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4% A Day Forever

  • #681
  • Dec 11, 2009 6:49am Dec 11, 2009 6:49am
Quoting AceOfTrades
nice work, are u still taking small 3-5 pip winners or trying to hold for more?
i always look for more but in slow pa i get tired of waiting & just take money off the table then reload. i am cool with the small winners and i know that they add up to decent gains when i am consistently winning trades...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #682
  • Dec 11, 2009 2:20pm Dec 11, 2009 2:20pm
Quoting The Fool
i always look for more but in slow pa i get tired of waiting & just take money off the table then reload. i am cool with the small winners and i know that they add up to decent gains when i am consistently winning trades...
I woke up this morning a little before the NY open and I saw some good pa on E/U M1 so i did a few scalps that netted about $75 in about 10 minutes. Feeling happy, went back to sleep. Got up later & saw that I had quit just before the huge drop in E/U began. ~160 pips it dropped. I am always missing these big moves. I need to get my shit together on the longer tf higher yield trades.

Short game is tight now I need to work on my drives.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #683
  • Dec 11, 2009 3:22pm Dec 11, 2009 3:22pm
Quoting The Fool
I woke up this morning a little before the NY open and I saw some good pa on E/U M1 so i did a few scalps that netted about $75 in about 10 minutes. Feeling happy, went back to sleep. Got up later & saw that I had quit just before the huge drop in E/U began. ~160 pips it dropped. I am always missing these big moves. I need to get my shit together on the longer tf higher yield trades.

Short game is tight now I need to work on my drives.

I'm never around anytime pretty much except for when the market is REALLY dead, I to would like to catch 1 of these moves just once in my life

The issue is though, IF you think every swing is going to be a 200pipper then you'll see +20 and 95% of the time end up hitting your SL and killing your account.

The best method is to go into SUPER TREND Mode on the big moves then hold for big gains, the rest of the time stick to your +20's or whatever.


Dunno about you mate, but PA we weak, volume felt week, no follow through very hard going this week, I'm up with only 1 loser out of 16 or something but a average profit of 6.6pips I want 20+ really or my 15 - 20SL is kinda painful.

Guess it'll get worse going into Xmas to
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #684
  • Dec 11, 2009 4:18pm Dec 11, 2009 4:18pm
Quoting Turveyd

Dunno about you mate, but PA we weak, volume felt week, no follow through very hard going this week, I'm up with only 1 loser out of 16 or something but a average profit of 6.6pips I want 20+ really or my 15 - 20SL is kinda painful.

Guess it'll get worse going into Xmas to
Yeah definitely it was a week to try the patience of the trend traders. I can scalp in the range so I did ok - sitting at +11% going into Sunday night.

In truth I was expecting a profit-taking stretch in December and I called 1.46 for this month many weeks ago - but now I'm kinda surprised E/U has come down after all.

Have a great weekend dude!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #685
  • Dec 11, 2009 4:27pm Dec 11, 2009 4:27pm
Slow and steady wins the race....here's a hint on catching the big moves...step up your time charts....try the Daily....you'll be surprised
how much easier it is and how much more pips you can bag...

I took my $42 in the hole account to slightly over $60

I bagged over 1500 pips.....using .01 lots LOL on a micro account...

This is my lesson learned from over leveraging using big lots...


http://www.mt4i.com/charts/ResultCha...ps&w=400&h=200

http://www.mt4i.com/charts/ResultCha...ss&w=400&h=200

http://www.mt4i.com/charts/ResultCha...ol&w=400&h=200

http://www.mt4i.com/charts/ResultCha...ns&w=400&h=200

You can see that I made slightly over 1500 pips using slightly over 15 positions....that's roughly 100 pip gainers per position...very few losses...





Quoting The Fool
I woke up this morning a little before the NY open and I saw some good pa on E/U M1 so i did a few scalps that netted about $75 in about 10 minutes. Feeling happy, went back to sleep. Got up later & saw that I had quit just before the huge drop in E/U began. ~160 pips it dropped. I am always missing these big moves. I need to get my shit together on the longer tf higher yield trades.

Short game is tight now I need to work on my drives.
In Charts We Trust!
  • #686
  • Dec 11, 2009 4:39pm Dec 11, 2009 4:39pm
Quoting X.Oden
Slow and steady wins the race....here's a hint on catching the big moves...step up your time charts....try the Daily....you'll be surprised
how much easier it is and how much more pips you can bag...

I took my $42 in the hole account to slightly over $60

I bagged over 1500 pips.....using .01 lots LOL on a micro account...

This is my lesson learned from over leveraging using big lots...


http://www.mt4i.com/charts/ResultCha...ps&w=400&h=200

http://www.mt4i.com/charts/ResultCha...ss&w=400&h=200...

Or you had a statistical blip for 15 trades which is more likely, the longer the TF your trading off the nearer it becomes a 50/50 game, it's pretty much impossible to longer term score more than a 53% win rate from 1D charts with forex, based on just charts this is other factors could improve your score.

So 1D charts, 53% 200TP 200TP make 100trades and you'd be up 600pips keeping it simplistically and thats if your a good D1 trader.

Looking at your data, as you did this in 1day you got lucky you picked the direction correcly on 1 and the rest followed ( sometimes in opposite ofcourse ), the next day you'll likely ( well 50/50 ) get the opposite result.

1M charts keeping it stall and OUT, you'll get 90%+ win rate ( If your good ), 20 trades per day, 10 pips per pop and it soon adds up.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #687
  • Dec 11, 2009 5:19pm Dec 11, 2009 5:19pm
Here are my trades for the month....

.01 cents = 1 pip...


Quoting Turveyd
Or you had a statistical blip for 15 trades which is more likely, the longer the TF your trading off the nearer it becomes a 50/50 game, it's pretty much impossible to longer term score more than a 53% win rate from 1D charts with forex, based on just charts this is other factors could improve your score.

So 1D charts, 53% 200TP 200TP make 100trades and you'd be up 600pips keeping it simplistically and thats if your a good D1 trader.

Looking at your data, as you did this in 1day you got lucky you picked the direction correcly on 1 and the rest...
Attached Image (click to enlarge)
Click to Enlarge Name: 12-11-2009 5-13-49 PM.jpg Size: 508 KB
In Charts We Trust!
  • #688
  • Dec 11, 2009 5:28pm Dec 11, 2009 5:28pm
Quoting X.Oden
Here are my trades for the month....

.01 cents = 1 pip...

Thats hard to read even full screened, but some good trading there to be fair to you!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #689
  • Dec 11, 2009 5:32pm Dec 11, 2009 5:32pm
Hey thanks......but if you click it twice, you can open it in your browser and enlarge it....

Quoting Turveyd
Thats hard to read even full screened, but some good trading there to be fair to you!!
In Charts We Trust!
  • #690
  • Dec 11, 2009 5:38pm Dec 11, 2009 5:38pm
Quoting X.Oden
Hey thanks......but if you click it twice, you can open it in your browser and enlarge it....
Doh! Well open in new window not flash thingy!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #691
  • Dec 11, 2009 5:44pm Dec 11, 2009 5:44pm
As to your theories about increasing probabilities to 50/50....as you move up in time frame. I'll prove you wrong once more...

Have a look at my hedge trades....I'll include only a demo here, it expired already, but just to show you what can be done with larger time frames and how consistency can be achieved depending on how you trade....

115 wins / 1 loss - all manual trades - 2 month time period - demo expired.....

Quoting Turveyd
Or you had a statistical blip for 15 trades which is more likely, the longer the TF your trading off the nearer it becomes a 50/50 game, it's pretty much impossible to longer term score more than a 53% win rate from 1D charts with forex, based on just charts this is other factors could improve your score.

So 1D charts, 53% 200TP 200TP make 100trades and you'd be up 600pips keeping it simplistically and thats if your a good D1 trader.

Looking at your data, as you did this in 1day you got lucky you picked the direction correcly on 1 and the rest...
Attached Image (click to enlarge)
Click to Enlarge Name: hedge.jpg Size: 164 KB
In Charts We Trust!
  • #692
  • Dec 11, 2009 6:06pm Dec 11, 2009 6:06pm
I'd hedge my bets your not waiting for a D1 to close, your seeing a upward move while looking at a D1 chart and going long and vice versa.

much the same as some people trade profitably just off watching the numbers with no charts at all.

If so then thats keeping it simple and no problems with that all.


Can you keep it that simple though when it's real money ??

Can't see them proper, even saved and zoomed into, too much JPG noise, any chance of a better higher res shot so I can check the entrys on some charts please.

Thanks
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #693
  • Dec 11, 2009 6:10pm Dec 11, 2009 6:10pm
Shoot me your email I'll send it to you again....

Yes I can and I am hedging a few live accounts that are achieveing this level of consistency.....

The nice thing about hedging is, if you make a mistake, you can always fix it and stabilize the account....

Anyway.....in terms of scalping, I suck at it....you have to have precision everything, so my hats off to you guys that can scalp and do for a living. I know, its not easy.....for me, its easier to trade longer time frames....is all I'm saying.


Quoting Turveyd
I'd hedge my bets your not waiting for a D1 to close, your seeing a upward move while looking at a D1 chart and going long and vice versa.

much the same as some people trade profitably just off watching the numbers with no charts at all.

If so then thats keeping it simple and no problems with that all.


Can you keep it that simple though when it's real money ??

Can't see them proper, even saved and zoomed into, too much JPG noise, any chance of a better higher res shot so I can check the entrys on some charts please.

Thanks
In Charts We Trust!
  • #694
  • Dec 11, 2009 6:15pm Dec 11, 2009 6:15pm
Actually, no, your bets are incorrect...I don't take my trades that way, though, that way can work. If you look at a D1 chart, you can clearly see, that many of the trending moves have very little chop in them. Based on this alone, you can create tight stops and just ride in the direction of the trend each time and make a nice sum. The thing most people don't understand about riding a daily is that the bars will fluctuate and change several times during the day from a doji, to a full candle, to a top etc.....and you just have to trust from doing backscrolls that if you place your trade in the direction of the trend and ride it out, it will go your way more times than not.

It just takes some getting used to. For hot shot scalpers, the hardest thing won't be finding the trend. That's the easy part, the hardest thing will be allowing your profits to run a few bars before closing the pair to finally take the profits. This could go on for days, even weeks.....and sometimes, you see a 80 pip gain and you think, wow! that's alot, but honestly, its not....so the hardest thing about moving up time frames is sitting on your hands and trusting your method of trading...



Quoting Turveyd
I'd hedge my bets your not waiting for a D1 to close, your seeing a upward move while looking at a D1 chart and going long and vice versa.

much the same as some people trade profitably just off watching the numbers with no charts at all.

If so then thats keeping it simple and no problems with that all.


Can you keep it that simple though when it's real money ??

Can't see them proper, even saved and zoomed into, too much JPG noise, any chance of a better higher res shot so I can check the entrys on some charts please.

Thanks
In Charts We Trust!
  • #695
  • Dec 11, 2009 6:43pm Dec 11, 2009 6:43pm
Quoting X.Oden
Actually, no, your bets are incorrect...I don't take my trades that way, though, that way can work....

Thats why I need to see your data, so judging by the name HEDGE, your likely running positions in both directions and some may take days / weeks / months to get back to profit ?? in a No SL kinda way!!

Which if so is GREAT until you get a serious market reversal but in the chop we've had the last few months it would work well and about the only strategy that would get that kinda win rate.

And if you start taking 80 and not holding for 300+ while risking 1000 say for arguements sake then your not going to go very far.

Haven't got the account, the time, the energy, the patience to trade at $0.01 where a 600pip move makes $6, which is the level i'd have to trade at with my funds.

And there are still likely people like you holding GU Longs from 2.1000 area, ofcourse there only -$45 at $0.01 so maybe no big deal!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #696
  • Dec 11, 2009 7:23pm Dec 11, 2009 7:23pm
Quoting X.Oden
For hot shot scalpers, the hardest thing won't be finding the trend. That's the easy part, the hardest thing will be allowing your profits to run a few bars before closing the pair to finally take the profits. This could go on for days, even weeks.....and sometimes, you see a 80 pip gain and you think, wow! that's alot, but honestly, its not....so the hardest thing about moving up time frames is sitting on your hands and trusting your method of trading...
Well, that's it in a nutshell, ain't it? The mindsets between the two styles are really different & can't be mixed. And that's why I have set up separate swing accounts - so I can set them trades and put them aside while they run to ginormous profits. While I'm waiting, I can scalp for a few hours a day out of the scalper account. Short game / long game. I gotta believe I can roll that way.

Still working on the long game, though - not ready for prime time.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #697
  • Dec 11, 2009 7:38pm Dec 11, 2009 7:38pm
Quoting The Fool
Well, that's it in a nutshell, ain't it? The mindsets between the two styles are really different & can't be mixed. And that's why I have set up separate swing accounts - so I can set them trades and put them aside while they run to ginormous profits. While I'm waiting, I can scalp for a few hours a day out of the scalper account. Short game / long game. I gotta believe I can roll that way.

Still working on the long game, though - not ready for prime time.
Two different approaches, you have your pro scalpers like you and Cobra, Turv etc. and you have position traders like X.Oden and myself in a way. I would never even entertain the thought of being a scalper....I think it is way more stressful that trading daily or 4hr. Just my take.

I don't think one is better than the other but the thought of getting paid sooner sure is appealing. lol Can't take the pressure so I'll stay in the tree and wait.

Yes, you scalpers cleaned up while I was waiting for a trend. lol I managed to get some hourly trades on yen with larger than usual positions but I had to. Seems almost like hourly candles are too fast for me. haha!

My hats off again! Have a great weekend.
  • #698
  • Dec 11, 2009 8:45pm Dec 11, 2009 8:45pm
You can actually combine the two styles. I trade that way. I look for trades on the 1 min but I look for opportunities to move a stop to break even and then just let it run. It's not uncommon for me to be up 100+ pips on a 1 min chart trade. I have trades that run for days and will even leave trades on over the weekend if I am up at least 75 pips.

It all comes down to your attitude towards the trade. Once I move to B.E. I really don't care what happens to the trade. I am off looking for another trade.

Looking forward to next week. I plan on trading hard and heavy and then taking 2 weeks off for Christmas and new years and come back on the 2nd of Jan. to do it all over again.
  • #699
  • Dec 11, 2009 8:58pm Dec 11, 2009 8:58pm
Quoting magnumfreak
You can actually combine the two styles. I trade that way. I look for trades on the 1 min but I look for opportunities to move a stop to break even and then just let it run. It's not uncommon for me to be up 100+ pips on a 1 min chart trade. I have trades that run for days and will even leave trades on over the weekend if I am up at least 75 pips.

It all comes down to your attitude towards the trade. Once I move to B.E. I really don't care what happens to the trade. I am off looking for another trade.

Looking forward to next week. I plan on...
Yes sir, some people can. I know that you are one of those that are very good at it. I can refine entries on small timeframes but I mainly look for signal candles to alert me on higher timeframes. Having said all that, it starts with a tick.

Cheers!
  • #700
  • Dec 11, 2009 9:00pm Dec 11, 2009 9:00pm
Quoting magnumfreak
You can actually combine the two styles.
I bet in time i could work into that but for now it helps me to be in "scalper mind" in a segregated account. Even when I catch a runner on a scalp set at BE I will usually bail out w/ 50p or less. So do you set a high range target? How do you manage exits on a long-running trade?
"If The Fool persists in his Folly he will become wise." - William Blake
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