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Fitting life around trading. Anyone change style to scalping?

  • #41
  • Dec 18, 2022 9:00pm Dec 18, 2022 9:00pm
Quoting RickM
{quote} Mate, I worked with a team of 25 experienced traders developing over 140 Algo's over a 5 year period. I have traded 3 Algo's written and traded by a Two- time Algo world forex champion. A good Futures trader or Day position trader results can destroy all those Algo's I have ever tested. My experience also comes from working with two professional Algo traders from an Australian Propriety firm that runs a bank of 60 EA's for their clients, I have knowledge on how they set them up and their techniques they use to be profitable. Its not what...
Thanks for your perspective and thank you for sharing your experience.
It is a humble, humane and caring thing to do.
My signature is: "Classified".
  • #42
  • Dec 21, 2022 12:44pm Dec 21, 2022 12:44pm
Quoting jpntrader
{quote} I experienced quite the same thing! To put it short, either you go to extreme scalping or you go intraday/swing. I used to trade supply and demand with liquidity concept, entering on 1m TF or even 15s TF. But life got in the way.. I got moved to a new division in my company and the workload is very demanding. I live in Japan, so Asian open is right when my day job starts as well (meetings, briefings), London open is when my workload is the most demanding (deep work, more meetings, etc.), and NY open is at night, I am mostly exhausted and...
Hi JPN, I'm following you around hehe.. were you profitable trading SnD ? how do you compare profitability to your new 4h trading style ?
  • #43
  • Dec 21, 2022 4:44pm Dec 21, 2022 4:44pm
Quoting Yaya21
{quote} Hi JPN, I'm following you around hehe.. were you profitable trading SnD ? how do you compare profitability to your new 4h trading style ?
Hi Yaya hope you're doing great!
During my time with SnD, win rate was lower (30 or 40%-ish), you will get several consecutive losses but once you got a winner, the risk-reward ratio was awesome. In 2021 I remember had 4-5 consecutive losses then I got a 27R trade, twenty-seven! But of course I took partials along the way.

Now with my 4H style, win rate is significantly higher (60%-ish), but risk-reward is only around 2 - 2.5R.
At the end of the day, I realized a slow but steady increase of my trading account is more important to me than a roller coaster journey of getting that high RR.

Will be more serious in documenting the trading journey starting next month. I think I will update that at the corresponding thread.
Have a blessed year-end holiday to you and family!
  • #44
  • Dec 22, 2022 1:37am Dec 22, 2022 1:37am
Quoting jpntrader
{quote} Hi Yaya hope you're doing great! During my time with SnD, win rate was lower (30 or 40%-ish), you will get several consecutive losses but once you got a winner, the risk-reward ratio was awesome. In 2021 I remember had 4-5 consecutive losses then I got a 27R trade, twenty-seven! But of course I took partials along the way. Now with my 4H style, win rate is significantly higher (60%-ish), but risk-reward is only around 2 - 2.5R. At the end of the day, I realized a slow but steady increase of my trading account is more important to me than...
Thanks so much for your always awesome replies! Appreciate it!
Hmmm yes, I think having a higher winrate would be easier mentally, at least for me.. consecutive losses is definitely hard.
I'm still at the beginning of my learning curve..
Happy holidays and take care
  • #45
  • Dec 22, 2022 5:34am Dec 22, 2022 5:34am
In my opinion most traders who are not professionals and trade only in their spare time will get the best results with some form of semi-automated approach to the market where multiple backtested strategies and setups are pre-programmed into single robot/EA. The EA works 24/5 and sends signals to your smartphone. You only have to confirm that the signal looks good and then enter the trade manually. For this style of trading you should have a bit longer trade duration. Not pure scalping, but something from a few hours up to a few days is optimal. This allows you to relax as there is no need to watch the market constantly.

Of course fully automated system is also very appealing option, but for this you have to work much harder. High level coding skills are needed. At least in the beginning until you come up with something stable.
  • #46
  • Dec 28, 2022 12:10am Dec 28, 2022 12:10am
Quoting PippityPips
Hello good people of fx. I need help. right now I have a young family and it’s making it almost impossible to execute my style / strategy. It’s taken me years of refining (mostly refining the way I think) to get to this point. i have really only just started making good profits and of course understanding more the market. the big problem is my style involves me pretty much being glued to the screen for a solid 2-4hrs (a session) and because of family commitments, this isn’t possible. I am therefore asking if anyone has had similar issues and how...
Hi PippityPips,

Interesting topic. I can share with you with experience on the transition to LTF (not necessary scalping) as starting to get more own time back.

1. Depending on your routine, either go HTF or LTF are fine. My dad and I went LTF approach. Before retirement he used to work in office 9-5, so he has a pretty fixed routine. He started trading on 1m chart sometime between 8:30-10:30 as the local Index market opened, and he carried over this habit till now. On the other hand, I am remote work and have flexible schedule. I now move down to 1m - 15m chart, trading whenever I am free & a nice setup forms.

2. Not sure about your strategy, but you can develop some sort of alert system around your strategy. For instance, I apply alerts for conditions such as price reaching a level, indicator signals, etc, to notify me the opportunities and be ready to do charting / trading soon. So for most of the waiting time I don't need to bother checking the chart.

3. I think others here mentioned a good point: trade with money you can afford to lose, take profits you don't need for your daily living. I have a job, you have a running business, we are all living well even without trading. Keep this in mind, and you will see it is better off trading 2-3 hours a week instead of a day. Get yourself comfortable with trading fewer sessions, less time and lower frequency, and possibly less profit. It is easy to be stuck at trading much as you are getting success in your strategy, people start forgetting what they actually want in trading in the first place.
For instance, my monthly cycle starting mid Dec only consists of 1 trade on 19 Dec, and I will take time off until next cycle. But from time to time I still pull up the charts and have a look. How would you feel if you are staying away from the market this long?

4. At the end, when you have accustomed to the more relaxed trading routine, only then you can consider scaling up your profit, that likely to do with increasing your capital via long term trading or simply finding ways to trade with bigger account size.

You are in business, so you probably know the PQ equation : Price x Quantity = Revenue. Your story is similar to many here including me, and I think the difficult part is to lower the Quantity as first step and progress slowly to increase Revenue. Greed plays so much of a role here.

Trade Well
  • #47
  • Last Post: Dec 28, 2022 12:53am Dec 28, 2022 12:53am
You can't really force a style of trading. If your character is more a day trader or swing trader and not fit for fast pace scalping you will just messing things up and end up losing.
What i can suggest you is start your working routine earlier, when everything is asleep and peaceful. You can wake up at 05:00-06.00 in the morning so you can focus on trading for 3-4 hours withouth being disturbed. This way, if you are day trader, you will be able to find few opportunities during that period of time; if you are swing trader you can analyze/prepare your 4h-1d charts and then you just have to check charts for few minutes/seconds just to pull the trigger.

To be able to do like you said "to work 30 minutes and call the day", you must be very experienced and trained because, for example, sometimes you can find nice opportunities on London open but when not, you may force bad trades just because you want to complete the day.
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