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  • #961
  • Nov 13, 2009 8:03pm Nov 13, 2009 8:03pm
Quoting kareem
what,s a stack 10,000 or 1,000
it was about 1300$
Invest in alarm clocks
  • #962
  • Nov 13, 2009 8:24pm Nov 13, 2009 8:24pm
Hi Tony,

Thanks for sharing what seems to be a great system.

It seems that you have taken it off the OP.

I was wondering if you can send it to me as I am just starting out and trying to learn as much as possible.

Thanks a lot.
  • #963
  • Nov 13, 2009 11:53pm Nov 13, 2009 11:53pm
Quoting The Fool
On average, I trade every day from 0700 - 1000 GMT, then maybe an hour, at most, around the Tokyo open, then, I might trade around news at the NY open - but typically about 4 hrs/day of screen time. Mostly scalping E/U on the 10s/M1 charts & I average about 40 pips/day.

11 hrs/day is too much, not sustainable over time. Just mho. To each his own, though, and best of luck to you.
Appreciate your input. If I could figure out a better way to reduce the time without missing trades, that would be perfect, but haven't figured that out yet.
  • #964
  • Nov 14, 2009 3:55am Nov 14, 2009 3:55am
Quoting stinger88
Appreciate your input. If I could figure out a better way to reduce the time without missing trades, that would be perfect, but haven't figured that out yet.
You will find the major moves happening at central Europe and London open. If your target is 20 pips I don't think you need the 11 hours thing. Plus as others said, hard to sustain over time, and, you might find you get tired and irritated after the first few hours and make bad entries = lose money.

I think it's better to focus for 2-4 hours, about 6-10 GMT or 1-5 EST. If at any time within this timeframe you get your 20 pips go to bed. If you dont hit the target by 5 EST just shut down and get some rest.

Just my 2 pips...
  • #965
  • Nov 14, 2009 8:34pm Nov 14, 2009 8:34pm
Quoting The Fool
On average, I trade every day from 0700 - 1000 GMT, then maybe an hour, at most, around the Tokyo open, then, I might trade around news at the NY open - but typically about 4 hrs/day of screen time. Mostly scalping E/U on the 10s/M1 charts & I average about 40 pips/day.

11 hrs/day is too much, not sustainable over time. Just mho. To each his own, though, and best of luck to you.
hI,

care to share how you trade?

Oz
  • #966
  • Nov 14, 2009 8:57pm Nov 14, 2009 8:57pm
Quoting ozzieb88
hI,

care to share how you trade?

Oz
Howdy,

You can slog through my journal thread, "4% a day Forever" and get a good idea. If you do that you will see that I am still a newbie trader & that I have made some typical (and very costly) newbie mistakes. However, if you can stay alive long enough in this game you can learn how not to make those mistakes and then you can consistently make money. In short, my mo is all about scalping for small targets in "predictable volatility". There are traders who believe that trading iteratively for 2-3 pip profits is not worthwhile; some traders are interested in trading for "infinite yield". I am interested in taking money off the table as frequently as possible. The less time you are exposed to the market the less risk you incur. You can, however, hurt yourself with too much limitation. So I also look for larger winners on breakouts, including the aftermath of "news" announcements and the recurrent "breakouts" that occur at market wind-ups. If I catch a trend I am not averse to milking it. I will also swing trade off of obvious S/R levels. Even so, a 100-pip winner is about as big as I ever go, and in a typical week, a max winner is more like 30-40 pips. Stats for last week are typical: 128 trades, 84% winners, 200 pips total. short:long = 2:1, avg win: 2.4 pips. avg loss 2.8 pips, 16.4% account increase.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #967
  • Nov 15, 2009 11:17am Nov 15, 2009 11:17am
Impressive stats!

Out of curiosity, if you don't mind me asking, what kind of lot size do you use, and is it fixed?

Also, for how long have you been able to sustain such performance?

Thanks


Quoting The Fool
Howdy,

You can slog through my journal thread, "4% a day Forever" and get a good idea. If you do that you will see that I am still a newbie trader & that I have made some typical (and very costly) newbie mistakes. However, if you can stay alive long enough in this game you can learn how not to make those mistakes and then you can consistently make money. In short, my mo is all about scalping for small targets in "predictable volatility". There are traders who believe that trading iteratively for 2-3 pip profits is not worthwhile; some traders...
  • #968
  • Nov 15, 2009 3:01pm Nov 15, 2009 3:01pm
Quoting challenger78
Impressive stats!

Out of curiosity, if you don't mind me asking, what kind of lot size do you use, and is it fixed?

Also, for how long have you been able to sustain such performance?

Thanks
I normally scalp 1-lot per $5k of account balance. So, with a 5-pip sl, I am risking 1% of account. Counter-trend scalps will be sized smaller, but I have mostly gotten away from those. Something with a larger sl buffer (swing trade) will be sized smaller to maintain 1% risk or lower. I will do risky trades but with 0.5% down to 0.2% risk....

Sustaining performance - ah there's the rub. The equity curve of my account has 4-8 week stretches of steady profit punctuated by several large drawdowns. These were classic newbie mistakes: adding to losing trades, trading the wrong way during news, etc. So I'm about 50% in the hole. That's up from the worst of it - about 75% in the hole a few weeks ago. I am a better and much more careful trader after living through some bad mistakes.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #969
  • Nov 15, 2009 3:24pm Nov 15, 2009 3:24pm
Very interesting strategy. Thank you for sharing.
Can you say that the signal occurs very often during news time ? Do yo get the fills in that case ?
Did anyone try to make an EA yet ?
If not i think I will create one when I find some time.

xpie
  • #970
  • Nov 15, 2009 10:28pm Nov 15, 2009 10:28pm
I'll be trading tonight from 3 am stay tuned
Invest in alarm clocks
  • #971
  • Nov 16, 2009 12:41am Nov 16, 2009 12:41am
It's a learning process. So long as you are learning from the mistakes, you are doing well, and you seem to have it under control. Better make the mistakes now than later when the account will be 10x larger!

Quoting The Fool
I normally scalp 1-lot per $5k of account balance. So, with a 5-pip sl, I am risking 1% of account. Counter-trend scalps will be sized smaller, but I have mostly gotten away from those. Something with a larger sl buffer (swing trade) will be sized smaller to maintain 1% risk or lower. I will do risky trades but with 0.5% down to 0.2% risk....

Sustaining performance - ah there's the rub. The equity curve of my account has 4-8 week stretches of steady profit punctuated by several large drawdowns. These were classic newbie mistakes: adding to losing...
  • #972
  • Nov 16, 2009 12:42am Nov 16, 2009 12:42am
Quoting Tony112
I'll be trading tonight from 3 am stay tuned
Good luck Tony, this week will be eventful with plenty of opportunities!
  • #973
  • Nov 16, 2009 8:25am Nov 16, 2009 8:25am
Quoting Tony112
I'll be trading tonight from 3 am stay tuned

Tony... or guys who follow this thread ... how about mondays? Do you see a lot of valid set ups on mondays or is there not enought volume to push ther price lower/higher ?
  • #974
  • Nov 16, 2009 8:54am Nov 16, 2009 8:54am
I dont know about the others. But everyday is different for me, looking at 5sec charts... sometimes wait hours for nothing. somethings you see a set up within 20mins!

I dont know why, but Thursday's are my biggest winners...maybe thats just me I dont know.

Oz
  • #975
  • Nov 16, 2009 2:08pm Nov 16, 2009 2:08pm
during the London open I didn't notice any opportunities, so no trades... during the days when I was sleeping there was a breakout on the EUR/USD during the speach this morning... missed it

I'll see you tonight... remember: the less entries you see yourself taking ... the better you are doing in your journey in forex
Invest in alarm clocks
  • #976
  • Nov 17, 2009 3:43am Nov 17, 2009 3:43am
L trade at 5.30am?
  • #977
  • Nov 17, 2009 8:33pm Nov 17, 2009 8:33pm
Quoting monies
L trade at 5.30am?


definitely I remember I saw it but it was too late
Invest in alarm clocks
  • #978
  • Nov 17, 2009 8:38pm Nov 17, 2009 8:38pm
10 pip candle - go for it!
Invest in alarm clocks
  • #979
  • Nov 18, 2009 1:05am Nov 18, 2009 1:05am
I can't find the sytem in the first post..

How are you guys trading this?

Thanks
  • #980
  • Nov 18, 2009 1:38am Nov 18, 2009 1:38am
Quoting stockey
I can't find the sytem in the first post..

How are you guys trading this?

Thanks
Everything you need is in the first post. Re-read then look through entire thread. There are tonnes of examples.
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