Spread on GBPJPY is a big 8 pips so effectively need to make 18 pips for each 10. Mind you, it moves so fast most of the time that I can live with that.
Kind Regards
Steve
Dukascopy Live Account - Don't Post if you haven't traded live with them! 117 replies
My Live Trades on my Live Account 588 replies
go live or bust ... diary of an fx live-trader-wannabe 1,621 replies
Trade 2 live accounts - one with full balance, 2nd as a live test? 0 replies
Oanda 10$ live acc quick-start guide (for newbie to trade live safe) 13 replies
DislikedHi Steve
Firstly congratulations on your results - they are awesome !!
Thanks lol
The style of trading you have outlined suits me down to the ground. I have been trying various strategies since I started trading 15 months ago with mixed success. I have recently been trading 4 hrly charts with better results but when I read your threads, bells rang for me as I have been looking for a daily trading style. I have a few questions if you would be so kind to answer them.
When you say 'daily trading style' you mean you are trading off daily charts? The bulk of my first year live I've been trading off the daily charts with various methods, however, the past month or so I've been trying my hand on the shorter timeframes.
Which pairs do you trade ?
Over the year I've traded most pairs my broker offers, looking for good set-ups on the daily charts. This last month I've just traded the yen pairs.
How many trades do you have open at any given time ?
Daily trades a maximum of 5, scalping I may have more open at any one time.
Do you simply stay out when the market is ranging ?
This has been my 'nemesis' over the year - essentially I'd prefer to stay out of the market on daily trades unless the range is large enough to benefit from. Shorter term trading is bliss when the market ranges however.
Do you only open an initial trade on a pair after the trend has changed or do you get in the middle of a trend ?
It's very difficult to pick tops & bottoms of a trend - if you can catch a good chunk I think you've done well.
What type of order do you use ?
This first year I've only used market orders.
Which pairs have provided you with the best results ?
GBPJPY by far but it's a monster - I just like a challenge lol.
Have you used trailing stops or do you always move your stops manually after the close of New York ?
I always move stops manually - on my initial method it was at NY close but now I'll move it as and when.
I am from Sydney, Australia and our daily candles start on the charts at 10.00am – I notice you are from the UK and so do you open a trade at the start of a new candle or otherwise when do you open a trade? (ie open of NY, open of UK, or any time ?)
Again, if I'm trading longer term, most positions are opened round about NY close. Scalping & shorter term trades are opened when I see a possible opportunity.
Do you use Japanese candles or heiken ashi ?
Japanese candles.
Is it possible to post a chart or two of your current trades showing open trades with stops ?
At present I have no long term positions open but if I decide to take a few daily trades I'll be happy to post.
Sorry for asking so many questions but I am really interested in trying this method of trading and if you would be kind enough to answer these questions I feel I will be well armed to give it a go.
Thanks in anticipation
No problem, you're welcome
Warren
OzfxtraderIgnored
DislikedYou know, I can understand the PMs and posts. The rate you post 10 and 20 pip scalps I'm starting to half wonder whether the whole world isn't doing something wrong trading higher timeframes...then I remember the 1000 pip stop at 10% risk and go "eeeeek" rather loudly and go back to looking at the 1h-1D timeframe
Not to say I'm not amazed, either, but I guess you're just trying to go the "low risk/reward, but really big win/loss ratio" way...well, let's hope the loss part never comes
TCIgnored
Disliked2120 pips already...wow
Nice trading. I could'nt handle a 1000 pip SL, but to each his own.
Hope the success continues for you.Ignored
DislikedHi again Stevie
Wow what success you are having with your new found scalping - keep up the great work. Whilst I am more interested in mastering 4hrly or daily trades, in one line what is your secret in the unbelievable success rate you are having scalping ?
OzfxtraderIgnored
DislikedNice to see you break the 20% tomorrow (no pressure now).
Are you compounding as you go, maybe 50% by the month end.
Great trading Steve.
Regards,
Chris.Ignored
DislikedHehe,
Yup, 20% tomorrow Chris and yes, I'm compounding. 50% by month end is very doubtful but I'll just keep plugging away and whatever will be will be.
Cheers
SteveIgnored
DislikedDo you have a 'BUY' button?
Just stopped in to see your account balance, well done. You should be able to crack 4000 pips this month. Perhaps I just set your monthly target for you.Ignored