Danielesse87, I showed a Chart a few posts back, did you look ??? But I will add another Chart. I normally do not trade after 12am due to the London session closes but yesterday I was comparing a few Systems and let other people see my comparison charts and now we are in the money with usdjpy, drawdown yes, but patience pays off. cpfleger {image}
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Yes I saw but wasn't sure if it was the same trade or a new one as it's been so many hours. So you held the original trade without mediating. Is there anything in particular that has given you confidence to keep it for so long? Something that made you realize it wasn't going to get very far? What is your exit goal now? at breakeven? or at some particular point on the graph? Sorry for all these questions I just want to know more about your thought process
Danielesse87,
That trade is abnormal because as I said earlier, I do not usually trade after 12am and the Volume drops big time when the Brits go home.
But because I had a trade open and I knew it would reverse after 12am, I moved my SL way down, moved the TF to 1 Hour, extended the TP and walked away until I woke up this morning. Feel The Market, I normally do not use SL's and only temporary TP's as I close early 95% of the time.
I scalp 95% of the London / NY Sessions and play / test / revise after 12am if the wife is busy with her family.
cpfleger
Danielesse87, That trade is abnormal because as I said earlier, I do not usually trade after 12am and the Volume drops big time when the Brits go home. But because I had a trade open and I knew it would reverse after 12am, I moved my SL way down, moved the TF to 1 Hour, extended the TP and walked away until I woke up this morning. Feel The Market, I normally do not use SL's and only temporary TP's as I close early 95% of the time. I scalp 95% of the London / NY Sessions and play / test / revise after 12am if the wife is busy with her family. cpfleger...
Ignored
Thank you for the feedback. I will wait for examples of non-anomalous trade management if you want to provide us with any
Having caught up with the thread from the last couple of days. I see a lot of you have uncertainties about trade management, so over the next couple of days I will try and throw some ideas your way that I personally use. I will also try to explain entries too.
Some of the content I need may take a while to get because I will need live charts scenarios to explain the thinking so you will have to bear with me.
I will try to answer javipenjamo question about the runaway on 5m AudUsd and show you how to deal with that kind of trade.
I am no guru and I sell nothing.
I am just a guy who has 12 years experience and been round the block a few times.
I am also no Author or writer so my grammar may not be good.
I am not a teacher but I will do my best.
I also run a very busy business and have a family to please and a mum that's not in the best of health, so I may drift away and come back as time allows.
All I ask is you read the thread because most of the answers are there and watch plenty of kof video's because most of the answers are there too.
In return please show your respect because if I get any negativity I will leave the thread and carry on what I do.
Its evening now so I will go and spend time with my family
Attached Image (click to enlarge)
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
Good evening from the UK. Here is a a tea time trade from me. Having caught up with the thread from the last couple of days. I see a lot of you have uncertainties about trade management, so over the next couple of days I will try and throw some ideas your way that I personally use. I will also try to explain entries too. Some of the content I need may take a while to get because I will need live charts scenarios to explain the thinking so you will have to bear with me. I will try to answer javipenjamo question about the runaway on 5m AudUsd and...
Ignored
Don't worry, we respect you and waiting for your ideas and ways of trading
Have a good evening
Chris
Thank you.
what I write should not be taken as financial advice and you are all responsible for the trades you enter and manage.
Abade has been kind enough to open this thread and allowed us to expand on the KoF strategy.
cpfleger have tirelessly contributed to this thread with his ideas that have enabled us to improve entry and cut down on drawdown. So I take my hat of to these guys with upmost repect.
This is not going to be a two minute fix that can be explained in a couple of paragraphs and I know some will think cut the crap and show me how to make some money. Well with that attitude you've already lost your account.
Trading is a craft and it will take time to learn and be good at it. Reading a few books or watching a few videos or listening to me isn't going to make you a trader.
That would be like reading a Formula One book about how to drive a racing car and think your going to beat Lewis Hamilton.
if you read the book and practise, practise, practise and practise some more you might just have a chance. Trading is no different.
To be continued
Next post tomorrow will cover the psychology of account size .
Good night for now.
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
One of the biggest downfalls of a trader is account size.
cpfleger trades a small account for his wife, but he trades his own improved version of Kof.
and he is good at it because he is already a calm and competent trader that has practiced and practised to perfection and understands the markets knows what to do from experience.
But I've seen new traders read half this thread and try to use the original KoF strategy with $400 and $500 accounts.
This is no where near enough starting balance especially if your new to the strategy. Psychologically you are already beaten because when you have to add to your trades your account is quickly consumed and you start to panic. If your in panic mode you will make mistakes.
Lets put it another way. If you was in battle against 500 Roman soldiers and you only
had 200 men you would already be beaten Psychologically no matter how good your men are by not having enough men.
But if you had 2000 men you are already in a better place Psychologically to win the battle.
Trading is the same. Use a bigger account and cut your lot size and leverage and you
will feel much more confidant and your Psychology will be stronger and you will trade fearlessly.
Then if the worst case happens and you cut for a loss it will only feel a tap on the shoulder and not a massive blow to the head.
Don't be in a rush to make money feel the process first the money will follow after.
Don't enter a trade and then wonder what to do when it goes against you.
Have a plan of different scenarios of what to do regardless if the trade goes in your favour
or goes against you. You should know exactly what to do and move on.
Sounds simple and obvious does ant it.
But I see it all the time where people are in a trade and they don't know what to do when it runs against them.
To be continued
Next the Black Box
This starts to get to the meat and bones. I have sat through a chart this morning and recorded a scenario that happens time and time again.
I haven't got time this morning to make the post but I will put it up later after I get back from work.
Be carful trading this morning as its a bank holiday in Europe and markets may be a little unpredictable.
see you all later.
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
Seabreeze and everybody
I do agree with you but:
The choice is:
1 trade and SL (adding or not positions if wining) Which SL in this case ?
KOF multi entries and which max drawdown to accept ?
With cpfleger, Abade, price action and blocks, we know how to enter in a trade and when TP (we have all our style)
But we have to answer the question above
Seabreeze and everybody I do agree with you but: The choice is: 1 trade and SL (adding or not positions if wining) Which SL in this case ? KOF multi entries and which max drawdown to accept ? With cpfleger, Abade, price action and blocks, we know how to enter in a trade and when TP (we have all our style) But we have to answer the question above Chris
Ignored
Thank you for your post Chris
completely agree with you and I did say this will not be a quick fix and can not be explained in a couple of paragraphs and even then will take months to perfect. I don’t remember yet defining stop loss and entries yet.
If you don’t have solid foundations when you build a house it will collapse same goes for your account.
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
Joined Nov 2006
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Status: Shoot all the clowns.. Shoot'em all
|14,520 Posts
Tottaly agree. I'm returning to Forex after nearly 15 years. I found out about KoF in this thread and decided to give it a try.
In many of his videos, he talks about 200, 400 even 1,400 dollars in profits in his trading, but if you check it out, he's trading 250k to 1MM dollar accounts.
If you see it carefully, his trades are closed with tiny pips. 3 to 10 max. That's his strategy: large lots, small pips, pure scalping.
In one of his videos he says that it is important to work profits as % of your account rather than the absolute value.
Demo accounts doesn't work for me, as the psychological factor is out of the table.
So I decided to try it in a 500 dollar account, working with 0.01 lots, adding when EMA9 crosses the previous entry and closing somewhere between EMA 9 and 20, depending on price action.
My gol is to mantain CONSISTENT dauly results of 0,5% to 1% of the account. Yes, $ 5 bucks a day.
So if you guys are trading small accounts, you can't go for big profits without undergoing MASSIVE, MASSIVE drawdowns if you get caught in a sudden market move.
I also stay out of news for the time being, only studying the price action in these moments. Last days, market reaction was awkward after news. Maybe, tomorrow's NFP sets a direction for next week.
Account Size One of the biggest downfalls of a trader is account size. cpfleger trades a small account for his wife, but he trades his own improved version of Kof. and he is good at it because he is already a calm and competent trader that has practiced and practised to perfection and understands the markets knows what to do from experience. But I've seen new traders read half this thread and try to use the original KoF strategy with $400 and $500 accounts. This is no where near enough starting balance especially if your new to the strategy. Psychologically...
M1 Countertrend Scalping Strategy
