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  • #1,195,961
  • Jun 16, 2021 1:14pm Jun 16, 2021 1:14pm
Quoting tonyb123
{quote} Good time to practice is between 11:00a.m EST - 1:30p.m EST. 5-9 pips.
I had the same mentality with the trader who quoted us when I don't understand the price action/behavior of the market. But because I was open for some advise and tried rolling my sleeves, observed, studied it and start practicing and focus on improving my win rate, I realized that scalping/day trading is the best way to trade. Most traders focus on big pips with huge profit target per trade, how many times market reverse before it reach their target? And worse, it goes from positive to negative or stuck with the trade for days or weeks. But if we just follow PA and trail, we could get the same pips or more in a day by just scalping in and out. Cheers to you fella.
Only an idiot knows with certainty to where the market is going.
  • #1,195,962
  • Jun 16, 2021 1:21pm Jun 16, 2021 1:21pm
Quoting MrBullBear
{quote} I had the same mentality with the trader who quoted us when I don't understand the price action/behavior of the market. But because I was open for some advise and tried rolling my sleeves, observed, studied it and start practicing and focus on improving my win rate, I realized that scalping/day trading is the best way to trade. Most traders focus on big pips with huge profit target per trade, how many times market reverse before it reach their target? And worse, it goes from positive to negative or stuck with the trade for days or weeks....
I do both: Swing and scalp and happy with them.
You just can't mix the Tf, they have their own circuits.
  • #1,195,963
  • Edited 8:37pm Jun 16, 2021 1:27pm | Edited 8:37pm
Quoting MrBullBear
{quote} I had the same mentality with the trader who quoted us when I don't understand the price action/behavior of the market. But because I was open for some advise and tried rolling my sleeves, observed, studied it and start practicing and focus on improving my win rate, I realized that scalping/day trading is the best way to trade. Most traders focus on big pips with huge profit target per trade, how many times market reverse before it reach their target? And worse, it goes from positive to negative or stuck with the trade for days or weeks....

I'd like to add my comment, I personally found that the biggest profits for me are from trades that have a very high reward compared to risk, but for this I'm mostly talking about mid to long term trades that last for weeks, sometimes months. When you go to a very large timeframe you are able to catch very high probability, but also very high reward and low risk trades. Usually not based on PA, but rather on fundamental and quantitative analysis.

The market rarely reverses in these scenarios, and even if it does, you still net atleast 20x return compared to your risk. (exit is again, determined by statistical analysis or economic data)

I also have trades that last a day, a week, sometimes even under a day. Scalping can be a very good way to trade and some guys are doing great at it, but scalping is a trading style that can (if you are not psychologicaly fit for it) make you lose your money really fast.

Another HUGE problem with scalping is that there is often not enough liquidity in the market to make very large scalper trades, and every pip counts in a scalp trade, for long term trades, liquidity is rarely the issue.

A scalper entry can easily be transitioned into a long term trade with proper trade management, and for me that is the best way to trade, find the best entries, then transition them into the biggest possible timeframe you can over a period of a couple of days,weeks,months... maybe even years... life is short, 10 years is nothing.

It differs from person to person, we all have our mojo!
Through the light of enlightenment, darkness unveils the path of truth.
  • #1,195,964
  • Jun 16, 2021 1:34pm Jun 16, 2021 1:34pm
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This thingy has fallen over a clifffff........ Happy to be in , after many attempts...

I wish to have your input, crew.....

  • #1,195,965
  • Edited 1:56pm Jun 16, 2021 1:38pm | Edited 1:56pm
Quoting MrBullBear
{quote} Yeah right, easier said than done. But if you start practicing and focus on improving, increasing you win rate higher to safe level and consistent... then it become easy. Till then..... it's easier said than done.
You mean I should focus hard like this?

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maybe like this...

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not good enough?

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maybe like this...

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I am just saying that, I know what I am talking about, when saying "easier said than done". I was heavy into scalping and if you are too, you should know that it doesn't get any easier even after steady consistency. The amount of focus that it takes for profitable scalping it's brutal. I mean it can drain your battery really fast. Not to mention that you need to have sniper focus, sniper fingers and you are basically glued to the monitor most of the time. Your eyes also take the damage. In my opinion it's the hardest form of trading. Yeah, I loved it, but it's all scalable with our charts, so the same focus applies on higher time frames, same patterns, same structures. Only this time, I can enter my trade, leave the computer and return in couple of hours.

Like I said, each to his own....nothing wrong with scalping, I am not saying that at all. People just need to be aware, it's not the easiest way to get 100 pips per day, quite the opposite. If it became easy for you, congrats to you as well.
The biggest risk is not taking a risk.
  • #1,195,966
  • Jun 16, 2021 1:39pm Jun 16, 2021 1:39pm
Quoting OnlineAddict
.
Addict, what happened with a red diamond buyers who laugh at you. Are they still waiting 1,2300?
  • #1,195,967
  • Jun 16, 2021 1:42pm Jun 16, 2021 1:42pm
[quote=Vorenzd;13586548]{quote} I'd like to add my comment,
....
great comment, thank you very much for that.
I've never traded for more than two months, but I find the approach very appealing.
As you have already said, with large cycles the thought also occurs: How many cycles fit into my probable life span?
  • #1,195,968
  • Jun 16, 2021 1:44pm Jun 16, 2021 1:44pm
Bought this perfect move from daily demand zone, plus the news, all combined perfectly. Closed profit manually. Trade safe.
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  • #1,195,969
  • Jun 16, 2021 1:48pm Jun 16, 2021 1:48pm
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Grabed and banked some good pips here at 1.2010. Not a bad day...

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  • #1,195,970
  • Jun 16, 2021 2:02pm Jun 16, 2021 2:02pm
Quoting Vorenzd
{quote} I'd like to add my comment, I personally found that the biggest profits for me are from trades that have a very high reward compared to risk, but for this I'm mostly talking about mid to long term trades that last for weeks, sometimes months. When you go to a very large timeframe you are able to catch very high probability, but also very high reward and low risk trades. Usually not based on PA, but rather on fundamental and quantitative analysis. The market rarely reverses in these scenarios, and even if it does, you still net atleast 20x...
If you were a regular here, you know me as a trader. My scalping sometimes become a day trade, there are times it last for a week.. becouse I am a PA follower. I trail with stops. As long as it doesn't hit, i continue adding and following. My philosophy " add more when you are right, get out quick when you are wrong".

May I correct you with the problem with scalping about liquidity. That is the problem for swingers and day traders with huge profit target. It is not a problem for scalpers. Also, I don't agree with your statement "high reward and low risk", "rarely market reverse in that scenarios ". There is no such thing. Market is unpredictable. It does what it does. With a good fundamental and datas, market do the opposite. It is unpredictable. If it is... then banks and investors will be busy collecting money from market, they won't need to do other businesses. That's the beauty of the market, nobody knows where the next tick is, it is unpredictable. We can only anticipate. The risk is always there. And it is always high.. if it's small, then banks and investors will get all the money in the world. Cheers!
Only an idiot knows with certainty to where the market is going.
  • #1,195,971
  • Jun 16, 2021 2:05pm Jun 16, 2021 2:05pm
Quoting leppozdrav
{quote} You mean I should focus hard like this? {image} maybe like this... {image} not good enough? {image} maybe like this... {image} I am just saying that, I know what I am talking about, when saying "easier said than done". I was heavy into scalping and if you are too, you should know that it doesn't get any easier even after steady consistency. The amount of focus that it takes for profitable scalping it's brutal. I mean it can drain your battery really fast. Not to mention that you need to have sniper focus, sniper fingers and you are basically...
Attached Image
Only an idiot knows with certainty to where the market is going.
  • #1,195,972
  • Jun 16, 2021 2:07pm Jun 16, 2021 2:07pm
Quoting Techanalyst
Bought this perfect move from daily demand zone, plus the news, all combined perfectly. Closed profit manually. Trade safe. {image}
Good catch!
Learn from your mistakes and march on.
  • #1,195,973
  • Edited 2:43pm Jun 16, 2021 2:29pm | Edited 2:43pm
[quote=MrBullBear;13586663]{quote} ... My philosophy " add more when you are right....

Your arguments remarkable also. Whether the wide movements are successful depends largely on the strategy. When, where, how often do I try to catch the trend and during long phases I not only trade the main direction, but also small counter-movements with power. I tend to take the latter with more Lots than the main movement.

edit 21:42 GMT+1
"high reward and low risk", "rarely market reverse in that scenarios" That is true if the trend in the D / W-TF has hit. If cycle is going on.
  • #1,195,974
  • Jun 16, 2021 2:32pm Jun 16, 2021 2:32pm
[quote=Isabella_D;13586736]
Quoting MrBullBear
{quote} ... My philosophy " add more when you are right.... Your arguments remarkable also. Whether the wide movements are successful depends largely on the strategy. When, where, how often do I try to catch the trend and during long phases I not only trade the main direction, but also small counter-movements with power. I tend to take the latter with more Lots than the main movement.
The right phrase is... "Maximize your profit when you are right, Minimize your losses when you are wrong ". Cheers!
Only an idiot knows with certainty to where the market is going.
  • #1,195,975
  • Jun 16, 2021 2:36pm Jun 16, 2021 2:36pm
Quoting Isabella_D
How many cycles fit into my probable life span?
This is something I often though about, it's hard to say... i also think, what is a cycle? Every cycle can have a thousand smaller cycles, maybe we can upscale it and find that a cycle lasts a whole lifteime, maybe even more... It's depressing to think about long timeframes because it makes you realize how life is short.

There is no limit to what a cycle can be, and we can probably find a logical 500 year cycle... perhaps not on a financial asset, but maybe on the development of mankind, we had good, neutral and bad cycles... lasting hundreds of years - this also happens in the financial markets, but financial markets are not eternal, one day they will be replapced, just like everything is.
Through the light of enlightenment, darkness unveils the path of truth.
  • #1,195,976
  • Jun 16, 2021 2:48pm Jun 16, 2021 2:48pm
Quoting Vorenzd
{quote} This is something I often though about, it's hard to say... i also think, what is a cycle? Every cycle can have a thousand smaller cycles, maybe we can upscale it and find that a cycle lasts a whole lifteime, maybe even more... It's depressing to think about long timeframes because it makes you realize how life is short. There is no limit to what a cycle can be, and we can probably find a logical 500 year cycle... perhaps not on a financial asset, but maybe on the development of mankind, we had good, neutral and bad cycles... lasting hundreds...
I don't think about it primarily with melancholy, but how should I organize it, which patterns can be meaningfully compared, which of course also have to do with lifetime. 7 years, 10 years, 15 years. At the moment I look more often to 2007/2008.
  • #1,195,977
  • Jun 16, 2021 2:50pm Jun 16, 2021 2:50pm
Quoting MrBullBear
{quote} If you were a regular here, you know me as a trader. My scalping sometimes become a day trade, there are times it last for a week.. becouse I am a PA follower. I trail with stops. As long as it doesn't hit, i continue adding and following. My philosophy " add more when you are right, get out quick when you are wrong". May I correct you with the problem with scalping about liquidity. That is the problem for swingers and day traders with huge profit target. It is not a problem for scalpers. Also, I don't agree with your statement "high reward...
Thanks for your reply. Yeah, I'm not a regular here, or anywhere for that matter and I don't know your style, but thank you for sharing information. I meant no harm with my comment, I did not mean to say anything negative to you or about your trading style, i was simply sharing my own personal experience... same is with this reply. If we all traded the exact same way, the market would not exist.

As for your disagreement, mind the word "rarely" . Markets are unpredictable, and yes, they can reverse in any moment and anything is theoretically possible, but what was proven by multiple economic theories, and my own experience is that markets follow macroeconomic data in a very high number of cases over a larger timeframe.

I never said it is 100% guaranteed profit, no risk included, I simply said the risk is far lower than the reward... take my longest running forex trade for example... it was placed on November 6, 2009... 12 years later it is still running alive and well. This trade has a reward to risk ratio measured in thousands... and yeah, I've made many attempts to catch such a trade and it did not always work out, but most of the time I'd bag at least 20x of what I've risked... and I've done this JUST because of the long timeframes and making trades based on macrodata... sometimes I've also lost, but that's how it is, you can't win them all.

Market does not have to go the right direction 100% of the time, but if it goes with macro data and statistical analysis most of the time and you have a very high risk reward ratio (over 100) for these trades, then I would say that my argument still stands. And this does happen.

The risk is small for the informed investor with access to a lot more data than the average ivnestor. That's why we have macroeconomics as a science of the markets, studying the effect of monetary policy on the financial markets, that's also why we have statistics and quantitative analysis, to make a mathematical prediction as well... ofcourse, past performance is often not indicative of future performance, but human behaviour stays the same, and the market follows macro data in most cases, so if you are able to build a great RR trade around this, it is probably the safest trading style you can have... and one backed by most economical theory.
Through the light of enlightenment, darkness unveils the path of truth.
  • #1,195,978
  • Jun 16, 2021 2:53pm Jun 16, 2021 2:53pm
[quote=MrBullBear;13586743]
Quoting Isabella_D
{quote} The right phrase is... "Maximize your profit when you are right, Minimize your losses when you are wrong ". Cheers!
Yes, of course, the circle has come full.
We are back at the starting point of the discussion about long-term, swing, intraday and scalp.
  • #1,195,979
  • Jun 16, 2021 2:54pm Jun 16, 2021 2:54pm
Quoting Isabella_D
{quote} I don't think about it primarily with melancholy, but how should I organize it, which patterns can be meaningfully compared, which of course also have to do with lifetime. 7 years, 10 years, 15 years. At the moment I look more often to 2007/2008.
Good way to think about it. History repeats itself.
What I've found is that focusing on the bigger cycle can sometimes be less productive... This is mostly caused by the lag in the cycle transition, my general policy is : If you don't want to make 30 year trades, don't focus on 30 year cycles because they can make you miss trades that'd last perhaps for even a couple of months that go against that general cycle.
Through the light of enlightenment, darkness unveils the path of truth.
  • #1,195,980
  • Jun 16, 2021 3:01pm Jun 16, 2021 3:01pm
Quoting bigiivan
{quote} Addict, what happened with a red diamond buyers who laugh at you. Are they still waiting 1,2300?
Everyone can see the chart, but only a few can actually read it.
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