Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Mind and Machine Scalping system for risk-averse retirees 84 replies

Trying scalping with a 1000 bucks - Scalping is expensive! 39 replies

Scalping Machine Trading on ECN account 61 replies

1M & 5M Scalping System (Scalping Paradise) 21 replies

Blackdiamond System - Awesome scalping system (Coding Reqd) 9 replies

Attachments: Scalping System by Machine
Exit Attachments

Scalping System by Machine

+1R

Nice trend line breakout and retest with great volume confirmation
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 34 KB
Quoting Theo.baaws
Afternoon traders! Today I had some opportunities I missed due to lack of focus so a bit pissed on my self not having that lazer focus I usually have but all days can't be top notch right. I also skipped some opportunities due to discretion and that saved me from 1 or 2 losses so at least thats a good take away that my ability to spot bad setups getting better and better. However I got in one trade not an A+ setup and I thought the price action was a bit messy so closed it a bit early but could've hold it cause it eventually hit full TP but a win...
Love the trade breakdown and analysis. Keep em coming, you're doing great!
Quoting MachineLearn
{quote} Love the trade breakdown and analysis. Keep em coming, you're doing great!
Thanks for the motivation and I have you to thank for this amazing trading week for coming up with this robust system! all I did was to tweak it a little to make it fit my own personality a bit better

Maybe it's a bit early and I'm being a bit to straight forward with this system and not having enough history, but maybe I should get a prop firm challenge this weekend and start it on monday and see if it's possible to do a prop firm challenge with this system. The cons with that is probably much worse trading conditions than I have now on my live account. Guess the spreads will be way bigger and I might have to adapt the strategy a bit to get around that. Another con might be my own psychology when there is a lot more money on the line than it is trading my own small account but I feel it would be very interesting to try it!
Quoting Theo.baaws
{quote} Thanks for the motivation and I have you to thank for this amazing trading week for coming up with this robust system! all I did was to tweak it a little to make it fit my own personality a bit better Maybe it's a bit early and I'm being a bit to straight forward with this system and not having enough history, but maybe I should get a prop firm challenge this weekend and start it on monday and see if it's possible to do a prop firm challenge with this system. The cons with that is probably much worse trading conditions than I have...
A Prop firm challenge is great. It’s an accelerator and a true litmus test of your ability to stay composed and operate without emotion. I’ve done a few over the years every time I think I’ve leveled up as a trader. If you’re honest with yourself, you can walk away from challenge knowing exactly what psychological aspects of your trading need improvement.
Quoting Theo.baaws
{quote} Thanks for the motivation and I have you to thank for this amazing trading week for coming up with this robust system! all I did was to tweak it a little to make it fit my own personality a bit better Maybe it's a bit early and I'm being a bit to straight forward with this system and not having enough history, but maybe I should get a prop firm challenge this weekend and start it on monday and see if it's possible to do a prop firm challenge with this system. The cons with that is probably much worse trading conditions than I have...
I agree, it is a good step forward, if you are ready. The one move up I would recommend is opening your own account with minimal funds of $500. There is nothing like a MindFuck when trading your own money. It took me 3 years to overcome Greed, Fear, FOMO and adhere to every rule I have. When you have multiple losing trades and you are down 3-5% on your account and money is real, will you continue with the same rules that statistically worked for you or will you start again a never ending loop of fidgeting with your rules. Only you can answer that. That is a true test.

I trade large accounts now, but I did start with $500 about 5 years ago and build my personal accounts one trade at a time, increasing deposits and position size, every time a trading week was a success.

As I posted in the middle of the week, I will post this week results. I will not post results again. Every trade must be taken, as one never knows when your edge will kick in.

Here is how this week looked, 18 trades, Highest Profit was + 12%. I also had a DD of - 6%. Ended up this week with happy +7%. That is real live trading.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 26 KB
Quoting Theo.baaws
{quote} Thanks for the motivation and I have you to thank for this amazing trading week for coming up with this robust system! all I did was to tweak it a little to make it fit my own personality a bit better Maybe it's a bit early and I'm being a bit to straight forward with this system and not having enough history, but maybe I should get a prop firm challenge this weekend and start it on monday and see if it's possible to do a prop firm challenge with this system. The cons with that is probably much worse trading conditions than I have...
If you're outside of the US, check out forex prop firm The5ers.com ... their spreads are probably tighter than your brokers -- 0 or 0.1 pip spread on EU.

If you're in the US, check out Alpha Capital, they are accepting US customers, and their spreads are decent -- 0.4 pips for EU.
I just finished my detailed backtest for June -- 128 trades across all trading hours, avoiding red folder news when possible.

One thing I noticed is that the trades I took that were in line with the LTF and HTF trend worked better than those that were not.

I also noticed that trades that were taken right at or immediately after a swing high or low forms, didn't work as well as those after a trend had been established.

Your backtest results might be different from mine though, as there's quite a bit of subjectivity applying the system (ie, strong up/down bar, trend assessment, swing point assessment).
Quoting BlueSky99
I just finished my detailed backtest for June -- 128 trades across all trading hours, avoiding red folder news when possible. One thing I noticed is that the trades I took that were in line with the LTF and HTF trend worked better than those that were not. I also noticed that trades that were taken right at or immediately after a swing high or low forms, didn't work as well as those after a trend had been established. Your backtest results might be different from mine though, as there's quite a bit of subjectivity applying the system (ie, strong...
@BlueSky99

Could you please share your backtest results? Would the results be different by limiting the trades to the "kill zone" time frame (NY-London overlap)?

Thanks!
Quoting RoboSeer
{quote} @BlueSky99 Could you please share your backtest results? Would the results be different by limiting the trades to the "kill zone" time frame (NY-London overlap)? Thanks!
I don’t think my backtest results will be all that helpful to you.

As mentioned before, due to subjectivity, your backtest results will most likely be different from mine.

But the two nuances I flagged might be worth looking at in your own backtests, to see if they exist in your own backtests as well.

The trend trades during NY morning session seems to perform well, but I only had about 15 trades during this time period, so it might be random luck here.
Quoting driven18
{quote} I agree, it is a good step forward, if you are ready. The one move up I would recommend is opening your own account with minimal funds of $500. There is nothing like a MindFuck when trading your own money. It took me 3 years to overcome Greed, Fear, FOMO and adhere to every rule I have. When you have multiple losing trades and you are down 3-5% on your account and money is real, will you continue with the same rules that statistically worked for you or will you start again a never ending loop of fidgeting with your rules. Only you can answer...
I agree 100% I’ve also been there maybe I still am. Trading a strategy with exactly what you said 500€ got a winning streak felt that I’m top of the world then got a loosing streak, start fidgeting with the rules, got even more losses, then abandon the strategy and start Looking for a New one and as you say it’s a never ending bad cycle both for the account and the psychology. And it takes a real in depth self examination to realize what you’re doing is self destructive and to quit and to get on the right path again. So it Will be very interesting when I hit a loosing streak with this strategy cause I will, they always come to see if I’m strong enough mentally to keep grinding without changing rules or strategy. At least I’m aware now of the mentally challenges that comes with a loosing streak (I was not a year ago) and knowing that fidgeting is not a part of the solution keep grinding is and just be aware of That might be a small win in it self.

People should Really talk more about these mentally hurdles in trading. I already feel a bit lighter just writing this post about it so great chat!

P.S Awesome Trading you got there ending the week 7% in the green!
Afternoon traders!

Took a beat today on Eurusd and of course it was the first trade I took since I turned up my lot size. Also it was a trade that should've been avoided if I had paid a bit more attention. I have skipped other trades like this before so guess I just made a mistake here. Price was in an uptrend and had a lot of confluences the problem was I entered the trade straight into a 1 hour resistance level and price respected that level and price went straight to stoploss. Guess I have to pay a bit more attention to larger TFs support and resistance levels and make sure I don't enter a trade straight into them and maybe cut down the pairs I trade so I have more time to analyse the pairs cause now I feel a bit stressed trying to analyse all the pairs I'm trading and that does'nt just lead to bad trades it makes me miss good trades also. So will cut it down from 10-8 pairs to around 6 pairs to have more time for each pair.

Happy trading!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 5 min scalp EURUSD3.png Size: 85 KB
Click to Enlarge Name: Results.png Size: 45 KB
Quoting Theo.baaws
Afternoon traders! Took a beat today on Eurusd and of course it was the first trade I took since I turned up my lot size. Also it was a trade that should've been avoided if I had paid a bit more attention. I have skipped other trades like this before so guess I just made a mistake here. Price was in an uptrend and had a lot of confluences the problem was I entered the trade straight into a 1 hour resistance level and price respected that level and price went straight to stoploss. Guess I have to pay a bit more attention to larger TFs support and...
Good write up and I appreciate you showing losing trade and your mindframe during the loss.

Mr. Market is the only Authority that I respect. Why? Because market will do whatever market will do, whenever market will do it, with or without me. I need an "edge" to beat the Market.

My path to success started with this baby step that took over 1 year to complete. Find an edge in 50 consecutive trades forward testing/trading.

I had to take every trade out of 50 trades in my allocated session time, adhering to the strict rules that statistically gave me an "edge".

IMPORTANT - If I changed even 1 rule, I had to go back and start 50 trades again. All manual forward testing/trading, no ea to optimize and fit into "feel good" story.

I do trade with ea now based on my edge, but that manual forward testing did wonders to take the next baby step - allowed me to enjoy profits.
Quoting driven18
{quote} Good write up and I appreciate you showing losing trade and your mindframe during the loss. Mr. Market is the only Authority that I respect. Why? Because market will do whatever market will do, whenever market will do it, with or without me. I need an "edge" to beat the Market. My path to success started with this baby step that took over 1 year to complete. Find an edge in 50 consecutive trades forward testing/trading. I had to take every trade out of 50 trades in my allocated session time, adhering to the strict rules that statistically...
DAX was a good day today.
Attached Image (click to enlarge)
Click to Enlarge Name: DE40RollM5.png Size: 23 KB
Good morning traders!

Better trading for me today than yesterday and felt more in the zone. Got 2 trades and 2 winners and will share them both. Will also show a setup I was about to take but decided not to on audusd. I had 2 trades setting up about the same time on audusd and audcad but I choose the setup audcad provied due to the poorer price action on audusd. So paying attention to the 'bigger' picture definitely helps keeping me out of bad trades. Below are the 2 trades I took and the 1 I skipped. With explanations.

Happy trading!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 5 min scalp EURAUD3.png Size: 85 KB
Click to Enlarge Name: 5 min scalp AUDCAD.png Size: 81 KB
Click to Enlarge Name: AUDUSD no trade.png Size: 80 KB
Click to Enlarge Name: Results.png Size: 53 KB
Quoting MachineLearn
This system operates with a strong emphasis on its rules, yet it's crucial not to fixate so much on them that you overlook what the market is doing relative to the rules. Developed under the guidance of a mentor, it is tailored for scalping, relying on favorable market conditions such as dynamic movement and minimal spreads.
Hi MachineLearn, can you share some color about how you and your mentor developed the system, options you two considered, and how you settled on this final version?
Afternoon traders!

Only caught 1 trade today, was plenty of more opportunities but I focused on the wrong setups that did'nt play out and therefore missed the ones that did. Guess this was that kind of day when I could'nt catch them all. Also the one trade I caught I exited early before take profit and that buggers me out a bit since it hit the initally TP after a while. Guess that's something I have to work on and strengthen my psychology to have the guts to hold the trades until they hit full TP and not close them off early. Below is the trade I took. At my ctrader screenhot just ignore the audusd trade, it was a trade I accidentally took and it should'nt been taken at all and I closed it directly at breakeven.

Hope you guys get some idea on how I have adapted and use Machinelearns robust system. This might be the last post for a week or two cause I'm going on a vacation in a few days and will prepare for that. Might trade tomorrow and friday if I have the time but next week will all be laying at the pool zipping on beers Also when I get back from my vacation I'll probably get that prop firm challenge and see if i can find som success with it.

Have a great summer all and happy trading!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 5 min scalp XAUUSD.png Size: 106 KB
Click to Enlarge Name: Results.png Size: 56 KB
Quoting Theo.baaws
Afternoon traders! Only caught 1 trade today, was plenty of more opportunities but I focused on the wrong setups that did'nt play out and therefore missed the ones that did. Guess this was that kind of day when I could'nt catch them all. Also the one trade I caught I exited early before take profit and that buggers me out a bit since it hit the initally TP after a while. Guess that's something I have to work on and strengthen my psychology to have the guts to hold the trades until they hit full TP and not close them off early. Below is the trade...

Beautiful analysis and self awareness. Your posts should be inspiration for many traders. Enjoy your vacation and i look forward to seeing more trade breakdowns and maybe some prop firm trading from you next time! Cheers mate!
Quoting BlueSky99
{quote} Hi MachineLearn, can you share some color about how you and your mentor developed the system, options you two considered, and how you settled on this final version?
Goal was to create a highly mechanical and repeatable entry condition using methods that we have grew fond of over the years. Key philosophy being that majority of a traders success comes from things outside of the chart. Keep the chart simple, and focus on yourself. It’s nothing mind blowing.
Quoting MachineLearn
{quote} Goal was to create a highly mechanical and repeatable entry condition using methods that we have grew fond of over the years. Key philosophy being that majority of a traders success comes from things outside of the chart. Keep the chart simple, and focus on yourself. It’s nothing mind blowing.
Can you please expand on the success factors that come from outside the chart, and perhaps share that examples that illustrate what you mean by focusing on yourself?

Thanks!
Quoting BlueSky99
{quote} Can you please expand on the success factors that come from outside the chart, and perhaps share that examples that illustrate what you mean by focusing on yourself? Thanks!
Mindset. You will never be successful until you come to terms with and accept that losing is part of the game. Only YOU will know if you genuinely have mastered the ability to lose without it impacting your trading.

Discipline. It's fun theorizing strategy after strategy, year after year, but if you really want trade full time or be profitable for years to come you have to really start disciplining yourself, specifically with your specific strategy and risk management. Only YOU know if you're staying disciplined and focused on your ONE system and mastering each and every day.

Fun. Nothing is worth doing if you don't actually enjoy it. Slow down, appreciate the charts, play some music, study price action, take it all in because it's a beautiful thing to make money by only pressing a few buttons
0 traders viewing now