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4% A Day Forever

  • #821
  • Jan 5, 2010 2:10pm Jan 5, 2010 2:10pm
Quoting magnumfreak

Not sure how he was when he was younger but in his later years, he was cool in my book. Very approachable.

Anyway, sorry for the trip down memory lane. It's an old person thing. LOL!
What a cool story! Thanks for sharing that. Now, let's all get on the good foot....Good God!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #822
  • Jan 5, 2010 6:42pm Jan 5, 2010 6:42pm
Bracketed 1/2-hr each side of Tokyo open and scored about 16 pips. I am still in practice mode, $0.25/pip, but will probably start trying to make some money tomorrow. Scalping is like hardcore dodgeball - you have to be inshape & on your game else you'll get creamed. Juicy news at NY open tomorrow will be worth trading with size...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #823
  • Jan 5, 2010 6:46pm Jan 5, 2010 6:46pm
Im starting to see some good m1 trades, guess my viewpoint back then was too green to see any use in m1.
Annoying Precision
  • #824
  • Jan 5, 2010 10:36pm Jan 5, 2010 10:36pm
The Fool, it would be interesting to see you succeed doing this. I believe you can do it. I know there are people doing a more modest level (2%) on a daily basis
  • #825
  • Jan 6, 2010 2:43am Jan 6, 2010 2:43am
Quoting erikte279
Im starting to see some good m1 trades, guess my viewpoint back then was too green to see any use in m1.
The nature of M1 changes throughout the year. I tested and manually demo traded last years data from around this time. from about October I think it was to about March the markets where ripe on the M1 and even a newb like myself on some days doubled my measly sim account dollars.

Now the markets are not quite the same these days from what I've seen briefly but they have on the glimpses I've seen been fairly volatile, and fast volatility is a no-brainer to make dollars on with a fairly random entry with basic pyramiding. Have a look at M1 from about 6 months ago and it is likely to appear to be quite a different landscape to today (i haven't looked, just guessing).
Congratulations ScalaFX for coming out of the closet!
  • #826
  • Jan 6, 2010 4:41am Jan 6, 2010 4:41am
Hi Nubcake,

I have only been watching the E/U charts for about 8 months. I know I have noticed differences in the short tf price action but I'm not sure I could really characterize what those are. I believe I can tell the difference between thin market volatility and volatility with good liquidity. And I prefer the latter - it is easier to scalp. And I have not seen much of it lately. Thin market moves can be fast and large but they seem more erratic to me...

I have read that trading volume has been down in the last couple years, in general. I think I read that CME futures trading volume was down by 30% in 2008 over 2007. I am not sure if I picked a bad time to learn to trade or what - in the middle of a global credit crisis & recession. Maybe that's why I don't know much.

I know how to recognize a trend. Have learned to read price action pretty well. I know a few patterns. The breakout set-ups are good to know. I've got some of the lingo down. Seriously, though, one does not need to know very much to identify short term volatility and successfully scalp 3-pip winners in it, which is mostly what I do.

At this point I am going to start trying to automate what I do and see if that works. Manual scalping one pair is a chore. I need a bot to do it for me on 15 pairs at a time while I go shopping.

Anyway, thanks for stopping in on my thread. I liked what you wrote over on the "Forex vs. Stocks" thread - agreed with all of that pretty much.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #827
  • Jan 6, 2010 12:55pm Jan 6, 2010 12:55pm
Quoting The Fool

I have read that trading volume has been down in the last couple years, in general. I think I read that CME futures trading volume was down by 30% in 2008 over 2007.
http://forexmagnates.com/institution...k-to-normal-2/
"If The Fool persists in his Folly he will become wise." - William Blake
  • #828
  • Jan 7, 2010 10:05am Jan 7, 2010 10:05am
I'm starting to think scalping's the way to go...geez....I've been watching my partner trade smaller time frames for a few pips a day and the darn account is growing faster than I could imagine....

I love the larger time frames, don't get me wrong, but the scalping he does seems almost effortless...he's in and out and done within less than an hour most of the time.....

We use basically the same strategy....simple swing and entry in the middle of the move.....
In Charts We Trust!
  • #829
  • Jan 7, 2010 10:06am Jan 7, 2010 10:06am
Fool,

When will you be posting your results again?
In Charts We Trust!
  • #830
  • Jan 7, 2010 10:12am Jan 7, 2010 10:12am
Quoting X.Oden
I'm starting to think scalping's the way to go...geez....I've been watching my partner trade smaller time frames for a few pips a day and the darn account is growing faster than I could imagine....

I love the larger time frames, don't get me wrong, but the scalping he does seems almost effortless...he's in and out and done within less than an hour most of the time.....

We use basically the same strategy....simple swing and entry in the middle of the move.....

Welcome to the Scalping Side, it can get you poor and rich very quickly much faster both ways than longer TF's, hence our interest.

I'm currently evolving into more of a full on Scalper myself.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #831
  • Jan 7, 2010 10:25am Jan 7, 2010 10:25am
I started out scalping years ago. Was very good at it. Then like most, I blew up my account from lack of money management. Never went back to it....decided to ride the trends with small position sizing. Never looked back. As of 2 years ago, I became profitable, still made lots of mistakes along the way, but my trading is pretty tight now when I'm not playing around and experimenting (old habit). In any case....I can't help but get excited watching an account grow at a nice pace through short scalps and hardly any time spent in the markets.

Small quick gains in and out once a day is all we're doing. My long term trades are also nice when a trade finally closes and you're sitting on nice profits, but sometimes it gets EXTREEEEEEEMELY BORING!

I've taken up playing my playstation 3 again and working out in my spare time now to keep my sanity.




Quoting Turveyd
Welcome to the Scalping Side, it can get you poor and rich very quickly much faster both ways than longer TF's, hence our interest.

I'm currently evolving into more of a full on Scalper myself.
In Charts We Trust!
  • #832
  • Jan 7, 2010 11:03am Jan 7, 2010 11:03am
Quoting X.Oden
I started out scalping years ago....

I keep getting good at scalping growing the account hugely then failing badly and blowing the account and repeating unfortunately.


Working on a really simple M1 25ema entry system at the moment, looking promising and easy so another attempt at scalping and huge growth is about to start.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #833
  • Jan 7, 2010 1:36pm Jan 7, 2010 1:36pm
Quoting X.Oden
Fool,

When will you be posting your results again?
It might be a while amigo. I have long wanted to be able to show a steady equity curve for many months running - so I am working on that. I have had good steady results since November but have been divvying the account in various ways since then, too. Also trading was pretty much nil from about Dec. 15 til yesterday.

Since I have gotten comfortable trading in the >std. lot range, I realize I might as well be scalping fx futures, and I am considering transitioning to that for most/all of the trading I do. I am spending time demo'ing NT because it is (at least) portable between the various futures brokers, generally. I have not really liked the other platforms that the futures brokers have. I have started a couple accounts for trading longer tf with O__A, & will probably keep them & trade them small to start out...

Actually I'm not sure how much time I will have to scalp in the coming 2-3 months since I am starting this month on a project that will keep me away from a desk all day. I will probably try to do about 2 hrs max at the FO/LO but that will be all. That should be enough if I'm living right.

Last night I traded 1/2 size and made about 2% so I am getting back on track after laying off for a few weeks.

I think it would be fun to have a weekly/monthly competitive thread here on FF. I am competitive as anybody and it actually helps me to feel that kind of pressure - that is one thing that is lacking in the scenario of "old dude in his pajamas trading from his home office" vs. "trading in a trading room with other traders" - I imagine, anyway, don't know since the "old dude in pajams" is the only thing I know...

But I don't have time for it now - maybe in the future....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #834
  • Jan 7, 2010 2:05pm Jan 7, 2010 2:05pm
for people asking after my system, i have a thread for it now called Beejay System
i hear people say its the simplest system so far. i have received PM from people giving their compliment, i just hope im not flattered.
  • #835
  • Edited 2:36pm Jan 7, 2010 2:05pm | Edited 2:36pm
Quoting Turveyd
Welcome to the Scalping Side, it can get you poor and rich very quickly much faster both ways than longer TF's, hence our interest.
I have found that aggressive scalping is reliable and profitable but it takes alot of discipline and it is a constant struggle to maintain that - although it is getting easier with time.

The temptation is always there to enter a trade because I am looking for a very small winner. And small winners are easy, right? Hell, at $15/pip, where I am now, even a 1-2 pip winner is worthwhile. However, I have found that I really need to be patient and lay off the weak PA and just trade the heavy liquidity based volatile moves. If I stick to that scenario it is very easy to scalp multiple small winners & at 0.2%/pip it is easy to make 2-4% account gain in a very short time....that is often quite doable in an hour or less.

But if I fall into the trap of overtrading then the double-edged sword cuts deep. At 0.2%/pip the losses can add up quick, too. And the natural tendency is to let losses run further than winners. So that is a really slippery slope.

I have gotten to where I figure I have made a bad entry if the trade does not immediately run into profit. And with this operating assumption in force I can tighten up the sl to 2 pips. Whether you use a hard sl or a mental one, you have to be able to bring your loss size pretty close to the size of your average winner. Then, as you get good about picking directional momentum, the high % win rate takes care of the rest.

Then there is the issue of "letting winners run". This is something that I really want to do. If I enter a scalp loaded up at 0.2%/pip and I catch a 20 pip breakout, then my 4% day could be done in a minute. But I have struggled with this. And - (duh) - only in the last couple months of trying have I figured out why: I can't do it in ranging PA. It only works in breakouts or if I catch a strong move into well-trending PA.

Scalping into weaker PA that may be trending - with the intent of moving sl to BE and catching a longer target - that's good, I am doing that in the swing trading accounts - but not with 0.2%/pip. More like 0.1% or 0.05%.

The 0.2%/pip scalp is getting to be a breakout play by & large...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #836
  • Jan 7, 2010 2:11pm Jan 7, 2010 2:11pm
Quoting beejay
for people asking after my system, i have a thread for it now called Beejay System
i hear people say its the simplest system so far. i have received PM from people giving their compliment, i just hope im not flattered.
Good luck, beejay. Let your account do the sweet-talking - that's the only place it matters.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #837
  • Jan 7, 2010 2:18pm Jan 7, 2010 2:18pm
Quoting The Fool
I have found that aggressive scalping is reliable and profitable but it takes alot of discipline and it is a constant struggle to maintain that - although it is getting easier with time.

The temptation is always there to enter a trade because I am looking for a very small winner. And small winners are easy, right? Hell, at $15/pip, where I am now, even a 1-2 pip winner is worthwhile. However, I have found that I really need to be patient and lay off the weak PA and just trade the heavy liquidity based volatile moves. If I stick to that scenario...

$15 per pip, NICE

I'm going back to using manual stops, main empasis from here is Killing Losers ASAP and accepting I'm going to get a lot of small losers.

Actually if I wait for decent market momentum then not that many to be honest and regular 20 - 40pip moves on EJ and Gold can be hoped for atleast.

My systems gotten simplified to the point where I pretty much just trade 25ema - Open.

Small Loss, Small Loss, Small Profit, Big Profit is kinda the ratio I expect to hit, or -10 -10 +10 +30 so +20pips per 4 trades average do me.

hey it's the latest cunning plan!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #838
  • Jan 7, 2010 2:47pm Jan 7, 2010 2:47pm
Quoting Turveyd

I'm going back to using manual stops, main empasis from here is Killing Losers ASAP and accepting I'm going to get a lot of small losers.
Keep track of your stats with myfxbook or manually. (I use the software because in a normal week I will have 100+ trades.) Then you can see what your avg. winner size & average loser size are. And your win percentage.

When I first started doing that, I was surprised to find out that my average loser was verging on twice the size of my avg. winner. (This was in weeks that were not influened by blowout bad trades or over-sized swingtrade winners.) Anyway, I was generally profitable under those conditions since I usually had a win rate >75%. But, obviously, keeping the losers smaller & smaller while letting winners run, or at least maintaining good win/loss size ratio with high win rate will make you richer.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #839
  • Jan 7, 2010 2:50pm Jan 7, 2010 2:50pm
Quoting The Fool
Keep track of your stats with myfxbook or manually. (I use the software because in a normal week I will have 100+ trades.) Then you can see what your avg. winner size & average loser size are. And your win percentage.

When I first started doing that, I was surprised to find out that my average loser was verging on twice the size of my avg. winner. (This was in weeks that were not influened by blowout bad trades or over-sized swingtrade winners.) Anyway, I was generally profitable under those conditions since I...

I copy my account statement into Excel and do charts and stat's on it normally, I used to update a Excel spread sheet with every trade and a note about it, but never read them so became a time waste I wasn't really using.

I like seeing my account value, and bar chart of each profit / loss but it's all about my balance at the end of the day
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #840
  • Jan 7, 2010 3:55pm Jan 7, 2010 3:55pm
Hi Fool,
Been stoppin in to check up for a while, you've got an agreeable bunch around here with the occasional AH mixed in. Not a bad place to spend time and listen to the conversation. Good luck in your quest.
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