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Trading Forex is Hard

There is a kind of artistic feel to scalping, especially zoomed out (easier to see) There is always some sort of barrier around price action, you can use those as safer entries...places easier to set your risk, it makes it easier to understand and see how price moves.

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Quoting venividivici
{quote} Exactly, this was one of the most important aspects I learnt whilst scalping, I could always see the spread on the chart and keep an eye on it live, I also always knew what the minimum amount of pips was to break even...and sometimes I wouldn't get into certain trades due to those factors. Do your own broker research and try them out, eventually you will find one with a platform where you feel isn't constantly trying to screw you over everyday.

Indeed! Broker selection is key!
So what win rate do you have? Say you take 20 trades.. how many winners, BE and loosers do you need to have on average to know that you're on the right path?
Quoting TheProtege
{quote}I meant the Sydney/Tokyo overlap btw, not when Tokyo and London overlap. Seems like a time where those on the US can still trade without a wonky schedule.
Sorry, I have no real experience at that time. It can't be ruled out that I had a trade open there at some point, but that would be a very rare exception. The volatile and cheap trading times are too convenient for me. When I visit the Americas, I only work when I am close to East Coast time, if at all.

Quoting TheProtege
{quote}Btw is there a minimum range of movement you consider trade worthy, and anything under that not worth trading because levels are too tight not leaving enough room for profits? Like for example maybe you need a minimum of 5 pips for most legs in a range for you to trade the range. Anything like that?
4-5 pips usually, depending on the pair's spread and some shallow risk analysis (volatility/liquidity, close enough exit and so on).

Quoting TheProtege
{quote}interesting that’s helpful. So each situation can be unique and can change how you would react. This approach definitely is much more discretionary vs mechanical rules to follow.
It depends on how deep we want to dive into this "strategy". There is a pretty simple basis obviously but any trader who trades his own strategy will develop a feel that sort of acts as a filter for trades not to take and that's where every implementation will appear increasingly discretionary. Keep in mind that I'm talking from thousands of hours of screen time but also probably a couple hundred of hours of explaining it to other people and I still struggle with drawing a line between the basics and experienced-level stuff.

Quoting TheProtege
{quote}Are you able to touch more on adding to your positions? I know in an example a while back, you mentioned we can place additional entries after periods of stagnation. But sometimes price goes fast and then rebounds fast without the stagnation. Is this something you do in all your trades? And do you just keep adding multiple entries as the opportunity arises? How much does your position size change from the first to the second to the..?
Good question. I haven't traded the previous week due to a mud fest in northern Germany (also known as Wacken) so I have to postpone an answer to that by a couple of days to pick some examples from the coming trading week. However, my main goal when increasing positions is not to risk my equity but only unrealised gains so I need to be in the profit by some sufficient amount and a stop loss already in the profitable zone.

Quoting averied
However, may I ask, how are you guys dealing with spreads and commissions? In my experience the trading expenses are the equivalent of 2-3 pips, so you're always starting with a loss.
You have to reduce your trading costs. I have never paid 2-3 pip. As a beginner with little equity and small trading volume, the rebate programmes that exist for some brokers may help to improve things somewhat, but the starting point should still be closer to 1 to 2 pip (depending on the currency pair). In the longer term, of course, this way of trading allows you to take better advantage of the leverage offered by the brokers, i.e. larger individual positions with manageable equity and relatively high trading frequency. In other words, your trading volume should increase quickly, making you interesting for brokers other than the usual retail offerings geared towards low-volume traders. Without wanting to give a broker recommendation, you can see where the trading fees are heading, for example, in the Dukascopy fee table https://www.dukascopy.com/swiss/engl.../fee-schedule/. I only mention this as an example because other brokers with a volume-dependent cost structure rarely make their price table available to the public.
Quoting JensG
There is a pretty simple basis obviously but any trader who trades his own strategy will develop a feel that sort of acts as a filter for trades not to take and that's where every implementation will appear increasingly discretionary.
This is a great point to bring up. I’m in the midst of some of this right now myself. At first I just traded every reversal with confirmation at a previously bounced level, regardless of bounce size or past number of bounces. But oh wait, I’m still facing too many losses. So then it’s focusing on trading the correct big picture market structure (ranges, channels), or correctly managing trading emotions, or... These are pretty easily quantifiable, but interpreting those clues that the bars are telling us as a reversal forms and price dances up and down is where things get a little murky. Quantifying something down to price bounced off this area 3 times right after my entry and I didn’t like that so I exited early is much harder. And each individual situation can be different. As I get more experience with the 1M chart and see how price has a tendency to repeat certain behaviors, behaviors which aren’t talked about in books or articles, I can see that this knowledge/experience can help tip the scales for knowing what reversal with confirmation is worth taking and what is best skipped. Something I imagine you and Veni are now a natural at in your own ways.

Quoting JensG
However, my main goal when increasing positions is not to risk my equity but only unrealised gains so I need to be in the profit by some sufficient amount and a stop loss already in the profitable zone.
Thanks for that, examples would be great. And highly appreciate your openness to share with us. Mastering the core of the strategy and filtering out poor trades is the important thing. But I find it very intriguing how you maximize squeezing a move with additional entries, and this feels like a natural extension to continue to tip the scales in favor of larger profits to losses.

Quoting JensG
I only mention this as an example because other brokers with a volume-dependent cost structure rarely make their price table available to the public.
I’m just curious but are these fees hidden for any specific reason? Can they be negotiated and do they differ between two large traders trading the same volume? Or is it simply that not all platforms are as openly transparent as Dukas unless you call them up directly?
Quoting TheProtege
{quote}I’m just curious but are these fees hidden for any specific reason? Can they be negotiated and do they differ between two large traders trading the same volume? Or is it simply that not all platforms are as openly transparent as Dukas unless you call them up directly?
If companies do not publish their prices directly but only disclose them upon request, this is usually due to their customer acquisition strategy. They want to gain contact with the interested party and this is their way to accomplish that. But it is also partly a matter of negotiation. If you ask a broker for a monthly volume of significantly more than 1 yard (trader's jargon for a billion in turnover), you will usually have their sales droids running after you. This is a very good indicator that such clients are indeed in great demand and that they want to win them over, which is unlikely to work if the costs are higher than with their previous broker. At the same time, their salespeople are not stupid. They know the costs of the competition and also their advantages, e.g. in terms of better liquidity or other benefits worth some money. So there will be no haggling like at the bazaar.
Quoting Sesamstrasse
BO {image}
sorry for annoying i know your time is preciousm but i'm still working on comprehending this method, i still don't know when u guys can long and short. Can u guys guide me ? I'm really want to learn this method
Quoting venividivici
{image} Entries are the arrows after stops get taken out on each of those areas. Yes there will be losses, small ones if you trade on 1min. Opportunities? Countless everyday per pair. If you think this is hard to make money with, I dont know what to say to you. No technical analysis. No Fundamentals. No Indicators. Wake up in the morning and get your money.

Can u guide us about this strategy? i don't really understand it pls
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Couldn't get more precise if I tried.
GBPUSD
This model, amazes me. :3 can't help but admire how it simply works.
Trading is gambling. So gamble responsibly.
Quoting Sovy
This model, amazes me. :3 can't help but admire how it simply works.
Can you explain it to me? I don't understand.
Quoting samsha786
{quote} Can you explain it to me? I don't understand.
This is my own interpretation.

1. Liquidity sweep
2. Head and shoulders
3. Bouncing on previous ceiling x floor via fib.

There's a lot of ways to view it. And removing 1 2 3 it still works as simply previous high or low is broken and price returns.

I prefer to do this 15m. To small a movement while right kills me by spread.


https://www.tradingview.com/x/iwmHu0b1

Here is a trade i just did today. Using this method and fibs.

Why all the lines?
Cause i move my stop loss based on the levels knowing it could return based on market structure. So i do a ping ping-pong but essentially the model is, break of stop loss, then enter.

Here price passed my red zone essentially pushing down but returned to the gold and i took the trade targeting next market break on the left based on the above.

2.1 is the structure break and you'll see the green zone i ploted too
Trading is gambling. So gamble responsibly.
There is no strategy here!!
Quoting ninner
There is no strategy here!!
You're right, there's no one-all be-all strategy to Fx or financial trading in general. It's a multi-faceted market that you have to adapt to, You can't be successful with a 2D mindset or a magical indicator that turns red and tells you to sell.. I wish it was that easy I really do, but the truth is to be successful at this and make some money to be free from working for others you have to graft..put in work, sweat and tears and maybe in the end you'll get there. I hope something on this thread is useful and works for people.
Quoting venividivici
{quote} You're right, there's no one-all be-all strategy to Fx or financial trading in general. It's a multi-faceted market that you have to adapt to, You can't be successful with a 2D mindset or a magical indicator that turns red and tells you to sell.. I wish it was that easy I really do, but the truth is to be successful at this and make some money to be free from working for others you have to graft..put in work, sweat and tears and maybe in the end you'll get there. I hope something on this thread is useful and works for people.
Just a question, nothing about the market: what is your pc configuration? how many displayst, cpu, ram, etc? Thanks, i'm just curious. And yes, i know it's doesn't the computer what matters.
Have you ever problem with ctrader? Laggy or something? In my computer, is slow when is move lines, or make anything.
Quoting venividivici
{quote} You're right, there's no one-all be-all strategy to Fx or financial trading in general. It's a multi-faceted market that you have to adapt to, You can't be successful with a 2D mindset or a magical indicator that turns red and tells you to sell.. I wish it was that easy I really do, but the truth is to be successful at this and make some money to be free from working for others you have to graft..put in work, sweat and tears and maybe in the end you'll get there. I hope something on this thread is useful and works for people.
agreed. I am one with water!!!
Quoting Sovy
{quote} This is my own interpretation. 1. Liquidity sweep 2. Head and shoulders 3. Bouncing on previous ceiling x floor via fib. There's a lot of ways to view it. And removing 1 2 3 it still works as simply previous high or low is broken and price returns. I prefer to do this 15m. To small a movement while right kills me by spread. https://www.tradingview.com/x/iwmHu0b1 Here is a trade i just did today. Using this method and fibs. Why all the lines? Cause i move my stop loss based on the levels knowing it could return based on market...
Its the forex master pattern template!!!
Quoting venividivici
{image} Couldn't get more precise if I tried. GBPUSD
Curious for this trade, did you not get stopped out w/ the CPI data release? (I realize you don't put in stop orders but mental stops). Seems like a lot to give back, what convinced you to hold into profit?
Liquidity. Small account fun
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Hello!
Quoting venividivici
would you risk 2 pips to gain 10?
I use TickMill with tightest known to me spreads (0pips without news) and lowest commissions ($0.04 with 0.01lot EU = 4pips) on Pro accounts. If I set TP=10pips and SL=2pips I try to gain 10-4=6pips and risk 2+4=6pips. Not a good RR at all looking at the microjumps of the price on it's way to the TP with such a small SL.
Would you recommend some other broker or do you really trade without any initial SL?
Thank you!
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