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Trading for a Living - Cliff Notes

  • #381
  • Aug 4, 2009 10:23am Aug 4, 2009 10:23am
Quoting acumen
I can show you a day trading pivot system.

I can show you my retrace system. (Don't use it as much)

I can show you how to scalp BUT....

1) It's emotionally intensive
2) Requires you watch every tic
3) Uses low leverage... meaning it takes a lot of capital to make money.

Which one do you want?

Mike
ALL?
  • #382
  • Aug 4, 2009 10:28am Aug 4, 2009 10:28am
Quoting Jack Herer
ALL?
I'll try to get to it over the next few days.

m
  • #383
  • Aug 4, 2009 10:55am Aug 4, 2009 10:55am
Quoting acumen
I'll try to get to it over the next few days.

m
thanks acumen
  • #384
  • Aug 4, 2009 11:17am Aug 4, 2009 11:17am
Quoting acumen
I can show you a day trading pivot system.

I can show you my retrace system. (Don't use it as much)

I can show you how to scalp BUT....

1) It's emotionally intensive
2) Requires you watch every tic
3) Uses low leverage... meaning it takes a lot of capital to make money.

Which one do you want?

Mike

The day trading and scalping sytem please.

Thanks Mike.
"I know how hard it is for you to put food on your family." George W. Bush
  • #385
  • Aug 4, 2009 11:29am Aug 4, 2009 11:29am
Quoting acumen
There is only one goal in this game.

Winning.

Consistently.

With the lowest drawdown possible.

m
thanks for this comment,
i am trading few years now but for last few months i meet all above criteria,
sometimes i become upset why i miss the big rallies ( even in 200 pips move i cant have 1 pip) and i can see some guys saying they make like 1 or more percent per day) but when i see your above mentioned comment i assume i am in a rite track however profits in percentage are about 4-6 percent monthly.
regards
  • #386
  • Aug 4, 2009 12:39pm Aug 4, 2009 12:39pm
It takes practice.

The key is risk management.

I've attached a chart of some scalps I took today and last night.

m
Attached Image (click to enlarge)
Click to Enlarge Name: ScalpingAugust4.png Size: 35 KB
  • #387
  • Aug 4, 2009 12:56pm Aug 4, 2009 12:56pm
Trades for today and yesterday.

m
Attached Image (click to enlarge)
Click to Enlarge Name: ActualTrades.png Size: 21 KB
  • #388
  • Aug 4, 2009 1:17pm Aug 4, 2009 1:17pm
Quoting acumen
Trades for today and yesterday.

m
Your chart looks like mine, except more trades, probably twice as many. Do you do limit buy/sell with default tp & sl, or do you market buy/sell, or do you tweak sl/tp on every trade?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #389
  • Aug 4, 2009 1:32pm Aug 4, 2009 1:32pm
Quoting The Fool
Your chart looks like mine, except more trades, probably twice as many. Do you do limit buy/sell with default tp & sl, or do you market buy/sell, or do you tweak sl/tp on every trade?
If the market goes beyond my 'stop' area I close them down.

Take profit happens after 3 to 5 PIPS and no more than 20.

m
  • #390
  • Aug 4, 2009 4:27pm Aug 4, 2009 4:27pm
Here's a buy set up.

The day begins and stays above the pivot point.

Your thought should be... this is a very bullish day.

Once price gets close to the pivot point I'm buying.

m
Attached Image (click to enlarge)
Click to Enlarge Name: PivotBuy.png Size: 20 KB
  • #391
  • Aug 4, 2009 4:34pm Aug 4, 2009 4:34pm
They are rarely this easy.

m
Attached Image (click to enlarge)
Click to Enlarge Name: PivotSell.png Size: 25 KB
  • #392
  • Aug 4, 2009 5:19pm Aug 4, 2009 5:19pm
Quoting acumen
If the market goes beyond my 'stop' area I close them down.

Take profit happens after 3 to 5 PIPS and no more than 20.

m

Mike.. with a TP of 3-5 PIPS, what is your SL?
"I know how hard it is for you to put food on your family." George W. Bush
  • #393
  • Aug 4, 2009 5:32pm Aug 4, 2009 5:32pm
Quoting MarcoW
Mike.. with a TP of 3-5 PIPS, what is your SL?
Don't use them.

When I'm wrong I close them down.

m
  • #394
  • Aug 4, 2009 5:49pm Aug 4, 2009 5:49pm
Quoting acumen
If the market goes beyond my 'stop' area I close them down.

Take profit happens after 3 to 5 PIPS and no more than 20.

m
Do you usually zoom in a bit to monitor trades or just keep it on M15?
  • #395
  • Aug 4, 2009 7:02pm Aug 4, 2009 7:02pm
Quoting acumen
Don't use them.

When I'm wrong I close them down.

m
Since all trades don't start off going in the direction you anticipated in order to make the 3-5 pips etc., how far in the opposite direction do you allow price to go before you determine that it isn't going to work and you need to bail out?
"I know how hard it is for you to put food on your family." George W. Bush
  • #396
  • Aug 4, 2009 7:05pm Aug 4, 2009 7:05pm
Quoting FXSurfer
Do you usually zoom in a bit to monitor trades or just keep it on M15?
I have one screen that has what I post - 15 min chart with pivots.

I have my trading account with the pair I'm watching... 90% e/u... on a 1 minute chart.

m
  • #397
  • Aug 4, 2009 7:07pm Aug 4, 2009 7:07pm
Quoting MarcoW
Since all trades don't start off going in the direction you anticipated in order to make the 3-5 pips etc., how far in the opposite direction do you allow price to go before you determine that it isn't going to work and you need to bail out?
Sure they do.

The key to this is small lots sizes.

If I'm really wrong and I have 5 positions open then I'm done around the 50 mark.

m
  • #398
  • Aug 4, 2009 7:09pm Aug 4, 2009 7:09pm
I'm way to indolent to write down how I trade... thankfully we have videos.

I'll create several videos on how to trade various systems.

I'll upload them to a free site and post the URL here.

m
  • #399
  • Aug 4, 2009 7:20pm Aug 4, 2009 7:20pm
Quoting acumen
I'm way to indolent to write down how I trade... thankfully we have videos.

I'll create several videos on how to trade various systems.

I'll upload them to a free site and post the URL here.

m
Thanks for doing it. Really looking forward to seeing the vids!

My friend Blazer started a video journal here and you can see that this
is the easy way to do a nice journal: http://www.forexfactory.com/t/181549...g-traps-1.html
  • #400
  • Aug 4, 2009 7:29pm Aug 4, 2009 7:29pm
Quoting acumen
Lesson 5: Realistic Profit Goals

Realistic will depend on many variables.

Beat the market for 6 consecutive months and you are on your way.

After you beat the market for six months move your goals up.

I like 5-10% as a day trader.
Hi Acumen,

Is it OK to disclose your average monthly return in % this year 2009?

And since you dont use SL, what is the maximum leverage before you accept to cut your losses?
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