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4% A Day Forever

  • #421
  • Oct 16, 2009 11:40am Oct 16, 2009 11:40am
Quoting The Fool
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.

Thats PERFECT Sir, and Kinda where I aim to be trading style wise

Put a worst case, 20SL on ( FXCM lets me do this automatically ), then if you have a bad day / power cut worse case isn't that bad.

The Maths simply work out at the longer your in a trade then the less control you have and the nearer this becomes a 50/50 game and if you let the market start moving against you and HOPE it's going to turn again the odds are it won't until there is a lower low then your doomed.

Keep it up dude and as just said on the M1 thread, " there is no reason to overall lose money in this game" remember that.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #422
  • Edited 4:15pm Oct 16, 2009 3:50pm | Edited 4:15pm
Quoting Turveyd
Keep it up dude and as just said on the M1 thread, " there is no reason to overall lose money in this game" remember that.
Have a great weekend bud.

I do have the out-of-range sl in place. We're getting into the rainy season here and power outages are my fear - I live in the sticks and have them all the time. Tree limbs snaggin the lines everywhere when the wind blows which is every other day.

No reason to lose money if one will just focus & stick to what works. But easy to lose if you don't do that and once you do lose and lose big it will really f*ck with your head. I am walking proof of that.

But, of course, I knew better & had the proof of it right here in this journal as well as in my head: I can sit down day after day and take positive pips away. So now I just focus on that, it's a job. 2-4 hours from the FO on and that's all I need. Turn off the Forex Factory and the stupid TV and just harvest the freakin pips. It's just that easy. The hours suck but they are such that I can wedge them into my life and still do the day job.

I need to check into your M1 thread more often & see what the other scalpers are doing. I am going to start watching some other pairs to scalp. E/U is always a logical choice because of the lowest spread but there may be better yield elsewhere. E/J perhaps my next choice and of course the geppy when my nerves are bulletproof again.

Hasta la vista...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #423
  • Oct 16, 2009 4:03pm Oct 16, 2009 4:03pm
That's okay on the SL's then

Also SL's stop you from placing the trade in the wrong direction and watching a 200pip move which you think is making mucho money before realising it's gone, ohhhh you've been margin called and blew $2000 Yep DOH!!!

Stick to the plan and remember your a trader not a gambler, gamblers lose if you start to feel your gambling exit all your trades and WALK away, better to walk away with a small loss then risk a huge loss.

And because you can trade just for 2hours per day when you feel like it ( rests and not trading are important ), you don't leave anything on the table to cause issues in life out side of this time.

We aren't really that scalpy on the M1 thread, I can't think quick enough in short the win ratio on my system is great ( 12/13 without a loss for instance, with tight SL's ), but really don't get that many setups and holding abit longer than you in theory, more high speed trend traders than scalpers, but yeah check in and say Yo dude!!

Watching GU EU EJ AU currently, helps with the limited setups per day


Good weekend dude, you'll get there!!

Atleast the Ahhhh Haaaa you suck brigade have given up ( read blown there accounts already ) hassling you to make themselves feel good.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #424
  • Oct 16, 2009 4:04pm Oct 16, 2009 4:04pm
Quoting monikroc
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...
Hi monikroc,

Yep I originally started using the BB when I read Kathy's "5-min Mo-Mo" method - I think that's what she calls it.

I do go off the 5-min charts sometimes but usually the M1, always jumping from M1-M5-M15, like that. I don't really use the BB as described in the Mo-Mo play but I keep them on there for old-times sake, & same with the 100 & 200 SMA. I draw on horizontal lines of S/R as well as the PP lines - daily and weekly. Also a line showing the weekly and daily open - daily open for NYO and LO. It gets to be a lot of lines but I have lots of screen space so I can throw up all kinds of things to watch. I also like watching the related futures live charts with their volumes - especially the emini S&P and the eurofx contract.

This kind of scalping works well in a ranging market - like the range defined between the purple lines in my last screenshot.

Thanks for checking out my thread & best of luck to you.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #425
  • Oct 17, 2009 6:29am Oct 17, 2009 6:29am
The Fool,

I admire your focus, commitment and dedication towards achieving your goal. I have been following your progress on this thread and this is my first comment. Napoleon Hill said "Whatever the mind conceives and believes, it will achieve." I believe that you can achieve 4% per day consistently over the long run. It can be done and it has been done. The proof of that is arguably one of the worlds greatest traders Paul Rotter aka "The Flipper." Do a gooogle search on him. For more than 10 years he has been averaging $65 - 78 million per year. He is a scalper like you working the futures markets. Find the article and read it. He targets 3-5ticks per trade. Regardless of what anyone says.... It can be done. There are several more examples.

I have 2 recommendations for you that I hope you will find helpful.

1. Scalp in the direction of the immediate trend.
2. Study price action - knowing price action thoroughly will give your scalping a significant boost.

I do not scalp. However, I do use a similar Bollinger Band setup to get me into trades after completing my top down analysis on daily and 4 hour charts. I wish you all the best with your trading. If you have any doubts, read Phillipians ch. 4 vs. 13. That will get you believing in your dream. Turveyd, has provided great support and encouragement throughout this thread and thats exactly what you need. Good support. Happy trading.

fxpilot
  • #426
  • Oct 17, 2009 9:05am Oct 17, 2009 9:05am
Quoting The Fool

But, of course, I knew better & had the proof of it right here in this journal as well as in my head: I can sit down day after day and take positive pips away. So now I just focus on that, it's a job.
I use Oanda, so it's pretty easy. My scalp methods/system have a fixed, constant, always present unchanging stop-loss on every trade.

Basically, for scalping, all the trades should be the same in our eyes, a 1% or 2% bet (or whatever %).

You know you can make the pips! I know you can make the pips! So, figure out what stop loss is for you, 5,7,10,12 pips or whatever. Have that placed with your initial entry, and trade around that.

I trade somewhat part-time like yourself, around a day job. It is hard to be profitable every day because you never know how the couple hour time frame is going to treat you. Better to perhaps think about being profitable after every 25-30-50 trades, something like that.

I'm struggling myself this month, about 40 ish trades, part-time like you, only perhaps 10 hours a week trading. (down about 4%). But my promise to myself for October was to never touch my 7 pip stop-loss setting, and hopefully (with slippage) to never have a >10pip loss for the month. No profit goals, I will take what I am given.

Good Luck, I am cheering for you too! Read my quote of you above again, and go do it.
  • #427
  • Edited 2:25pm Oct 17, 2009 2:04pm | Edited 2:25pm
Quoting fxpilot

I have 2 recommendations for you that I hope you will find helpful.

1. Scalp in the direction of the immediate trend.
2. Study price action - knowing price action thoroughly will give your scalping a significant boost.
"I can do everything through him who gives me strength." Phil 4:13

Thank you fxpilot. I'm not the most religious person but I do find if I trade like a monk that I do consistently better. Do a little meditation and clear my head b4 I trade. Turn off all the distractions - no Forex Factory, no TV. I might have some music, but even that is "serious" - like Bach or Scarlatti, etc. I might play the Bloomberg news if its a news-impacted session.

So, yeah, I know what I can do well & I need focus on doing that. I also know what I do poorly and I am getting closer to chasing those bad habits away.

I do try to scalp in the direction of higher tf trend. But if I am in a ranging market with nice moves both ways I will go both ways, but countertrend scalps will be smaller trades with a tighter sl. I have given up trying to scalp with very tight (i.e., <5 pip) sl, unless its a focused break-out play, because those just got hit too often. Is it "noise" or does the broker have a mechanical routine that allows him to shade fractional pips and hit those stops? Who knows? Either way, it was too hard. I now use a wider "out-of-range" sl and stop trades manually when I sense an overlong stall or reversal potential...

The "enemy" of scalping this ranging PA is the break-out. But the break-out is also just another opportunity. There are times of day when consolidating PA will be very likely to break out - and if one is scalping in such PA (often it is too tight to bother with) then one should think about each trade feeding into a possible break-out. These are the situations when one needs to be most mindful of trade direction, imho.

I have been trading E/U almost exclusively - live almost 6 months now, and I have been watching the Eurofx futures as well, and I do believe I have a feel for the personality of this pair. I know when the pair moves and when it does not and I tailor my trading around that knowledge.

Thanks for your encouragement, fxpilot. Indeed, Turveyd has been a fast friend. I am pretty much a hard-ass, but I am not so dumb to believe that don't need support & FF has been very good for that.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #428
  • Oct 17, 2009 2:24pm Oct 17, 2009 2:24pm
Quoting Intu
I use Oanda, so it's pretty easy. My scalp methods/system have a fixed, constant, always present unchanging stop-loss on every trade.

Hi Intu,

It's a job, serious business, & needs to be approached that way always. Not that you can't do that with a relaxed mind, though. I have a background in sports (swimming) and I find its alot like a race:

You need to be prepared. Creative visualization is good. Focused, but relaxed - that's the sweet spot. If you are too tense you will tighten up and flail. If you are playing around you won't have your best edge in the race.

You are going to get beat. You are going to lose. Just don't let those losses hurt you. And when you win, don't get cocky, but stay focused.

Where I have failed dismally is in limiting my losses. As recently as a few days ago I have had to take a large loss that will take a couple weeks to make up. Taking small losses is probably the fundamental key to success, and I am still struggling with that. I know I am getting closer to making that a habit of my trading, but it is truly a struggle. It is essential though, because those large losses will kill you - they will blow out your account, obviously, but worse, they will put out that fire in the belly and make you limp away from the game with no desire to return.

So I would say your focus on limiting your losses is a wise choice and I wish you the best of luck with your trades.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #429
  • Oct 17, 2009 2:34pm Oct 17, 2009 2:34pm
Dude, if you can limit your trades to only trades with the slightly longer term trend, then your trading bottoms in a up trend, although the trend could change obviously or this game would be too easy, it will lower your odds of putting yourself into a big loser position, cause some of these bottom fishers can without warning on EJ become -50 to -100 pips in no time at all.

But it will limit your trades, sometimes there is no decernable trend so both ways is fine, but trading Short for instance on GU the last few days was just looking for trouble.




I'm still limping from 2 months ago, but every time I come out of rarely trading but never making a loss limp mode to lets kick some ass mode, the account gets vapourised, got to find some middle ground hey!!!


But hey tis the weekend
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #430
  • Oct 17, 2009 3:25pm Oct 17, 2009 3:25pm
Quoting Turveyd

I'm still limping from 2 months ago, but every time I come out of rarely trading but never making a loss limp mode to lets kick some ass mode, the account gets vapourised, got to find some middle ground hey!!!


But hey tis the weekend
Hang in there buddy, just take it trade by trade and day by day.

I know all about the limp, man, believe me. You know what is funny about limps though? And I have seen it: a dude will get hurt and he'll be limping around, and then he will get attached to that limp and keep doing it even when his ankle or whatever is really totally healed.

So don't be afraid to kick ass because you know you can.

I am in "prove it" mode and I just want to concentrate on steady gains with only small losses. If I can do that for some months I will consider my wounds healed.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #431
  • Oct 17, 2009 3:30pm Oct 17, 2009 3:30pm
I'm nearly at my pyschological account barrier, which I've reversed off hard from the high heights to Margin call 3 or 4 times already, in 1 case a few hours


Get over that and hopefully keep heading up for ever man
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #432
  • Oct 18, 2009 6:52am Oct 18, 2009 6:52am
Hi all,

I just joined FF yesterday and this is my first post. I just wanted to commend you for sticking by your guns and pushing on with your plan.

Many of us set goals and weeks later fall behind with them. Its refreshing to see you still plugging away in an optimistic way and taking criticism well from others.

I'm also delighted to see so many others are giving you good criticism and feedback.
Best of luck man.
  • #433
  • Oct 18, 2009 2:55pm Oct 18, 2009 2:55pm
Quoting Tweed_jacket
Hi all,

I just joined FF yesterday and this is my first post. I just wanted to commend you for sticking by your guns and pushing on with your plan.
Thanks for checking in TJ and welcome to FF
"If The Fool persists in his Folly he will become wise." - William Blake
  • #434
  • Oct 20, 2009 12:10am Oct 20, 2009 12:10am
I'm doing it. Scalping mostly in the FO-LO, 0700-1100 GMT. Have made about 2% per day last two days, which seems like very slow going. Doing well with the risk management discipline thing. Killing bad trades. Have not let anything get away from me. Struggling with selectivity (good entries) letting good trades run - not exiting too early. It all boils down to a psychological struggle. Finding balance between method and mindset.

It is going to take more time, more more time to really get this down. To keep me interested, I have upped trade size. 1/2-lots this week, will move to full lots soon. Since I now live in terror of the runaway trade, I can handle the larger risk...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #435
  • Oct 21, 2009 11:43am Oct 21, 2009 11:43am
Quoting The Fool
I'm doing it. Scalping mostly in the FO-LO, 0700-1100 GMT. Have made about 2% per day last two days, which seems like very slow going. Doing well with the risk management discipline thing. Killing bad trades. Have not let anything get away from me. Struggling with selectivity (good entries) letting good trades run - not exiting too early. It all boils down to a psychological struggle. Finding balance between method and mindset.

It is going to take more time, more more time to really get this down. To keep me interested, I have upped trade size....

Is it still going well dude ???
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #436
  • Oct 21, 2009 12:56pm Oct 21, 2009 12:56pm
Quoting Turveyd
Is it still going well dude ???
Yep. Missed the long play in E/U this AM but will be watching to short it back down later. How are you getting on?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #437
  • Oct 21, 2009 1:08pm Oct 21, 2009 1:08pm
Quoting The Fool
Yep. Missed the long play in E/U this AM but will be watching to short it back down later. How are you getting on?

Lack of time, got 40pips today, was going to jump on EJ for the last move up, I was hoping for a tad lower and it took off


Just follow Wizz0's trades on my M1 thread, he's up over 300pips this week, all trades posted live to using my setup!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #438
  • Oct 23, 2009 2:45pm Oct 23, 2009 2:45pm
Finishing the week about flat. Was up about 8-9% up until a dumb attempt at trading the news earlier today - short E/G. It was a straight up gamble - I bet on GB GDP growth and of course I was wrong. I was thinking it was a set-up all along, too. Then I saw the EUR going up hard before the news hit and I thought: leak? If I had more experience news trading I would have reversed my position right there - had plenty of time to do so. But no. Had sl's on two of three smallish trades & they were hit of course but I ended up scrambling to kill the third one and that was what hurt me.

That gambler gene. Its a killer.

Well, I am really putting myself through the School of Hard Knocks, aren't I?
Currently 60% down on what I have put into this adventure after 6 months. Still have enough to keep going. To the casual observer it probably appears that I am flailing and it is true that I am often out-of-focus. I have tried/true methods that I trade that consistently profit but I also consistently lose focus and go off into untried directions and typically get slaughtered there.

For me, the struggle is all about focus. I think it is going to be good to cut way back on my FF reading/posting. I am probably pretty suggestible and I get pulled along with the crowd here sometimes into directions outside of my focus. I like having this Journal & its a quiet little backwater here so I will continue to post here. For any of you who regularly check in - I hope your trading is going well.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #439
  • Oct 23, 2009 3:01pm Oct 23, 2009 3:01pm
Yep the gambling gene is a straight account killing monster, obviously it could of went the other way but news is never a gamble I'm interested in trading thankfully, I'm far to chicken!!

The problem is though the Gambling Gene is activitated by the BORED Gene and if you settle into a steady pattern thats going to keep reoccuring.

You might not of made any money, but you learnt something there is always next week to make money so don't let it ruin your weekend dude.

I blame my subconscious seriously for my bad trades there all spur of the moment click clicks without any real thought or plan behind it, guarantee every damn 1 of the hurt me, you'd think 50% of the time you'd catch a break but hey no. Basically don't let your subconscious win count to 10 for your other brain functions to kick in before entering.

The brain and how badly for most it reacts to trading is a interesting thing, it actually helps to be a complete idiot in this game.


For news I wait 15mins area for a new direction to form then play with the new direction in short.



Your not starving or homeless so life is good, remember that and have a good weekend dude!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #440
  • Oct 23, 2009 3:39pm Oct 23, 2009 3:39pm
I was going to post some helpful tid bits, but guess what....you know the solution!

For me, I very seldom trade the news. 30/30. I don't trade 30 minutes before or 30 minutes after. Not knowingly anyway!

For me the hardest part of trading was trusting myself and my "so called system"....once that clicked...I didn't care if I had 10 or 20 pips against me (heck, I'd even say 30 or 40 pips), I trust my system and my judgment enough to believe that the market would come around. Now that all that has clicked, I'll walk out of the room for a few minutes while trading. I won't go golfing or fishing though

I'm rootin' for you man!!



Quoting The Fool
Finishing the week about flat. Was up about 8-9% up until a dumb attempt at trading the news earlier today - short E/G. It was a straight up gamble - I bet on GB GDP growth and of course I was wrong. I was thinking it was a set-up all along, too. Then I saw the EUR going up hard before the news hit and I thought: leak? If I had more experience news trading I would have reversed my position right there - had plenty of time to do so. But no. Had sl's on two of three smallish trades & they were hit of course but I ended up scrambling to kill the...
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