My Journal - Pathways to Improvement

[metrader]

IG offers Proreal Time charts and they have tick charts I think. They used to charge £30 per month to use Proreal package and if one makes 2 trades within a month it's free to use the package.

I'm not sure if the feed is ok though, or if the prices are supplied by IG?

 

[Fugazsy]

Best is ProRealtime, with them there is not the 5th decimal number or pipette which makes it much easier for scalping, especially for break-outs.

They will give you a week of trial.

I think IG uses Pro software but with their own data...... for what I remember they are a bit of bunch of cowboys...

 

[metrader]

for what I remember they are a bit of bunch of cowboys...

That's what I've heard as well - it's difficult to find a good broker

One more thing - I've noticed lrs on the chart. It's important to know that lrs can't predict the future (contrary to what somebody posted on this forum).

Saying that, if they help you trade profitably why not use them

 

[sun11]

For reliable tick charts you need data from a third party..... and is not free.

Hi Fugazsy,

Well fxpro Ctrader tick chart is free...
Even If I don't use MT4 tick chart, I can still use Ctrader tick charts...

Regards

 

[sun11]

That's what I've heard as well - it's difficult to find a good broker

One more thing - I've noticed lrs on the chart. It's important to know that lrs can't predict the future (contrary to what somebody posted on this forum).

Saying that, if they help you trade profitably why not use them

Hi metrader,

Nothing can predict future...if we could predict future than we would be God...

Indicator lagging or leading shows some probabilities...that's all..

About Lr it shows a good visualization about price action...but 100% not a stand alone system..you need other clues..

 

[sun11]

A bad miss today, I had GU trade on from the 4188 at the early morning..It was profitable for 33 pips...I was out & completely forgot about it. Now its standing on -2 pips..
Its a double bottom at 4155. I don't think it will go back there until it hits my sl.

 

[counter_violent]

A bad miss today, I had GU trade on from the 4188 at the early morning..It was profitable for 33 pips...I was out & completely forgot about it. Now its standing on -2 pips..
Its a double bottom at 4155. I don't think it will go back there until it hits my sl.

and your stop is where?

 

[sun11]

and your stop is where?

My stop was at 4227...It was not for scalping..this trade was for swing purpose...tp was at 4041.

But I close this trade now at 6 pips profit..It moved 15 pips in favour..but I didn't closed it...but now looking at the 1 minute chart..I closed it.

 

[sun11]

I closed early, now its falling...GU
Re enter position from 4168.

 

[sun11]

I closed early, now its falling...GU
Re enter position from 4168.

All right closed this trade at 27 pips profit. Swing trading is something like watching paint dry..

 

[malaguti]

All right closed this trade at 27 pips profit. Swing trading is something like watching paint dry..

when did you last make 1 trade which gave you 27 pips?

 

[itspossible]

when did you last make 1 trade which gave you 27 pips?

Thats what i thought
but its so boring trading like that:whistling

 

[sun11]

when did you last make 1 trade which gave you 27 pips?

Many months ago..I guess..
On last trade I had tp around 4066. Currently its 4091..my prediction was right...

 

[sun11]

I created a tool today, which is actually modelling of F's scalping method.
This modelling is done on an account where commission is $10 & current spread of that pair with proper entry.

In this picture 1/5 means, risking one minute ATR with 5 minute ATR. That means if I enter a trade on a 1 minute chart & price stays favourable then holding that trade 5 min, what I can earn average. This 1/5 column mostly stays below 1 RR.

Best is 1/30 which is extremely a rare case. If from the point of entry market stays favourable for 30 minutes. It shows RR 2 to 3.

Anyone catches 2-3 trades like this...can reach to daily target. :whistling

5/30, 5/60 is for the wider stops.

Regards

 

[NVP]

I created a tool today, which is actually modelling of F's scalping method.
This modelling is done on an account where commission is $10 & current spread of that pair with proper entry.

In this picture 1/5 means, risking one minute ATR with 5 minute ATR. That means if I enter a trade on a 1 minute chart & price stays favourable then holding that trade 5 min, what I can earn average. This 1/5 column mostly stays below 1 RR.

Best is 1/30 which is extremely a rare case. If from the point of entry market stays favourable for 30 minutes. It shows RR 2 to 3.

Anyone catches 2-3 trades like this...can reach to daily target. :whistling

5/30, 5/60 is for the wider stops.

Regards

that's very impressive programming S ...............good for you

remember scalping is about grabbing the early move to secure / lock your b/e on a scalp (partial % stakes) and then letting the rest run ..........this is not the business to sit in the middle of the motorway and hope you stay safe ..............scalping is fast and you have to be attentive to the retraces that can happen in spilt seconds ..................I rarely carry a % of scalp for more than 5 mins unless I got a hellover kicker in that 5 and can take my time ........if the move is sub 10 pips the odds are i'm gonna get my remaining / running trade handed back on a plate to me with little profit ..........many times I tighten right to the max and if the market keeps going I simply go back in and start again with a new trade

do not treat scalping like swing trading dude ............this is the serious end of the game ........nothing like it ..........

sorry I cannot be of more assistance on your thread but you know I do not trade F's system ......I just borrowed the bits I found interesting from him :smart:

always here and happy to help if I can

N

 

[malaguti]

Many months ago..I guess..
On last trade I had tp around 4066. Currently its 4091..my prediction was right...

and thats the beauty of longer time frames. you become profitable. no longer having to worry about trying to have a 3 pip (imaginary) stop loss. you have room to breathe. room to move. and you are no longer giving your money away to the broker.

good luck to you Sun, you will find your own path regardless of its first steps

 

[Fugazsy]

That is a good advice from Mala.

Scalping successful is possible but you need to be extremely patient with it, you cannot shoot from the hips based on imagery timing or by crosses of derivative of moving averages, if you do the broker and costs will eat you alive.

As I said it can be done but patience is necessary, you need to spot on the chart the pushes and pulls of the parts and be nimble enough to jump on the wagon once one will let go of the rope joining the others to cover, for a quick 10 pips profit by risking about 6.

The other option is day trading or swing trading....here you might have to learn how to spot the possible high/low of the day. Here I would not trade less than the 5m TF.

For what I understand in forex levels are a bit more important then anything else in the technical way.

Good Luck Sun, you will be fine.

 

[sun11]

Thank you NVP, Malaguti, Fugazsy for sharing your views...

Swing & scalping both are opposite pole.

Actually I have swing trading system, which generally helps me to predict levels & trends for 4Hour charts. If I trade with this system it will need to hold trade overnight. I tried doing that..I mostly missed profit when I was sleeping or going out..., cause I don't have automatic trail stop for it..plus I required large stops (position sizing could helps in this case) ....So, I decided to find something optimal from both of this system...like following...

Observing my S/R levels on 1 min chart GU (trade which I shared previously)..it shows me 3 entries with 6 pip stops..means I don't need 30-50 pips stop loss.



Good Friday...

 

[sun11]

remember scalping is about grabbing the early move to secure / lock your b/e on a scalp (partial % stakes) and then letting the rest run ..........this is not the business to sit in the middle of the motorway and hope you stay safe ..............scalping is fast and you have to be attentive to the retraces that can happen in spilt seconds ..................I rarely carry a % of scalp for more than 5 mins unless I got a hellover kicker in that 5 and can take my time ........if the move is sub 10 pips the odds are i'm gonna get my remaining / running trade handed back on a plate to me with little profit ..........many times I tighten right to the max and if the market keeps going I simply go back in and start again with a new trade

do not treat scalping like swing trading dude ............this is the serious end of the game ........nothing like it ..........

Thanks NVP for sharing your scalp stat..Line in bold..I will keep in mind...
what is your average win rate for scalping & what is the lowest win rate per day wise?

Regards
Happy Holiday..

 

[NVP]

Thanks NVP for sharing your scalp stat..Line in bold..I will keep in mind...
what is your average win rate for scalping & what is the lowest win rate per day wise?

Regards
Happy Holiday..

It varies s.......and is very dependent on market conditions

If you notice I,talk a lot about the g8 volatility levels on my scalping thread....this helps me to gauge where the currencies are regarding propensity to trend and offer up pip moves .......like a forex vix really

In truth my style is very different to what F and MM were doing......but a lot of the trades were inevitably the same ....we just got there differently.....

If I am trying to,trade under the min vix levels ( impatient !!)....then I will generally fall towards 60% win rates on my scalps........if I am more patient and chose wisely when the volatility is rising I will generally get over 8o%

Again it's all about experience ......take quality signals / trades consistently with a strong system and with good execution and you will always make money over time

N