Please read if you trade off a 1 minute FX chart

[x4x]

Thank you.

Strange...on their home page when you go through account types it only lists; active,credit and diamond with min 50k deposit with 0.5 spreads on ten markets wiht no mention of a platinum acc., yet doing as you suggest takes me directly to the platinum account with a 5k min deposit and zero spreads. Hmmm...

I think they are going to link up with Metatrader in the near future.

 

[miketoll]

I've never seen the market move 300 points in one minute, and I've spent 1,000's of screen hours, but if it did, my account would suffer

I've seen it another time, last week on EUR/JPY 250 pips in 1minute (30th October) - so I don't really think I catched the first extreme move like that... Even if you're trading that long and didn't have problems with that; the point I want to make is, that the plan is not under controlled risk in theory. And as seen last week those big moves are damn possible. Say you had a 20 pip SL on the EUR/JPY (which is VERY WIDE on that scale & price environment at that time) you would have lost 25% of your equity with a 2% risk rule. Sure only 10% on 1% per trade and maybe even less when you have only part of your entire bankroll on that account (although you i think you can't really manage to have not more than 10-20% of your bankroll on your account, due to deposit/withdrawel fees or simply the extra amount of effort...). So, it's up to 20% of your ENTIRE account or more if you SL has been less - which is likely (how long do you need to recover that?). It's an impeding doom.


btw: Would you mind telling me why you force yourself 8+ hours in front of the monitor? I mean either trading has to be increadibly exciting to you or you do it for the extra amount of trade possibility you get on the smaller timeframe (then again, why don't you trade longer term, including exotics or cfd's - if you're a technical trader you'll get the same amount of signals without having to battle against the enormous spread, and being stressed all day long). It's 8+ more hours spare time - seems to be a fairer deal to me

 

[x4x]

I've seen it another time, last week on EUR/JPY 250 pips in 1minute (30th October) - so I don't really think I catched the first extreme move like that... Even if you're trading that long and didn't have problems with that; the point I want to make is, that the plan is not under controlled risk in theory. And as seen last week those big moves are damn possible. Say you had a 20 pip SL on the EUR/JPY (which is VERY WIDE on that scale & price environment at that time) you would have lost 25% of your equity with a 2% risk rule. Sure only 10% on 1% per trade and maybe even less when you have only part of your entire bankroll on that account (although you i think you can't really manage to have not more than 10-20% of your bankroll on your account, due to deposit/withdrawel fees or simply the extra amount of effort...). So, it's up to 20% of your ENTIRE account or more if you SL has been less - which is likely (how long do you need to recover that?). It's an impeding doom.


btw: Would you mind telling me why you force yourself 8+ hours in front of the monitor? I mean either trading has to be increadibly exciting to you or you do it for the extra amount of trade possibility you get on the smaller timeframe (then again, why don't you trade longer term, including exotics or cfd's - if you're a technical trader you'll get the same amount of signals without having to battle against the enormous spread, and being stressed all day long). It's 8+ more hours spare time - seems to be a fairer deal to me

I don't force myself, I very much enjoy it - and I trade with the missus, yes we pretty much spend 24/7 together, and have done now for 4 years or more! However we don't need to stare at the screens all day to make 10 points or so as we have an audible alert which lets us know when to get in front of the screens - this also stops itchy fingers.

I personally find it far better and far more profitable to trade short term - with 1% spread over 6 points I can make 2 or 3% several times a day, and when it moves a lot, like it has been I can make a whole lot more. I started trading 4H charts, then realized I could make more money trading 1H charts, then went to 5M. In 2008-2009 I decided to change to 1M, which required a whole new approach. I now trade 2 block Renko. Paying 1 point spread on E/U (the market I trade) has never caused me a problem - it's a cost that is relatively easy to cover.

I wasn't saying big moves don't take place, I was saying I've never SEEN 300 - 500 points in 1 minute during my UK trading times - the moves on EUR/JPY & EUR/CHF were well warned of and expected, but that is not to say I won't get caught one day, but as I explained my account is only a portion of what I have available and so even a complete wipe out wouldn't be the end of the world, I've had a very good run up to now.

I'll be honest with you, I doubt if I could handle a longer time frame now, the volatility would drive me absolutely mad.

 

[x4x]

Still doing great - according to the OP the whole world is laughing at us - and we're laughing all the way to the bank!!

 

[FRANCISNO8]

My mate has sent me this link - i have traded the m1 chart consistently for a long time just on EU/USD, Every day I make 10-50+ pips risking just 5 each time. So my message to the original poster you keep laughing at us m1 traders. Most of my trading friends also laugh but more in shock than arrogance like your good self! Suggest you speak to some m1 traders before showing your expertise which is clearly wrong.

 

[x4x]

My mate has sent me this link - i have traded the m1 chart consistently for a long time just on EU/USD, Every day I make 10-50+ pips risking just 5 each time. So my message to the original poster you keep laughing at us m1 traders. Most of my trading friends also laugh but more in shock than arrogance like your good self! Suggest you speak to some m1 traders before showing your expertise which is clearly wrong.

I think arabianights (the OP) has realized that he's embarrassed himself - if someone can't do something successfully it is a lot easier to say it is impossible than to admit their own shortcomings.

 

[Shakone]

He hasn't embarrassed himself at all. He's made a point and it's a valid one. You don't have to agree with it, but you'd do well to at least take note of it. I don't think he's saying that 1-minute charts are completely irrelevant, but saying what GammerJammer said which is that the smaller timeframe you're on, the smaller the moves TYPICALLY are so that your gains are eaten up by costs, plus if you're going to use 1%/2% risk per trade on stops of 5 pips etc, then there's nothing stopping a central bank placing a limit order 1000 pips above where price is and your account getting blown and more. It might never happen to you, but you have to be open to the possibility. If you can withstand that kind of hit, and you have money set aside to start again, and you can make good money off the 1-minute then fine. But for most people, it's not going to be a good idea, and I say this as someone who DOES use 1-minute in their trading, and finds it very useful.

 

[x4x]

He hasn't embarrassed himself at all. He's made a point and it's a valid one. You don't have to agree with it, but you'd do well to at least take note of it. I don't think he's saying that 1-minute charts are completely irrelevant, but saying what GammerJammer said which is that the smaller timeframe you're on, the smaller the moves TYPICALLY are so that your gains are eaten up by costs, plus if you're going to use 1%/2% risk per trade on stops of 5 pips etc, then there's nothing stopping a central bank placing a limit order 1000 pips above where price is and your account getting blown and more. It might never happen to you, but you have to be open to the possibility. If you can withstand that kind of hit, and you have money set aside to start again, and you can make good money off the 1-minute then fine. But for most people, it's not going to be a good idea, and I say this as someone who DOES use 1-minute in their trading, and finds it very useful.

IMO he made a ridiculous comment, and I'm somewhat surprised you think otherwise, but if you also think that everyone in the whole world is laughing at us, fine.
I've been trading full time getting on for 10 years - and see time and time again garbage touted in regard to 1M charts - if one knows how to trade them they are fine and highly profitable.

 

[goose4]

If you day trade,and your good.And you dont take not or fine tune entry on one min,something is wrong. I day trade and go right up to 4 hour charts at times.I look for deep impulse waves in 5 min and higher time frames,then attack wave 3 and 5 on one min. Its art and its beautiful, 2day was so great so many great trades.Key thing is not to to pay more than 10% spread per trade.Home ATM.Using AO from bill williams you can count E wave in 10 seconds.Then use alligator for trend and impulse waves.So easy.

 

[cablemonster]

What happened to Arabian?

 

[WR1]

what the heck is a one minute chart ?

pros use Daily charts and above and let trades run
occasionally fine entry on the 1hr

life's too short to be watching noise all day
but what ever works best....

 

[up-down]

Everyone in the ENTIRE WORLD is laughing at you. Stop at once, and do considerably more research.

Thank you.

20pips -50pips in a munities is quite common at 7-8 clock morning uk times during 2008-2009,why not trade 1 minutes chart???

secondly currency is a 5years south and 5year north zero sum games, as long as you can read the chart ,you can trade.

 

[C-12]

I've been trading full time getting on for 10 years - and see time and time again garbage touted in regard to 1M charts - if one knows how to trade them they are fine and highly profitable.

Definitely agree with this.

The beauty of trading off an M1 chart is that you can trade in all conditions, even during the dead zone between 10am and 12pm.

The most important thing to be aware of is to keep your discipline in check. There are so many opportunities that arise so the key is to trade only the best levels.

 

[pynaa]

Everyone in the ENTIRE WORLD is laughing at you. Stop at once, and do considerably more research.

Thank you.

Not true, i use 5 min for warning and 1 min for entry and average (yes average)
750 pips a week.
i lose 1 trade in 25, so what you say no longer holds water.
so i am actually laughing at the entire world and all the way to the bank

All the best

pynaa

 

[Sir Pond Life Dreg]

Not true, i use 5 min for warning and 1 min for entry and average (yes average)
750 pips a week.
i lose 1 trade in 25, so what you say no longer holds water.
so i am actually laughing at the entire world and all the way to the bank

All the best

pynaa

I would love to see you back this up with a broker statement.....