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My way to highway

Quoting profitfarmer
{quote} perhaps it isnt the best to try to tame DAX or Nikkei with relative small equity, and no flexibility to really size for the trades. maybe a disadvantage, maybe not. however, if something working dont change it. it also apply the way that if something not working look to change it! this is a simple game to keep score, just have to look at the equity. instantly tells you if things working well or not.
Gotcha!

On a side note, I'm dropping DAX and Nikkei for a while and will trade GU you're right on point PF! my tiny account can't handle that DD especially Nikkei it is wild. If you can't keep your greed under control it will chew you up without hesitation. By greed I was drawn towards Nikkei and DAX, especially Nikkei. But I'm not on cloud 9 anymore. Realistic expectation, ? you say I've got it now ! thanks to PF.

I love that DD table, whenever I feel myself getting into "revenge or overtrade" mode I try to remind myself where I was once , broke level. Regardless of the money lost big or small blown account is a blown account it feels nasty. And much like you I guess we all hate to be wrong. So double the trouble. Its not fun at all. And I don't wish anyone to go through the process.
Tape reading is an ART
A blown up account eventually teach a major lesson: without equity you cant continue to trade.
there is always, always another trade!!
Quoting alphadude
hi PF, interesting day indeed. have you seen NZDUSD overnight; spike of 100 pips in one minute.
hi
yes, the morning NZD news...though my interest more to EurNzd, more range, more volatility. dangerous, but as a scalper need those attributes to a pair.
babysitting GbpUsd this morning 4 hours, nearly killed me the boredom!
swear i would rather see the price spike against me and hit my stopout than watch 2 hours of 5 min chart moving in 7 pips range or whatever.
there is always, always another trade!!
Quoting Piquant
{quote} Gotcha! On a side note, I'm dropping DAX and Nikkei for a while and will trade GU you're right on point PF! my tiny account can't handle that DD especially Nikkei it is wild. If you can't keep your greed under control it will chew you up without hesitation. By greed I was drawn towards Nikkei and DAX, especially Nikkei. But I'm not on cloud 9 anymore. Realistic expectation, ? you say I've got it now ! thanks to PF. I love that DD table, whenever I feel myself getting into "revenge or overtrade" mode I try to remind myself where...
quite true; at the beginning of Jan; I had a 10% DD in one day; and I am still in the process of recovering it day in and day out.

Instead of my mind focusing on profit; it is on recovering a loss. Mathematically they are the same; but psychologically they are not
the morning was GbpUsd, not too successfully,
the afternoon however was all about EurUsd on the ECB conference.
started flat, then came the action, and i was following it up.
it would be nice to have once in a while the easy way, lol, but i was quite OK with this as well, as it have added another +0.5% to the day. from 9 entries, that is rather good, as there was only moderate drawdown. ( this time, unlike in the morning).

the chart may be a good example why usually have to stay flexible with the TP when scalping.

Attached Image (click to enlarge)
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the day ended +0.89%, another decent result, certainly this week is shaping up the month nicely after the small -3% booked losing day early on.
just for fun facts, 40 entries total today, for 9 lot volume ( 1x risk)...the largest size used was 0.25 lot...should answer the questions that there is not that much variations there...

happy trading!
there is always, always another trade!!
This week we started tutoring sessions by PF, and it was great.

Today we had a good time messaging on skype while scalping GU and EU. Draghi and Trump shaken Forex quite a bit in the afternoon

thanks PF
Sounds great Alpha, any tips you picked up that you can share (that is if PF agrees) ?

Scalping around the EURO and USD yesterday during the speeches could have been a bit scary, some volatility and you never know if a big spike / trend is going to start due to someone saying something.
Pepp SW+ All Time Return: -87.9%
Quoting NoStopsXXL
Sounds great Alpha, any tips you picked up that you can share (that is if PF agrees) ? Scalping around the EURO and USD yesterday during the speeches could have been a bit scary, some volatility and you never know if a big spike / trend is going to start due to someone saying something.
lol; PF have many golden tips.

we haven't finished the training yet. However; something interesting I found that we all share; is that Stop Losses are not good for counter-trend trading strategies.

judging from your username; you probably agree with me on this
forgot to add a point about SL.

not using SL also means you have to lower your capital allocation. It will reduce your risk of loss; and also reduces your potential reward.

say for example you want to fade EU during news event; and you intend NOT to use a stop loss. Therefore; your strategy must cater for a large swing of 100 pips or even 200 pips. You should not get wiped out by a 200 pips move against you.
Quoting alphadude
You should not get wiped out by a 200 pips move against you.
200pip counter move ? that's not for me I'd go mad
Tape reading is an ART
Quoting Piquant
{quote} 200pip counter move ? that's not for me I'd go mad
you not alone!

i think the emphasis is rather on that you cant blow up your full account just because a 20 pips additional spike beyond your expectations.
simple put: trade small!
there is always, always another trade!!
Quoting profitfarmer
without equity you cant continue to trade.
I think that this is the most meaningful quote to have in mind while trading. (rather than the other 'keep calm..', 'there is always another trade ...', etc.)
I would buy a paint with this quote!
the week ends here.
few GJ long scalps today, total +0.22%.
the week ended +2.96%, a nice strong one.
only 3 days left from the month, really intend to keep it in the green, even though it is not gonna be a 10% one, it is looking good in the moment.
early night off, and tomorrow some family excursion...maybe even post a photo?

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happy weekend!
there is always, always another trade!!
Had some time free today so doing some scalping in my Oanda account as opposed to my normal trading.
I forgot how exciting scalping is and emotional.
I will try for just to finish positive and with no DD lol.
I would think through that maybe Wednesday is a day to avoid no? lots of news and could be a few whipsaws.
Pepp SW+ All Time Return: -87.9%
Quoting NoStopsXXL
Had some time free today so doing some scalping in my Oanda account as opposed to my normal trading. I forgot how exciting scalping is and emotional. I will try for just to finish positive and with no DD lol. I would think through that maybe Wednesday is a day to avoid no? lots of news and could be a few whipsaws.
i dont mind the news, for scalping the death kiss is slow, flat market with narrow ranges...
my worst days, overall and by far the Fridays. Mondays are the fewest entries. And middle of the week, those 3 days, when i have the best success to make my money.
for fun, here is the myfxbook daily stat of the TE account.
incidentally Wednesdays made overall the most profit for me, but not the highest % gains.

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and yeah, Friday just sucks, looks like, in any measurements. some areas i will need to improve on, if by being more careful to take a trade...not worth skipping it completely, it still makes some money.

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the fun of looking at statistics.
happy trading!
there is always, always another trade!!
Quoting profitfarmer
{quote} and yeah, Friday just sucks, looks like, in any measurements. some areas i will need to improve on, if by being more careful to take a trade...not worth skipping it completely, it still makes some money.
Wow, those are interesting stats..... never thought to analyze by day of the week...... Maybe Friday is not so good simply because you are already thinking of which beer you are going to have at the weekend

I think I will go back to position trading on my quasi-grid....... after 8 hrs of scalping today I am at breakeven, unless my last two trades open turn around ..... ho hum..... very difficult this trading lark
Pepp SW+ All Time Return: -87.9%
Quoting profitfarmer
cant post this beauty enough as reminder: {image}
Percent Loss Drawdown vs. Percent to Recover
I think that the best way one could determine a personal %dd cutoff is by attaching near this picture the monthly % performance of the personal trading account.
Quoting NoStopsXXL
{quote} Wow, those are interesting stats..... never thought to analyze by day of the week...... Maybe Friday is not so good simply because you are already thinking of which beer you are going to have at the weekend I think I will go back to position trading on my quasi-grid....... after 8 hrs of scalping today I am at breakeven, unless my last two trades open turn around ..... ho hum..... very difficult this trading lark
scalping isnt any easier than another kind of trading.
it is faster, for sure.
even though i tend to scale entry as see fit, timing still is a very important matter.
today is quiet, but in the end somehow still managed to make 7 entries, for a total of 25 pips... +0.26% gain. sometimes timing is good enough, like today, that all 7 entries are singles, without any scaling. i am more than happy with the result for today, though likely 99% of forum members wont be impressed with such 'tiny gain'.
then again, the majority is losing money, and i dont trade to impress them. i trade to make a living. and a living i am making. for the few who cares to read between the lines, will understand that it doesnt have to be outsized monthly gain to make ends meet.

i like statistics.
some part, like that about Fridays, can be suggestive, if the pattern repeat/uphold long enough...and in the account case it is slowly closing on on the 1 year mark.
eventually analyzing things may result some minor changes, for example, i could take fewer trades Friday, or trade smaller size, or swings things the other way, and trade slightly bigger mid-week....
there is possible reasons that the market is too slow Mondays as just starting up, or Friday's i am more inclined to get out fast, or try to get out fast, as i dont want to keep open trades going into the weekend, and maybe rush things a little. all i can think, the losses arent caused by excessive trading of NFP.
also an option, it is just random distribution of "luck", but i feel like after about 2800 entries, the sample is getting large enough slowly to start to derive some conclusions and plan out some of the minor adjustments.
not to fix what is working, more like only to smooth some of the rougher edges.
there is always, always another trade!!
Quoting aa4fx
{quote} Percent Loss Drawdown vs. Percent to Recover I think that the best way one could determine a personal %dd cutoff is by attaching near this picture the monthly % performance of the personal trading account.
coincidence or what, in that post i had mine.
i believe that a picture can tell a story more efficiently than words can.
there is always, always another trade!!
Quoting profitfarmer
{quote} coincidence or what, in that post i had mine. i believe that a picture can tell a story more efficiently than words can.
Is not coincidence, I quote your picture because I think it was missing something, ... how one could interpret for himself those values?. Where, you know that 10%dd is working for you for others this 10%dd might be irrelevant. Therefore, I came up with the idea of putting near the picture the personal monthly % ... meaning that for some 10% might be too much or 30% could be accepted...
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