- I do not trade during news, I made the demo and didn't check the calendar as I normally do when trading my live account.
- It's is scalping but again I am using the limit orders as I am aware the demo execution may be a bit faster If I do it manually
-what is realistic? please don't tell me the norm because 99% of traders lose money and it can't be due to lack of disciple alone, traditional methods are flawed some more than others.
- The spread is.5 pip on average, the stop loss is taken to break even very very fast. Capital preservation is key.
- when trading momentum I do not expect the market to move against me very much if it does then I was wrong.
Just do your thing and feel free to prove me wrong. I see that you created a new TE. I wish you the best.
-Your options for a broker are quite limited especially in countries like America, Not many brokers meet the spread requirement therefore at least 90% of people won't even be able to trade the edge.
- Many brokers leverage are now capped at 30 so unless you have a huge account making money on such a low timeframe is difficult.
-Then even among those with low spread and high leverage, 90% of those traders use a time base chart which is almost impossible to notice the edge.
- even with range bars, the edge seems to disappear the higher the brick size so it's very very difficult to see( took me years ).'
Not willing to share much more, however.
If you don't move your stop loss during the TRADE the edge disappears.
Your dd seem high..but that is not knowing your actual capital.
Your strategy involving average and hedging ?
Don't put so much feeling into the trade and I wish you
The best in your full time
Good on you for an honest trading journey.
As expected the price is moving super fast, It will take some time before I get used to how fast price moves so a few errors made and a few opportunities were missed.
I also need to remember that I can run trades for a much larger R to R.
Anyway, there's something I wanted to discuss it seems a lot of the impact member on the forex factory know's nothing about trading.
How can you be trading for years and have zero understanding of forex?
A while ago, I made a comment saying hedge fund can't utilize to leverage like retailers hence their gains should be significantly low, Literally everyone disagreed with me.
-Yet it's a well-known fact hedge fund does have liquidity issues, so now ask yourself how can someone with liquidity issues utilize leverage as good as someone without?
- They claim 3%+ a day is impossible yet traders like davit have proven time and time again it is not.
- They claim the 1 min time frame is nothing but noise yet it is in fact far more accurate than any other.
- They claim that you need 1000+ trades to determine an edge, however, the amount of trades needed to determine an edge depends on the timeframe. As the only cost to trading is the spread the higher the timeframe the more luck can impact your results and you may believe you have an edge when you don't and by the time you realize what had happen months of your time were wasted. I dare any member to show me a positive trading account after only 30 trades using a 1.5 pip stop loss I bet all will fail because you need more than luck to make it on such a timeframe, you need to have an edge. Which is why I recommend all members to test every system on the lower timeframe to avoid wasting their time.
I can comfortably risk 3% of my capital on pip and gain as little as 1 pip a day and earn more % wise than 99% of the forex forum yet they will insist you can't earn money on such a time frame.
Decent day 17.5% profit, paid about 30% in commission but that's all right.
After a day like this, the account balance should never go below the starting balance.
Tomorrow should be better.
This is scalping with a big S.....close as soon as goes against you...Good luck on your venture...
I was planning on keeping an eye on your journey, but it seems like you've already taken your first demo Trade Explorer down after one day of trading and started a new one. A long track record is much more reliable than a statement saying you can earn a certain % consistently.
I agree with most of what you said, but I disagree with your opinion that 'lower timeframes are more reliable as there are less variables such as luck that can impact the trade.' When you're scalping, the spreads impact your trades much more on every single trade. Spreads are not something you can control, and any trader would know that spreads are not as steady as we would like it to be. It changes a lot depending on volatility/volume. It would actually be the biggest variable you must consider if you are scalping with a 1.5-pip stoploss.
When it comes to higher timeframes, as long as you back-test enough years/data, you are testing how your strategy works in all sorts of different market environments with various events. The reason why people back-test more data is to have more proof that it was not purely based on luck. Of course, nobody (longer-term traders or scalpers) can be fully prepared for black swan events and we cannot get rid of "luck" entirely. However, I would say spreads are a much bigger variable that impacts scalpers directly than the "luck" variable you talk about for higher timeframes.
Due to the fractal nature of the markets, I would say higher timeframes are on the same level of importance as lower timeframes, if not more. It would definitely not be less reliable.
-Spread is relatively stable unless you are trading news, you should have a range where you expect your spread to be in 99% of the time. imagine you are trading on the higher timeframe 50 pip stop loss vs 50 pip Tp after 100 trades It's not unlikely to win 55 and lose 45 in a random series, you P and L will indeed be positive despite your results being pure luck.
I do move to break even after I obtain a 1:1 risk to reward so every breakeven trades at one point earn more than the stop, and as you can see there are more Breakeven trade than losers so what does that say?
I get that you want to minimize all other variables that affect your trades as much as possible by using lower timeframes, but I'm saying that spreads will most likely negatively affect your trades more than "luck" affecting higher timeframe trading. Especially if you have a 1.5 pip stoploss.
I know this is your personal journal and not a trading discussion thread, so I'm sorry for keep challenging(?) you in a way. I was hoping my 2 cents would help your trading journey, but who am I to give advice, right? Just do your thing and if you prove me wrong on a live account with consistent profits over a long period of time, good for you! You will earn a lot of money and I'll give you a round of applause.
Also, your trade explorer is a fraud it says you have 25 trades but you just made multiple entries at one price.
Winning trades were there today just missed them, really unlucky day so far.
Missed about 5 winners, missed about 5 losers also but winners are worth 3x as much.
So it pretty depression , need to regain focus.
Trading took a turn for the worse today, not because of the edge not being there but due to late entries and miss opportunities.
Loss 30 dollars due to a mistake.
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