My Journal - Pathways to Improvement

[remulix]

Hi Remulix,
Thanks a lot for the charts. I’ll study them and compare with mine.

I think my troubles started when I tried to squeeze more pips out of each trade. I think trades with less of some +2.5 pips are just a waste of time. The commission and the R:R eat up all of your profits, so I tried to leave trades running longer, but it seems like those choppy movements (+5 up then -5 down) only happen on my charts! The winning % decreases exponentially as you try to get more pips.

My current profit target is a measly +13 - +16 net pips (after commission). I used to get them very quickly and even double them, but now it’s only negative pips every day. I'm very frustrated....you expect to get better with time, but in my case it's the opposite. Maybe it's what you call a flat time.

Thanks for the indicator offer, but I’m not using MT4 at this moment. I’m using FXCM Trading Station mostly, but found a serious bug that makes scalping harder, so if support don’t fix it soon, I’ll have to move to MT4. I use Ctrader for charting only as FXpro’s spread and commission is too high when you’re just winning a few pips each trade.

Keep up your good results. It’s inspiring that someone else is doing well with the method.
Cheers,
Keen246

Hi K,

Sure spread is a big problem; have you tried OctaFX or FxOpen ?
Octa FX supplies accounts with low spread and no commissions.
FXOpen has even lower spreads but charges a rather small commission.
I personally use both for demo.
Agree with you; trades <=2.5 pips are a bit useless but as F says it's a question of entry.
I sometimes don't hesitate to take "stupid" trades, just to test things.
Also noticed that if you set SL, you will be frequently stopped out by the broker. (some bad wicks coming from nowhere)
An other problem is that we are faithless, so here is what I try to do each time I take a trade.

• When I take a trade with very good entry criteria; I don't stop even if it goes reverse more than 30 points; I try to trust my observation and 90% of times, it will return 3 or more pips.
• When I take a trade a bit lightly, with few clues or bad PA, then I stop out at -3 pips STRICTLY.

I definitely think that this method is good; I also think that F does not give too evident clues for an obvious reason: everyone has to find its own way to handle and use it.
Anyway, even after years of trading, I've never seen a "ready made" method that works in the long term...

Well I'm just a beginner with this method so I can't help you more than I personally know

Take your time and you will do it.

All the best.
R.

 

[MajorMagnuM]

Hi Remulix,
Thanks a lot for the charts. I’ll study them and compare with mine.

I think my troubles started when I tried to squeeze more pips out of each trade. I think trades with less of some +2.5 pips are just a waste of time. The commission and the R:R eat up all of your profits, so I tried to leave trades running longer, but it seems like those choppy movements (+5 up then -5 down) only happen on my charts! The winning % decreases exponentially as you try to get more pips.

My current profit target is a measly +13 - +16 net pips (after commission). I used to get them very quickly and even double them, but now it’s only negative pips every day. I'm very frustrated....you expect to get better with time, but in my case it's the opposite. Maybe it's what you call a flat time.

Thanks for the indicator offer, but I’m not using MT4 at this moment. I’m using FXCM Trading Station mostly, but found a serious bug that makes scalping harder, so if support don’t fix it soon, I’ll have to move to MT4. I use Ctrader for charting only as FXpro’s spread and commission is too high when you’re just winning a few pips each trade.

Keep up your good results. It’s inspiring that someone else is doing well with the method.
Cheers,
Keen246

What bug and are the spreads really good enough?

 

[keen246]

Hi Keen

If I can assist in any way - please let me know

I dont mind next week spending a morning or half day with you on any FX pairs you favour to check out your entry points and your clues etc etc

I think the platform is important and of course spreads - ideally you need pairs under 1 pip - but 3 pip max and then that would make it difficult for a start if you are only able to grab 3 -5 pips net trades

I will say as you improve with your entry timings - you will catch every session one or more scalps that make over 12 or 15 pips - all within 10 -15 mins

Some days - if you catch a nice interim low or high and all lines up - then you get the 15 -20+ pip scalps - all within 15 mins

It will come

Sun is now on over 1300 + scalps

Out of interest how many have you taken so far using the method as I find you do need over 500+ scalps to start to improve timing etc etc ??

Let me know how I can help more

Regards

F

Hi F,
I reckon my trading time is not enough for this method. I’m basically trading the NY session until noon when volatility diminishes dramatically and the small movements become very choppy. That’s about 4 hours per day.

I’m planning to trade some 2 more hours my evening when Tokyo session starts. That would give me a couple of additional hours. The volatility is not that good, but maybe AU or NU can provide a few decent moves during those 2 hours.

On the 4 hours I’m currently trading, I think I have something like 15-20 trades per day. That would be roughly 400 trades per month. I’m not sure when I started, but I think it’s at least 3 months now trying your method. That would be more than a 1000 trades. Some weekends I practice for some hours on the simulator. Moreover, I’ve done some months scalping using Volman’s tick charts method.

That’s why I’m feeling really stupid….I should be improving, but actually I’m not. First month and a half was good…so good I was planning going live. But since some weeks ago it seems I always enter when the market suddenly gets choppy and I have no option than scratching the trade with a loss.

Thanks for your offer to help. I think it would help me to post some of my losing trades, you take a look at them and maybe give me some tips regarding why I should/shouldn’t have done the trade.

But first, I need to make some serious soul-searching to figure out what other aspect of my life are affecting my trading. I set my mind on becoming really good at this, and I won’t give up.
Cheers,
Keen246

 

[keen246]

What bug and are the spreads really good enough?

Hi MM,
Glad to see you are around again.
The bug is really annoying and can make you lose money. Basically the take profit and stop loss lines set with the trade, more often than not, can't be moved by dragging the line. Sometimes it works, but it's random, so you have to try several times and that can make you lose money as you can babysit the trade properly.

If you're asking the FXCM spreads, these are not that bad (0.2-0.5 on EU). In fact I'm yet to find a better deal. I have to check the spreads from the brokers Remulix mentioned.
Ahh..the commission is not great but also better than the brokers I've checked. It's 8USD/lot on majors and 1.2USD/lot on the rest. I'd love to find better commissions as they really add up.

 

[keen246]

Hi K,

Sure spread is a big problem; have you tried OctaFX or FxOpen ?
Octa FX supplies accounts with low spread and no commissions.
FXOpen has even lower spreads but charges a rather small commission.
I personally use both for demo.
Agree with you; trades <=2.5 pips are a bit useless but as F says it's a question of entry.
I sometimes don't hesitate to take "stupid" trades, just to test things.
Also noticed that if you set SL, you will be frequently stopped out by the broker. (some bad wicks coming from nowhere)
An other problem is that we are faithless, so here is what I try to do each time I take a trade.

• When I take a trade with very good entry criteria; I don't stop even if it goes reverse more than 30 points; I try to trust my observation and 90% of times, it will return 3 or more pips.
• When I take a trade a bit lightly, with few clues or bad PA, then I stop out at -3 pips STRICTLY.

I definitely think that this method is good; I also think that F does not give too evident clues for an obvious reason: everyone has to find its own way to handle and use it.
Anyway, even after years of trading, I've never seen a "ready made" method that works in the long term...

Well I'm just a beginner with this method so I can't help you more than I personally know

Take your time and you will do it.

All the best.
R.

Thanks R for your reply. I'll check those brokers. With this method of several trades per day, it's critical to have low spreads and low commissions.
Cheers,
Keen246

 

[Forexmospherian]

Scalping the EU - Tips for new scalpers

EU

7 02 am

In the last hour i have taken 3 scalps on the EU

On my chart - I look for a level and a 2 quick LR cross that fits in with the bias of the Pair - ie based on the LiTs for session - not the monthly / weekly / daily etc - as not really bothered about them for scalping

Heres the chart - and then I will take you through the 3 scalps

You can see the thick red longest LR saying bias under it should be bearish - I appreciate new scalpers dont have all the LRs to assist them - but basically it then down to reading PA on the 1 min chart along with levels

I have marked the 3 quick LR crosses - as they are a main clue

Notice - all 3 are not at exact KEY Times = It helps if they are in the TW's but they dont have to be exactly at a KT

If they happen exact on a KT - even better

Then I depend on the other LR's to be going over price for scalp sells - and under for scalp buys

Next clues after PA/ Time /LRs - is the levels - do they correspond with S & R interim levels ??

Also I am looking for strength and speed of move as another clue and of course reading PA on the 1 min for LH's and LLs - or vice versa etc

Hope this helps for a start and will post on Suns thread as well

The 3 scalps made in total 22 pips - although I only got 14 pips of them - as late on 2 entries

Stops are all tight - I would not have needed more than 3 pips for every entry

Morning Keen and Remulix and all

Here's some more tips on scalping - based off the EU this morning

Will let you check out and then please - any questions etc - just ask

Have a good day

Regards


F

 

[remulix]

daily target...

Hello everyone watching this thread.

Made my small daily target.


Was a bit hard this morning (especially with UJ) but easier after noon
One more time, EA was a friend :cheesy:

All the best.

@K: have you tried FXOpen ? Trades become positive at 4-5 point up.

R.

 

[remulix]

Finally asked for more

Hi,

I finally asked EA to give some more pips and he did
So kind...



R.

 

[Forexmospherian]

Hi,

I finally asked EA to give some more pips and he did
So kind...

View attachment 203446

R.

Excellent - you have been on a roll this week - well done

Pleased you are very disciplined as well - stay like that and then you will carry on slowly taking a lot more out of the market than the bits you give back

RegardS

F

 

[remulix]

Excellent - you have been on a roll this week - well done

Pleased you are very disciplined as well - stay like that and then you will carry on slowly taking a lot more out of the market than the bits you give back

RegardS

F

Thanks F, will do.

R.

 

[keen246]

Morning Keen and Remulix and all

Here's some more tips on scalping - based off the EU this morning

Will let you check out and then please - any questions etc - just ask

Have a good day

Regards


F

Hi F,

Thanks for the chart.
It definitively seems like I'm looking at the wrong information on the chart as I'm totally clueless as to how you pick the exact top or bottom.
There are several instances when the fastest LRs cross, but only after the fact I can know it was supposed to be a top/bottom where I should have entered. On real time it can be just a minor retrace.

When you have some available time, could you please try to explain to me your thought process as to discern between your entries and the ones I marked on the chart attached?
The one I marked as A, is also a fast LRs crossing with a previous bearish candle showing weakness on the previous bullish movement, pretty much like your entry. Why didn't you enter there and knew the next cross was a top?

On B, quick LRs also starting to cross and just one minute after 6:30 KT. Why not entering here? How did you know price was going lower and a bottom was about to happen....there was no interim swing on the left?

I know the answers can be difficult and it might be just intuition developed after several years of trading, but if there is a logical explanation, I would love to hear it.

Thanks in advance for your time.
Cheers,
keen246

 

[Forexmospherian]

Hi F,

Thanks for the chart.
It definitively seems like I'm looking at the wrong information on the chart as I'm totally clueless as to how you pick the exact top or bottom.
There are several instances when the fastest LRs cross, but only after the fact I can know it was supposed to be a top/bottom where I should have entered. On real time it can be just a minor retrace.

When you have some available time, could you please try to explain to me your thought process as to discern between your entries and the ones I marked on the chart attached?
The one I marked as A, is also a fast LRs crossing with a previous bearish candle showing weakness on the previous bullish movement, pretty much like your entry. Why didn't you enter there and knew the next cross was a top?

On B, quick LRs also starting to cross and just one minute after 6:30 KT. Why not entering here? How did you know price was going lower and a bottom was about to happen....there was no interim swing on the left?

I know the answers can be difficult and it might be just intuition developed after several years of trading, but if there is a logical explanation, I would love to hear it.

Thanks in advance for your time.
Cheers,
keen246

Hi K

Yes certainly

I will try and explain more after tea and in next few hours

Regards

F

 

[remulix]

Live

Hi F,
I decided to train a bit on a live account because demo is too easy as the primary nemesis is missing (fear)
There, the performances are really poor but it's better than nothing...


Have a nice evening...
R.

 

[Forexmospherian]

Hi F,

Thanks for the chart.
It definitively seems like I'm looking at the wrong information on the chart as I'm totally clueless as to how you pick the exact top or bottom.

To actually catch and interim intraday bottom or top on a FX pair is possible - with even a 70%+ success rate - but for 90% of all intraday traders - their success rate would probably be less than 40 or 30% wins - and so for just scalps - would not be worth while.

The trick is all down to the number of clues and the traders level of experience and skill

There is no substitute for experience - OK you can shorten a 3 or 5 yr learning curve down by half with a proper successful method - but unless you plan to trade say 15 + hrs a day - you are not going to rack up lots of 1000 intraday trades every month or two - its going to take longer

There are several instances when the fastest LRs cross, but only after the fact I can know it was supposed to be a top/bottom where I should have entered. On real time it can be just a minor retrace.

On your chart the additional clues I have are via my understand of the LRs and bias and time. The exact half hr was too early - Ok with 8 or 10 pip stop - but we dont want to risk more than a few pips against us.

If you notice the 2 quick Lrs are started to turn - but the PA was not ready for a rise until a few mins later - and the clues were the additional Lrs and the 2 black ones starting to cross with them

The bias was bearish so a scalp buy was again this immediate trend- and therefore you needed extra confirmation

When you have some available time, could you please try to explain to me your thought process as to discern between your entries and the ones I marked on the chart attached?
The one I marked as A, is also a fast LRs crossing with a previous bearish candle showing weakness on the previous bullish movement, pretty much like your entry. Why didn't you enter there and knew the next cross was a top?

On B, quick LRs also starting to cross and just one minute after 6:30 KT. Why not entering here? How did you know price was going lower and a bottom was about to happen....there was no interim swing on the left?

You could have entered there - but would have needed a large stop size - not recommended

its better to miss the start of the scalp - than get in early and wish you had not done

Slowly you will read other clues from time in the time window and also the levels price changes at - Even I get caught out - even after nearly 20K of live scalps never mind a few thousand more was I was learning on demo - If I get it wrong - I am out as quick as possible either b/e or minus 1 or 2 pips and then will reenter if think its going to happen say 3 or 5 pips lower.

I would not risk 10 -12 pip stop sizes - I would sooner get 3 wrong scalps at B/E or minus 2 - than 1 bad scalp at minus 11 pips

I know the answers can be difficult and it might be just intuition developed after several years of trading, but if there is a logical explanation, I would love to hear it.

You are correct with intuition - even reading the markets tricks and game plan - but it will come to you - maybe its 2 months more away - or even 6 months - but it will appear - although - then - never expect to maintain 90% + win ratios - its too much stress - just except that on 100 scalps you might have anything from 15 to 40 go wrong and it just part of trading. Once you catch the 10%+ of scalps that make 50 -100 - 200+ pips off partial stakes with stops in profit - you will not be so fussed on losing 3 - 4 pips on a bad scalp - just try and not have more than 7 in a row

Thanks in advance for your time.
Cheers,
keen246

Comments in blue

Will add more tips with regards to scalping clues next week when Sun is back again

All the best and dont get disheartened - you will have ups and down on the journey - but I can assure you - every down is surmountable


Regards


F

 

[keen246]

Thanks for your reply.

Thanks for your reply F.

 

[remulix]

Dt

Morning all,

I made my daily target.
GN & EA were perfect this morning; one more time I could have made twice but I'm still too faithless...
Well let's say than 35 pips in 36 minutes is not too bad...


All the best.
R.

 

[Forexmospherian]

Morning all,

I made my daily target.
GN & EA were perfect this morning; one more time I could have made twice but I'm still too faithless...
Well let's say than 35 pips in 36 minutes is not too bad...
View attachment 203546

All the best.
R.

Excellent again remulix

Because I have had so many members question my method ( and ability ) its so nice to see other members learn the method - and show it can work

When I look back - after Major Magnum started to produce really great results - many said - it was me again as a multi nic - which was shown to be totally incorrect - but that then went against the members who said I did not have a clue - and could not even trade ( what a joke)

As i have mentioned many times - my method is fairly complicated until you start to understand it and try it out over many months. We will never be 100% correct on our scalps - but as long as we can maintain over 60% win ratios ( for a experienced scalper - that's easy - 70 -80% is the norm on batches of 100 trades) and then use clever money management along with leaving part stakes on with stops in profit - we will make money - more than many think as being really good.

All students in their first 3 months must be careful on going with live monies - as 3 or 5+ bad consecutive scalp losers can play tricks with the mind - and give you a negative mind set - so you then doubt the method.

This might happen after you have say 15 or 25+ winners in a row - you feel invincible and think you have the "holy grail" - but if you are able to keep you emotions under strict control - over every 50 - 100 scalps - you will be profitable

Next week after we see Sun return - I will start looking at progressing you both on to more of stage 3 +

Meanwhile - any questions etc - just post them and hopefully I can answer them

Regards


F

 

[remulix]

Excellent again remulix

Because I have had so many members question my method ( and ability ) its so nice to see other members learn the method - and show it can work

When I look back - after Major Magnum started to produce really great results - many said - it was me again as a multi nic - which was shown to be totally incorrect - but that then went against the members who said I did not have a clue - and could not even trade ( what a joke)

As i have mentioned many times - my method is fairly complicated until you start to understand it and try it out over many months. We will never be 100% correct on our scalps - but as long as we can maintain over 60% win ratios ( for a experienced scalper - that's easy - 70 -80% is the norm on batches of 100 trades) and then use clever money management along with leaving part stakes on with stops in profit - we will make money - more than many think as being really good.

All students in their first 3 months must be careful on going with live monies - as 3 or 5+ bad consecutive scalp losers can play tricks with the mind - and give you a negative mind set - so you then doubt the method.

This might happen after you have say 15 or 25+ winners in a row - you feel invincible and think you have the "holy grail" - but if you are able to keep you emotions under strict control - over every 50 - 100 scalps - you will be profitable

Next week after we see Sun return - I will start looking at progressing you both on to more of stage 3 +

Meanwhile - any questions etc - just post them and hopefully I can answer them

Regards


F

Hi F,

Let me say that, obviously, your method works.
As far as I'm concerned, here is what I really do:
At the beginning, I was really watching the LR's but it was a real problem for me as I consider that indicators can only show you the past, so had to struggle against myself to do this.
So finally, going further with the technique understanding (because it takes time), I finally managed to put several different clues together and LRs became less important.
It's from this moment that I really started to get more pips.
IMHO, what is interesting with this method is that you finally watch some kind of mixed pattern including LRs+RS+KT+TW+PA and finally can "read" it instantly when focused enough. It's a bit like seeing thru or behind the chart and I like it.
It's putting together all the things I did before this method.
I eager to discover the next level

Concerning controversy and things, I had enough in my professional and personal life to ask for more

All the best.

 

[Forexmospherian]

Hi F,

Let me say that, obviously, your method works.
As far as I'm concerned, here is what I really do:
At the beginning, I was really watching the LR's but it was a real problem for me as I consider that indicators can only show you the past, so had to struggle against myself to do this.
So finally, going further with the technique understanding (because it takes time), I finally managed to put several different clues together and LRs became less important.
It's from this moment that I really started to get more pips.
IMHO, what is interesting with this method is that you finally watch some kind of mixed pattern including LRs+RS+KT+TW+PA and finally can "read" it instantly when focused enough. It's a bit like seeing thru or behind the chart and I like it.
It's putting together all the things I did before this method.
I eager to discover the next level

Concerning controversy and things, I had enough in my professional and personal life to ask for more

All the best.

HI remulix

Spot on with that comment - its more than just LR's or time on its own - its a combinations of many factors that when come together - can offer you a high probability scalp type trade - with hardly any going underwater - but what can then achieve anything from just 3 to 30 to 300 + pips - without every going under your original scalp entry point.

I agree with you about indicators - BUT - Trendlines and divergence of LRs can be leading indicators that work before Price Action

For me MA's are too slow and lagging - but a tick chart or 1 min with quick Lrs is the nearest thing to price action in advance and the slower LRs via pattern and divergence can give you a higher probability than just naked price.

That's why I personally think FX trading is not simple or even easy -its complex but crack part of the codes via all our clues - and we then get exceptional results.

I dont think its possible to obtain the same ROC on large commercial accounts of $1million + for many other reasons - ie a different ballgame - but under 20 lots a pip - then as far as I am concerned regular returns of over 25% per month ( not continually compounded) are possible and very achievable.

I have had several months where on a $50K + account i have managed over 50% returns on exceptional busy month periods in the past - and 15 -25% for me are what i look upon as the minimum on retail size capital accounts - per month

Money management - disciplines and consistency all important as well in the mix - and once you have them all supporting the "method" - you are well on your way to success.

Hope fully - over the next few months - you will see that - expect the odd downsides on the journey - but stay in control and disciplined - and the results will then come

Enjoy your weekend

Regards


F

 

[remulix]

Mad day !

Hi all,

Today was a mad day for me...
Made my Daily target this morning, but as usual wanted to get more pips (line an insane game).
Finally did completely stupid things as I stated markets were obeying to me and (of course) got a huge loss of 90 pips.
BUT I'm very proud to show that I came back to my AM results.
Have my +50 pips again
Finally made 52 + 90 + 52 positive pips in the day. :cheesy:

attached Stats and today's statement.



Have a nice WE.

R.