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4% A Day Forever

  • #901
  • Jan 14, 2010 7:53pm Jan 14, 2010 7:53pm
Quoting The Fool
Ok but TGM I do not use MA's in any of my trading. I have some thrown up on the charts but they are more like general trend reminders for me rather than part of any system for selections of entries/exits. Same goes for the BB - they are on there only as a measuring tool. If you had read through any or all of this thread you might have become aware of that.

Now if you have a bone to pick or an axe to grind with Turveyd I'd appreciate it if you did that elsewhere. Otherwise, if you & Vegas or whoever are making money trading forex, fine, more power...

LOL, ofcourse price doesn't always bounce of MA's the market would only go in 1 direction for ever which would kinda make this to easy

He'll get bored soon don't worry.

Or may I recommend the Ignore feature
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #902
  • Jan 15, 2010 3:55am Jan 15, 2010 3:55am
Quoting The Fool
I use 50:1, would probably not increase it if I could. In the past, it is true, my trade size has been all over the map and I had an undisciplined approach to risk management. Currently, though, (when scalping) I use a maximum of 0.2% of account per pip with a maximum sl of 5 pips - so a max account risk of 1% per trade. I back off of that sometimes but more and more I am patiently looking for volatile moves that offer good r:r potential and I am trying to live with a consistently increasing trade size as described above. So 20 pips/day net would...
Hi The Fool,

Just checking in to see how your week went before I sign off (will check back on Sunday).

How's your consistency and stuff going? Making off like a bandit this year I hope.

Do you believe I am still holding those 2 AUDUSD longs I posted to you on the 3rd of January from 0.8817 and 0.895 on the daily? ...just think of the carry
  • #903
  • Jan 15, 2010 4:49am Jan 15, 2010 4:49am
Quoting sinner-
Hi The Fool,

Just checking in to see how your week went before I sign off (will check back on Sunday).

How's your consistency and stuff going? Making off like a bandit this year I hope.

Do you believe I am still holding those 2 AUDUSD longs I posted to you on the 3rd of January from 0.8817 and 0.895 on the daily? ...just think of the carry
Hi sinner,

I am doing well with the method I have settled into but stiil plenty of room for improvement. Overtrading - trading outside the bounds of my "system" (lol) are the traps I am trying to avoid. I have a gambling streak, too - so to help curb that I am not trading around the larger (most volatile) news events (FOMC, NFP, etc) anymore. I had thought I might set up a dedicated "gambling" account to trade those but....nah...better to just quit it cold turkey. I have not scalped much in the last couple days. Have not felt very well. The Haiti equake has been bothering me & I have had some awful dreams.....

Anyway. I am picking up engineering work and I am going to have to limit trading time. I will still probably scalp for an hour or so at the FO/LO but having to cut out my late nights will maybe force me into developing some trading skills on the long tf's. On an hourly basis, at this point, trading pays quite more than what engineering does. But its a bore. I would not want to be a "full time trader" at the expense of giving up my profession. Not that I will stop trading, though - lol - I am as greedy as the next schmuck and I have plenty of ways to blow the extra income.

With the probable limitation of spot margin to 10% max in the US I am going to transition into futures. I am demo trading Ninja Trader and when I have gotten set into that software I will make that change. I might still trade fx futures but the emini S&P contract is easier to scalp.

I was surprised to see over on the A/U thread that you were interested in a poster's astrological analysis. I have an open mind about astrology but I don't think I would try to apply it beyond anything that draws breath.

Have a good weekend bud.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #904
  • Jan 17, 2010 9:19pm Jan 17, 2010 9:19pm
Do any of you old timers skip Mondays? And Fridays after London close but I think that is an even easier call.....?

As winners get bigger I can see how you might. Having an extra-long weekend is a decent tradeoff.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #905
  • Jan 17, 2010 9:48pm Jan 17, 2010 9:48pm
Quoting The Fool
Do any of you old timers skip Mondays? And Fridays after London close but I think that is an even easier call.....?

As winners get bigger I can see how you might. Having an extra-long weekend is a decent tradeoff.
no and yes. I will finish early on NFP Fridays. No new trades after 4 am and all out before 7. Normal Fridays are no new trades after 9 am and usually all out by noon. All times are eastern time U.S. After about noon on Friday price tends to slow down a good bit and it just isn't worth it.
  • #906
  • Jan 17, 2010 10:04pm Jan 17, 2010 10:04pm
http://www.bloomberg.com/apps/news?p...d=aLBsUpwvcK9U#

Interesting article. USD carry trade passing back to JPY? Buy $/yen on dips, sell E/U off of spikes? Volatile swings to decrease broadly across majors?

Does decreasing inter-day volatility correlate to decreasing intraday volatility? That won't do.....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #907
  • Jan 18, 2010 11:29am Jan 18, 2010 11:29am
Haa Fool,
I like your new look.
  • #908
  • Jan 18, 2010 1:24pm Jan 18, 2010 1:24pm
Note to self: Trader's Holidays:

After 2nd week of December til after MLK Day

All August - after Labor Day
"If The Fool persists in his Folly he will become wise." - William Blake
  • #909
  • Jan 18, 2010 2:08pm Jan 18, 2010 2:08pm
Quoting The Fool
Note to self: Trader's Holidays:

After 2nd week of December til after MLK Day

All August - after Labor Day

I think it's 2 weeks before august the entire 6 week school holiday ( thats what we have here ), that was brutally choppy and I barely got to August then stopped trading from those 2 weeks.


Any time the Range is low forget it, you might spot some moves that have some go but there hard to spot in a sea of chop, for Scalping its in, Exit loss and repeat too many times.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #910
  • Jan 19, 2010 5:01am Jan 19, 2010 5:01am
Went into the FO/LO tonight and just didn't like it, weak and equivocal PA, not my cup of meat. Almost bagged it but went ahead anyway & quickly lost 4%. Came back later and scored some bigger scalps at the GBP CPI news and then the German ZEW was especially kind. So I broke even +/-. Not my favorite way to spend 3-4 hous but it could have been worse. I can't rock the forex world every night.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #911
  • Jan 19, 2010 6:11am Jan 19, 2010 6:11am
Quoting The Fool
Went into the FO/LO tonight and just didn't like it, weak and equivocal PA, not my cup of meat. Almost bagged it but went ahead anyway & quickly lost 4%. Came back later and scored some bigger scalps at the GBP CPI news and then the German ZEW was especially kind. So I broke even +/-. Not my favorite way to spend 3-4 hous but it could have been worse. I can't rock the forex world every night.
Lost 4% you've not done that before, don't make it a new thing and keep on rocking.

Ohhh reading later on back to break even cool


Sleep more trade less mate I suspect!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #912
  • Jan 19, 2010 2:36pm Jan 19, 2010 2:36pm
Quoting Turveyd

Sleep more trade less mate I suspect!!
Glad to see you're still alive, buddy.

Overtrading is the downfall of the over-leveraged. I am going to have to learn to leave the weak ranging junk alone. Pretty soon the 2-hr a day limit is going to kick in & I won't be able to stay up til 0-dark-hundred to trade the news. We'll see how that goes.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #913
  • Jan 19, 2010 2:46pm Jan 19, 2010 2:46pm
Quoting The Fool
Glad to see you're still alive, buddy.

Overtrading is the downfall of the over-leveraged. I am going to have to learn to leave the weak ranging junk alone. Pretty soon the 2-hr a day limit is going to kick in & I won't be able to stay up til 0-dark-hundred to trade the news. We'll see how that goes.

Not for a lack of that weirdo trying to get me banned i'd bet LOL ( who actually has a thing for this thread to and wants it moved to rookie or something )

My S10 system is looking much better than anything previous, dumped gold so I can have SL's in to limit my BAD days although don't plan to let it run against me that far.

Pretty much Maxed out the next week or 3, might get to trade Friday all being well.


Avoiding rubbish market conditions is key, if the market isn't moving 5pips for you to see the momentum, then another 3 to cover the spread, then atleast another 10 for me so 18+ pips fairly frequently just don't bother I say.


Hate it when work gets in the way of trading, couple of months and all being well Full Time trading, if the new S10 holds water.


Markets CRAP today to, so get some sleep and take a night out dude!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #914
  • Jan 19, 2010 3:05pm Jan 19, 2010 3:05pm
Quoting Turveyd
My S10 system is looking much better than anything previous, dumped gold so I can have SL's in to limit my BAD days although don't plan to let it run against me that far.

Avoiding rubbish market conditions is key, if the market isn't moving 5pips for you to see the momentum, then another 3 to cover the spread, then atleast another 10 for me so 18+ pips fairly frequently just don't bother I say.
Gold is tempting but the r:r is hard to rein in. Sounds like you are on to a good path with s10 momentum trades. Trick is just to trade the true momentum moves and lay off the rest. If you can do that you can enter with negligible sl. I currently am set at 2-pip sl & that could be cut in half for the best moves.

Have you seen the "Central Banks and Big Players" thread? Method there is to enter on a 10-pip candle on the s5 chart, London open only, with a tiny sl. That is an extreme approach imo, requiring even more patience, but when it works it works big....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #915
  • Jan 19, 2010 3:24pm Jan 19, 2010 3:24pm
Quoting The Fool
Gold is tempting but the r:r is hard to rein in. Sounds like you are on to a good path with s10 momentum trades. Trick is just to trade the true momentum moves and lay off the rest. If you can do that you can enter with negligible sl. I currently am set at 2-pip sl & that could be cut in half for the best moves.

Have you seen the "Central Banks and Big Players" thread? Method there is to enter on a 10-pip candle on the s5 chart, London open only, with a tiny sl. That is an extreme approach imo, requiring even more patience, but when it works...

Well Gold is the same really, 50pips is really 5pips but the 5pip spread rather than 3pips generally doesn't help much, it's slightly better Momentum / Trending wise than EJ and more active more of the time, but setting a SL a 120pips is well a pain and with FXCM I can set it up to take a position with a SL automatically there which I like, but no use if trading anything with Gold as Gold required a 100SL, just adds complications

I've got a EMA system which gets me on the immediate direction so I trade on breakouts of a S10 160EMA ( also 70 and 360 depending on condition ), but have a 16EMA S10 as a trigger line also.

95% of my exits at a loss with be manual to keep my losses as small as possible, 2SL sound tempting.

Putting the Trail back on to, get a 5 pip move up, will only cost me 8 pips not the 13 the SL is, to further cut losses.

Yep main focus is on killing losers ASAP while letting profits run.

Interesting, i've seen die hard H4 traders moving to M1 recently and even faster TF's are becoming more popular
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #916
  • Jan 19, 2010 3:49pm Jan 19, 2010 3:49pm
Hi FOOl,
Did you quit when the dinner bell rang or grind your way back to b/e. I have trouble quitting when I'm behind and some times (too many times) I get in deeper. Pa wasn't bad if you started at the Frankfurt open, the best part of most moves start while I'm asleep.
  • #917
  • Jan 19, 2010 5:52pm Jan 19, 2010 5:52pm
Quoting Bankshot
Hi FOOl,
Did you quit when the dinner bell rang or grind your way back to b/e. I have trouble quitting when I'm behind and some times (too many times) I get in deeper. Pa wasn't bad if you started at the Frankfurt open, the best part of most moves start while I'm asleep.
I have a "3% down and stop for the day" rule but that got put aside last night. I was down with the ZEW news still in front of me and I "knew" that I could make pips on that one, so I stayed in the game. Worked out OK. Usually better to stop at some point after poor results. I was clearly off my game when I started & knew it. I could have backed down off trade size as I felt that but did not - another mistake. -4% with the aggressive way I am sizing is only -20 pips....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #918
  • Jan 19, 2010 6:01pm Jan 19, 2010 6:01pm
I find it better to trade through, as long as your trading is relatively sound then take a short break clear your mind then come back with a plan that'll work for whats hurting you and get back min 50% of the loss


But thats me and if I don't, then I turn into a trade watcher rather than a trader



No easy pips to be made tonight so far!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #919
  • Edited 8:52pm Jan 19, 2010 7:30pm | Edited 8:52pm
Here is a spread sheet I put together that helps me monitor my performance everyday. As a scalper doing 20-30 round turns a day I am often mentally exhausted and cannot recall with accuracy what actually went on while I was trading. It keeps me on my toes and ensures my performance stays within the parameters I want it to. You just type in the size of your trades for the day and the pips won/lost and it calculates all the vital stats. I think it is really cool and I thought you guys might like to have a play with it. The buy/sell column is not used to calculate anything so you dont need to type this information in. I will add a ratio calculation for this at some point.
Attached File(s)
File Type: xls trade spread sheet (1).xls   149 KB | 469 downloads
BTC Return This Year: na
  • #920
  • Jan 19, 2010 7:36pm Jan 19, 2010 7:36pm
Quoting M.A.C.Doug
Here is a spread sheet I put together that helps me monitor my performance everyday. As...

Just had a skip through your thread, well done on cracking it and going through all those losses to get there, it'll be worth it, it's interesting how all the profitable people on the site appear to be Scalpers
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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