If you only trade long, then you can't always be wrong.
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scalping strategy 27 replies
Trying scalping with a 1000 bucks - Scalping is expensive! 39 replies
Scalping PIPs? 5 replies
1M & 5M Scalping System (Scalping Paradise) 21 replies
Scalping 100 pips?! 3 replies
DislikedGreat book, (recommended by Edgetrader and for good reason) is on sale at amazon for $30 with free shipping...Ignored
Disliked1. Forget about profitability of the method - you should be trading demo.
2. Take every signal that comes up for the next 100 trades. Only take one trade at a time, and watch PA very closely both before and after your entry.
3. Stop posting charts. Expect to be a loser. It has already been said that taking this as a mechanical system and taking every signal is a losing proposition.
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1. Forget about profitability of the method - you should be trading demo.Ignored
QuoteDisliked2. Take every signal that comes up for the next 100 trades. Only take one trade at a time, and watch PA very closely both before and after your entry.
QuoteDisliked3. Stop posting charts. Expect to be a loser. It has already been said that taking this as a mechanical system and taking every signal is a losing proposition.
QuoteDislikedSo why do this? Because after 100 trades you will begin to understand PA. You will get a feel for winners vs. losers. Only then will you be in a position to apply the "75% mental" part of this system.
QuoteDislikedThere have been tons of posts about how people are struggling with choosing the proper entries, and focusing on how many pips you have made in a day. Forget about pips! Just take all of the signals. At the end of those 100 trades, I guarantee you will have a better feeling for PA, and will thus be a better trader.
QuoteDislikedTrying to randomly pick entries and then judge your success or failure by how many pips you have won or lost is not the way to learn how to trade. Success in this system IMHO has nothing to do with the entries. It has everything to do with understanding PA.
This recommendation made by Edge has been ignored by most, I think it is a huge mistake. You have to learn before you can succeed.
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Edit: The other advantage of this mindless exercise is that a better understanding of PA will lead you to understand when to bail out of a trade. In the end, you will hopefully be able to enter the trades with an emergency stop of around 30 pips, and then exit the trade manually (either for profit or loss) manually based upon what you have learned about PA. This will drastically reduce the magnitude of the losses versus just putting in a fixed 20 pip stop loss on all trades. At least this is how it has worked for me.
DislikedGreat book, (recommended by Edgetrader and for good reason) is on sale at amazon for $30 with free shipping...Ignored
DislikedHI DocPMD:
That is a good place to start.
That is called trading....Ignored
DislikedFrankenpip,
I am very happy that you responded the way that you did. Because I think the main issue that you discuss is a bit murky at the moment.
Edge has stated repeatedly that this system is "25% Mechanical, 75% Mental"
I originally interpreted that statement the exact way that you did. .... The bottom line being that even with a pure mechanical trading system (that presumably has a positive expectancy), that traders have an extremely difficult time taking all of the signals.... This is clearly how you interpret his statement.
But...Ignored
DislikedFrankenpip,
...
Edge has stated repeatedly that this system is "25% Mechanical, 75% Mental"
...Ignored
DislikedFrankenpip,
I am very happy that you responded the way that you did....Ignored
I will assume you took every "proper" entry - that eliminates 1 and 2. If you waited for more profit then you violate the 5 pip exit rule - that eliminates 3. That leaves 4. What does that tell you? If you had loss less on your losers, would you have come out ahead?
DislikedIf you haven't read "Trading in the Zone" by Mark Douglas, you will only partially understand Edge's "25% Mechanical, 75% Mental" quote.
The focus of taking 20 or 100 trade signals is a conditioning exercise laid out in the book to help people begin the process of becoming "Consistently Successful Traders"....Ignored
Disliked... and as a free download from http://www.forex-book.org/trading-inthe-zone-bymark-douglas-free-download/Ignored
DislikedIf you haven't read "Trading in the Zone" by Mark Douglas, you will only partially understand Edge's "25% Mechanical, 75% Mental" quote.
The focus of taking 20 or 100 trade signals is a conditioning exercise laid out in the book to help people begin the process of becoming "Consistently Successful Traders"....Ignored
DislikedI have read his book, more than once. I have also read his other book, "The Disciplined Trader"....Ignored
DislikedHi DocPMD:
Most people do not have a clue how to backtest with or without an EA....Ignored