chart and I stay on the 1 min at least 80% of the time - and also use the tick chart on some pairs for sharper entries

Hope that helps

Have a good day