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Winning on the emotional roller coaster

  • Post #1
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  • First Post: Mar 7, 2008 1:27pm Mar 7, 2008 1:27pm
Up 72 pips this week. My goal this month is 240 pips on demo. Done exclusively on EUR/USD as it is the pair I feel the most comfortable with.

This week went rather well. I was up to about 60 pips having traded only on Daily charts when I decided to experiment with other time frames, mostly 1 min.

This was my first experience with scalping/working short time frames and wonder how in the world someone can do this without chewing their fingernails to the bone and become complete emotional wrecks. I have worked only on Daily charts so far and it seems to just make more sense to me (I believe I avoid false signals that way)

I'm back to Daily next week but I still wonder how the scalpers can manage.
Not all sins are created equal
Nerves of steel, cojones of solid brass, and addicted to adrenalin. Can't be healthy.
Quoting opie999
Nerves of steel, cojones of solid brass, and addicted to adrenalin. Can't be healthy.
Quite the opposite. Trying to predict where the market is going for the next several days is what I call stressful. What is so stressful about trading for 1-5 hours per day? Take some pips and call it a day. People get in trouble when they overtrade.

I suggest anyone that is intersted in scalping read this attachment.
Attached File(s)
File Type: pdf mantra[1].pdf   122 KB | 528 downloads
Quoting Zappa
Quite the opposite. Trying to predict where the market is going for the next several days is what I call stressful.
That's it right there Zappa. I think it was on this forum that someone had a signature that said "don't predict, react to what is". That is exactly what I'm doing. Reacting to what's here, now, the present.

But things seem to happen so quick on the charts other than Daily that I wonder how scalpers can consistently profit.
Not all sins are created equal
Quoting Zappa
Quite the opposite. Trying to predict where the market is going for the next several days is what I call stressful. What is so stressful about trading for 1-5 hours per day? Take some pips and call it a day. People get in trouble when they overtrade.

I suggest anyone that is intersted in scalping read this attachment.
Lol! Well, I guess it's all a matter of perspective. For me it's maintaining confidence and certainty in my trades. Lower time frames are too fast and noisy so each trade is fraught with uncertainty. Higher time frames are relatively sedate and more compliant with the standard tools of TA so confidence levels tend to be proportionally greater. But again, that's just me.

Thanks for posting that PDF. Looks really interesting.
Quoting Zappa
Quite the opposite. Trying to predict where the market is going for the next several days is what I call stressful. What is so stressful about trading for 1-5 hours per day? Take some pips and call it a day. People get in trouble when they overtrade.

I suggest anyone that is intersted in scalping read this attachment.
I absolutely agree. I cannot figure anyone doing the crazy day time frame when I could get 50 pips/hour playing the 5M chart. 1-2 hour of trade per day is more than enough.

I do not say that it is not a nerve wreck, but I do it all the time. How? Go to my trade journal and you will examples of how to trade the 5M chart and get a bunch of pips per hours.

Good luck
Empty as water and soft as a facing wind mountain
  • Post #7
  • Quote
  • Last Post: Mar 7, 2008 7:46pm Mar 7, 2008 7:46pm
I posted this in another thread then opened this one.

http://www.forexfactory.com/showpost...2&postcount=29

I think it fits here also.
Yeay. OK, I'll save you the E-Trip...
Here's the post...

Author Bemac
My "Attitude" often fluctuates more than my Equity.

This is Not about Changing your attitude to convincing yourself "You are a Winner & Nothing Will Stop You from Attaining Your Goals."
This, to me, was about discovering where my "Attitude" should be for Optimal Trading.

There are Days or Hours or even Weeks {very few of those} when I don't Trade because "My Attitude" has been affected by outside or inside circumstances that make me want to Force The Market.

My Curve got steeper when I finally understood this and learned to {sounds stupid, I know, but} be symbiotic With The Market.

Your Choice.
You can run a Jetboat Upstream or you can ride a Canoe Downstream.
Tickes are the same price.
Energy required is something else though.

That's it.
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