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2 losses,30 winners, out of 32 trades

  • #81
  • Feb 9, 2010 6:10am Feb 9, 2010 6:10am
Quoting magnumfreak
I find it funny that you criticize people who run down others to make themselves feel better right after you criticize others about trading long term charts.

There is money to be made on all time frames. Scalping is no better or worse than daily charts, its all a matter of what makes people comfortable. People who don't have the time to dedicate to scalping should trade longer time frames. I am teaching a good friend of mine how to trade daily charts because he works 12 hour shifts and sitting in front of a computer for several hours each day...

I'm not critizing anyone for trading any TF.

I don't see Daily TF's being profitable at a wage paying level thats all without already being rich, where as Scalping you can get much higher win rates, trade at a higher leverage and in a few hours per day replace a wage in theory relatively easily.

Barely traded this year, last year I closed -200 GBP on the year I think it was and I haven't got enough money to even consider TF's >1Min to be honest.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #82
  • Feb 9, 2010 6:14am Feb 9, 2010 6:14am
I was enjoying this thread, although it seems to have become a little frosty now.

Everyone has their own methods.......

Just one question for the OP, with no offence intended, But why did you post your IQ score?
  • #83
  • Feb 9, 2010 6:17am Feb 9, 2010 6:17am
Quoting jim987

Just one question for the OP, with no offence intended, But why did you post your IQ score?

No doubt people where calling him stupid ( I've not read that bit ) and it's a good way to say hang on I'm not!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #84
  • Feb 9, 2010 6:22am Feb 9, 2010 6:22am
Well it was the initial post, and to be honest Mensa's on-line tests have a fair bit to be desired. (not demeaning the score)

Also having a high IQ doesn't equate to being a good trader.
  • #85
  • Feb 9, 2010 6:32am Feb 9, 2010 6:32am
Quoting jim987
Well it was the initial post, and to be honest Mensa's on-line tests have a fair bit to be desired. (not demeaning the score)

Also having a high IQ doesn't equate to being a good trader.

IQ is a reasonible measurement of problem solving it's also a good measurement of being good at taking IQ Tests to be fair.

High IQ people are good at making systems which then Lower IQ people can follow which will then out trade the Higher IQ people sadly.

136 taken the pen and paper sticking it in the post way 20years back, online tests have been pretty close score 128-134 normally.

But programmer, so I spend my life solving problems and my general knowledge sucks to even that out.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #86
  • Feb 9, 2010 6:33am Feb 9, 2010 6:33am
The arguement over long term trading vs scalping is quite futile. There will be day traders that claim trading only Dailys is the way to go and there will be scalpers who claim that 1 and 5 min charts are the key.

I personally dont have a problem with both, in fact I will challenge myself to take a trade on as low as a 15 min chart provided my bias comes from my longer outlook. The benefits of smaller TFs can be in the micro risk, by that I mean I will take an area of S/R from a weekly or daily view and as we get closer I will look for a potential sign that it is going to hold. If I get that on a 15 min chart then that is great, I will take a trade with the risk parameter relevant to either my typical maximum risk or the candle depth.

Getting a small trade (in terms of pip risk) can have the risk of being stopped out prematurely, but hey thats trading isnt it. The upside can be an astounding reward process that can, if short term survival occurs, be managed with a daily approach which satisfy the smaller TF risk in me with the longer term reward focus.

I cannot fathom scalping in the general sense because to me it seems there are better things to do with my day, HOWEVER, I am sure there are a number of scalpers out there that may aim for 1% and then walk away for the day. If you could achieve this theoretical growth then congratulations and well done. Same with day traders. Your signals can in most cases carry more weight due to the length of time and I am sure that if you manage your day trades over a considerable length of time then I am sure you can also make enough ground.

The capital requirements are a valid point to a degree. The natural assumption that scalpers require less than day traders is due to, IMHO, the belief that scalpers can multiply there accounts. It is possible but only through high risk, unless one takes 1% and secures a scalp that ends up being managed in a day trading way (imagine that). However if the high risk payoff occurs there would be a level (of capital) where I believe the scalper would return to a normal risk range and that would be because there is no longer a need for aggressive growth. So while the belief may be that a long term trader whose primary focus is daily action requires a larger account that is only because in the end there outlook is larger pips. Short term traders whose account is quite large would more than likely slow down the risk because there is no need for it. But that is just my view

In the end there will always be the void, the wide canal that separates the scalpers and the day traders but in all fairness, provided 1 has worked out whether they can be long term profitable, that is all that matters.

Peace

Razor
  • #87
  • Feb 9, 2010 6:44am Feb 9, 2010 6:44am
Quoting Turveyd

136 taken the pen and paper sticking it in the post way 20years back, online tests have been pretty close score 128-134 normally.
I suppose to an extent, I took the paper test and scored 133, so less than both of you.

I was, in all honesty, being ever so slightly contrary about the fact the original poster had placed his IQ score and then spent the several pages coming across quite poorly.
  • #88
  • Feb 9, 2010 6:49am Feb 9, 2010 6:49am
Quoting jim987
Well it was the initial post, and to be honest Mensa's on-line tests have a fair bit to be desired. (not demeaning the score)

Also having a high IQ doesn't equate to being a good trader.
Agree with the last line. IQ measures intelligence but intelligence can be a broad horizon. BY that I mean some people can be gifted mathmatically but be miserable with pen and paper (literature) and vice versa. It is also not a measure of common sense. I have had the privledge of knowing some extremely gifted people, 1 who comes to mind was starting a degree is some funky Physics degree while still in year 10. He today is unable to cope with the world around him. My partner also works with some gifted Autistic children who have profound abilities and with some rare cases, high IQs but they are unable to utilise there surrounding due to there conditions.

A high IQ, as mentioned can be a basis for some unique Prob Solving skills and in most cases there is accelerated learning which is why some people develop knowledge and skills faster than other but to post it on your home page is just a slight piece of boasting to back up some previous laid out plan, in this case the high success rate of a system.

Common sense is a tool that is definately under utilised in a number of industry.

Razor
  • #89
  • Feb 9, 2010 6:51am Feb 9, 2010 6:51am
Quoting jim987
I suppose to an extent, I took the paper test and scored 133, so less than both of you.

I was, in all honesty, being ever so slightly contrary about the fact the original poster had placed his IQ score and then spent the several pages coming across quite poorly.

Much like me possibly, my failing is the written language but I'm a math's guy!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #90
  • Feb 9, 2010 6:55am Feb 9, 2010 6:55am
Quoting Razor_trader

Common sense is a tool that is definately under utilised in a number of industry.


Razor
Agreed!
  • #91
  • Feb 9, 2010 7:42am Feb 9, 2010 7:42am
All in all though, if the OP has found a system that works for them, that's great news. Congratulations to them!
  • #92
  • Feb 9, 2010 8:02am Feb 9, 2010 8:02am
Quoting jim987
All in all though, if the OP has found a system that works for them, that's great news. Congratulations to them!
Sorry, what do you mean by OP?
  • #93
  • Feb 9, 2010 8:06am Feb 9, 2010 8:06am
And, anyway, as was mentioned before, how you can trade without a Stop Loss is just crazy.
  • #94
  • Feb 9, 2010 8:19am Feb 9, 2010 8:19am
It's not that hard to understand.

He uses a MENTAL stoploss. Something you do when u are entering quick and getting out quick

It's a shame most people need to go through experiences before they can accept alternatives, instead of just accepting the possibilities
  • #95
  • Feb 9, 2010 8:22am Feb 9, 2010 8:22am
Quoting fxvoilaaa
Sorry, what do you mean by OP?
Original Poster
  • #96
  • Feb 9, 2010 8:33am Feb 9, 2010 8:33am
Quoting fxvoilaaa
And, anyway, as was mentioned before, how you can trade without a Stop Loss is just crazy.

Crazy to you and your trading style yes, SL's have advantages and disadvantages, how many times has your SL been hit right before the markets reversed and would of got you back into profit for instance.

Personally I have a worst case SL but plan to be out at less than 1/2 that loss the majority of the time, its useful for when I forget to check for news though
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #97
  • Feb 9, 2010 8:56am Feb 9, 2010 8:56am
Quoting Sim
It's not that hard to understand.

He uses a MENTAL stoploss. Something you do when u are entering quick and getting out quick

It's a shame most people need to go through experiences before they can accept alternatives, instead of just accepting the possibilities
question : when does the market move so fast that it moves some multiple of spread (ie. moves into profit) too fast to bother setting a stoploss in case your pc explodes?

doesn't make sense to me since it takes me literally like 3 seconds to set a stoploss if I happen to do a market order.
Congratulations ScalaFX for coming out of the closet!
  • #98
  • Feb 9, 2010 9:10am Feb 9, 2010 9:10am
Quoting nubcake
question : when does the market move so fast that it moves some multiple of spread (ie. moves into profit) too fast to bother setting a stoploss in case your pc explodes?

doesn't make sense to me since it takes me literally like 3 seconds to set a stoploss if I happen to do a market order.

Some people like to keep a human brain to enter and exit rather than a might aswell be random number.

Using a SL has problem, not using a SL has problems, you can't win.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #99
  • Feb 9, 2010 9:25am Feb 9, 2010 9:25am
Quoting Turveyd
Some people like to keep a human brain to enter and exit rather than a might aswell be random number.

Using a SL has problem, not using a SL has problems, you can't win.
broken sentences for the win!

regardless, yes you can't win... but you can definitely lose! even running a simple stoploss ea is an option for everyone that sets it for you if you cbf doing it each time yourself.

dunno, just doesn't seem to make sense to not have some type of stop. guess some understand the future better than i.
Congratulations ScalaFX for coming out of the closet!
  • #100
  • Feb 9, 2010 9:30am Feb 9, 2010 9:30am
Quoting nubcake
broken sentences for the win!

regardless, yes you can't win... but you can definitely lose! even running a simple stoploss ea is an option for everyone that sets it for you if you cbf doing it each time yourself.

dunno, just doesn't seem to make sense to not have some type of stop. guess some understand the future better than i.

My best trading period was 3months with rarely a loss not using a SL so no SL worked well, no being nickel and dimmed to death in short.

Then the market went against me a few hundred pips and badly damaged the account.

Neither way seems to work for me, FXCM lets me have a Auto SL in, so I use that as a stupid day protection
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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