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  • #104,841
  • Jun 2, 2009 5:17pm Jun 2, 2009 5:17pm
Quoting Chicky
You guys will never understand importance of money. Why to waste a coin. I tell you what to do. Enter a trade every one hour (hour past 17 minutes is ideal). If last digit of bid price is an odd go long, if it is even go short. Simple as that.
Damn Chicky we are trying to keep this simple, now you want me to learn to tell time. You can keep your fancy indicators, I'm going with what works.
  • #104,842
  • Jun 2, 2009 5:17pm Jun 2, 2009 5:17pm
Quoting Chicky
I will never understand scalping. One move a week is enough for me. That requires one to two trades a day.
Simple logic, us scalpers can milk every single pip outta the market and retire quicker.

Ofcourse in reality, we get a 40pip move against us, our tight 15 SL gets hit 6 times in a row cause we get pig headed and we lose 90pips right before it goes back up 80pips!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #104,843
  • Jun 2, 2009 5:18pm Jun 2, 2009 5:18pm
Quoting Alihuzaifa
i will be more then happy to help you...i really understand what u trying to say...but before that please stop trading for now and lets get back to basics.
i was thinking of just doin that.so what next do u advice.
  • #104,844
  • Jun 2, 2009 5:19pm Jun 2, 2009 5:19pm
Quoting essenza
I really love trading b4 office, $14 is more than enough for lunch here in Indonesia

In Zimbabway ( spelling ), you'd likely be the richest man in the country with your fancy $14 and shot before the day is over!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #104,845
  • Jun 2, 2009 5:24pm Jun 2, 2009 5:24pm
went short at 1.42927, TP - 1.418, SL - 1.43335 (previous high)
I don't know what time it is at your place, but right here it's 4:20.
  • #104,846
  • Jun 2, 2009 5:26pm Jun 2, 2009 5:26pm
notice the EUR touches 1.4275 and turn up
  • #104,847
  • Jun 2, 2009 5:36pm Jun 2, 2009 5:36pm
Quoting Vincenzo69
went short at 1.42927, TP - 1.418, SL - 1.43335 (previous high)

No disrespect intended--- you may know what your doing. This is mainly for the guests and others new to this. I will say it one more f---ing time the trend is up, unless you are a f---ing pip god, trade with the trend!!!!!!
If you can't wait on a retrace, then use a small lot and a large stop loss, but trade with the trend already
  • #104,848
  • Jun 2, 2009 5:40pm Jun 2, 2009 5:40pm
Quoting Alihuzaifa
put that indicator on ur charts and read this excellent artical to use pivots...pivots is number one technical indicator for me simple and effective.

read pivot point strategy amazingly it works.

http://www.fxpivot-points.com/
Quoting notch
http://www.babypips.com/school/how_t...ot_points.html
THANKS A LOT GUYS
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #104,849
  • Edited 5:43pm Jun 2, 2009 5:42pm | Edited 5:43pm
Quoting Turveyd
Simple logic, us scalpers can milk every single pip outta the market and retire quicker.

Ofcourse in reality, we get a 40pip move against us, our tight 15 SL gets hit 6 times in a row cause we get pig headed and we lose 90pips right before it goes back up 80pips!!
Right. With all due respect to scalpers, my study shows two basic drawbacks in scalping and that are: 1) risk reward ratio is not in favor of scalpers due to spread cost, and 2) very few have right mindset and concentration needed to scalp.
The Thief of Wall Street
  • #104,850
  • Jun 2, 2009 5:44pm Jun 2, 2009 5:44pm
Quoting essenza
I really love trading b4 office, $14 is more than enough for lunch here in Indonesia
Cost me that much to boot up my PC each morning.

  • #104,851
  • Jun 2, 2009 5:44pm Jun 2, 2009 5:44pm
Quoting knuckledrag
If you can't wait on a retrace, then use a small lot and a large stop loss, but trade with the trend already
That's what i'm doing. Trouble is I have 7 small lots. Last short I took was 4312. That's the only green lot I have.
Si vis pacem, para bellum.
  • #104,852
  • Jun 2, 2009 5:49pm Jun 2, 2009 5:49pm
i just took those 30 pips to the bank. still a long way down to go, but may not be anytime soon.
Si vis pacem, para bellum.
  • #104,853
  • Jun 2, 2009 5:50pm Jun 2, 2009 5:50pm
Quoting Chicky
Right. With all due respect to scalpers, my study shows two basic drawbacks in scalping and that are: 1) risk reward ratio is not in favor of scalpers due to spread cost, and 2) very few have right mindset and concentration needed to scalp.
An observation relative to scalping:

Scalping, done on smallest TFs, disrespects any trend. Unfortunately, large trading houses can also suddenly disrespect any trend, and the effect can be a relatively dramatic price move contrary to the previous. This risk cannot be erradicated, but it can be reduced by scalping only during the highest volume periods for the traded pair. Highest volumes tend to moderate the effect of any rogue trading desks. I.E., never scalp during low volume periods.
  • #104,854
  • Jun 2, 2009 5:51pm Jun 2, 2009 5:51pm
Dude,

Stick to your strategy no matter what anyone says; two reasons:
1) you can (hopefully) only learn from your mistakes
2) No one know what the market will do next, .and plan your trade and trade your plan

I can see 4248 as well as a retracement, so why not scalp it down.

Good luck to ya

Quoting Duce
That's what i'm doing. Trouble is I have 7 small lots. Last short I took was 4312. That's the only green lot I have.
  • #104,855
  • Jun 2, 2009 5:52pm Jun 2, 2009 5:52pm
Quoting Chicky
Right. With all due respect to scalpers, my study shows two basic drawbacks in scalping and that are: 1) risk reward ratio is not in favor of scalpers due to spread cost, and 2) very few have right mindset and concentration needed to scalp.

Number 2 is the main issue I find, IF/When Cracked though, you've got alot more control over your profits and should rarely have a losing day.

Ofcourse in the mean time, barely a up day LOL

Concur with Knuckle dragger, trying to pick tops against the trend will only result in smelly fingers ( should be bottoms ofcourse )
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #104,856
  • Jun 2, 2009 5:52pm Jun 2, 2009 5:52pm
Quoting Duce
That's what i'm doing. Trouble is I have 7 small lots. Last short I took was 4312. That's the only green lot I have.
learn to wait
  • #104,857
  • Jun 2, 2009 5:53pm Jun 2, 2009 5:53pm
traderathome, i learned this early on...the hard way. i don't consider myself a scalper (more of a swing trader), but i will close positions when feeling uneasy, even for small gains.
Si vis pacem, para bellum.
  • #104,858
  • Jun 2, 2009 5:54pm Jun 2, 2009 5:54pm
Quoting traderathome
An observation relative to scalping:

Scalping, done on smallest TFs, disrespects any trend. Unfortunately, large trading houses can also suddenly disrespect any trend, and the effect can be a relatively dramatic price move contrary to the previous. This risk cannot be erradicated, but it can be reduced by scalping only during the highest volume periods for the traded pair. Highest volumes tend to moderate the effect of any rogue trading desks. I.E., never scalp during low volume periods.

Wrong, as a 1M trend trader, I can assure you trends exist full stop regardless of your view, your 4H chart is made up of many Micro Trends which have the outcome as up or down.

Ofcourse your better off trading with a slightly longer term trend even with trading with M1, it reduces your losses nicely.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #104,859
  • Jun 2, 2009 5:55pm Jun 2, 2009 5:55pm
Quoting traderathome
An observation relative to scalping:

Scalping, done on smallest TFs, disrespects any trend. Unfortunately, large trading houses can also suddenly disrespect any trend, and the effect can be a relatively dramatic price move contrary to the previous. This risk cannot be erradicated, but it can be reduced by scalping only during the highest volume periods for the traded pair. Highest volumes tend to moderate the effect of any rogue trading desks. I.E., never scalp during low volume periods.
Thanks Traderathome. I now see the logic. Very good advise.
The Thief of Wall Street
  • #104,860
  • Jun 2, 2009 5:55pm Jun 2, 2009 5:55pm
drawbacks are there-but scalping does work. And if you trade via an ECN spreads are not that biig a factorr-why MT gives me 0.8 if not better on EU.

The trick is to trade at the right time when the liquidity is high. Just another tool.




Quoting Chicky
Right. With all due respect to scalpers, my study shows two basic drawbacks in scalping and that are: 1) risk reward ratio is not in favor of scalpers due to spread cost, and 2) very few have right mindset and concentration needed to scalp.
Its all in the mind.
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