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Linuxtroll Simple Scalping

  • #2,681
  • Oct 18, 2007 11:13pm Oct 18, 2007 11:13pm
Quoting DeeNY
I JUST DONT UNDERSTAND!!!!!!!!!

I am starting to get really frustrated here. I need some insite on this topic.

I feel that I am about to make a really big mistake following what everbody else is saying.

Here is the deal: I have been making money and making it well in forex trading with a dealing desk (Oanda). I understand all the hype about stop hunting etc..... But I feel that if you know what you are doing in this market you dont have to wory about bout all of that mess.

I just opened a demo account with EFX and the platform was so confusing it made me not even want to trade.

Then I traded and picked up 6 pips trading 1 standard lot of 100,000K with EUR/JPY. Pretty good trade. My total profit when you take out the commissions was $25.00 !!!!!!!!! I could not believe that commissions took out $5 for entering the trade and extra $5 for exiting the trade, and the rest was for the commissions.

How does this make since to people that use this company. I am sure that they are a good company and they offer really great customer service, but how in the world does this make any since to pay that much in commissions.


Please tell me WHY?????? I really don't understand!!!!

DeeNY
Because EFX is the only ECN available for low equity retail traders - so the commission is very high... If you have higher equity and high volume of trades per month - you can find many ECNs or Currenex brokers with very low commission... If you like to trade with Market Maker - Oanda is the only unique Market Maker available... Stay away from any Market Makers who allow Introducing Brokers (They mostly offer MT4 platform) :

Hope this helps...
  • #2,682
  • Oct 18, 2007 11:16pm Oct 18, 2007 11:16pm
Quoting Yuppie
Yes!

You eat cornflake sandwiches don't you?...
Nei da, Biff med bakt potet...
  • #2,683
  • Oct 18, 2007 11:26pm Oct 18, 2007 11:26pm
Quoting pkchilly
Hey Magnus,

Really liked your setup, just tweaked it a bit and thought I'd show--I like some way of differentiating how strong a trend is, so put in the white lines in 3rds, I also found the red/red combo on 1st 2 ma's to be a great indication of flame--as it's all about seeing the flame in relation to the spine. One problem I had with the color rainbow was that it was hard to differentiate both the price and the spine in some instances--this is quite a bit better as we look for entries on the h-lines.
Do not start tweaking the Rainbow like people do it in other threads or forums (endless tweaking of indicators and fake back testing)... To get up to speed or for conservative scalping - you may use the monochrome version... My recommendation is the original rainbow, especially for scalpers who like aggressive entries and exit (when I say aggressive scalpers; it does not mean that they take every up and down waves (they may opt to do that with some experience) - they are also high-probability, low frequesncy scalpers, but their entry point is aggressive - in/out/golf) - Hope this helps...
  • #2,684
  • Oct 18, 2007 11:33pm Oct 18, 2007 11:33pm
Quoting Yuppie
...

I like the first two MAs as red... Will try it tomorrow maybe...

The mid MAs in white. Not sure they look too good my my chart as I have taken out every other MA and after that they seem a bit obtrusive...

Will experiment some more...

It gets to a stage where it is just aesthetics.,. But I'm all for showing off...


Magnus
Just use the original Rainbow from the e-book and concentrate in making money... If it is difficult to see, why not switch the background to white or grey and see... It is all Trolldom in the brain...
  • #2,685
  • Oct 18, 2007 11:39pm Oct 18, 2007 11:39pm
Quoting Syafi
Hmmmmmmmm, you are trading a 10k demo account, and took a trade for 200k ..... thats 20:1 leverage use...... :surprised
That is 20:1 leverage my friend!

Are you shocked because that is too high, too low, or the exact same leverage you use?!
  • #2,686
  • Oct 18, 2007 11:44pm Oct 18, 2007 11:44pm
Quoting FXSurfer
I think that LT would be proud of the last few days' posts!
Absolutely... Charge on...
  • #2,687
  • Oct 19, 2007 12:02am Oct 19, 2007 12:02am
Quoting prosperfx
That is 20:1 leverage my friend!

Are you shocked because that is too high, too low, or the exact same leverage you use?!
I used to use 30:1 ...........
then 2:1 for almost a month
now at 5:1
considering to use 10:1 now since i get ~80-85 winning rainbow trades now.

however i wont think to use such a huge leverage usage for me until.........
I can start cutting short my losing trades...
as well as letting my winning trade flows.
  • #2,688
  • Oct 19, 2007 12:40am Oct 19, 2007 12:40am
Hello,

I have been training in navigator almost for a month now.

Last night something strange happened.

I have started a new account and I was winning around 300 something and
had commisions around 160 something and an open trade for eur/jpy short
to 164.49.

Suddenly I lost connection.The right light was red.I close the navigator
reopen nothing,unable to connect to the server.
So I supposed that they were making clear of commisions or something and
waited to reconnect with the server.

After the reconnection my 10 lots was 40 my account was from 10300 to 6630
the commisions 314 and the order book was full from orders that I haven't done.

I am worry for the case it was real money.

What happened and the platform gone nuts?

any ideas ?

Thank you
Learn something difficult and earn real money for ever, a lot.
  • #2,689
  • Oct 19, 2007 2:31am Oct 19, 2007 2:31am
Quoting linuxtroll
Because EFX is the only ECN available for low equity retail traders - so the commission is very high... If you have higher equity and high volume of trades per month - you can find many ECNs or Currenex brokers with very low commission... If you like to trade with Market Maker - Oanda is the only unique Market Maker available... Stay away from any Market Makers who allow Introducing Brokers (They mostly offer MT4 platform) :

Hope this helps...

http://www.nfa.futures.org/basicnet/...px?seqnum=1345

they must pay $100.000 to NFA , this was the market maker I was using before I'm glat to have listened to Mr. Linuxtroll
  • #2,690
  • Oct 19, 2007 2:37am Oct 19, 2007 2:37am
Quoting Blazer
Hello,

I have been training in navigator almost for a month now.

Last night something strange happened.

I have started a new account and I was winning around 300 something and
had commisions around 160 something and an open trade for eur/jpy short
to 164.49.

Suddenly I lost connection.The right light was red.I close the navigator
reopen nothing,unable to connect to the server.
So I supposed that they were making clear of commisions or something and
waited to reconnect with the server.

After the reconnection my 10 lots was 40 my account was from 10300 to 6630
the commisions 314 and the order book was full from orders that I haven't done.

I am worry for the case it was real money.

What happened and the platform gone nuts?

any ideas ?

Thank you

Be aware of server maintenance, go to see at what time they do that!

Anyway their demo suck! I had the same problem when playing demo with them!
  • #2,691
  • Oct 19, 2007 3:01am Oct 19, 2007 3:01am
EUR/USD this morning.

Klick the screen.

http://img149.imageshack.us/img149/2...anntdj3.th.jpg
  • #2,692
  • Oct 19, 2007 3:44am Oct 19, 2007 3:44am
Quoting linuxtroll
Every possible aggressive entry maharajah? Take a look...
I understand you marked all possible aggresive entries but the point is to pick only the best ones with high probability to hopefully make 5 pips. All these aggresive trades you marked will make Oanda at least 26 pips (2 pips spread). Do not take me wrong but I do not think trader will end up with profit trading like this. One would need 0 spread, super fast fingers and execution. With Oanda I'd need to reduce it to 1 trade on that screen. I'd rather see marking only HP entries. Anyway, thank you for all your posts.
Attached Image
  • #2,693
  • Oct 19, 2007 4:19am Oct 19, 2007 4:19am
For the past 9 hours E/J has been in a 50 pip range with no breakout scenario.

Oanda Charts
High 164.75
Low 164.23

Until I see something that says were moving out of this range, there would only be aggressive scalps available.

As for myself, I prefer the breakout method described by Linuxtroll's e-book page 58, which give a screen shot of a breakout trade.

Even though 50 pips is a large range to be waiting for a breakout trade, the market is showing a very indecisive direction for a very long period in which I do not consider high probablity, therefore leaving me in a slow result scalp, which is usually the worst type of scalp in my opinion.

The best answer for this range is to be patient, and wait for the move to reveal itself before getting anxious to trade just to make trades.
Attached Image (click to enlarge)
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  • #2,694
  • Oct 19, 2007 4:35am Oct 19, 2007 4:35am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
...

Awwwww... Look... E/J is sleeping...
Attached Image
  • #2,695
  • Oct 19, 2007 4:52am Oct 19, 2007 4:52am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting monarch
The best answer for this range is to be patient, and wait for the move to reveal itself before getting anxious to trade just to make trades.
Yep, I was really trying to sneak in early on this one... Didn't work though... Hope you can learn from [now oh so obvious] mistakes such as this...

In hindsight, my mistake is clear... Really nothing to do with the entry - it is the bigger picture that I disregarded... E/J is obviously feeling a bit lethargic to... and I knew that... but I still have these presumptions about what the market should do...

It's all well and good saying "... follow the rainbow ...", but that still can't solve biases and sticking points such as these... Although, experience, whether it be using this method or any other, will allow you over time to get over these... by sticking to a proven system...

That is currently one of my biggest hurdles... trying to get into my head that a pair can behave very differently from day to day... one it can do 200 pips straight after London Open (Tuesday!)... and another day it an barely manage 50 pips before giving up and falling asleep (Today!!)... It is not that I cannot guage that it is having a fast or slow day, that's pretty easy... it's trying to accept it in my head... More experience...


Magnus
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  • #2,696
  • Oct 19, 2007 5:12am Oct 19, 2007 5:12am
able to grab some pips after break out.

go for basketball now.
Attached Image (click to enlarge)
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  • #2,697
  • Oct 19, 2007 5:20am Oct 19, 2007 5:20am
here is the pre-breakout, you can see it was primed to jump heavy.

next chart is the breakout, coming in a minute.

Chart Correction: At the yellow warning box - it was not a daily pivot, but I had a S1 acting as resistance, then it became support once again after the price breached upwards.

The Daily Pivot is at 165.39, which I expect the price to reach, after the retracement.
Attached Image (click to enlarge)
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  • #2,698
  • Oct 19, 2007 5:26am Oct 19, 2007 5:26am
Okay, nice move upwards, we all seen it coming, broke above those lines I had and I entered 10 Lots here.

Chart attached.
Attached Image (click to enlarge)
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  • #2,699
  • Oct 19, 2007 5:54am Oct 19, 2007 5:54am
Quoting linuxtroll
Every possible aggressive entry maharajah? Take a look...
nah, this was my 4th day, more conservative...
"Nothing is unexplainable, Everything is mystery" W. Liquorman
  • #2,700
  • Oct 19, 2007 6:15am Oct 19, 2007 6:15am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting monarch
here is the pre-breakout, you can see it was primed to jump heavy.
Monarch, can you go into this a little bit more...

My take on it is that price has obviously tightened up...

Then there is a jaggedness to its movement...

Starts making bigger twitches...

Am I on the right track here?


Thanks,

Magnus
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