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4% A Day Forever

  • #921
  • Jan 21, 2010 5:27pm Jan 21, 2010 5:27pm
Quoting The Fool
I have a "3% down and stop for the day" rule but that got put aside last night.
...
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....
Well done on making it back to b/e. I sometimes find it quite hard to gauge my psyche when I am trading, and that needs to be "in tune" otherwise I can enter trades without the necessary commitment. I have found the 'trade bigger sizes to stay focused' works quite well - so thanks for that.

What time is FO (Pacific time will do fine)?
Minesweeper target: 284
  • #922
  • Jan 21, 2010 5:48pm Jan 21, 2010 5:48pm
Hey Fool, are you finding the range this week just to small, no interest in trading cause of the low likely hood of anything moving more than 10pips which leads to many small losses and no profits

10:1 new Leverage rules scaring everyone out of the markets I'd bet

Hoping it's just a Option thing which might be expiring tomorrow, but unsure on this.





* might of spoke to soon EJ's Range is tradable, ENGAGE ENGAGE!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #923
  • Jan 21, 2010 5:50pm Jan 21, 2010 5:50pm
Quoting Primate
Well done on making it back to b/e. I sometimes find it quite hard to gauge my psyche when I am trading, and that needs to be "in tune" otherwise I can enter trades without the necessary commitment. I have found the 'trade bigger sizes to stay focused' works quite well - so thanks for that.

What time is FO (Pacific time will do fine)?
Hi Primate,

Frankfurt opens an hour before London - 0700 GMT, 11PM here on the US west coast. You can always see the market open times on the front panel (upper left corner) of the FF homepage.

Trading aggressively will definitely focus the attention. Or else you stand to lose your ass quickly. Microscalping like I am doing now requires a good balance of focus and relaxation. Its kind of like an aikido thing. I have learned the hard way that if I can not get in the zone then I must not trade. I commonly start a trading session by looking at the markets, stocks, oil, gold, and zooming in/out on several pairs, drawing some lines of s/r, marking open prices, checking the calendar, turning on the newsfeed & scoping that out, etc. That takes about 20 minutes and so I will do that around 0600 GMT. Then if I see some likely PA I will start scalping with something like $0.05/pip & do a few of those. I want to be ready to make some money if some good volatility shows up around 0630 and later.

I have been trading this way for many months and I pretty much know I can check in and make some pips. The booger I am wrestling with currently is overtrading. The strategy calls for hopping on true momentum. Patience is required. If I break down and try to scalp some PA that is equivocal then I will more than likely lose. I have break-even sessions on a regular basis for this reason - and I am trying to weed those out.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #924
  • Jan 21, 2010 6:43pm Jan 21, 2010 6:43pm
We have the same issue here Sir Fool, I've got my entrys and exits down, but you trade in a tight ranged market and it's very likely you'll take loads of small hits which will bleed you dry over time especially with my tiny account


This issue is keeping me on the sidelines at the moment!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #925
  • Jan 21, 2010 7:15pm Jan 21, 2010 7:15pm
I do not mind a ranging market as long as it is well behaved. "Well behaved" means I can find some repetitive patterns on some tf and try to exploit those. In low liquidity the ranging moves approximate randomness and are treacherous to trade.

If I see a somewhat oscillating range that's fine if its got enough depth. I look at the BB and if, on M1 for instance, there is less than a 15-pip spread between the upper/lower band lines then I figure its more trouble than its worth. Because I'm only likely to be able to scalp about 1/3 of the range value, at best. So if the range value is 12 pips, then 4-pip winners will be doable, and I'm giving back a pip or more in spread, so there's 3 pips for my trouble, and that's about as low as I want to go. I'm not proud, though. I'll eat 3-pip scalps all day if they're easy, because, at 0.2%/pip, I only need to win 3-4 of those to have a decent day.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #926
  • Jan 21, 2010 7:22pm Jan 21, 2010 7:22pm
Quoting The Fool
I do not mind a ranging market as long as it is well behaved. "Well behaved" means I can find some repetitive patterns on some tf and try to exploit those. In low liquidity the ranging moves approximate randomness and are treacherous to trade.

If I see a somewhat oscillating range that's fine if its got enough depth. I look at the BB and if, on M1 for instance, there is less than a 15-pip spread between the upper/lower band lines then I figure its more trouble than its worth. Because I'm only likely to be able to scalp about 1/3 of the range...

Your trading at 0.2% per PIP WOWSA, 10pip moves gets you +2% that's NICE!!

I need 20+ pips range really, 5 to initiate, 3 for the spread and enough to make it worth while, major market strength times only for me, which is fine.


Got to start waking up at 8:30am GMT ( I live in GMT ), but hate morning, trade first hour or so of UK open, then US Open, then the last 90mins before this post after the futures come back on I guess.

If I was switched on, EJ would of rocked my world tonight
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #927
  • Jan 21, 2010 7:27pm Jan 21, 2010 7:27pm
There's a scalpable range on E/U right now - between about .4090 and .4110 - I have scalped a few times for about 10 pips. It is probably going to break out of that band to the upside - and if I can fish that I might catch a nice run...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #928
  • Jan 21, 2010 7:38pm Jan 21, 2010 7:38pm
I got in that long at .4110 and have sl at BE + 1. Maybe catch a run, probably not. These almost never work out for me - I only try them now after I have some pips in the bag...

...but Asian PA is so slow maybe it will drift up for me. Put a 20 pip tp on it just for fun....

edit: lol, that was fast enough - I'll take it - 2 pips risked, 20 in the bag. Nap time now....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #929
  • Jan 22, 2010 3:46am Jan 22, 2010 3:46am
Quoting The Fool
I got in that long at .4110 and have sl at BE + 1. Maybe catch a run, probably not. These almost never work out for me - I only try them now after I have some pips in the bag...

...but Asian PA is so slow maybe it will drift up for me. Put a 20 pip tp on it just for fun....

edit: lol, that was fast enough - I'll take it - 2 pips risked, 20 in the bag. Nap time now....

At 0.2% per pip that means you made the 4% today then and this thread hasn't got to be moved to the beginners section


Markets are active again guessing it was just did into the Pres's speach which was last night, got worried for abit there!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #930
  • Jan 22, 2010 4:08am Jan 22, 2010 4:08am
Quoting Turveyd
At 0.2% per pip that means you made the 4% today then and this thread hasn't got to be moved to the beginners section
Pushed about 12% on the day....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #931
  • Jan 22, 2010 6:08am Jan 22, 2010 6:08am
Quoting The Fool
Pushed about 12% on the day....

12% WOWSA's thats more than most H4 traders claim to make in a entire year
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #932
  • Jan 22, 2010 11:42am Jan 22, 2010 11:42am
Good shooting Fool.
  • #933
  • Jan 22, 2010 11:56am Jan 22, 2010 11:56am
Quoting Bankshot
Good shooting Fool.
Thanks amigo. Makes up for some minus and BE days this month. Weekend underway here, have a good one ya'll...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #934
  • Edited 12:26pm Jan 25, 2010 2:24am | Edited 12:26pm
Am trying to get into new schedule this week. Scalped for one hour 2310 to 0110 PST - hit +3% on 2-4 pip winners. Had 3 miscued losers. (i.e., clicked sell window when I meant to buy - duh) I do that all the time but 3 times in a session is just ridiculous.

Anyway, 1 hour maybe 1.5 at the FO/LO and about the same at the NY open is the new gig, no more time than that available given schedule changes. Less could be more - we'll see.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #935
  • Jan 25, 2010 2:40am Jan 25, 2010 2:40am
tf,

what kind of sls do you use and what pairs generally?

Quoting The Fool
Am trying to get into new schedule this week. Scalped for one hour 2310 to 0110 GMT - hit +3% on 2-4 pip winners. Had 3 miscued losers. (i.e., clicked sell window when I meant to buy - duh) I do that all the time but 3 times in a session is just ridiculous.

Anyway, 1 hour maybe 1.5 at the FO/LO and about the same at the NY open is the new gig, no more time than that available given schedule changes. Less could be more - we'll see.
  • #936
  • Jan 25, 2010 2:44am Jan 25, 2010 2:44am
Quoting coolshades
tf,

what kind of sls do you use and what pairs generally?
Usually out at -2 or 3, 5 pip hard stop rarely hit. E/U mostly, cable occasionally.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #937
  • Jan 25, 2010 3:22am Jan 25, 2010 3:22am
ok thks. and use stuff like divergence? i presume you are trading on m5 or m15 time frames?

Quoting The Fool
Usually out at -2 or 3, 5 pip hard stop rarely hit. E/U mostly, cable occasionally.
  • #938
  • Jan 25, 2010 3:42am Jan 25, 2010 3:42am
Quoting coolshades
ok thks. and use stuff like divergence? i presume you are trading on m5 or m15 time frames?
read through the thread if you are really interested, there's lots of info back there about how I trade.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #939
  • Jan 25, 2010 11:57am Jan 25, 2010 11:57am
Great going
  • #940
  • Jan 25, 2010 9:16pm Jan 25, 2010 9:16pm
Hey Fool

I am getting tired of my stupid mistakes. I need to go over to GH so you can kick my ass.

I just made the last stupid mistake. From now on perfection.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
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