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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

  • #141
  • Edited 12:19pm Feb 10, 2010 11:54am | Edited 12:19pm
Im quiting this journal now.

I hope this thread will encourage people that it "may" be possible to consistently earn money in forex.t

My final words are:

long term: may be possible to earn consistenly,ivnt succeeded. However, i think it requires more experience, and skills than short term trading. Not possible to be as profitble as a good scalpers.

scalping: you are always having extra risk,as you are exposed to sudden quick moves. This is inherent, and a bit of a problem to circumvent. There are clues to identify high volatility, however, at my experience and knowledge right now, im not able to fully able to protect myself yet these occurences. However, if you are profitable, they may only wipe away 1 weeks hard work, plus,always 50% chance that it will be a loss. SO rare, and 50% chance of loss when it happens, plus being able to get out relatively quickly, if you watch prices all the time, and know some strategies to identify higher volatility.

and final conclusion for being profitable:

there are hundreds of variables that affect priceds. ALl about probability. THe more of them you see, the better. Since there are hundreds of variables, its about having a feeling or, as i would like to call it, making an overall judgement.
  • #142
  • Feb 10, 2010 1:56pm Feb 10, 2010 1:56pm
cheers for it bro im nowhere near a good a scalper as u but i wanted to somehow prove it can be done here for all the haaaaaters
  • #143
  • Feb 10, 2010 2:56pm Feb 10, 2010 2:56pm
How many pips are you willing to risk, on average, for these 2-3 pip gains?
  • #144
  • Feb 10, 2010 3:49pm Feb 10, 2010 3:49pm
Quoting Mr J
How many pips are you willing to risk, on average, for these 2-3 pip gains?
as you can see not much. In theory according to my trading philosophy. stop loss and profit is same size.

Because the losses that has occured, on average equals my profit.
  • #145
  • Feb 10, 2010 5:52pm Feb 10, 2010 5:52pm
Quoting woo
Starting capital is 700 dollar. Hower, ind im now up to 1215 buck.

However, ive more money in my bank for trading, and i dont se any reason to transfer these as well.


Im highly leveraged, so regarding stop loss..margin call will act as a stop loss hehe

Thats how I trade to, small account, worst comes to worst and I blow it, who cares transfer over more and carry on regardless.

Awhile back if I had 10K I'd of just blown it as sure as the $200 I add when margined.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #146
  • Feb 11, 2010 12:07am Feb 11, 2010 12:07am
Quoting woo
Im quiting this journal now.


long term: However, i think it requires more experience
Hummm...Well you did very good on your percentage of return for the time you posted here.

Yes, two things I believe that are key to learn through your experience as a scalper is knowing the right time of day to trade and recognizing the best setups or patterns as they occur. Scalping is arguably the most difficult way to trade. However, I feel when a trader does find that edge, both technical and psychological, it is a very rewarding way to trade.

All my best to you Woo

Coach
  • #147
  • Feb 11, 2010 5:03am Feb 11, 2010 5:03am
Quoting woo
Starting capital is 700 dollar. Hower, ind im now up to 1215 buck.

However, ive more money in my bank for trading, and i dont se any reason to transfer these as well.


Im highly leveraged, so regarding stop loss..margin call will act as a stop loss hehe
Smartest move anyone could make. Why would you want to give your broker more money than you need to cover your margin, it might aswell stay in the bank and earn a little interest.
  • #148
  • Feb 11, 2010 3:47pm Feb 11, 2010 3:47pm
Quoting Coach1959
Hummm...Well you did very good on your percentage of return for the time you posted here.

Yes, two things I believe that are key to learn through your experience as a scalper is knowing the right time of day to trade and recognizing the best setups or patterns as they occur. Scalping is arguably the most difficult way to trade. However, I feel when a trader does find that edge, both technical and psychological, it is a very rewarding way to trade.

All my best to you Woo

Coach

I think scalping is easier....

i think most important things:


not overtrade. Trade super trades with higher probability.

Take mid term trade into account in your analysis. if long term down, and short term trend is up, and no major news, its usually due to profit taking/ os/ob, and after this, medium term resumes, rangetrading hehe.


if certain levels hold, short trend resumes. Important technical levels and so on.
  • #149
  • Last Post: Feb 11, 2010 4:42pm Feb 11, 2010 4:42pm
Quoting woo
I think scalping is easier....

i think most important things:


not overtrade. Trade super trades with higher probability.

Take mid term trade into account in your analysis. if long term down, and short term trend is up, and no major news, its usually due to profit taking/ os/ob, and after this, medium term resumes, rangetrading hehe.


if certain levels hold, short trend resumes. Important technical levels and so on.
Scalping can be easy, but if you want to scalp, do not use MBT as your broker.
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