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4% A Day Forever

  • #401
  • Oct 10, 2009 6:27pm Oct 10, 2009 6:27pm
Hi "TheFool"
Thanks for your polite response.

You mentioned """"I imagined that you would go down one of the same roads I have been down: you would have trouble cutting short those losers and you would tend to not let your winners run. Now, tell me if I am mis-assuming about how it went for you. But the latter case is a natural tendency that the scalper develops, I believe."""""

Good point. I think it depends on how one defines oneself. My personality fits scalping as I intensely dislike turning a good profit into a miserable small win or a even a loss. The number of times I have done this is very high, so I think I need to stay with short term thinking and stuff the trend. When I start thinking trend, that is when I get into trouble.

As the majority thinking tends to be wrong ( 95% losers and 5% winners ), I think I will try the opposite.
The consensus is to let the profits run, so for the next few weeks I will NOT let the profits run and see what happens. I will let you know my results.
I mentioned in an earlier post of a 9 pip sl and a 15 pip tp. I am now going to change to a 5 pip tp. My daily goal is 20 pips and then quit.

You also asked me how my trading has been going recently. Not too well. I had more successful days than not but I would lose 60 pips or so by not adhering to my mental stop and turning a scalping trade into a medium term trade by being stubborn, so my 20 pip winning days were not sufficient to make up for the losses.

So my goal for the next few weeks is " Stuff the trend thinking and take very small profits instead".
Here is hoping.

My last comment is this thread has scalpers and medium term traders posting and hopefully the readers can distinguish between the two and if responders could provide constructive criticism ( how they trade ) rather than negative criticism ( pulling down someone elses' trading ideas in a sarcastic manner ), it would be much appreciated.

regards
emtee
  • #402
  • Oct 10, 2009 7:19pm Oct 10, 2009 7:19pm
Quoting emtee
As the majority thinking tends to be wrong ( 95% losers and 5% winners ), I think I will try the opposite.
The consensus is to let the profits run, so for the next few weeks I will NOT let the profits run and see what happens. I will let you know my results.
I mentioned in an earlier post of a 9 pip sl and a 15 pip tp. I am now going to change to a 5 pip tp. My daily goal is 20 pips and then quit.

You also asked me how my trading has been going recently. Not too well. I had more successful days than not but I would lose 60 pips or so by not adhering...
Well, hang in there emtee & I am sure you will find a way that profits for you.

I like scalping and I think it can be a very profitable approach but just like all the rest it requires discipline. I will go for a long run of scalp trades where I enforce a tight mental sl and then I will let that discipline lapse on a trade or two and that will be the loser I end up chasing. There really is no valid rationalization around the fact that it is always best to take a quick small loss and wait for a better entry even if that might mean reversing direction - as opposed to holding on to a losing trade.

I have been trying various hard sl placements with normal scalping routines that I follow in ranging PA and anything less than 4-5 pips is pretty frustrating. So that means essentially I stay out of ranges that can not reliably yield a minimum of say 8-10 pips per trade. So, if I am looking at ranging PA I will put on the BB (21, 2.5) and I will look for a minimum of about 12 pips between upper/lower BB lines on M1, 20 pips on M5. Consol PA tigter than that is not worth the trouble.

I am also always on the lookout for recurring breakout patterns and times. If I feel strongly that a nice breakout from ranging PA is about to occur then I will try to trap the breakout & enter on visible MI or M5 momentum. If you can catch that momentum you can enter with a tiny R:R - I often go 2-pip sl and 20 pip tp and I have scored those many times. Those are the trades I need to learn to play large on.... There are many successful traders who specialize in breakout plays alone & that is why: very low risk:reward.

Anyway, I'm sure you know all this already old stud. It does take time for good habits to sink in. Good Luck, amigo.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #403
  • Oct 10, 2009 7:39pm Oct 10, 2009 7:39pm
I to blow my account every time I move to try to get bigger wins, like bottoms and top trading it's easy to see the big movers after the fact, but in reality most moves don't last more than 10-15pips before turning back down, if you hold against the immediate direction yeah it could go down 10pips then back up 30pips by why risk it, as it could also drop 30pips and put you into a loss.

Then your wasting money and wasting time as you coulda been out for +15, reversed position and made +30.

And if you tighten your SL, then the odds increase of your SL being hit by just random market fluctuations then it's a painful death by 100 cuts time. ( continual small losses )

And the longer your in a trade the more it becomes a 50/50 game as your control is well none existant and it becomes purely gambling.


Trading especially day trading is the hardest game you'll ever try to beat, why I like it the challenge.

Forex is not the thing to trade for long term swing trades, too much news too many trend changes, if you want swing trades trade stocks via a Spot account.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #404
  • Oct 10, 2009 8:35pm Oct 10, 2009 8:35pm
Quoting Turveyd
....Forex is not the thing to trade for long term swing trades, too much news too many trend changes, if you want swing trades trade stocks via a Spot account.
Couldn't have said it better myself. Excellent.
  • #405
  • Oct 12, 2009 1:13pm Oct 12, 2009 1:13pm
Quoting The Fool
Well, hang in there emtee & I am sure you will find a way that profits for you.

I like scalping and I think it can be a very profitable approach but just like all the rest it requires discipline. I will go for a long run of scalp trades where I enforce a tight mental sl and then I will let that discipline lapse on a trade or two and that will be the loser I end up chasing. There really is no valid rationalization around the fact that it is always best to take a quick small loss and wait for a better entry even if that might mean reversing direction...
acctually I m nat a scalper, i always waiting and waiting, when i find out breackout, and it pullback to the risistant area, that is good chance. and ride bull or bear go 3-4d or wheeks ,which depends on the positiong risk.

I would like to be a scalper, but still not to be, i know some scalper can be a little risk to win. and would like to know how to be a scalper
  • #406
  • Oct 14, 2009 4:36pm Oct 14, 2009 4:36pm
At some point a sane dude will just stay down....

Inserted Video
"If The Fool persists in his Folly he will become wise." - William Blake
  • #407
  • Oct 14, 2009 4:48pm Oct 14, 2009 4:48pm
Some men - you just can't reach.....


Inserted Video
"If The Fool persists in his Folly he will become wise." - William Blake
  • #408
  • Oct 14, 2009 5:01pm Oct 14, 2009 5:01pm
Quoting The Fool
At some point a sane dude will just stay down....

http://www.youtube.com/watch?v=8n0mgkaEGQc

a) your the fool.
b) your a scalper.

You Sanity is long since gone

Any profits / losses / stupid trades to report dude ??

I'm up @30% here last few weeks, barely trading to
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #409
  • Oct 14, 2009 5:08pm Oct 14, 2009 5:08pm
Quoting Turveyd

Any profits / losses / stupid trades to report dude ??
Same old shit.

If the Fool persists in his Folly yadayadayada.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #410
  • Oct 14, 2009 5:13pm Oct 14, 2009 5:13pm
Quoting The Fool
Same old shit.

If the Fool persists in his Folly yadayadayada.

Want me to send the boys around and wire your balls into the mains ??


Stupid trade = 120Volts


If that don't teach you, give up
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #411
  • Oct 14, 2009 5:25pm Oct 14, 2009 5:25pm
Quoting Turveyd
Want me to send the boys around and wire your balls into the mains ??


Stupid trade = 120Volts


If that don't teach you, give up
Well, nothing is worse than "the hole" - I have been there.

I actually still believe that I can be rehabilitated.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #412
  • Oct 14, 2009 5:35pm Oct 14, 2009 5:35pm
Quoting The Fool
Well, nothing is worse than "the hole" - I have been there.

I actually still believe that I can be rehabilitated.

Just gotta keep on keeping on!
  • #413
  • Oct 14, 2009 5:41pm Oct 14, 2009 5:41pm
Quoting The Fool
Well, nothing is worse than "the hole" - I have been there.

I actually still believe that I can be rehabilitated.

Stiff upper lip old chap, the fact of the matter is 95% of traders either Quit or unable to change there trading method, just don't quit and accept there is always something to learn.

I've nearly given up a few times, but doing well again but only after hitting rock bottom.


And it's only money SMILE
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #414
  • Oct 14, 2009 8:41pm Oct 14, 2009 8:41pm
Quoting Turveyd
Stiff upper lip old chap, the fact of the matter is 95% of traders either Quit or unable to change there trading method, just don't quit and accept there is always something to learn.
Yer a good lad, D.

Seriously though, I fucked up again. Not hugely but seriously. Samo shit averaging a loser.

But, strangely, I think I might have had a Eureka! moment. OK this could be akin to that purported euphoria one feels as one freezes to death, or as one suicidally leaps from a tall building, but I don't think so. I really think I get it.

I get it. Honestly, I really think it has finally sunk in. I don't have to keep making stupid mistakes and losing large amounts of money. (Well Duh!) It is well within my power to stop doing so. I know this probably sounds completely moronic (geez what do you guys expect by now?) but this feels like a liberating realization: I don't have to keep losing. I can just step away from the chalupa.

I can just "stay down", like Cool Hand Luke shoulda done.

I'm going back to the 4% a Day neighborhood - that's where I belong.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #415
  • Oct 15, 2009 7:34am Oct 15, 2009 7:34am
Quoting The Fool
Yer a good lad, D.

Seriously though, I fucked up again. Not hugely but seriously. Samo shit averaging a loser.

But, strangely, I think I might have had a Eureka! moment. OK this could be akin to that purported euphoria one feels as one freezes to death, or as one suicidally leaps from a tall building, but I don't think so. I really think I get it.

I get it. Honestly, I really think it has finally sunk in. I don't have to keep making stupid mistakes and losing large amounts of money. (Well Duh!) It is well within my power to...
Bingo my friend. Everyone must realize on his own time. This was your time.
  • #416
  • Oct 15, 2009 8:00am Oct 15, 2009 8:00am
Quoting The Fool
Yer a good lad, D.

Seriously though, I fucked up again. Not hugely but seriously. Samo shit averaging a loser.

But, strangely, I think I might have had a Eureka! moment. OK this could be akin to that purported euphoria one feels as one freezes to death, or as one suicidally leaps from a tall building, but I don't think so. I really think I get it.

I get it. Honestly, I really think it has finally sunk in. I don't have to keep making stupid mistakes and losing large amounts of money. (Well Duh!) It is well within my power to...

Trading is the hardest game in the world, but only because we make it so unfortunately, it's actually the easiest game in the world.

Take a break, then force yourself to trade stupidly on demo it's easier to see your error without greed and fear being a factor.


You'll get there Bro you'll get there!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #417
  • Edited 8:04pm Oct 16, 2009 5:34am | Edited 8:04pm
3-4 hours of "work" will get you about 65 pips and about 5% rise on the account. No winner bigger than 10-12 pips, largest loser 6 pips. Most trades just a few minutes long. First few trades are random entries with microlots, kind of like practice swings on the driving range. Just chasing visible momentum for the most part. So easy a fool caveman can do it.


Edit: Just looked at the myfxbook stats for 10/16 (so not including FO to LO but including a few trades I made after I posted the above) and it was actually 136 pips; 30 winners out of 32. Largest win was 31 pips & largest loss was 7 pips. Actual increase was 6.4% of account.

I tend to mix up trade size, last night was 0.5-lot on really sure ones down to 0.1 lot for iffy ones. There's no good reason I should not be able to do this consistently & stop losing.
Attached Image (click to enlarge)
Click to Enlarge Name: 10-16-09FOLO.png Size: 79 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #418
  • Edited 5:55am Oct 16, 2009 5:52am | Edited 5:55am
Good Am The Fool, Boris & kathy use a similar method 20,2-20,1 BB on the 5 min chart.When 3-4 candles in a row exceeds outside the 20,2 long or short take trade in the opposite direction (extremes).You have a good system also,thanxs for sharing...
  • #419
  • Oct 16, 2009 6:15am Oct 16, 2009 6:15am
Quoting The Fool
3-4 hours of "work" will get you about 65 pips and about 5% rise on the account. No winner bigger than 10-12 pips, largest loser 6 pips. Most trades just a few minutes long. First few trades are random entries with microlots, kind of like practice swings on the driving range. Just chasing visible momentum for the most part. So easy a fool caveman can do it.

I'd drop your 10-12 pip rule personally, it's nice to get 20-30pips at times on some moves.

BUT......Your getting in on short term momentum, the second that momentum starts to stall or worse still reverse EXIT, Never hold against the immediate direction in short.


Get to it dude and don't deviate from the chosen path, cause every time you do it hurts!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #420
  • Oct 16, 2009 11:22am Oct 16, 2009 11:22am
Quoting Turveyd
I'd drop your 10-12 pip rule personally, it's nice to get 20-30pips at times on some moves.

BUT......Your getting in on short term momentum, the second that momentum starts to stall or worse still reverse EXIT, Never hold against the immediate direction in short.

Yup, thst was just reporting on the wins/losers sizes - I no longer enter with either a sl or a tp set. I am getting better re: the discipline to kill losers quick & also trying to let winners run as long as they can til reversal. I had a 30-pip winner just a little while ago....

I do believe, though, that the longer I am in the trade the more likely it is that I will f*ck up, so I am not shy about taking a quick profit, even a pip or 2 if I think I'm heading for a wall. Easy enough to re-load and blaze away again.
"If The Fool persists in his Folly he will become wise." - William Blake
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