My journey towards consistency

Forexmospherian said:
we are back in the support area from 80 to 88 now

So over 89 and 92 scalp buy

Only hold scalp sells if 80 lets go
Click to expand...


This comment was on the UJ prior to 4 00 pm

Price stayed above 80 - then 84 and tried up - going up for 30 mins from 3 51 pm

Price made 120 08 in the end - and so from approx 90 - 18 pips and really a scalp buy should have netted a minimum 10 pips and anything over 15 pips was cream on the cake

Problem was - it was a scalp buy

Big question for gft 32 now - did you take it at all above 89 or 92 ?????

If not - then question yourself - why ???


Regards


F
 
Next point for gft - if you spend say 5 -7 hrs a day watching a live 1 min chart to get into understanding its movements - then over 1 month of trading - say 21 days - you are still only just over 100 -150 hrs

You need at least 1000 hrs at the coalface to be at first level and by then you should be seeing more consistency. It will not take you 6 or 7 months though - as its all being "short cut" by me telling you what you need to look at and the times and importance of levels etc etc.

But it will take at least 3 months + to be getting to a 70% + win ratio and to be seeing more consistency. You will know during that time whether you can do it - but remember it will not be easy -- and no matter how many times you feel its not working or you want to give up - then you have to go through the pain barrier to get there - Major Magnum is a perfect example to confirm this

Regards


F
 
Forexmospherian said:
This comment was on the UJ prior to 4 00 pm

Price stayed above 80 - then 84 and tried up - going up for 30 mins from 3 51 pm

Price made 120 08 in the end - and so from approx 90 - 18 pips and really a scalp buy should have netted a minimum 10 pips and anything over 15 pips was cream on the cake

Problem was - it was a scalp buy

Big question for gft 32 now - did you take it at all above 89 or 92 ?????

If not - then question yourself - why ???


Regards


F
Click to expand...

Forexmospherian said:
Next point for gft - if you spend say 5 -7 hrs a day watching a live 1 min chart to get into understanding its movements - then over 1 month of trading - say 21 days - you are still only just over 100 -150 hrs

You need at least 1000 hrs at the coalface to be at first level and by then you should be seeing more consistency. It will not take you 6 or 7 months though - as its all being "short cut" by me telling you what you need to look at and the times and importance of levels etc etc.

But it will take at least 3 months + to be getting to a 70% + win ratio and to be seeing more consistency. You will know during that time whether you can do it - but remember it will not be easy -- and no matter how many times you feel its not working or you want to give up - then you have to go through the pain barrier to get there - Major Magnum is a perfect example to confirm this

Regards


F
Click to expand...

No, i didn't take any scalp, i had to go back to work and couldn't watch the chart...

The second comment, look F, i am hardly making 5 hours a day... i am managing 1/2 early morning, 1/2 lunch time, 1/2 in the evening.... none of these is pure watching...

1000 hours sound very far away... i have a job to pay the bills, wife/kids they need me, if i quit the job to watch the chart i cannot live without income...

at least to be come consistent.

i don't want to make it drama but this is my situation...

more screen time means less time from other stuff, job family etc

i am not looking for a shortcut, but i am feeling the pain...
 
gftrader32 said:
No, i didn't take any scalp, i had to go back to work and couldn't watch the chart...

The second comment, look F, i am hardly making 5 hours a day... i am managing 1/2 early morning, 1/2 lunch time, 1/2 in the evening.... none of these is pure watching...

1000 hours sound very far away... i have a job to pay the bills, wife/kids they need me, if i quit the job to watch the chart i cannot live without income...

at least to be come consistent.

i don't want to make it drama but this is my situation...

more screen time means less time from other stuff, job family etc

i am not looking for a shortcut, but i am feeling the pain...
Click to expand...

I remember you said at the start of the journal you had 20 months to find out if you could make it and that you would spend 6 -8 months on demo.

I appreciate you have to put your family and job first - as well as your own health and well-being - as MM found out that it was taking toll when he was trying to do a 2-4 hr session after his family had gone to bed at night. It might work for a few weeks - but then you are shattered in the day - and everything suffers.

My way is probably the hardest and most difficult way to intraday trade - its certainly not easy - or simple - and that's why you do need a 1000 hours as a a minimum understanding noise and movements at the "coalface".

At just 10 hrs a week - its a couple of years - 20 hrs a week - maybe under 1 year.

I suggest you have a word with Major Magnum when he's back off holiday to see if he can offer other short cut tips etc - as he did manage it under 8 months - but then another 6 months live before he became consistent with a live real money account.

I took approx 4 yrs part time - but remember I was learning it all myself etc with just the odd tips from various traders etc and then I had the confidence to know full time I would make money on a consistent basis.

Many traders would say go swing trading - its easier and quicker - it is - but then even when you improve to an high standard - the financial results are no where as good as short term intraday - as you just don't get the RR ratios and win ratios to make consistently 20-25+ % per month on retail trading size accounts with no continual compounding - ( thats another ball game )

The best thing is try and get over 2 hrs over the day - ideally before 9 30 am a short session - then in between 2 and 4 pm and maybe an hour after 9 30 pm or so

You will know then within 3 months if you are making improvements - you are even in a week - as keeping your losses tight and understanding PA better etc

You must take control of your own bias - that's not helping you on scalping - but I am sure you will in this new month

I can easily spare an hour or two a day helping etc- whilst I am trading as well - so no problem with that - but as you know I am away in April

Maybe give me some approx time you are about - I know this morning you were trading before me at 6 30 am and I hope you are finding that the UJ could compliment your existing EU.

Step by step - you can get there - don't worry about the pressure being in the open etc on your journal - its all part of the learning process - and both MM and me have been there and know what you are going through - relax - it does get easier ;-)

Regards


F
 
gftrader32 said:
short uj 9 01pm at 93
Click to expand...


90 -92 was all interim support

If it had dropped under say 88 - you would have been OK - but unfortunately - it did not

With 92 holding - it was then the perfect time to reverse the trade to a scalp buy after 9 09 pm

It then went up a nice 14 pips

Another tip to remember - when one level holds and the other is breached under 30 mins -ie 98 in the high case

See you in the morning

Regards

PS - also note EU topped at 9 09 pm and then fell 20+ pips - ie opposite to UJ rise
 
Last edited:
Forexmospherian said:
I remember you said at the start of the journal you had 20 months to find out if you could make it and that you would spend 6 -8 months on demo.

I appreciate you have to put your family and job first - as well as your own health and well-being - as MM found out that it was taking toll when he was trying to do a 2-4 hr session after his family had gone to bed at night. It might work for a few weeks - but then you are shattered in the day - and everything suffers.

My way is probably the hardest and most difficult way to intraday trade - its certainly not easy - or simple - and that's why you do need a 1000 hours as a a minimum understanding noise and movements at the "coalface".

At just 10 hrs a week - its a couple of years - 20 hrs a week - maybe under 1 year.

I suggest you have a word with Major Magnum when he's back off holiday to see if he can offer other short cut tips etc - as he did manage it under 8 months - but then another 6 months live before he became consistent with a live real money account.

I took approx 4 yrs part time - but remember I was learning it all myself etc with just the odd tips from various traders etc and then I had the confidence to know full time I would make money on a consistent basis.

Many traders would say go swing trading - its easier and quicker - it is - but then even when you improve to an high standard - the financial results are no where as good as short term intraday - as you just don't get the RR ratios and win ratios to make consistently 20-25+ % per month on retail trading size accounts with no continual compounding - ( thats another ball game )

The best thing is try and get over 2 hrs over the day - ideally before 9 30 am a short session - then in between 2 and 4 pm and maybe an hour after 9 30 pm or so

You will know then within 3 months if you are making improvements - you are even in a week - as keeping your losses tight and understanding PA better etc

You must take control of your own bias - that's not helping you on scalping - but I am sure you will in this new month

I can easily spare an hour or two a day helping etc- whilst I am trading as well - so no problem with that - but as you know I am away in April

Maybe give me some approx time you are about - I know this morning you were trading before me at 6 30 am and I hope you are finding that the UJ could compliment your existing EU.

Step by step - you can get there - don't worry about the pressure being in the open etc on your journal - its all part of the learning process - and both MM and me have been there and know what you are going through - relax - it does get easier ;-)

Regards


F
Click to expand...

Morning F,

thanks for the help and the support....cannot thank you enough, will speak to MM when he's back....i'm around today early morning and possibly lunch time..


regards
 
if one trades ej uj...why not trade eu instead?/


this is my screen 4 shorts
 

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GFT,
You are very fortunate to get someone with such a lot of knowledge and willing to share it selflessly with you both in time and effort. Some of your comments come off as moaning, you sound like a guy not happy with a 6 minute abs course and looking for the 3 minute one.
If you cannot put in the time or effort, it will not be possible both for this way of trading or any other.

This is a field where the money to be made can be very significant and unfortunately for you and many of us there are not any shortcuts, no matter how you wish it. You think you can learn to print money in what, a couple of weeks? I would also be concerned by your comments on not being able to watch a chart for very long, I believe ALL successful short term traders do it and with a pleasure and in time you will have days where you can nearly anticipate every move, this comes from the enormous hours you have built up at this point.

I trade other markets and I hope when I have the time to put in serious hours here that F will still be so generous with his time and assistance as I really want to try this seriously, in the meantime I am happy to come in from time to time and get what nuggets I can from his threads.

I am not here to have a go at you but really how do you hope to improve without putting in the hours required to get familiar with this? F clearly said he is helping people to learn his method of trading, that means giving you a damn good road map with nearly all the turns marked but you still got to drive the car yourself.

Take this as it is meant and not a personal attack.
 
Morning gf, hows your morning. My first trade today is EU at 6.37 with 6 pip SL above highs. 5.15 high has not been breached for 90mins
 
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