I am in the process in figuring out how to do a chat room in Skype. I hope you join the conversation.
And yes I feel the system we have is good, and I am pleased that we are starting to get more people involved. I will be the first to say that this system is not perfect. But I will put our success rate against any other scalping system anyday.
Dean, I am not trading full contracts. 2 months ago, I got caught in an over leveraged, under-capitalised situation with the Martingale system in the most...
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If you use v4 Skype , menu contacts create new group
You still must be doing ok though, right? I see some weeks you have made over 600 pips.
Is this what you do for a living, that is, FX scalping? Or do you have a "proper" job as well.
I gather from what you say you are full time as you have a partner etc. How do you go about having a partnership in this business? Do you share profits or losses etc? Sorry for the questions. LOL. Just trying to get my head around all of this.
Also, can you drag some of those trades onto a chart and post the actual trades as it makes it much easier to understand. I dont think you have done this yet have you?
Dean, I am not trading full contracts. 2 months ago, I got caught in an over leveraged, under-capitalised situation with the Martingale system in the most topsy turvey market that I have seen. I took a big hit. Nothing against the Martingale system. I think there is money to be made there. But I got killed on it.
SO I got back to my roots.... scalping, and now I have been on the recovery plan and I got it back. I went back to what I know.
I no longer care about the 200 pip moves. My goal is 150 pips a week. It puts less pressure on me. Once...
Forgot to ask about the money management associated with this system, or how you approach it using this system as you mentioned its one of the three constituents of the holy grail.
I think you mentioned you use a "mental" stop loss early on in the thread. How do you employ risk management with a mental stop? Is it in terms of a percentage of your account wagered in any one trade or is it a daily tolerance limit you have? If its a daily tolerance, how many pips are you willing to loose in a session before you call it a day?
You still must be doing ok though, right? I see some weeks you have made over 600 pips.
Is this what you do for a living, that is, FX scalping? Or do you have a "proper" job as well.
I gather from what you say you are full time as you have a partner etc. How do you go about having a partnership in this business? Do you share profits or losses etc? Sorry for the questions. LOL. Just trying to get my head around all of this.
Also, can you drag some of those trades onto a chart and post the actual trades as it makes it much...
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Hi Dean!
Yes I am doing alright. My account is seeing a nice boucne back using this system. I am what I would call a psuedo full time trader. I work as an independent salesman, in the construction industry (Interiors). So if I have a job going, I am typically only trading from 2:00 AM to 6:00 AM. But with the economy the way it is, I have been basically trading full time.
My partner and I trade on one account. We are both equally vested. We split P/L 50-50 across the board. It is workig out well.
Can someone tell me how to drag some trades on the charts. I am not sure how to do that.
Forgot to ask about the money management associated with this system, or how you approach it using this system as you mentioned its one of the three constituents of the holy grail.
I think you mentioned you use a "mental" stop loss early on in the thread. How do you employ risk management with a mental stop? Is it in terms of a percentage of your account wagered in any one trade or is it a daily tolerance limit you have? If its a daily tolerance, how many pips are you willing to loose in a session before you call it a day?
What...
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Hey Dean,
Everyone has their own method of money management that they are comfortable with. I do use a mental stop. I do not believe in setting a stop at 10 pips. To me hard stops is nothing but a line in the sand which indicates at that point of time, that it is ok for your broker to take your money.
I have seen too many people sit and watch the market turn on them after they made their position. And they watch and watch and watch price go against them and they do not get out becuase it did not hit their stop yet. Listen guys if you get into a position and the market turns on you and you are sure of it. Why hold your trade waiting for your stop to be taken. Get out. And then I seen to often the flip side where stop was too tight, your stop gets hit then the market goes your way and you are left watching.
I like to use s/r for my mental stops. If support or resistance has broke there is usually a reason for it. But before I get out, I will check to see if there any divergence going on. So my stops are mental. They could be 5 pips, 10 pips or even 20 pips. Depends on market conditions. If I am scalping a channel, my stops are adjusted to the size of the channel if I am trading a trending market, I will pay attention to Fib levels as well.
I do not have any level of loss before I call it the day. What I use is how I am feeling. I do have days where it can be a prime market and I for some reason am not feeling it. If I have three bad calls in row I will step away, watch from the sidelines and make paper trades until I feel I am back in the flow.
I hope this answers you questions. These are good questions to ask. Again my plan may not be what you like to implement. What ever you are most comfortable with is the most important thing imho.
Thanks for sharing your system with all of us. I have read the thread since Page 1 and there have been various changes in the trading methodology. I am somewhat confused as to the current setup and rules for entry/exit.
Could you please post your current template that you are using along with the entry/exit rules as they now stand. I would appreciate it very much.
Thanks for sharing your system with all of us. I have read the thread since Page 1 and there have been various changes in the trading methodology. I am somewhat confused as to the current setup and rules for entry/exit.
Could you please post your current template that you are using along with the entry/exit rules as they now stand. I would appreciate it very much.
Many Thanks indeed!!
Alkis
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Hey Alkis,
I am glad you are taking a look at this system. I am just about complete on the consolidated information with the rules that I use. But I will posted the template that I will be working with.
Hi Lohad
Thank you for the system, it looks very interesting. I have looked for your group on skype but cannot find it. I think you may have to manually add from your contact list to create group. Not certain on this but that is what it seems. Will be testing this week, looking forward too it.
Hi Lohad
Thank you for the system, it looks very interesting. I have looked for your group on skype but cannot find it. I think you may have to manually add from your contact list to create group. Not certain on this but that is what it seems. Will be testing this week, looking forward too it.
-Ian
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Guys,
I have been checking and I think I can get a chat room set up at ircforex. How does this sound. I think it will be alot easier. With Skype, I would need to add everyone manually.
I have been checking and I think I can get a chat room set up at ircforex. How does this sound. I think it will be alot easier. With Skype, I would need to add everyone manually.
Let me know what you think.
Lohad
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Hey Ian,
Thanks for stopping in and checking this out. If you have any questions, please let me know.
do you think you could edit the original post as place the current indi's you use along with the tpl?
Also, just out of interest, what scalping method were you using in the past as you said you are getting back to your scalping roots. Was it a successful method that made you pips?
I have been checking and I think I can get a chat room set up at ircforex. How does this sound. I think it will be alot easier. With Skype, I would need to add everyone manually.
Let me know what you think.
Lohad
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The chat room I am in does allow anybody to join in, so you do not have to worry about adding users to your chat room by yourself.
Skype is for everybody and it is easy to use. mIRC is a little difficult for non IT oriented people.
do you think you could edit the original post as place the current indi's you use along with the tpl?
Also, just out of interest, what scalping method were you using in the past as you said you are getting back to your scalping roots. Was it a successful method that made you pips?
Cheers,
Dean
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Hey Dean,
Yes I am going to be updating VERY shortly post #1.
I had the other system that I was using posted, but it never got any interest. I think it is in the recycle bin now. Not sure. But it was based M1. I did do alright on it, but not nearly as good as this system.
