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  • #28,641
  • Sep 9, 2008 3:48pm Sep 9, 2008 3:48pm
Most traders would define scalping as capturing 2-3 pips on each trade.

If we assume this is scalping then most would agree this is quite difficult.

It would take a lot of chart time, a lot of patience, a lot of familiarity with the pair you are trading and most importantly - a lot of discipline but it's possible.

I consider my trading style as intra-day or day trading.

However - one glance at my trades today(Yesterday) and you'll see a lot of scalping.

As you can see I took 11 trades today... all winners.

You can also see yesterdays action.

I took 14 trades and was in the black on 13 of them and the loss was 2 PIPS.

I don't follow PIPS but I think it's about 30ish for both days.

Notice I only take positions in the direction of the long term trend. (All sells)

I took over 1000 trades in August and only 2 of them buys. (Yes... they were prior to 8.8.08.)

I also use PP and psyches - these levels create spikes and indecision that provide amble trading opportunities.

So... while SunTrader is correct... it is very, very difficult... it is also possible.

Mike
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  • #28,642
  • Sep 9, 2008 4:06pm Sep 9, 2008 4:06pm
Quoting acumen
Most traders would define scalping as capturing 2-3 pips on each trade.

If we assume this is scalping then most would agree this is quite difficult.

It would take a lot of chart time, a lot of patience, a lot of familiarity with the pair you are trading and most importantly - a lot of discipline but it's possible.

I consider my trading style as intra-day or day trading.

However - one glance at my trades today(Yesterday) and you'll see a lot of scalping.

As you can see I took 11 trades today... all winners.



You can also see yesterdays action.

I took 14 trades and was in the black on 13 of them and the loss was 2 PIPS.

I don't follow PIPS but I think it's about 30ish for both days.

Notice I only take positions in the direction of the long term trend. (All sells)

I took over 1000 trades in August and only 2 of them buys. (Yes... they were prior to 8.8.08.)

I also use PP and psyches - these levels create spikes and indecision that provide amble trading opportunities.

So... while SunTrader is correct... it is very, very difficult... it is also possible.

Mike
excellent! I have also picked up on this trading in the direction of the trend. I have lost lots of money these past two months but it finally dawned on this hard head of mind that I should scalp or intra day trade in the direction of the trend. Unfortunately I lost about $6800 these past two months. Ouch! Where were you then? HA!HA! Lol Keep up the good work. Good for you.

M
  • #28,643
  • Sep 9, 2008 4:06pm Sep 9, 2008 4:06pm
http://f460.mail.yahoo.com/ya/downlo...0Bulk&inline=1
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  • #28,644
  • Sep 9, 2008 4:13pm Sep 9, 2008 4:13pm
Quoting don.key
Little gains over longer time = big account.
Little gains over long time = no account.
  • #28,645
  • Sep 9, 2008 4:13pm Sep 9, 2008 4:13pm
Acumen, I'm curious what time your daily session closes. Mine is at 5pm EST. That's going to make for interesting dinner conversation...
FUBAR...
  • #28,646
  • Sep 9, 2008 4:13pm Sep 9, 2008 4:13pm
Quoting sdapastor
excellent! I have also picked up on this trading in the direction of the trend. I have lost lots of money these past two months but it finally dawned on this hard head of mind that I should scalp or intra day trade in the direction of the trend. Unfortunately I lost about $6800 these past two months. Ouch! Where were you then? HA!HA! Lol Keep up the good work. Good for you.

M
Are you using MM?

Are you trading a system.

Mechanical or discretionary?

m
  • #28,647
  • Sep 9, 2008 4:15pm Sep 9, 2008 4:15pm
Quoting SunTrader
Little gains over long time = no account.
I guess you have to define long term.

I haven't had a losing month in over a year.

Let's talk at the end of this year.

Mike
  • #28,648
  • Sep 9, 2008 4:16pm Sep 9, 2008 4:16pm
Quoting sdapastor
excellent! I have also picked up on this trading in the direction of the trend. I have lost lots of money these past two months but it finally dawned on this hard head of mind that I should scalp or intra day trade in the direction of the trend. Unfortunately I lost about $6800 these past two months. Ouch! Where were you then? HA!HA! Lol Keep up the good work. Good for you.

M
I dwarf your $6800 loss.
  • #28,649
  • Sep 9, 2008 4:16pm Sep 9, 2008 4:16pm
Quoting ak4x
Acumen, I'm curious what time your daily session closes. Mine is at 5pm EST. That's going to make for interesting dinner conversation...
So is mine.

Mike
  • #28,650
  • Sep 9, 2008 4:18pm Sep 9, 2008 4:18pm
Quoting acumen
Are you using MM?

Are you trading a system.

Mechanical or discretionary?

m
discretionary
  • #28,651
  • Sep 9, 2008 4:19pm Sep 9, 2008 4:19pm
Quoting acumen
Are you using MM?

Are you trading a system.

Mechanical or discretionary?

m
mechanical or discretionary?

definition? tech or fundamental? or ... completely off base?
  • #28,652
  • Sep 9, 2008 4:20pm Sep 9, 2008 4:20pm
Quoting kasper
I dwarf your $6800 loss.
I am sorry for your loss, really. It hurts, I still ache over it but trying to get it back a little at a time.

M
  • #28,653
  • Sep 9, 2008 4:21pm Sep 9, 2008 4:21pm
Quoting sdapastor
I am sorry for your loss, really. It hurts, I still ache over it but trying to get it back a little at a time.

M
no biggie. thanks though. learning the hard way, but still learning. i'm chipping away at my losses as well. hope to get positive in the future.
  • #28,654
  • Sep 9, 2008 4:25pm Sep 9, 2008 4:25pm
long at 1.4130
  • #28,655
  • Sep 9, 2008 4:27pm Sep 9, 2008 4:27pm
Quoting gagakrimba
long at 1.4130
long since 4107, 15 pip sl locked some
  • #28,656
  • Sep 9, 2008 4:38pm Sep 9, 2008 4:38pm
Pivots for today as of 5pm EST. Your broker data and closing times may vary.
Central pivot is the Open as of 5pm EST, which insignificant today as it's so close to the Daily pivot. Waiting for the break either way.

H = 4127
L = 4045
C = 4131
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FUBAR...
  • #28,657
  • Edited 7:55pm Sep 9, 2008 4:42pm | Edited 7:55pm
Quoting acumen
Most traders would define scalping as capturing 2-3 pips on each trade.

If we assume this is scalping then most would agree this is quite difficult.
I don't think it is that difficult(EDIT- it is difficult in comparison to spot and swing but very possible).

But I do not like this style of trading for forex, for emini futures yes, but not for all forex pairs. Potential pairs are usd/jpy and eur/usd, things that move fairly slowly, good chance of being one of the leading pairs and spread/commissions are low. This is better done in the Asian session from what I have seen. Account for the asian fade as well.
Risk to reward is often less than 1:1, but win:loss ratio is good.

Again not my style. But I have seen it done and gains plus 200% in 3months. The action is fast, you need to have your finger on the trigger at all times and read the tape. You also need to know your pair and it's nuances.
  • #28,658
  • Sep 9, 2008 4:46pm Sep 9, 2008 4:46pm
Quoting seesaw
I had an interesting conversation with a colleague of mine who met with some higher ranks from the hedge fund/ finance world in Australia. They are looking at at least 80 in AUD/ USD and at least 1.40 in EUR/USD within the next few months.

Now, this is purely subjective, I know, but it was interesting to see what big fish are looking for when they are investing in forex cuurrently.
Very nice calls on both.
  • #28,659
  • Sep 9, 2008 5:19pm Sep 9, 2008 5:19pm
Quoting peregrine
I don't think it is that difficult.
Wow, I was writing my fingers bloody 3 hours ago to explain why scalping is dangerous and difficult and now the commentary is that it is not. Try it and let’s talk in a month.

http://www.forexfactory.com/showpost...ostcount=28549

Bye folks, here it’s better to write: I’m LONG AT 1.____ or GO EURO GO.
That’s not my level.
  • #28,660
  • Edited 5:28pm Sep 9, 2008 5:21pm | Edited 5:28pm
Short Target remains M2.

Lower BB converges with both the previous lows and S1 pivot for support.

Upper BB converges with M3 pivot a'rd 4180/90 for Resistance. Out until London.
Attached Image
FUBAR...
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