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  • #3,761
  • Nov 20, 2007 12:01am Nov 20, 2007 12:01am
Quoting TrojanTrader
I've read the ebook 4 times and almost the entire Thread and I just want to say thank you to everyone especially LT! I posted my second day scalping! 11.7 pips baby!

To fellow NBs! = If you are truly serious about scalping and learning everything you can to become successful I highly suggest reading the entire Thread. Yes, it will take a long time but the information you gain is invaluable, your questions will be answered trust me!

If you need more motivation use the financial calculator below...
Principal = Your starting account balance.
Rate = 1% to 2% a day (what you should be getting with 6 pips a day)
Years = Use 200 to 240 (actual trading days in a year)
5 days a week * 4 weeks a month * 12 months = 240 (no holidays)
Click Calculate and open your jaw! lol.

http://math.about.com/library/blcompoundinterest.htm

Thanks again LT!

Fight On!
the magic of compounded interest baby at its best!

JL
  • #3,762
  • Nov 20, 2007 12:01am Nov 20, 2007 12:01am
Quoting TrojanTrader
I've read the ebook 4 times and almost the entire Thread and I just want to say thank you to everyone especially LT! I posted my second day scalping! 11.7 pips baby!

To fellow NBs! = If you are truly serious about scalping and learning everything you can to become successful I highly suggest reading the entire Thread. Yes, it will take a long time but the information you gain is invaluable, your questions will be answered trust me!

If you need more motivation use the financial calculator below...
Principal = Your starting account balance.
Rate = 1% to 2% a day (what you should be getting with 6 pips a day)
Years = Use 200 to 240 (actual trading days in a year)
5 days a week * 4 weeks a month * 12 months = 240 (no holidays)
Click Calculate and open your jaw! lol.

http://math.about.com/library/blcompoundinterest.htm

Thanks again LT!

Fight On!
the magic of compounded interest baby at its best!

JL
  • #3,763
  • Nov 20, 2007 2:57am Nov 20, 2007 2:57am
Quoting TrojanTrader
I've read the ebook 4 times and almost the entire Thread and I just want to say thank you to everyone especially LT! I posted my second day scalping! 11.7 pips baby!

To fellow NBs! = If you are truly serious about scalping and learning everything you can to become successful I highly suggest reading the entire Thread. Yes, it will take a long time but the information you gain is invaluable, your questions will be answered trust me!

If you need more motivation use the financial calculator below...
Principal = Your starting account balance.
Rate = 1% to 2% a day (what you should be getting with 6 pips a day)
Years = Use 200 to 240 (actual trading days in a year)
5 days a week * 4 weeks a month * 12 months = 240 (no holidays)
Click Calculate and open your jaw! lol.

http://math.about.com/library/blcompoundinterest.htm

Thanks again LT!

Fight On!




Very powerful, and also very true.

Compound Intrest* Take advantage of whats infront of you and get rich.

Screen time (lots of it) , get confident (know what to look for), and Execute.
Your entry on a high probability trade is going to make you a profit. (If you are able to make that easy to spot high probabilty entry.)

We just have to learn to accept that this is not to good to be true.

LTSS* Just follow the rules.


DeeNY
  • #3,764
  • Nov 20, 2007 4:31am Nov 20, 2007 4:31am
Quoting TrojanTrader
I've read the ebook 4 times and almost the entire Thread and I just want to say thank you to everyone especially LT! I posted my second day scalping! 11.7 pips baby!

To fellow NBs! = If you are truly serious about scalping and learning everything you can to become successful I highly suggest reading the entire Thread. Yes, it will take a long time but the information you gain is invaluable, your questions will be answered trust me!

If you need more motivation use the financial calculator below...
Principal = Your starting account balance.
Rate = 1% to 2% a day (what you should be getting with 6 pips a day)
Years = Use 200 to 240 (actual trading days in a year)
5 days a week * 4 weeks a month * 12 months = 240 (no holidays)
Click Calculate and open your jaw! lol.

http://math.about.com/library/blcompoundinterest.htm

Thanks again LT!

Fight On!
mh you should think about resizing your chart i.e. zooming out on the y axis. Will be easier to spot moves then.
  • #3,765
  • Nov 20, 2007 4:36am Nov 20, 2007 4:36am
Quoting FiboFan
I'd still like to hear someone answer this question...
If you trade conservative you wont get slippage at Oanda or at least nothing as bad as some here report.

But then again you want to trade with an ecn later anyways so I dont see why you shouldnt use efx (the spread in comparision to oanda doesnt make like a huge difference as long as you dont shoot for only 2 pips each trade).
  • #3,766
  • Nov 20, 2007 4:42am Nov 20, 2007 4:42am
Quoting FXSurfer
Right now my trades are mostly just straight breakouts from
minor consolidation/stalls. They are usually pretty short trades.
I look forward to being able to ride choppier waves and especially
to be able to time entries and exits on the minor flame waves
and stay in awhile longer.
Sounds like you got the hang of it ,) Dont worry about riding the whole wave, just make your few pips with big lots and be happy

But if you want to go for the bigger rides, uhm try to spot high prob setups, see how they act and how the spine acts on them maybe it helps you to ride the waves longer.
  • #3,767
  • Nov 20, 2007 6:13am Nov 20, 2007 6:13am
Quoting FXSurfer
Right now my trades are mostly just straight breakouts from
minor consolidation/stalls. They are usually pretty short trades.
I look forward to being able to ride choppier waves and especially
to be able to time entries and exits on the minor flame waves
and stay in awhile longer.
Long time LURKER here.
You are doing what I am trying to do but for some reason I still keep getting sucked into the chop, I still lack Discipline unfortunately.
Got LTs ebook and fixed my chart and that has helped also.
Thanks everyone who posts up charts it has helped but could you zoom in a bit for my old eyes please. Charts have been great.
"When are the I Made A Million With LTSS T-Shirts coming out?" I have to reserve mine now!
Patience and fortitude conquer all things. Ralph Waldo Emerson
  • #3,768
  • Nov 20, 2007 6:15am Nov 20, 2007 6:15am
Quoting Canyouseeme
Sounds like you got the hang of it ,) Dont worry about riding the whole wave, just make your few pips with big lots and be happy

But if you want to go for the bigger rides, uhm try to spot high prob setups, see how they act and how the spine acts on them maybe it helps you to ride the waves longer.
Welcome back CYSM! Thanks for the encouragement and advice!
You really helped this thread reach the point that it has.
Thanks

Brent
  • #3,769
  • Edited 6:59am Nov 20, 2007 6:31am | Edited 6:59am
Quoting mach.25
Long time LURKER here.
You are doing what I am trying to do but for some reason I still keep getting sucked into the chop, I still lack Discipline unfortunately.
Got LTs ebook and fixed my chart and that has helped also.
Thanks everyone who posts up charts it has helped but could you zoom in a bit for my old eyes please. Charts have been great.
"When are the I Made A Million With LTSS T-Shirts coming out?" I have to reserve mine now!
Welcome from out of the shadows sir!
If you would like you can post your trades with a brief summary of
your thoughts. You'll get good advice on how to improve quickly.
Trust me that if these guys can help this old dog learn some new tricks,
they can most certainly help you too!

Great to have you with us!
  • #3,770
  • Nov 20, 2007 7:23am Nov 20, 2007 7:23am
Quote
Right now my trades are mostly just straight breakouts from
minor consolidation/stalls. They are usually pretty short trades.

Actually thats what I wait for... That very type of trading is how I consistently make pips. And it's all over in seconds.
  • #3,771
  • Nov 20, 2007 8:00am Nov 20, 2007 8:00am
Quoting TrojanTrader
If you need more motivation use the financial calculator below...
Principal = Your starting account balance.
Rate = 1% to 2% a day (what you should be getting with 6 pips a day)
Years = Use 200 to 240 (actual trading days in a year)
5 days a week * 4 weeks a month * 12 months = 240 (no holidays)
Click Calculate and open your jaw! lol.

http://math.about.com/library/blcompoundinterest.htm

Thanks again LT!

Fight On!
Personally, I like to look at a weekly %age goal of around 5%-10%. The reason why is some days, the market just isn't there, and if you try too hard to hit a daily quota, you just wind up losing money and getting frustrated.

There are 52 weeks in a year, and you can round that down to 50 weeks, because you might want to take a couple of weeks off. Given that, (1.05)^50 to (1.10)^50 is still a nice return.
  • #3,772
  • Nov 20, 2007 11:07am Nov 20, 2007 11:07am
Another slow day at the forum.

Got 13 pips on 2 trades so far.
not bad, but waiting till after 2pm EST to see what happens. Could be some interesting volume.

blah blah blah...
  • #3,773
  • Edited 11:36am Nov 20, 2007 11:32am | Edited 11:36am
Hey Gang!

Haven't posted for a while, but I thought I would share something that has helped me! I know there are different opinions on this, but I find looking at the 1m or 5m charts very helpful in determining my "next move".

I have attached a 5 minute chart with some explanation. This is helpful for me as a filter. It is not perfect, and it does filter out some good and even great trade set-ups. However, my goal is to only take "Stupidly High Probability" (Thanks Magnus!) trades, so it shouldn't bother me if I miss a few good ones.

Again, this is far from perfect, and is a work in progress for me. If anyone is interested I will post as I develop it further. I hope this is helpful for some of you!

Glen
Attached Image (click to enlarge)
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  • #3,774
  • Nov 20, 2007 12:13pm Nov 20, 2007 12:13pm
Quoting prosperfx
Hey Gang!

Haven't posted for a while, but I thought I would share something that has helped me! I know there are different opinions on this, but I find looking at the 1m or 5m charts very helpful in determining my "next move".

I have attached a 5 minute chart with some explanation. This is helpful for me as a filter. It is not perfect, and it does filter out some good and even great trade set-ups. However, my goal is to only take "Stupidly High Probability" (Thanks Magnus!) trades, so it shouldn't bother me if I miss a few good ones.

Again, this is far from perfect, and is a work in progress for me. If anyone is interested I will post as I develop it further. I hope this is helpful for some of you!

Glen
Yep. I use a 1 min as a "longer term" chart (most people see this as "shortest term"... lol). When you're scalping off the 5 sec, a 1 min seems to take forever to change, so not only does it give you perspective, but you really don't have to refer to it often.

And if the 1 min/5 min. trend is going sideways... no problem! Just draw horizontal lines on your 5 sec chart near the price levels they're bouncing off of, and you can scalp some nice 10 pip moves (I find it best to use TPs in this type of market condition) as it bounces back and forth.
  • #3,775
  • Nov 20, 2007 1:59pm Nov 20, 2007 1:59pm
... some crazy action after the minutes. no clear direction but a lot of volatility , anyone got some pips?
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"Nothing is unexplainable, Everything is mystery" W. Liquorman
  • #3,776
  • Nov 20, 2007 2:00pm Nov 20, 2007 2:00pm
I thought I would have a go at trading after the news release and did everything wrong.
I got KILLED!!

I guess I learned a good lesson.
  • #3,777
  • Nov 20, 2007 3:12pm Nov 20, 2007 3:12pm
Quoting FiboFan
I thought I would have a go at trading after the news release and did everything wrong.
I got KILLED!!

I guess I learned a good lesson.
the reason is because you dont have experience in trading in such environment. this kind of movement rarely happens. it's very dangerous but still tradable. personally i was just watching
"Nothing is unexplainable, Everything is mystery" W. Liquorman
  • #3,778
  • Nov 20, 2007 3:44pm Nov 20, 2007 3:44pm
money makers trap? (at 16:23)
Attached Image
"Nothing is unexplainable, Everything is mystery" W. Liquorman
  • #3,779
  • Nov 20, 2007 4:39pm Nov 20, 2007 4:39pm
Quoting FiboFan
Actually thats what I wait for... That very type of trading is how I consistently make pips. And it's all over in seconds.

Quoting Canyouseeme
Sounds like you got the hang of it ,) Dont worry about riding the whole wave, just make your few pips with big lots and be happy
This has me thinking. Maybe I should just make my little breakout
method my #22. That would really help me stay focused. I tend to
be easily distracted by the "greener" grass (pips) on the other side
of the fence. LOL
Attached Image
  • #3,780
  • Nov 20, 2007 5:03pm Nov 20, 2007 5:03pm
Quoting eyecelll
money makers trap? (at 16:23)
Eyecelll, can you elaborate more on what you mean by "money makers trap"?
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