My GBP/JPY Live scalp trades on 15 mins.

Hello traders

I have been a silent admirer of many great traders in this forum and truly appreciate the effort they have shown in training the newbies. I've been demo'ing for many months and finally decided to go live. My scalp trades will be based on 15 min charts and will only be on gbp/jpy. This beast has made millions for a few and busted millions of accounts just by it's volatality. So i've decided to enter the arena as well to try and take the bull by it's horns.

Anyway live trades will start from monday onwards. Capital is $20,000 . Lets see how it goes.

I hope i profit.

Hi Stringfx,

I wish you all the best on your journey and hope those pips come rolling in...good luck

best wishes with great profit

long 226.60 tp 227.11 ( 2 lots)
sL 226.00

reason : 15 mins 100 sma is holding and 1 sma has crossed the 5 sma low

I think your stop was hit, if so, no problem, just wait for the next entry with the trend.

ok a bad start . so didn't trade the whole day.waiting for a new opportunity.
60 pips down .

sold gj 225.00 at the new 15 min candle coz candle opened below 50 sma

sl 225.57 100 ema and tp 224.24 low of the day. 2 lots trade. have to recover this time.

How did that one work out for you?

hi OROMIS... yes the title says it all. SL hit again ...

bought GJ at market price . 224.08 SL 100 pips 3 lots ... TP 225.10

LOst a lot .. GOsh .. the equity down to 17800 ish.

Hope to recover with this deal.

Support is from a 4 hr macd divergence plus my indicators are giving me a bullish signal. momentum on daily and 4 hr is bullish. usually it should yeild 200 pips minimum, but i'll be happy with a 100. maybe i'll change my TP as time progresses and bring up my sl once i cross 75 pips. Hope it succeed. fundamentals are also supporting this trade.

Regards
STR

Hey stringfx

I wish you all the best with your journal and hope you find much profit and little loss.

I think you are coming out of the blocks a little strong though. Firstly, you should never be suprised at how much you have lost (as you were). You should have calculated your acceptable loss before you entered the trade and then either

(a.) Size your position to fit your stoploss, or
(b.) Set your stoploss to fit your position size

I suggest option a. as this allows the stoploss to be set using s/r, PPs etc rather than using an arbitrary point on the chart chosen purely due to desired risk.

Secondly, IMHO your positions are way to large. You have risked more than 5% of your account balance on each of your first two trades and, if I understand you correctly, you have just risked around $3000 (3 full lots) on your third trade, a whopping 17% on account balance.

Your number one priority as a trader is capital protection. Your capital is to you as tools are to a tradesman - without it you can't get your job done. So when deciding upon how much you will risk on each trade, you must consider a worst case senario. This will be different for every strategy. If your strategy has a high win % and low r:r then 5+% may be acceptable as you are not likely to get a string of more than 5 or 10 losers in a row, but if you have a high r:r but a low win%, you will want to risk substantially less than this. Think about how many losses you can withstand in a row if you are risking 17% per trade, very soon you will be at unrecoverable levels.

Of course, if $20000 is nothing to you, and you want to treat the account as a high risk/gambling account then go for it and ignore everthing I have just said. But if not, then think very hard about how much you are risking per trade, I would hate to see you lose your account in a couple of days.

Sting
just have a look at my method and see if it suits you, it works good for 5min and above timeframes

I just had a small accident while driving and was not in the best of health to trade. Thanks for all those kind words .. sure appreciate it folks. Imran thanks a lot for introducing your scalping technique. I followed it for the last 3 days and did a lot of improvement in my equity which by the way is 18377 as of now. I am not in any trade but will start on monday.

Agro thanks a lot for your advise.. i know i am an aggresive trader just can't help it. I will risk my equity down to 15000 on agressive trading after which i will consolidate and be like the rest risking only 2%. 20000 is a lot of money for me as well. I truly appreciate your concern and thank you for your support.

See ya bright and early on monday morning!!!