Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait | Page 184 | Forex Factory

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Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait

  • #3,661
  • Oct 28, 2007 3:49am Oct 28, 2007 3:49am
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  • #3,662
  • Oct 28, 2007 3:59am Oct 28, 2007 3:59am
Quoting Ann
Imran,

could you tell me please if my Red Lag #2 indicator is correct? Ohka posted a chart showing Friday's close and his Red Lag was ON TOP. Mine is on the bottom--could you please check yours and let me know...Do I have a bad data feed? Either Ohka or myself are off with the indicator, I think. It's pretty major...BTW I downloaded this chart from your Scalping_Imran template from Post #1...

Thanks!

EDIT: Imran, never mind--this was my M15 chart--not M5--I'm embarrassed now! sorry!
LOL i just came back from prayer and was going to point that...no need to be embarrassed
  • #3,663
  • Oct 28, 2007 4:04am Oct 28, 2007 4:04am
Basic yet important things every trader should know.

If you hear from anyone that making money in Forex is easy, do not believe it. It is a myth. The truth is – being profitable in Forex requires a lot of work, dedication, practice, more than a good discipline, sharp knowledge of money management and understanding of the psychology of the currency market. Not so little and therefore not so easy…
Trading Forex was never about gambling

Trading is not a gambling by guessing where the price will move, although there are many traders (mostly beginners) that are exactly gambling… Trading currencies on the Forex market requires logical and analytical calculations based either on fundamental or technical analysis of price moves.
Making money in Forex requires a set of rules

Making money starts with a plan to make money. Such plan is of enormous importance when it comes to trading foreign currencies. But, besides creating a plan, a trader needs constantly follow it. How often trader brake his rules will affect how much money he will make trading Forex. Sounds simple: create and follow… However, there is a real challenge when trader follows the rules but rules fail to make money… it happens inevitably for every trading system known. If system had proven to be successful, sticking to the trading plan and firmly following the rules even when losing money will eventually yield profitable outcome. Having strong trading discipline and taking losses when necessary is a sign of serious trading approach.
Succeeding in Forex by using money management

To profit in Forex sticking to a set of rules is not enough. Good money management is also needed. Knowledge of how much to trade per each open position and where and when to stop – is what separates successful trader from bankrupt trader. Many beginner traders over-leverage themselves being attracted by big and promising leverages offered by Forex brokers. The truth is that a big leverage is not only about a big win, but also when it comes to be so – a big loss. Leverage higher than 1:20 will not attract serious investors.
Know your losses, before counting profits

Opening a new trading position must be first of all about how much money may be lost and then what would be the profits. Good money management implies that trader is expecting to win at least twice as much as he could lose on each trade. This way being right only 50% of the time will still make trading profitable.
Using good money management in Forex trading is hundred times more important than having any great trading system itself.
Forex traders’ mind

And last but not least is trader’s psychology. Going in profit or losing money always create psychological challenge for trader to act responsively. Not being greedy and also cutting losses short is the key to this game.
Trading Forex you need to accept losses. They are inevitable and occur in any money involving operations. Therefore, instead of battling losses trader needs to accurately analyze unfavorable situations and take lessons from losing trades.
Every experienced trader would also suggest – there must be no attempts for revenge when losing money. Trying to return your money at any cost will put a trader in deeper troubles. Instead, the trader should return to trading rules and honestly analyze own mistakes, accept that the market was not in his favor and try to improve the trading plan for future success.
Successful traders are learners, what about you?

And finally, even successful traders are constant learners. Up-to-date knowledge about Forex market opportunities is what also makes them continuously profitable in their trading career.
Happy learning and trading!
  • #3,664
  • Oct 28, 2007 4:51am Oct 28, 2007 4:51am
Hi Imram,

I have tried to log in to the skype link (latest) but I can not get access, it is trying hard, but times out, Is it open already or am I missing something?

Thanks

PC

Quoting imransait
Guys
posting the link again, giving free access to the chat room, pls see the rules for chat there, for any queries about the method, this thread will be always there, so dont post any queries about the method on the skype chat.

At present there will be only text chat and later on we will add voice and other features as we go on.

http://www.skype.com/go/joinpublicch...LDOUIAmznuYKSQ
Less is more...
  • #3,665
  • Oct 28, 2007 6:14am Oct 28, 2007 6:14am
Hello Everyone,

I am new to the thread and am quite excited about the system. The teamwork and idea sharing is excellent. I would like to also be a member of the skype chat room if possible.

My email address is [email protected]

Waiting for ur answer Imran!!!!! Thanks!

I am looking forward to working with everyone. Thanks again for all of the useful information.

Regards and respect,

Kosta
  • #3,666
  • Oct 28, 2007 6:22am Oct 28, 2007 6:22am
Imram,

Can you add me to the family in your skype chatroom. Looking forward to the learning process.

skype name mmith75

thanks
  • #3,667
  • Oct 28, 2007 6:31am Oct 28, 2007 6:31am
Quoting matrixebiz
Yes, and I think the other two indicators I use might help to keep you out of possible bad trades. If you see in the pic, the 1 trade in the middle is good and the outer 2 are possible bad even though the outer 2 follow the previous rules and the 1 in the middle agree on all the indicators I set. QQE solid blue has to cross dotted exactly at the same time plus CCI needs to break out of the neutral zone in the direction of the trade. All four need to in agreement. Look good to you?
Hello matrix, wandering if you or anyone can show me how to combine both lag indicaters as a one indicator and how can i get your cci indicater. many thanks.....Bill
  • #3,668
  • Oct 28, 2007 6:32am Oct 28, 2007 6:32am
Quoting Gt4
Hello Everyone,

I am new to the thread and am quite excited about the system. The teamwork and idea sharing is excellent. I would like to also be a member of the skype chat room if possible.

My email address is [email protected]

Waiting for ur answer Imran!!!!! Thanks!

I am looking forward to working with everyone. Thanks again for all of the useful information.

Regards and respect,

Kosta
the chat room is open..u can click the link to join, if still facing problem let me know
  • #3,669
  • Oct 28, 2007 7:12am Oct 28, 2007 7:12am
Quoting imransait
the chat room is open..u can click the link to join, if still facing problem let me know
it's working good for me, I think....

perhaps you can write something on the text to test whether we can see it?

thanks
  • #3,670
  • Oct 28, 2007 7:21am Oct 28, 2007 7:21am
still cant log in....

I press the link and then I get directed to this wesite skype, "Public Chat Snippets" (pic) and nothing happens...strange...

Anybody else have same problem?


PC



Quoting imransait
the chat room is open..u can click the link to join, if still facing problem let me know
Attached Image (click to enlarge)
Click to Enlarge Name: Unavngivet.jpg Size: 25 KB
Less is more...
  • #3,671
  • Oct 28, 2007 7:25am Oct 28, 2007 7:25am
Quoting pipcruiser
still cant log in....

I press the link and then I get directed to this wesite skype, "Public Chat Snippets" (pic) and nothing happens...strange...

Anybody else have same problem?


PC
hello pipcruiser - u need download the Skype program and register and sign in and then click link
  • #3,672
  • Oct 28, 2007 7:27am Oct 28, 2007 7:27am
Hey driftwood,

thanks, but I use Skype everyday for hours already, so that is not the problem....but thanks for your input

PC


Quoting driftwood
hello pipcruiser - u need download the Skype program and register and sign in and then click link
Less is more...
  • #3,673
  • Oct 28, 2007 7:30am Oct 28, 2007 7:30am
Quoting pipcruiser
Hey driftwood,

thanks, but I use Skype everyday for hours already, so that is not the problem....but thanks for your input

PC
hello pipcruiser - sorry my error.
  • #3,674
  • Oct 28, 2007 7:33am Oct 28, 2007 7:33am
Quoting pipcruiser
Hey driftwood,

thanks, but I use Skype everyday for hours already, so that is not the problem....but thanks for your input

PC

pipcruiser

It does the same when I press the link?
  • #3,675
  • Oct 28, 2007 7:39am Oct 28, 2007 7:39am
Quoting mith75
pipcruiser

It does the same when I press the link?
could it be the security settings on your guy's PC's? When I click on the link it automatically starts skype...maybe your browser thinks it is opening a virus...?

which browser are you using? Firefox? Internet Explorer?
  • #3,676
  • Oct 28, 2007 7:39am Oct 28, 2007 7:39am
Quoting pipcruiser
still cant log in....

I press the link and then I get directed to this wesite skype, "Public Chat Snippets" (pic) and nothing happens...strange...

Anybody else have same problem?


PC
hello pipcruiser,
i had the same problem, maybe you must change your webbrowser.

pipshark
Greetings from Munich pipshark
  • #3,677
  • Oct 28, 2007 7:43am Oct 28, 2007 7:43am
Hi guys
i tried to add many of u by the email id u gave to add for skype but its not acceping many, so PM me ur skype id only so i can add it
  • #3,678
  • Oct 28, 2007 7:48am Oct 28, 2007 7:48am
Hi thanks for the help. dont know what coursed the problem, Imran added me directly and now it works

PC

Quoting vsektodobre
could it be the security settings on your guy's PC's? When I click on the link it automatically starts skype...maybe your browser thinks it is opening a virus...?

which browser are you using? Firefox? Internet Explorer?
Less is more...
  • #3,679
  • Oct 28, 2007 7:56am Oct 28, 2007 7:56am
Hi Imran & all the others!

This is my first post here and I'd like to thank you for sharing with us the system. Trading Forex for a year now, I've been through many systems, borkers and (most important) my own psychological traps. This thread is one of the most inspiring & helpful threads I've seen so far. So again, many thanks to all of you.
Beeing part of the Skype-Room, where the more experienced traders share there trading ideas would be a great enhancement for my own trading, so please put me on the list, my Skype name is matrixler70.

Good trades to all of you
  • #3,680
  • Oct 28, 2007 8:02am Oct 28, 2007 8:02am
Quoting Matrixler
Hi Imran & all the others!

This is my first post here and I'd like to thank you for sharing with us the system. Trading Forex for a year now, I've been through many systems, borkers and (most important) my own psychological traps. This thread is one of the most inspiring & helpful threads I've seen so far. So again, many thanks to all of you.
Beeing part of the Skype-Room, where the more experienced traders share there trading ideas would be a great enhancement for my own trading, so please put me on the list, my Skype name is matrixler70.

Good trades to all of you
ur already been added, neils
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