Mike Kshemaraja
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Price Action Scalping
- Thread starter Mike Kshemaraja
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Shakone
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Yep, looks like he means $285,000. You can trade in quantities of 1k with some brokers, and no they don't only quote in pips, but one tenth of a pip, as I'm confident you're aware.
And "how much leveraged this is" is clumsy English. Put more thought into your posts, it's not becoming of a vendor :cheesy:.
Mike, looks like you're about to get hit by the order book stasi. To save you some trouble, your method definitely doesn't work, and you need to start using the order book and quit forex. Mug's game, apparently/obviously.
DionysusToast
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LOL!
Yes - that was crap English - I must get back to blighty & brush up.
Anyway - do brokers really let you open $285k trades with a $10k account?
That's all I'm asking. I knew forex was leveraged - but I didn't think it was that highly leveraged!
DionysusToast
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I do not want to know how much money you have.
I am merely asking about the mechanics of making 2% out of a 7 tick trade and the amount of leverage involved.
Mike Kshemaraja
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Mike, looks like you're about to get hit by the order book stasi.
What is that?
To save you some trouble, your method definitely doesn't work, and you need to start using the order book and quit forex.
Why does not work? because it did not work for others?
Works very well for me and for people I know, you will be surprise.
How do you trade?
Mike Kshemaraja
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Well, there are many ways to ask questions. I guess some people need to go back to kindergarten and start all over again.
But I am not referring to you, my advice to you if you want to know more, is babypips.com.
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Shakone
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DionysusToast
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On stocks - 4:1.
On Futures - I think IB requires $3k per ES contract which makes it 23:1
DionysusToast
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Look I am just trying to ask questions in a straightforward manner. I'm not trying to catch you out here.
What I am trying to understand is the risk of the way you trade. I am sure you will agree that risk management is key to any method.
How volatile are the pairs you trade? Is a quick 50 pip move against something that is out of the question or does that happen frequently? I always presumed that 7 pips was a microscopic move, perhaps I am wrong.
I am just interested in how 7 ticks makes 2% and risk is managed.
DionysusToast
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On stocks - 4:1.
On Futures - I think IB requires $3k per ES contract which makes it 23:1 at the current prices.
Mike Kshemaraja
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Straightforward manner? You mean lack of class. I am not you brother. You do not know me.
Babypips.com is where you need to go, now if you do not mind...I got work to do.
Mike Kshemaraja
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Mike Kshemaraja
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A little story, is it related to trading? Yes, very much so:
Swimology
Author Unknown
Once a young professor was making a sea voyage. He was a highly educated man with a long tail of letters after his name, but he had little experience of life. In the crew of the ship on which he was travelling was an illiterate old sailor. Every evening, the sailor would visit the cabin of the young professor to listen to him lecture on many different subjects. He was very impressed with the learning of the young man.
One evening as the sailor was about to leave the cabin after several hours of conversation, the professor asked, "Old man, have you studied geology?"
"What is that, sir?"
"The science of the earth."
"No, sir, I have never been to any school or college. I have never studied anything."
"Old man, you have wasted a quarter of your life."
With a long face the old sailor went away. "If such a learned person says so, certainly it must be true," he thought. "I have wasted a quarter of my life!"
Next evening again as the sailor was about to leave the cabin, the professor asked him, "Old man, have you studied oceanography?"
"What is that, sir?"
"The science of the sea."
"No, sir, I have never studied anything."
"Old man, you have wasted half your life."
With a still longer face the sailor went away: "I have wasted half my life; this learned man says so."
Next evening once again the young professor questioned the old sailor: "Old man, have you studied meteorology?’
"What is that, sir? I have never even heard of it."
"Why, the science of the wind, the rain, the weather."
"No, sir. As I told you, I have never been to any school. I have never studied anything."
"You have not studied the science of the oath on which you live; you have not studied the science of the sea on which you earn your livelihood; you have not studied the science of the weather which you encounter every day? Old man, you have wasted three quarters of your life."
The old sailor was very unhappy: "This learned man says that I have wasted three quarters of my life! Certainly I must have wasted three quarters of my life."
The next day it was the turn of the old sailor. He came running to the cabin of the young man and cried, "Professor sir, have you studied swimology""
"Swimology? What do you mean?"
"Can you swim, sir?"
"No, I don’t know how to swim."
"Professor sir, you have wasted all your life! The ship has struck a rock and is sinking. Those who can swim may reach the nearby shore, but those who cannot swim will drown. I am so sorry, professor sir, you have surely lost your life."
Swimology
Author Unknown
Once a young professor was making a sea voyage. He was a highly educated man with a long tail of letters after his name, but he had little experience of life. In the crew of the ship on which he was travelling was an illiterate old sailor. Every evening, the sailor would visit the cabin of the young professor to listen to him lecture on many different subjects. He was very impressed with the learning of the young man.
One evening as the sailor was about to leave the cabin after several hours of conversation, the professor asked, "Old man, have you studied geology?"
"What is that, sir?"
"The science of the earth."
"No, sir, I have never been to any school or college. I have never studied anything."
"Old man, you have wasted a quarter of your life."
With a long face the old sailor went away. "If such a learned person says so, certainly it must be true," he thought. "I have wasted a quarter of my life!"
Next evening again as the sailor was about to leave the cabin, the professor asked him, "Old man, have you studied oceanography?"
"What is that, sir?"
"The science of the sea."
"No, sir, I have never studied anything."
"Old man, you have wasted half your life."
With a still longer face the sailor went away: "I have wasted half my life; this learned man says so."
Next evening once again the young professor questioned the old sailor: "Old man, have you studied meteorology?’
"What is that, sir? I have never even heard of it."
"Why, the science of the wind, the rain, the weather."
"No, sir. As I told you, I have never been to any school. I have never studied anything."
"You have not studied the science of the oath on which you live; you have not studied the science of the sea on which you earn your livelihood; you have not studied the science of the weather which you encounter every day? Old man, you have wasted three quarters of your life."
The old sailor was very unhappy: "This learned man says that I have wasted three quarters of my life! Certainly I must have wasted three quarters of my life."
The next day it was the turn of the old sailor. He came running to the cabin of the young man and cried, "Professor sir, have you studied swimology""
"Swimology? What do you mean?"
"Can you swim, sir?"
"No, I don’t know how to swim."
"Professor sir, you have wasted all your life! The ship has struck a rock and is sinking. Those who can swim may reach the nearby shore, but those who cannot swim will drown. I am so sorry, professor sir, you have surely lost your life."
DionysusToast
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Mike Kshemaraja
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Mike Kshemaraja
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Ok, last trade for me for today.
Big move down, which I missed (not very focused today). Range, she breaks the way I want, I am in, she stalls and bounces from 3150, goes up and then also bounces from 3160, forms a M pattern (bulls trap) and she reaches my target (B). If I did not get in at the break, the M pattern would be another setup.
This time my initial SL and TP was 10 pips, (LO) so 10 pips 2%. Today 6% like yesterday, 2 days 12%. I think is a bit too much, but I am going to enjoy it till it last, because I know that bad time also will come, all part of the business.
From now on I am going to post less, I see not much gratitude in some people and also some stupid questions like "how can you make 2% on 7 pips gain"? D'ho?
It takes a lot of time and effort for me to show how is done, the tendency to lose focus and without gratitude I am not sure in continuing.
I have shown enough tough that is possible to become a great trader and a lot of money can be made in a short time, but only if you know your game inside out and you are able to blend yourself with your work and the market you are trading.
All the rest is BS.
SHUT UP N PLAY YER GUITAR.
Big move down, which I missed (not very focused today). Range, she breaks the way I want, I am in, she stalls and bounces from 3150, goes up and then also bounces from 3160, forms a M pattern (bulls trap) and she reaches my target (B). If I did not get in at the break, the M pattern would be another setup.
This time my initial SL and TP was 10 pips, (LO) so 10 pips 2%. Today 6% like yesterday, 2 days 12%. I think is a bit too much, but I am going to enjoy it till it last, because I know that bad time also will come, all part of the business.
From now on I am going to post less, I see not much gratitude in some people and also some stupid questions like "how can you make 2% on 7 pips gain"? D'ho?
It takes a lot of time and effort for me to show how is done, the tendency to lose focus and without gratitude I am not sure in continuing.
I have shown enough tough that is possible to become a great trader and a lot of money can be made in a short time, but only if you know your game inside out and you are able to blend yourself with your work and the market you are trading.
All the rest is BS.
SHUT UP N PLAY YER GUITAR.
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Mike Kshemaraja
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Ok I am having a break.
This is a trade made this morning also posted on Bob's thread:
She forms higher bottoms (2, 3 and 4), then she goes into range, and a top barrier at (A) with 11 touches, note that the 00 round number is just above (blue line).
She also forms a barrier above it (12 touches) to trap bulls (B) and pulls back to (6) with the bottom barrier already drawn (4and 5), shaken off the bulls that entered at barrier (B).
Once the barrier (B) is broken by one pip I enter at market, I was aware of the 00 number just above but took the trade anyway (first red line, 1.03996) because of the underlying strength.
She went up, crossed the 00 number, and nearly reached my target of 7 pips, but did not, she pull back at the 00 and went up again, at the formation of the double top, I got out. (red line,1.04053)
My risk was 7 pips, 2%. Made 5.7 pips, +1.22%
Was I right getting out before my target got reached? NO, but trading is not about outcomes but probabilities.
This is a trade made this morning also posted on Bob's thread:
She forms higher bottoms (2, 3 and 4), then she goes into range, and a top barrier at (A) with 11 touches, note that the 00 round number is just above (blue line).
She also forms a barrier above it (12 touches) to trap bulls (B) and pulls back to (6) with the bottom barrier already drawn (4and 5), shaken off the bulls that entered at barrier (B).
Once the barrier (B) is broken by one pip I enter at market, I was aware of the 00 number just above but took the trade anyway (first red line, 1.03996) because of the underlying strength.
She went up, crossed the 00 number, and nearly reached my target of 7 pips, but did not, she pull back at the 00 and went up again, at the formation of the double top, I got out. (red line,1.04053)
My risk was 7 pips, 2%. Made 5.7 pips, +1.22%
Was I right getting out before my target got reached? NO, but trading is not about outcomes but probabilities.
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Mike Kshemaraja
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Mike Kshemaraja
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Ok missed two good trades, ( A and B) but is all easy in hindsight.
Did not miss the last one (see red lines for in and out), Big trend up, most of the candle are green with none with a broken low, as soon as she pulls back towards the ema I have already my finger on the buy button, as soon as she breaks of one pip the last bearish candle the way up, I am, target reached in a matter of minutes, this time of 10 pips and eurusd (LO).
Note that when the trend is too strong, waiting for a touch to the average could be to costly because the indicator is lagging.
Keep in mind that when those setup occurs (not often), volatility increases substantially , and also the risk, but this kind of setups are high probability ones.
Today is one of my best day, 4 trades not losses, over 7% gain. I think the fact that I did not have to post soon after the end of the trade, but only when the time was available made a huge difference.
I am going to stop trading for the week.
Did not miss the last one (see red lines for in and out), Big trend up, most of the candle are green with none with a broken low, as soon as she pulls back towards the ema I have already my finger on the buy button, as soon as she breaks of one pip the last bearish candle the way up, I am, target reached in a matter of minutes, this time of 10 pips and eurusd (LO).
Note that when the trend is too strong, waiting for a touch to the average could be to costly because the indicator is lagging.
Keep in mind that when those setup occurs (not often), volatility increases substantially , and also the risk, but this kind of setups are high probability ones.
Today is one of my best day, 4 trades not losses, over 7% gain. I think the fact that I did not have to post soon after the end of the trade, but only when the time was available made a huge difference.
I am going to stop trading for the week.
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Mike Kshemaraja
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I got a few nice pm, asking to continue posting and I appreciate that.
