That's it!
Enough losses I received.
I am no longer trading in real. No what ever people says. I will trade real account on that day, when I will earn 200 pips in 2 weeks on my demo trading.
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Hi R,Last stats...
View attachment 222282
The maximum consecutive wins increased to 60 now
It's mainly because I take some freedom with drawdown. Trades are not stopped as short as F says.
There is a important law I apply: "never trade majors"
R.
I use a lot of F's method and add some realism too.
I will pm you.
Hi R,
Glad to see you're doing so well. Keep it up.
On your last posts, you touched two topics that are very interesting to me. I know you're a real trader and can share a sensible opinion.
First the drawdown: anyone trading live will know that F's recommended DD of -2 pips is totally unrealistic (for the lack of a better word). While it's wise to cut losses soon, working with a very tight DD will bring only losses that will add up to a big loss over not too many trades. I'm sure Sun can relate to that. So, what sensible DD do you think is "healthy" when scalping (more sort of day trading when one is shooting for 10+ profit pips)?
Second, trading the crosses: I've been observing how to trade a cross based on the movements of its majors. My conclusion is that the cross' moves are guided by the majors (I hope I explain myself well enough). So, say, a S/R area on the cross depends only on the major's moves, so a sound technical analysis on the cross can not be done appropriately without analyzing its majors. Am I wrong on that view? How do you approach the TA/Price action of the crosses?
Keep inspiring us with your great results.
Cheers,
keen246
It's a relief to read that from you, Nick. I thought it was only me who sensed that or that I was somewhat wrongly biased.
And this is what I am talking about: the grey H line is the high of the previous day, here, she made a complex triple top..... confirmed by a bear trend bar, my entries are just below it by 1 pip plus spread, my SL is placed above the extreme. Took profit nearly about 3 times my risk at the upper trendline.
Also notice before the triple top there was a breakout pullback of the previous day high and then she stalled the way down after the TT at the previous day high.
Why I did not take the BOPB? Because I am a counter trader and I always look for early morning reversals, that is why I suggested the above patterns, they are all counter trade patterns, except the two legs PB in a strong trend, when there is a strong trend from the open I look for a TLPB or abcd pattern.
last thing....only trade one pair (not more than 4 hours session) maybe two but I do not suggest it, you are against the best traders and total focus is essential.
Well of course a 2 pip stop is not possible, unlike as you said to constantly get kicked out and rack up charges on your account.
I still look at the lr's but as I have said more than once they are just another m/a indicator, possibly faster. If I am trading I am watching constantly and could draw lr's to a naked chart by now and in reality it is not much different to what I have done for years scalping on the Dax. I have levels marked and look for short term changes which you can see visibly if you are glued to the screen.
I take differing stops and size depends if I am going with or against the medium trend, medium being our very short term trading style. I certainly don't go short whilst long simultaneously so I can claim huge pippage. I also will enter a trade in parts, so to a certain extent I don't mind the pullback as I think my average is lower but if it goes against fast get out and rethink it. Yes it costs but better to get out -8 than -28 or doubling up.
As for your comment on major pairs. In general they are of course correlated and I don't trade EA without watching EU and AU as I want to know what is the driver here. Also this last 2 weeks I have traded so much on GJ UJ and GU and of course they are all connected too. Sometimes it is useful to watch the major as you may spot support or resistance in the major that isn't on the minor chart yet and you can take account of it.
GL
Hi R,Hi K,
Sorry to read that you are having some bad issues with your real results. I think you are right to trade in demo again, get more experience and insurance and then trade real again (before to be absolutely dry )
I agree, here are 2 very important topics
Please take note tham I'm not registered as a teacher and don't mean to be :smart:, so what I will say is only my opinion and can be absolutely wrong in the long term (or short maybe )
First, the DD:
Well, I don't apply a strict law to DD; I just avoid to go "deeper" than 10% for 3 trades opened simultaneously.
Think that I made a short description some posts ago.
Second, the crosses:
It's closely linked to DD, take the example of GA; this pair is some kind of lift going up and down endlessly; many "traders" are using martingale on GA even for some years without crash (Beware, I don't say anyone should do it).
Concerning majors, yes they are conditioning crosses behavior but never forget that FX is a zero sum game...
It's not clear enough ? Okay, you don't expect me to tell you everything ?
Seriously, do you think that someone having a reliable trading method would give it on a forum ?
Probably not...:whistling
All the best.
R.
Hi R,
Thanks for your reply.
I'm focusing my attention on what is the cause of most of my losing trades, which I pinpointed to be the DD and the pullbacks (and FEAR!). That's why I asked.
Sure, nobody should expect to find in these forums a detailed working trade system. Trading is not a science, and there are not fixed rules that suit everybody. But once in a while, people share tips and good advice which can be helpful. I guess that's the main reason we all here.
Keep up the good trading.
Cheers,
K
Hi Fugs!on the 1m I suggest you also look at patterns formations as double and triple top, 3 pushes up, fail final flag and two legs pullback in a strong trend.
Keep in mind 60% of the time the high/low of the day is formed in the first couple hours starting from Frankfurt/London.
At times if you can catch the high of the day and if you got the guts to stay with it you can make 100 pips by risking 10.
Remember only 30% of the time you have trend days, the other days are range days, here best is to fade the new extreme.
Always wait for a trend bar to confirm your entry.
Mark the HLOC of the day and see how prices react to them, also draw proper trendlines, But I would focus particularly on the above patterns mentioned.
Be patient, if market is not showing her legs do not ask her out.
GL
Hi Fugazsy,
Good to hear from you...
Thank you for sharing your trading view. Focusing one 1-2 pairs F also suggested that. Also mentioned the importance of 1st 2 hours of opening session. I like the idea of 10 by 100. That's the main objective of SSS method.
I do use patterns, Last day I used it for EU. Price action is always the main part.
Today trading was good, but only thing I notice that for 70% of my trade I exited early specially with cross pairs.
Like my last trade with GA:
View attachment 222500
View attachment 222498
Area where I exited, market moved more than 25+ pips.
Regards
S.
Hi Fugs!
Very good advice you just shared on this post. Waiting for those patterns requires a lot of patience, but sure they happen all the time.
I'm not sure what these two patterns "..fail final flag and two legs pullback.." are to you. When you have some time, could please upload an example of each. People tend to give personalized names to the patterns. My log book is full of pattern names that I'm sure on one would understand:cheesy:.
What you call "a trend bar", is a strong bar on the counter trend direction that strongly engulfs the previous bar(s). Is that so, or there is another distinct characteristic for such trend bar?
Cheers,
Keen246