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Linuxtroll Simple Scalping

Quoting JoshDance
Thanks LT--I'm also eagerly anticipating your e-book, get it out already man! :-)
I am trying hard... Now you have put a lot of pressure to include Money management and risk management... Just kidding... I have already included Money Management and Risk Management with simple rules in there...Working on New Mantra, Motivational stuff and resource links etc now... I will release it soon and add more advanced stuff to it in Dec (must be a living and breathing e-book with version control)... LoL
EUR/JPY 5 Sec. Rainbow Scalping Current Status:
* Demo * Micro * Mini * Full Lots * Multi Full Lots


lol, i like your sig fxs
"Nothing is unexplainable, Everything is mystery" W. Liquorman
Quoting linuxtroll
I am trying hard... Now you have put a lot of pressure to include Money management and risk management... Just kidding... I have already included Money Management and Risk Management with simple rules in there...Working on New Mantra, Motivational stuff and resource links etc now... I will release it soon and add more advanced stuff to it in Dec (must be a living and breathing e-book with version control)... LoL
Awesome.
Quoting eyecelll
EUR/JPY 5 Sec. Rainbow Scalping Current Status:
* Demo * Micro * Mini * Full Lots * Multi Full Lots


lol, i like your sig fxs
Thanks EC!
I'm not sure if it's either wise or smart though!
My version of the 1KT. HaHa.
My goal is to move up step by step after I "earn
the right to trade bigger". Mantra 9.

Opinion Poll
How realistic of a goal is this:
To be trading 5 Full Lots consistently averaging 10 pips per day
within 2-3 years.
Quoting FXSurfer

Opinion Poll
How realistic of a goal is this:
To be trading 5 Full Lots consistently averaging 10 pips per day
within 2-3 years.
I would say it depends on the person. I have read that on average it takes 3-5 years.
I am in this for the long haul, but I am hoping to tell G.E. to take a hike sooner than that, but it is totally up to ME!
Quote
Originally Posted by linuxtroll http://www.forexfactory.com/images/buttons/viewpost.gif
Let's create our own platform for the empire... Platform will only allow 5 sec Rainbow chart and a ladder to scalp 500 trades per minute... Need extreme liquidity... LoL

You work on the platform; I'll work on the liquidity.
Quoting FXSurfer
Opinion Poll
How realistic of a goal is this:
To be trading 5 Full Lots consistently averaging 10 pips per day
within 2-3 years.
Well, since we're on the subject.. that will depend on your equity at the time. If you have a $5000 USD account? No way. :-) A $100,000 account? Go for it! :-)

In 2-3 years you should have a great handle on it. Hopefully I will too :-D
Quoting FXSurfer
Opinion Poll
How realistic of a goal is this:
To be trading 5 Full Lots consistently averaging 10 pips per day
within 2-3 years.
You said the magic word, consistency and that's exactly what you'll need in order to make this happen. Plan on being patient with yourself and not rushing the process. LT has been trying to show you that by putting in the screentime, you'll really understand the market. You'll be more profitable in the long run and able to sustain yourself on a daily basis. How long will it take? Depends on how fast you can develop your eye. 3 years, 5 years...it doesn't really matter because you'll be stacking up money along the way with whatever size you're trading. Best of luck to you!
Quoting linuxtroll
What about some heavy metal in the background... Currency making metal noise... Ho Ho Ho... LoL
I prefer the sounds of paper money floating into my account, lol. Just wanted to say thanks for starting up this thread Linuxtroll. Great information, great attitude and most of all I've enjoyed you sharing your view of the market. As you say, charge on!
Quoting JoshDance
Well, since we're on the subject.. that will depend on your equity at the time. If you have a $5000 USD account? No way. :-) A $100,000 account? Go for it! :-)

In 2-3 years you should have a great handle on it. Hopefully I will too :-D
How about growing the 5K along the way?

BTW: I'm hoping that we all set and reach our goals!
We must start with mastering the basics an proceeding step by step
but, setting longer term goals is neccessary too, right?


Edit: I think that I want to withdraw my question for now since
LT wants us to get off of the subject. Sorry. HeHe.
Quoting FXSurfer
How about growing the 5K along the way?

BTW: I'm hoping that we all set and reach our goals!
We must start with mastering the basics an proceeding step by step
but, setting longer term goals is neccessary too, right?
Absolutely dude, that's the idea! Yes, in fact it's a huge step. If no goal is set, then we have nothing to work toward. It's absolutely necessary, as it also forms the psychological backbone of each of our trading methodologies.
I want to scalp $500 by end of this month with only $1k investment.
1) Has anyone noticed that trading the 1 minute foldovers on
a 5-sec chart seems to be slightly more consistent than
spine parallel trends? I may be imagining it, but if I'm looking for a large
movement with high probability of monodirectional movement, waiting for
aggressive 1-min foldovers has worked really well for me...

2) LT is totally right in re: the money management/risk ideas -
the whole point of the rainbow, from my experience, is to eliminate trading
on anything but a really healthy trend (or foldover), by allowing the 1-min
rainbow to act as a filter - a good 1-min chart filters out noise for the
5-sec frame. The relatively few trades that should result are not really best
viewed through a statistical or probabilistic framework, so metrics that
depend on statistically significant number of trades are not so applicable
here

3) Your real capital is NOT the money in your account, it's the quality of
your patience (1-min), your alertness (5-sec), and the sheer amount of
time you allow yourself to wait for the perfect setup (sorry if that sounds
corny, i was trying to be inspirational...)
No Trades today ....

One potential at 9:50 but I lost confidence after the spike broke the spine ....

I like your chart PaleRainbow, it makes easier to see the spine ....


jjrvat

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Quoting JoshDance
Well, since we're on the subject.. that will depend on your equity at the time. If you have a $5000 USD account? No way. :-) A $100,000 account? Go for it! :-)

In 2-3 years you should have a great handle on it. Hopefully I will too :-D
and in 2-3 years better tools; lower commission/spread; high liquidity providers etc available too... we are here in the right place at the right time... Once you know how to scalp with high probability - no one can take that skill away from you and no one can stop you from making money... I know several of my Rainbow scalpers started with 300 USD and doing extremely well...
Quoting candy
You said the magic word, consistency and that's exactly what you'll need in order to make this happen. Plan on being patient with yourself and not rushing the process. LT has been trying to show you that by putting in the screentime, you'll really understand the market. You'll be more profitable in the long run and able to sustain yourself on a daily basis. How long will it take? Depends on how fast you can develop your eye. 3 years, 5 years...it doesn't really matter because you'll be stacking up money along the way with whatever size you're trading. Best of luck to you!
and become an expert in a single currency pair... read and know all about that pair... how it moves during the year; months, hours etc... know the time that currency is active etc... that will give you an edge to jump in and out with high probability... No stress watching several multiple screens or timeframes... As you know the time; you just walk in - watch the Rainbow for a few minutes - identify the direction - jump in and out (if the Rainbow did not move that day - do not trade)... get out and enjoy the life... Try this and watch the bank account grow... (funny part is: when you are doing this for a couple of months you can not have a hit rate below 90% - then what about doing this for an year? 3 years?...) LoL
Quoting linuxtroll
and in 2-3 years better tools; lower commission/spread; high liquidity providers etc available too... we are here in the right place at the right time... Once you know how to scalp with high probability - no one can take that skill away from you and no one can stop you from making money... I know several of my Rainbow scalpers started with 300 USD and doing extremely well...
We have great system.
But how to build DISCIPLINE? I read MANTRA many times a day.
Quoting Syafi
I want to scalp $500 by end of this month with only $1k investment.
Charge on...
Quoting RickJames300
1) Has anyone noticed that trading the 1 minute foldovers on
a 5-sec chart seems to be slightly more consistent than
spine parallel trends? I may be imagining it, but if I'm looking for a large
movement with high probability of monodirectional movement, waiting for
aggressive 1-min foldovers has worked really well for me...

2) LT is totally right in re: the money management/risk ideas -
the whole point of the rainbow, from my experience, is to eliminate trading
on anything but a really healthy trend (or foldover), by allowing the 1-min
rainbow to act as a filter - a good 1-min chart filters out noise for the
5-sec frame. The relatively few trades that should result are not really best
viewed through a statistical or probabilistic framework, so metrics that
depend on statistically significant number of trades are not so applicable
here

3) Your real capital is NOT the money in your account, it's the quality of
your patience (1-min), your alertness (5-sec), and the sheer amount of
time you allow yourself to wait for the perfect setup (sorry if that sounds
corny, i was trying to be inspirational...)
Try 30 sec... More hit rate (if your goal is to take more pips per trade)... You can always sneak peak at 30 sec; but 5 sec is our major timeframe... If market is not moving in 5 sec, it is not going to move in any other higher time frames too...
Quoting Bruno
We have great system.
But how to build DISCIPLINE? I read MANTRA many times a day.
-Pick only one currency (master it)...
-Find out the time of the day it moves...
-Only trade during those times...
-Look to get x pips per trade with n lots (compound by gradually increasing the n with your success - decrease n with failure)...
-look at the 5 sec Rainbow chart (sneak peak at 30 sec)
-identify the direction (no direction or movement; do not trade)
-Jump in and jump out...
-Get out and enjoy your life...
-Account will grow...

There you have it (a small mantra for you)... LoL
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