DislikedGreat News, I am constantly cutting my losses way before it reach my SL
Resulting in higher yield in my account last week.
my account look like a HYIP account already within a week.Ignored
Glen
Trying scalping with a 1000 bucks - Scalping is expensive! 39 replies
Indicators and Rules for Simple Method of Scalping GBP/Jpy on 5 min chart 18 replies
1M & 5M Scalping System (Scalping Paradise) 21 replies
Simple Scalping System 64 replies
xPip Simple Scalping 27 replies
DislikedGreat News, I am constantly cutting my losses way before it reach my SL
Resulting in higher yield in my account last week.
my account look like a HYIP account already within a week.Ignored
DislikedI agree, to an extent, LT... it's just that some of the recent advice given here would be ideal in a real-time forum, like a chat room. It could be an ideal way for newbies to get timely advice from the veterans. For example the opening of the NY session this morning, ie. encouraging people to wait for the spine to fully form before going in, etc. Admittedly this is only advice, and each person is responsible for their own trading.
Attached is my first eur/jpy rainbow trade (live but micro - i'm with you fxsurfer!)...
PS - i have to give credit to Yuppie... I emulated his chart, and added training wheels (WMA:240) and SMA:25 (mentioned earlier in this thread as a means to help with exits)Ignored
DislikedWhat stops do you guys use on 5 sec. chart? Look at the situation on the screenshots below. -10.6 pips in opposite direction and then it goes down again but very fast. Do you get out and in again? I mean in real trading not with hindsight.Ignored
DislikedWhat stops do you guys use on 5 sec. chart? Look at the situation on the screenshots below. -10.6 pips in opposite direction and then it goes down again but very fast. Do you get out and in again? I mean in real trading not with hindsight.Ignored
DislikedWhat stops do you guys use on 5 sec. chart? Look at the situation on the screenshots below. -10.6 pips in opposite direction and then it goes down again but very fast. Do you get out and in again? I mean in real trading not with hindsight.Ignored
DislikedWhen scalping I use a 30 pip stop for disasters. By this I mean, in case my platform crashes or some world event occurs during my trade. This helps prevent me from taking a huge loss in a fast moving market. That being said, I do not let my stop orders take me out of a trade. Stop hunting could be reality with retail brokers ( I just do not know). When scalping, if the trade goes against me I get out. Usually around 3 pips against me. It is very subjective. I can always enter again if the situation arises.Ignored
DislikedWhat stops do you guys use on 5 sec. chart? Look at the situation on the screenshots below. -10.6 pips in opposite direction and then it goes down again but very fast. Do you get out and in again? I mean in real trading not with hindsight.Ignored
DislikedExactly. Set your stops wide for disaster situations, with the intent that you get out long before then. I set mine at 20-25 pips, and adjust my leverage accordingly so that this stop point wipes out about 4% of my account (for most people this is very aggressive... 2-3% is more typical).
Stops are not meant as an exit signal... they're meant for the 1 in a 10,000 chance that something goes horribly wrong. Most new traders never think of exit signals, and this is where they get into trouble. I'd hazard a guess that of the 95% of traders who get wiped out within six months, half didn't use any stops at all, and the other half used stops as their only exit.Ignored
DislikedIf price moves against by three pips I did not pick the entry properly.Ignored
QuoteDislikedStops are not meant as an exit signal...
DislikedAnd here you see how beatiful it looked like 5 minutes after. I could mark many profitable entries there.Ignored
DislikedWhen scalping I use a 30 pip stop for disasters. By this I mean, in case my platform crashes or some world event occurs during my trade. This helps prevent me from taking a huge loss in a fast moving market. That being said, I do not let my stop orders take me out of a trade. Stop hunting could be reality with retail brokers ( I just do not know). When scalping, if the trade goes against me I get out. Usually around 3 pips against me. It is very subjective. I can always enter again if the situation arises.
As LT says, SCREEN TIME !!!! It will help you decide when to get in and when to get out. Start out with a general rule, but be flexible to find the right rules for you.
--Mark
Charge On ...Ignored