Ridiculous Scalp V1.7 | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Scalp, scalp, scalp 5,689 replies

To scalp or not to scalp? (Images included) 18 replies

The Subprime to the ridiculous. 10 replies

is this a ridiculous idea ? maybe i'm losing my mind ! 21 replies

Is backtesting any good? Ridiculous Results 9 replies

Attachments: Ridiculous Scalp V1.7
Exit Attachments

Ridiculous Scalp V1.7

  • #1
  • First Post: Nov 4, 2017 6:36am Nov 4, 2017 6:36am

Ridiculous Scalp V1.7

by The Backyard Trader

FX Invest Fund


For many years I have been playing in this market with Live and Demo Accounts, with small and large accounts, making money and loosing money.... I have traded all sort of trading strategies, indicators, over sold/bought, breakout, swing, spike, price action, supply and demand, support and resistance, volume..... it is actually quite ridiculous how many strategies and theories there are....

So what next?

For the first time since I've started trading in 2008 I'm going to open a Live account and fund it with $1,000. Yah sure I had Live accounts before, but all small accounts, nothing like this.

My strategy will be simple - get in and get out as quick as possible - yes scalping - yes I know it is dangerous.....

I'll be trading only high probability setups when the market has enough volume and direction in order to secure small profits per trade. It does sound easier than it would be, but I really believe this is the way to go.

I will start trading my Live account in January 2018 once market volume has returned to normal... if one can call it normal. For now until mid December I will trade a demo account and commit myself 100% to stick to my trading plan even thought this is a demo account. If I succeed trading this demo account without any big losses by mid December I'm going ahead and will open a Live account, fund it with $1,000 and start trading January 2018.
Trade Safe!
  • #2
  • Nov 4, 2017 6:41am Nov 4, 2017 6:41am
Good luck and prosperous trading
It's tough to make predictions, especially about the future...
  • #3
  • Nov 4, 2017 7:49am Nov 4, 2017 7:49am
Quoting degorbi
Good luck and prosperous trading
Thanks
Trade Safe!
  • #4
  • Nov 5, 2017 12:57am Nov 5, 2017 12:57am
Quoting fxinvestfund
Ridiculous Scalp V1.7 by The Backyard Trader FX Invest Fund For many years I have been playing in this market with Live and Demo Accounts, with small and large accounts, making money and loosing money.... I have traded all sort of trading strategies, indicators, over sold/bought, breakout, swing, spike, price action, supply and demand, support and resistance, volume..... it is actually quite ridiculous how many strategies and theories there are.... So what next? For the first time since I've started trading in 2008 I'm going to open a Live account...
after many years i realized that the market is not predictable so all indicators and systems that aim to predict the market fail
so what to do?
we need an strategy that is not based on market prediction as i used it,where ever the market goes aslong as it moves i reap the benefit ,i forward test my strategy for 3 months and currently i used it in live account for 1 month, it make me at least 50% per month
it is my holly grail after all those losing money
  • #5
  • Nov 5, 2017 1:26am Nov 5, 2017 1:26am
Quoting gzamir
{quote} after many years i realized that the market is not predictable so all indicators and systems that aim to predict the market fail so what to do? we need an strategy that is not based on market prediction as i used it,where ever the market goes aslong as it moves i reap the benefit ,i forward test my strategy for 3 months and currently i used it in live account for 1 month, it make me at least 50% per month it is my holly grail after all those losing money
Well done!

I'm glad you found a system that is working for you
Trade Safe!
  • #6
  • Nov 8, 2017 12:33pm Nov 8, 2017 12:33pm
The last 3 days were tough and I really tried to keep my focus on the fact that I have to trade this as if it is a real money account. I'm very glad I decided to go low risk with my lot size so I could ride out the draw down.

By the way, the max I'm going to risk with my real money account is 30%. Not on 1 trade but overall on the account.

So far I'm satisfied with the result except for the trade I took late yesterday. I should not have taken that trade and I will not in the future.

Happy trading!
Trade Safe!
  • #7
  • Nov 9, 2017 1:18pm Nov 9, 2017 1:18pm
One more day to go then week 1 is complete.

I am ahead of my weekly goal of 3% to 5%, but that does not mean I have to stop trading, right.......
Trade Safe!
  • #8
  • Nov 9, 2017 2:53pm Nov 9, 2017 2:53pm
Can you explain a bit more how you scalp ?
- which pairs
- which timeframes
- which sessions or times during the day
- how many pips are you looking for per trade
- etc...

thx!
  • #9
  • Nov 9, 2017 11:19pm Nov 9, 2017 11:19pm
Quoting ebeckers
Can you explain a bit more how you scalp ? - which pairs - which timeframes - which sessions or times during the day - how many pips are you looking for per trade - etc... thx!
I only trade GBPUSD
The timeframe is irrelevant, because I don't find my entries by looking at the charts, but I will look at the Hourly timeframe to make sure I don't enter at possible price reversal zones.
I trade mainly when the LSE open and then when the NYSE open, but might take a trade during other time periods if conditions are favorable.
My first trade for the day will be for 5 pips. If I get an opportunity for a second trade I might increase the TP to 10 pips and move my SL to BE when I'm 5 pips in profit.

I hope this answer your questions.
Trade Safe!
  • #10
  • Nov 9, 2017 11:45pm Nov 9, 2017 11:45pm
Great wishes for you chief , YES in this market nothing is like ( hit and run ) strategy , fast and no stress . ( My opinion )
  • #11
  • Nov 10, 2017 9:41am Nov 10, 2017 9:41am
Quoting abusaad412
Great wishes for you chief , YES in this market nothing is like ( hit and run ) strategy , fast and no stress . ( My opinion )
Agreed
Trade Safe!
  • #12
  • Nov 10, 2017 9:45am Nov 10, 2017 9:45am
That bring us to the end of Week 1 with 7.6% profit!

Today's trade was taken a couple of minutes ago, but I'm glad I had patience and waited for the perfect entry - in and out in 8 min.

So next week I'll try and duplicate the strategy and seeing that I am ahead of my weekly target I will let some trades run and see if I can pick up more pips.

Have a great weekend all!!!
Trade Safe!
  • #13
  • Nov 10, 2017 11:27pm Nov 10, 2017 11:27pm
My quote for the weekend:

"Take what the market gives you and don't wait for what might be given as no one can predict the future"
Attached Image (click to enlarge)
Click to Enlarge Name: quick_scalp.png Size: 33 KB
Trade Safe!
  • #14
  • Nov 18, 2017 9:17am Nov 18, 2017 9:17am
So that huge draw down was my own stupid fault and I will make sure to not do that with my real money account.

Appart from that I'm quite happy with my result.
Trade Safe!
  • #15
  • Nov 22, 2017 12:02pm Nov 22, 2017 12:02pm
Getting there.............
Trade Safe!
  • #16
  • Nov 24, 2017 1:06pm Nov 24, 2017 1:06pm
So I've reached my goal, which was to double this demo account. The idea would then be to trade 1/10 of the risk on my real account and hopefully settle for 10% profit per month.

For now I'll trade some other currencies as well - anticipating some bad news from Moody's hence the long orders on USDZAR, but we might only see the result on Monday with a nice big gap-up :-)

Have a good weekend everybody!
Attached Image (click to enlarge)
Click to Enlarge Name: USDZAR_24Nov2017.png Size: 31 KB
Trade Safe!
  • #17
  • Nov 24, 2017 10:12pm Nov 24, 2017 10:12pm
As anticipated S&P downgrades SA to junk status - https://www.fin24.com/Economy/sp-glo...-junk-20171124

We did see the beautiful price spike in the last our of trading yesterday, but we can expect a nice gap-up on Monday morning as well and I'm hoping to hit my 14.2000 target early Monday morning.
Attached Image (click to enlarge)
Click to Enlarge Name: USDZAR_25Nov2017.png Size: 32 KB
Trade Safe!
  • #18
  • Nov 29, 2017 12:43pm Nov 29, 2017 12:43pm
Here is my USDZAR setup for the next day or so..

Looking at long orders as the previous sell zone was tested and price failed to close below previous swing low, which means (I think) that we will now test the next sell zone, which is at 13.80000
Attached Image (click to enlarge)
Click to Enlarge Name: USDZAR_29Nov2017_01.png Size: 50 KB
Trade Safe!
  • #19
  • Last Post: Dec 1, 2017 10:08pm Dec 1, 2017 10:08pm
My work here is done. My live account is open at Dukascopy and ready to be funded. Trading my new account starts Jan 2018. I'll open a new thread for those wishing to follow my trading.
Trade Safe!
0 traders viewing now