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Attachments: 2 losses,30 winners, out of 32 trades
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2 losses,30 winners, out of 32 trades

  • #101
  • Feb 9, 2010 9:33am Feb 9, 2010 9:33am
Quoting Turveyd
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
that sucks, but hopefully something was learned from it.

heh, auto-stoploss... do you mean margin call?
Congratulations ScalaFX for coming out of the closet!
  • #102
  • Feb 9, 2010 9:36am Feb 9, 2010 9:36am
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.
I've already recommended him artemis sitter, in this thread... I use it for a hard 10pip SL but in scalping exits can differ while in the trade.. it's the point of scalping like woo himself was explaining, you HAVE to be flexible.

And yes alotta scalps when timed correctly have busted outta spread within a second of clicking the button
  • #103
  • Feb 9, 2010 9:37am Feb 9, 2010 9:37am
Quoting nubcake

heh, auto-stoploss... do you mean margin call?

Only on really bad days not since last July thankfully

I only add small money when Margin called, so my loss is limited by that to, to a level of not really caring!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #104
  • Feb 9, 2010 9:39am Feb 9, 2010 9:39am
Quoting Sim
I've already recommended him artemis sitter, in this thread... I use it for a hard 10pip SL but in scalping exits can differ while in the trade.. it's the point of scalping like woo himself was explaining, you HAVE to be flexible.

And yes alotta scalps when timed correctly have busted outta spread within a second of clicking the button
so what happens when it races in the wrong direction without a stoploss? to each their own.
Congratulations ScalaFX for coming out of the closet!
  • #105
  • Feb 9, 2010 9:41am Feb 9, 2010 9:41am
each to their own like I was saying yes..

if it races the opposite way you learn for next time: your entry sucked and you shouldn't be scalping
  • #106
  • Feb 9, 2010 9:47am Feb 9, 2010 9:47am
Quoting Sim
each to their own like I was saying yes..

if it races the opposite way you learn for next time: your entry sucked and you shouldn't be scalping
hah, i like it.
Congratulations ScalaFX for coming out of the closet!
  • #107
  • Feb 9, 2010 9:51am Feb 9, 2010 9:51am
it's a different concept, u scalp because u are 99% sure its goin one way. you swing or position with a SL because you believe that with the room you give the market the price will end up moving x pips
  • #108
  • Feb 9, 2010 10:04am Feb 9, 2010 10:04am
Quoting nubcake
so what happens when it races in the wrong direction without a stoploss? to each their own.

Then you double click a CLOSE button as fast as you can in my case.

The object which won't always happen is to exit when you see the market going the wrong way for as small a loss as possibly maybe a slight profit if.

SL's suffer from stop hunting, the market spikes down hits your stop and your market order gets you out at the bottom, from there you'll generally get a 50% retrace to exit at a better price, then it's 50/50 on continuing down or moving up to get back to profits.

Your SL can't adapt, it can't read the market and make a judgement call.

So for a scalper a tight SL which is what we need will nickel and dime you to death, a lose SL will cost too much when hit and create a mindset of wait and see so we might not exit before hand.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #109
  • Feb 9, 2010 10:09am Feb 9, 2010 10:09am
For a longer term trader, say with a SL of 200, then SL's make even less sense after all the market is down 200pips the odds are it'll shortly move back up 200pips while chopping around randomly like it does.

Exiting when the direction turns against you manually is wiser, yes you'll have some bigger losses, but you'll have less of them so you'll likely be better off without than with.


All this depends on you being able to a) read the direction and b) being able to react and not freezing and hoping.



Trading is never a easy game.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #110
  • Feb 9, 2010 11:44am Feb 9, 2010 11:44am
Quoting Coach1959
I really cannot believe I am going to lower myself to respond to a totally clueless trader like you. Traders like you love to assume that scalping has no legitimate place in trading, that somehow scalpers are ...
Coach
Did you read two posts I posted right b4 your post. Did you not understand what i was saying? If not, i give u same advice as i gave to woo: read slowly word by word until you understand what is my point. It's not about scalping being bad way to trade, it's about not making conclusions based on too little of data. Same thing as you said in post #55, only with different choise of words. Again, read my posts s-l-o-w-l-y word by word. Try to understand the meaning of my words. You will see it's not about scalping being a bad way to trade. That's not what I'm saying.
  • #111
  • Feb 9, 2010 11:53am Feb 9, 2010 11:53am
Quoting YeahBaby
Did you read two posts I posted right b4 your post. Did you not understand what i was saying? If not, i give u same advice as i gave to woo: read slowly word by word until you understand what is my point. It's not about scalping being bad way to trade, it's about not making conclusions based on too little of data. Same thing as you said in post #55, only with different choise of words. Again, read my posts s-l-o-w-l-y word by word. Try to understand the meaning of my words. You will see it's not about scalping being a bad way to trade. That's not...

Maybe you didn't understand Coach's point, too little data or not we are fellow traders most of trading is pyscological, why not wait for more data if you choose before commenting / bashing, a simple "Keep it up!" would of been better don't you think.

From the sound of it, although he might slip back he's on the right path so keep repeating what your doing and hope it holds.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #112
  • Edited 4:09pm Feb 9, 2010 3:27pm | Edited 4:09pm
I didnt trade yesterday.. Cause i drank yesterday, and have been anxious in general today. However, i traded for 30 min. Having a real headace, and i feel i dont want to trade more today.

I made 5 more trades. 4 winners, one loser in 30 minutes. Im completely drained. Ive a really bad hangover....





http://img109.imageshack.us/img109/8306/part3p.jpg
Im going to be completely honest. I feel that im much more reluctant to take a losing trade, and thus holding on to some trades for too long, and not following the rules ive. This is because, this thread has a negative psychological effect, where i want to show you how great am, not taking any losing trades. Im just pointing this out...so thats also why i dont want to trade more, cause i dont have my emotions in check.

And in general, i think it is much harder to make any decisons now. Because of the great volatility today, traders have yet not really decided on what price to agree on(well the price has stalled, but the general opinion is "less certain" , and thus, the price could pretty fast change direction . Making me unaware of where the price will go. So i havnt had the great confidence of the previous strong down trend. Thats why ive closed my positon very fast, to minimize risks, and which is also the reason of the small gain during these 5 trades. My philosphy is to preserve capital, thus getting out quickly, especially if im clueless on where the price will go.

Thats why, im also reluctant to make any more trades, because i feel im taking too much risk for a couple of few pips coupled with my headache hehe
  • #113
  • Feb 9, 2010 3:46pm Feb 9, 2010 3:46pm
Quoting YeahBaby
"I bet there are thousands of traders (most likely scalpers) who have had series of winners and then lost all of their profits after a few loosing trades or during a drawdown period."

That was an additional comment, not pointed at you and not important. That's why it's in parentheses.

"I bet there are thousands of traders (most likely scalpers) [color=red]who have had series of winners and then lost all of their profits after a few loosing trades [u]or...

Well, you are going into details here, using your almight to show me that the sentences leave room for interpretation that your statements was not "necessarily" hinted to me.

Cmon. Its obvious if you read between the lines, and the overall impression of your post that you at some level accused me of having large stop losses.

I was like you once. Going into detail, that things could be interpreted in other ways. Well, people dont generally work like that. We read between the lines. WHere are two levels of interpretation, where the other, weigh more...
  • #114
  • Edited 4:14pm Feb 9, 2010 3:56pm | Edited 4:14pm
Regarding some questions in the thread.

Why did i post my iq? Dunno, maybe to make me feel better? An impulsive action based on an underlying need to boast.....

And regarding if iq is necessary to be a good trader.

Well people formulated the question in a wrong way: if iq makes you a better trader. People should have asked this. Does a higher iq help you in your trading?

I think like this: higher iq= learn faster, because you see patterns easier. This will obviously help you in your trading...


However, as people pointed out. Common sense far more important. I would however like to call it "insight". Understanding the inner mechanics of the market, put enough weight to each factor, taking an overall view etc are all common sense and insight, and has nothing to do with iq.

However, this is what i think. I think iq and common sense/insight is correlated.

Higher iq contribute to a higher level of insight and common sense. Because higher iq, you learn faster, more data to draw on,and more data will help your common sense. Seeing patterns will help your common sense and so on...

I do however think they are two separate entities. However, if the final product is common sense, the equation becomes, according to my theory:


IQ*X=common sense

So iq and x are separate entities, but they both have an effect on the final outcome of common sense.

SO what could X be?

Ive no clue. If i would speculate: flexible thinking,critical reasoning,awareness, interprating data correctly without false values that would hamper your final point of view(common sense)

and if your trading decision is based on your common sense,because common sense=your final point of view.... thats why i earler in this thread stated that it is very important to interpret data correctly, and not having false beliefs, that will make you see the world around you less correctly, and i guess people agree with me that interpreting the market in the right way is common sense....
  • #115
  • Feb 9, 2010 4:22pm Feb 9, 2010 4:22pm
one more trade. 1 pip gain..


Lol it should have been 3 pips. Im having mBT as my broker. Using microlots.

My fills today has been awful. On my first trade, i should have had 6 pips, but only got like 1 pip only. same now. I hope they are not screwing me?
  • #116
  • Feb 9, 2010 4:32pm Feb 9, 2010 4:32pm
one more trade again, 2 pips.

So all in all. today:

7 trades, 6 winners, and one loser. the loser was a half pip though.
  • #117
  • Feb 9, 2010 4:34pm Feb 9, 2010 4:34pm
Woo, you've realised indicators don't work and you've broken away from the Norm which everyone else trades and teaches everyone else to trade, which from what I can see isn't making anyone any money, hence the negative attitude, so your high IQ ( What was it ), has helped you break away from the crowd.

Some nice fast Micro Scalping going on there, have you read / seen the Fool's 4% per day thread ??? thats exactly what he's doing and making stupid %'s most days.

As long as you can crack the killing losers quickly cause at the size your trading they'll wipe out a fair chunk if left unchecked quickly then no reason for you not to make loads of money.

EU's big drop would of hurt you and a SL would of likely triggered at the first bottom so not a lot of use.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #118
  • Feb 9, 2010 4:36pm Feb 9, 2010 4:36pm
2 pips again.

I will update you all with picture later.
  • #119
  • Feb 9, 2010 4:37pm Feb 9, 2010 4:37pm
Quoting woo
one more trade. 1 pip gain..


Lol it should have been 3 pips. Im having mBT as my broker. Using microlots.

My fills today has been awful. On my first trade, i should have had 6 pips, but only got like 1 pip only. same now. I hope they are not screwing me?

Are you getting a long delay on your Exits ?? Time enough for the slippage ??

Or just BAD Prices for no reason ??


I fear brokers screwing you will be your next hurdle to over come as you start to make more money, always another problem hey!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #120
  • Feb 9, 2010 4:40pm Feb 9, 2010 4:40pm
Quoting Turveyd
Woo,...
Nope, not read a single thread. Lol.

According to your view on how i would tackle eus big drop:

bollinger bands increased in width from lower to higher band= higher volatility, and you see pips moving faster=higher volatility. THe increase in bollinger band, on 5 min chart, happend before the big moves...


Higher volatility= more risk.
minimze risk= adjust lot size accordingly.

dont trade during news, wait for a while, after announcements. to make sure it has stabilized.

and overall perception: these occurences are rare. If your trading is good, you will have enough profit to cover these instances,that will wipe out a week of hard work's profit.

actually, i make an analysis on chances of higher volatility and make lot sizes smaller. Thats why you sometime see me trading lower lot sizes.
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