using visual order manager makes my scalping much easier. started to use "Luktom Visual Order Editor EA" see attachment..
all eu and gu tgs hit...
clored boxes on eu just a session indi..
Attached Image (click to enlarge)
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Luktom Visual Order Editor EA (put in your MT4 experts folder)
I have modified the colors and default settings to 5 digit broker, profit target 16 [160], Stop 8 [80] BE level 8[80]
For 5 digit broker 8 pips = value of 80 and so on
For 4 digit broker 8 pips = value of 8...
These values set for my M1 [rare], M5 scalping.. You can adjust it according your needs and time frame you like to trade on.
some gcad trades from last friday.. i liked them as they worked out as a larger scalps within larger spread pair..
Attached Image (click to enlarge)
Attached Image (click to enlarge)
some of you may be thinking my trades are crazy.. how can you take multiple trades on multiple instruments..
easy.. 1. acc size: i always maintain decent size trading accounts 2. position sizing corresponds with the account size: not all entries are 1 std lots.. i use smaller lot sizes too.. sometimes i even use a mini lot depending on the risk aspect of the entry. 3. beside heavy scalping, i also maintain intra-day positions to create a "buffer of comfort" which helps my trading psychology and productivity tremendously. for instance, one of my account's open trades current balance below.
Attached Image
there are many running trades.. some are not in profit yet but end of the day bottom line counts.
anybody can learn how to read charts as long as you put enough time and dedication into it.. how long time? it'll depend on your learning speed, it may take some 6 months while others few years..
however, learning part is only a base to start.. most hardest part is putting what you learned into practice.. even though we learned that losses are part of the business but when we get couple or so hits then our psychology kicks in as a natural defense mechanism. it's built in mechanism for self preservation.. very difficult to change nature..
there are many publications about this aspect of trading.. i read some too.. did i discovered the magical formula?
only magic i discovered to overcome negative aspects of trading psychology are:
1. position sizing must be in sync with trading account size.. ie. it's not possible to trade anything larger than mini lots with a 10k trading account.
2. building a "buffer of comfort" was the biggest helper.
did many eu and gu scalps.. same captured eu scalps..
not all win of course.. however, my scalps was managed mostly by Luktom Visual Order Editor EA, which is set to 2 to 1.. profit tg 16p and stop loss 8p... often i expanded profit tgs but never sl.. end of the day my win/loss ratio was around 60/40 ..
Attached Image (click to enlarge)
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colored boxes are auto sessions indi.. see below attachment..