My journey towards consistency

[gftrader32]

not a good start....


15 trades...


4 winners
11 losers

total -22 pips

 

[Forexmospherian]

not a good start....


15 trades...


4 winners
11 losers

total -22 pips

Hi gft

First change we have to do now is get you to a win ratio of a minimum 60%.

Ideally you then improve and achieve a 70 -85% accuracy - MM's been up to 92% on 100's of trades - I average on lots of 100 trades from a low 62% to high 87% so 70 -75% the goal

Atm your approx 26% means you have got to work on both your entries and your speed on reaction

In scalping or short term intraday - as long as you can get your timings spot on - even if you get a new direction wrong - you still have a good chance of getting out with a small profit.

ie - say you see a nice scalp line up with all the right clues - you need to enter within 1 -3 pips of the perfect entry . If you are looking for say 7 or 10 or 15 pips in 10 -20 mins and it only goes up 5 pips and pullsback to only 2 pip up - exit take the profit - dont wait for minus 3 or minus 5.

This could mean you exit some scalps within 1 minute - but if you have to - do it

Also dont let a scalp start and move 4 or 6 pips already and enter - too late.

To perfect timing takes anything from 500 to 2000 trades - yes that many - not just 25 or 100.

Speed is crucial and also understanding PA and clues.

Still aim for 10 to 20 trades over say 4 -7 hrs - but dont try 30+ unless you are on a roll and its all going well

In fact if you have over 3 consecutive losses - stop - have off 30 -60 mins out of play and refocus

Trade management comes next - like stage 2 - first objective get profitable on batches of 10+ trades

Its all part of the process and so normal progression - dont think you cannot achieve it - you can - but its time and practice to get there

See you tomorrow for the start of the changes etc

Regards


F

 

[gftrader32]

Hi gft

First change we have to do now is get you to a win ratio of a minimum 60%.

Ideally you then improve and achieve a 70 -85% accuracy - MM's been up to 92% on 100's of trades - I average on lots of 100 trades from a low 62% to high 87% so 70 -75% the goal

Atm your approx 26% means you have got to work on both your entries and your speed on reaction

In scalping or short term intraday - as long as you can get your timings spot on - even if you get a new direction wrong - you still have a good chance of getting out with a small profit.

ie - say you see a nice scalp line up with all the right clues - you need to enter within 1 -3 pips of the perfect entry . If you are looking for say 7 or 10 or 15 pips in 10 -20 mins and it only goes up 5 pips and pullsback to only 2 pip up - exit take the profit - dont wait for minus 3 or minus 5.

This could mean you exit some scalps within 1 minute - but if you have to - do it

Also dont let a scalp start and move 4 or 6 pips already and enter - too late.

To perfect timing takes anything from 500 to 2000 trades - yes that many - not just 25 or 100.

Speed is crucial and also understanding PA and clues.

Still aim for 10 to 20 trades over say 4 -7 hrs - but dont try 30+ unless you are on a roll and its all going well

In fact if you have over 3 consecutive losses - stop - have off 30 -60 mins out of play and refocus

Trade management comes next - like stage 2 - first objective get profitable on batches of 10+ trades

Its all part of the process and so normal progression - dont think you cannot achieve it - you can - but its time and practice to get there

See you tomorrow for the start of the changes etc

Regards


F

Thanks F, will be working on the winning percentage and timing the entries and the reaction after the entry.

If the move started already I won't enter late.

 

[gftrader32]

short 6 00 at 79

 

[gftrader32]

short 6 00 at 79

-5.1

 

[gftrader32]

-5.1

should have entered 6 09am

 

[gftrader32]

long 6 23am at 74

 

[gftrader32]

long 6 23am at 74

-5

 

[Forexmospherian]

-5

OK - dont wait for the stop or minus 5

Please look at getting out minus 2 or 3 if its not working

If it then goes your way - you can still get back in - and save losing extra pips

Have a good day

Regards


F

 

[tomorton]

Hi gft

First change we have to do now is get you to a win ratio of a minimum 60%.

Ideally you then improve and achieve a 70 -85% accuracy - MM's been up to 92% on 100's of trades - I average on lots of 100 trades from a low 62% to high 87% so 70 -75% the goal

Atm your approx 26% means you have got to work on both your entries and your speed on reaction

In scalping or short term intraday - as long as you can get your timings spot on - even if you get a new direction wrong - you still have a good chance of getting out with a small profit.

ie - say you see a nice scalp line up with all the right clues - you need to enter within 1 -3 pips of the perfect entry . If you are looking for say 7 or 10 or 15 pips in 10 -20 mins and it only goes up 5 pips and pullsback to only 2 pip up - exit take the profit - dont wait for minus 3 or minus 5.

This could mean you exit some scalps within 1 minute - but if you have to - do it

Also dont let a scalp start and move 4 or 6 pips already and enter - too late.

To perfect timing takes anything from 500 to 2000 trades - yes that many - not just 25 or 100.

Speed is crucial and also understanding PA and clues.

Still aim for 10 to 20 trades over say 4 -7 hrs - but dont try 30+ unless you are on a roll and its all going well

In fact if you have over 3 consecutive losses - stop - have off 30 -60 mins out of play and refocus

Trade management comes next - like stage 2 - first objective get profitable on batches of 10+ trades

Its all part of the process and so normal progression - dont think you cannot achieve it - you can - but its time and practice to get there

See you tomorrow for the start of the changes etc

Regards


F

F should be respected for again giving us a much more detailed view than most daytraders will (or can?). This post underlines why successful trading at this level and on such timescales is so difficult.

 

[gftrader32]

F should be respected for again giving us a much more detailed view than most daytraders will (or can?). This post underlines why successful trading at this level and on such timescales is so difficult.

fully agree

 

[gftrader32]

OK - dont wait for the stop or minus 5

Please look at getting out minus 2 or 3 if its not working

If it then goes your way - you can still get back in - and save losing extra pips

Have a good day

Regards


F

will do, thanks f

 

[Forexmospherian]

Big question - have you taken a scalp buy on EU after 6 30 am ???

Dont worry if you have not - but we must counter your bias - as for short term intraday - we dont want you with any real bias - so you can scalp both ways

 

[gftrader32]

short 6 56 at 80

 

[dearlife1989]

mention which pair too eg. short EJ at whatever.... faster to understand

 

[gftrader32]

mention which pair too eg. short EJ at whatever.... faster to understand

only the eu mate

 

[gftrader32]

short 6 56 at 80

+6.1

 

[gftrader32]

short 7 11 at 72

 

[Forexmospherian]

+6.1

Well done

pat yourself on the back and over next hour - still look for a scalp buy after any quick falls

This will give you confidence etc

 

[gftrader32]

short 7 11 at 72

chart