4% A Day Forever | Page 58 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex changed forever! 315 replies

an EA that worked forever 29 replies

Forever Demo Account 9 replies

Attachments: 4% A Day Forever
Exit Attachments

4% A Day Forever

  • #1,141
  • Feb 22, 2010 12:35pm Feb 22, 2010 12:35pm
The Fool,
Reducing the amount of leverage per capital size is common with all brokers, I would not leave any broker based on that alone.
Yes, the burn-out problem, sounds like you are on the right track there too. I recently developed a new strategy for me, partially to break up the pace, partially to reduce my risks on longer-term positions.
  • #1,142
  • Feb 22, 2010 4:52pm Feb 22, 2010 4:52pm
Quoting The Fool
Well I missed the best of it. Screen time has been hard to find - and will be for next 4-6 weeks. There will be more of the same, though. When China gets back online in force next week I expect some good bull/bear battles. I will be trying to get into some good trades at the FO/LO, about the only time I will have to trade for a while.
If you can get a long lunch-break you could trade the 2-4pm ET slot. I mostly trade this window for the same reason you trade FO/LO (day job) and find it quite easy. EU and AU seem moderately well behaved at this time. Most days there is some movement and you can trade, other days it is dead-flat and you could snooze instead, or eat lunch!
Minesweeper target: 284
  • #1,143
  • Feb 22, 2010 5:57pm Feb 22, 2010 5:57pm
Hey what do you guys typically consider a scalp in terms of pip gains? Also, for most of ya'll, what type of risk/reward ratio in pips are ya'll typically using or looking out for and what time frame?

Anyone care to share average daily / weekly percentage gains? Let's be honest now...
In Charts We Trust!
  • #1,144
  • Feb 22, 2010 8:04pm Feb 22, 2010 8:04pm
Quoting Primate
If you can get a long lunch-break you could trade the 2-4pm ET slot. I mostly trade this window for the same reason you trade FO/LO (day job) and find it quite easy. EU and AU seem moderately well behaved at this time. Most days there is some movement and you can trade, other days it is dead-flat and you could snooze instead, or eat lunch!
yeah when I am working in the office I usually try to trade a bit at the NY close. But I am doing fieldwork out in the sticks & really have very little time to trade now. Am looking this week to scalp into a long E/U with sl at BE+5 and tp 50 pips - have 1/2 hr or so to do that at the FO/LO and the NY open...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,145
  • Feb 22, 2010 8:19pm Feb 22, 2010 8:19pm
Quoting X.Oden
Hey what do you guys typically consider a scalp in terms of pip gains? Also, for most of ya'll, what type of risk/reward ratio in pips are ya'll typically using or looking out for and what time frame?

Anyone care to share average daily / weekly percentage gains? Let's be honest now...
a scalp for me is valid anything above 0. I am measuring wavelet amplitude on m1 and less and if I see I have scalped into good movement I will move sl to BE +gain based on that measurement & that is usually 3-5 pips. If I get reversals or stalls in pippage below that I will just take profit and go again. moving sl only works if I have caught a strong breakout. usually I will cash in those if I see that the bo is going to reverse strongly

One thing I have not changed in several months is using 0.2% account value per pip - so a 1% risk is a 5pip sl. and that is plenty as I will usually manually stop out with less. I am trading to catch directional volatility so if the trade moves against me even slightly I consider it a false trade.

re: % gains I am waiting for the test of time to even think that way. I do know beyond doubt that regular 100%+ gains per month are attainable but until I have several months of those I will not have real proof.

Nothing has really changed in the way that I trade for past months but I need to start trading some longer tf strategies as a matter of necessity since my ability to stay up overnight & scalp goes away when I have good workload in the dayjob...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,146
  • Feb 23, 2010 2:32am Feb 23, 2010 2:32am
Quoting The Fool
Nothing has really changed in the way that I trade for past months but I need to start trading some longer tf strategies as a matter of necessity since my ability to stay up overnight & scalp goes away when I have good workload in the dayjob...
Remember the last chart I posted in this thread? Same reversal pattern is playing out on EU and GU. You throw down 0.25% how many times a day, why not throw 0.25% down on a long today (pref from 13616) with a stop below Fridays low and see what happens?



Hope all is well.
  • #1,147
  • Feb 23, 2010 2:40am Feb 23, 2010 2:40am
Quoting sinner-
Remember the last chart I posted in this thread? Same reversal pattern is playing out on EU and GU. You throw down 0.25% how many times a day, why not throw 0.25% down on a long today (pref from 13616) with a stop below Fridays low and see what happens?



Hope all is well.
hey, I'm game. Once I scalp for a few percent I am thinking about trying to catch something that will run. I usually fail at that but since I am scalped into those trades with sl @ BE+3-5 I am in at ~1% anyway.

Didn't have to think too hard today at the FO and got in at the beginning of a strong long move that gave me ~40 pips. Coulda shoulda held on for another 20 but I'm not sad.

I think there is still room to run long but I have to hit the hay right after the German Ifo so I'll just have to try to get in then or leave it till tomorrow.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,148
  • Feb 26, 2010 4:33pm Feb 26, 2010 4:33pm
Not finding much time to trade now. Generally too wiped out to look at the charts in the evenings and need to be asleep by the LO, so have tried to scalp a bit at the NY open. Have been trying some long term trades, but overall lost money on those this week. 50-pip sl on E/U is too small (for me)...may try 100 - I think I recall Jacko uses 100p. But its cool to make a trade and walk away. Be nice to come back a day or so later & see nice profit though. I got caught in a short E/U bias around mid-week and that hurt me. The trade to make was long E/U from Thursday LO and I did get some $$ scalping on that but kept trying to counter-trend trade it with a short bias and of course the 200-pip long trade was there from the beginning.

So I guess the news to move the euro was BB sitting in front of congress saying "...exceptionally low for an extended period..." and that's all it took to make the lemmings run away from the dollar. Still, with all the shit hitting the fan in Europe I don't see the slightest case for euro strength. But I have more often than not been wrong in my interpretation of fundies and this week has been no exception.

There was just a respite from bad eurozone news this week and that "no news is good news" along with BB's words moved the euro up a few pips on the week overall. Next week will be a different tale I'm betting but we shall see.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,149
  • Feb 26, 2010 9:34pm Feb 26, 2010 9:34pm
X.Oden

Great question and I think every trader and especially those trying to preach should publicly post their records from a LIVE account. Posting trade set ups is one thing and with delays that forums offer we can all post whatever we want and look like forex gods. I think, that one fact alone would separate the truly usefull threads from the one that just try to be. I mean imagine stumbling upon a thread where most of the participants that follow certain strategy all have their statements posted publicly and it turns out that most are making money. I for one would be 1000% more convinced that they are doing something right after seeing that then after reading through 5000 posts with charts and setups.
I'm not a preacher here and don't plan to be but I learn a lot at FF so putting words into action I've been posting my results since the start of the year as seen in my signature and I hope many more people can follow in this direction of openness which I believe will eventually sort out the best strategies out there. There is many sites that publish this info for free not necessarily the one I use.

Robert
  • #1,150
  • Feb 26, 2010 10:46pm Feb 26, 2010 10:46pm
Quoting robertw

Great question and I think every trader and especially those trying to preach should publicly post their records from a LIVE account.
Robert,

You are entitled to your opinion & I don't want to say anything to invalidate it. I will tell you this though: I don't look at other people's trading results. They can say they are killing the market or they're losing badly - I just don't care.

I also don't spend alot of time trying to make sense of the charts and various methods that people post on these forums - especially after I have gotten a basic method down enough to attempt trading it. In 3,000+ posts here I have not asked for help or advice once, so far as I can recall. And after close to a year of live trading I am trading the same way, for the most part, as I did before I ever logged on to a fx forum.

All that really matters to me is whether I am making money or not. The bottom line of my account has all the counsel I need. Someone else's results are irrelevant.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,151
  • Feb 26, 2010 11:21pm Feb 26, 2010 11:21pm
Quoting The Fool
Robert,

All that really matters to me is whether I am making money or not. The bottom line of my account has all the counsel I need. Someone else's results are irrelevant.
My Dad was my baseball coach for years.(He played a little professional ball) He told us when it came to hitting a baseball he didn't care if we could do it standing on our head if we did it well.) Showed us the standard Mickey Mantle, we adapted, and we had at it. Championship team for 4 years.

Same with trading my success doesn't guarante anybody elses.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #1,152
  • Feb 26, 2010 11:26pm Feb 26, 2010 11:26pm
I love baseball. And as far as my trading goes, I am a firm believer in "small ball".
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,153
  • Feb 27, 2010 12:10am Feb 27, 2010 12:10am
tf, you dont bother with risk :reward do you? i believe you have hard stops of 5 pips and you will take any profit from 1-5 pips based on the trade dynamics. is that right?

Quoting The Fool
I love baseball. And as far as my trading goes, I am a firm believer in "small ball".
  • #1,154
  • Feb 27, 2010 1:05am Feb 27, 2010 1:05am
Quoting coolshades
tf, you dont bother with risk :reward do you? i believe you have hard stops of 5 pips and you will take any profit from 1-5 pips based on the trade dynamics. is that right?
for scalping I have a hard 5p sl which gets hit on spikes sometimes but typically I will manually stop out at around 3p. I do mind R:R and I check my stats weekly to monitor overall performance re R:R - typically performance is somewhere around 3:2 risk:reward with a success rate @ 80% +/- 10%...

I battle burn-out on this method - this is a primary drawback along with the necessity for screentime hours. If I am disciplined about avoiding over-trading and enter on true breakouts and other directional volatility I tend to catch larger winners and R:R improves. Still working on that....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,155
  • Feb 27, 2010 8:27am Feb 27, 2010 8:27am
Fool

I didn't mean to direct the post at you or anyone in particular and maybe it wasn't the most proper thread for it. What I meant is that, there are many trading methods posted on FF and what a better way for a new reader or new trader to find the ones that actually work then looking at the results of trading using that method. I understand that many, may not care about others' results and that's probably how it should be since we all should make our own decisions, however I still believe that, that would be a great filter here at FF and would very quickly bring the methods that actually work to the top for mine, yours and everyone's benefit.
I actually like what you're doing here and the fact that you have the guts to publicly aim at what many say is impossible, on which I agree with you that IT IS POSSIBLE. I've been running at above 5% average daily so far this year so your goal of 4% is VERY POSSIBLE and I hope you have more time to trade.
Anyway, feel free to just drop the subject and don't respond, I think X.Oden brought a good question and I think its a great idea that I'll probably send to the admins that maybe they can work out an area here on FF where at least the thread moderators can publish their results without the need for outside sites..

Again,hope you have more time for this great adventure.
  • #1,156
  • Edited 4:34pm Feb 27, 2010 1:19pm | Edited 4:34pm
Hi Robert,

Its cool, I in no way took offense - and thanks for your well wishes.

Its natural for people to want to see proof when others claim a particular level of success. Especially if its something that they would like to emulate.

All I am saying though, is that the only proof that really matters is self-proof - because one trader may succeed with a given method & others may fail with it. Does it work for YOU? Only way to know is trade it for a while and find out.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,157
  • Mar 1, 2010 11:56am Mar 1, 2010 11:56am
Woke up to try to scalp after the US ISM news. Didn't have no coffee in me & was too slow to catch the breakout on the down wave. Caught the long bounce tho, about 40 pips worth. sl's at be all failed, as usual, but no bd.

I have come to like the early NY session better than the London open, but I have not given up on Frankie yet, although things are not the same as they once were there, sigh.
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-03-01eu.png Size: 130 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,158
  • Mar 1, 2010 12:23pm Mar 1, 2010 12:23pm
Quoting The Fool
Woke up to try to scalp after the US ISM news. Didn't have no coffee in me & was too slow to catch the breakout on the down wave. Caught the long bounce tho, about 40 pips worth. sl's at be all failed, as usual, but no bd.

I have come to like the early NY session better than the London open, but I have not given up on Frankie yet, although things are not the same as they once were there, sigh.
I was up at 5 but fell asleep on the coach. Didn't even party last night.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #1,159
  • Mar 1, 2010 12:32pm Mar 1, 2010 12:32pm
Quoting Rufus
I was up at 5 but fell asleep on the coach. Didn't even party last night.

Rufus
I should be in Pt. Townsend today watching my sewer pump stations get built but they decided to take today off - spring fever setting in. Since I started having to get up to drive up there every morning I am more in tune with the NY open and London is too late.

I tell ya, we need to be doing this shit from our villas on Corsica.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #1,160
  • Mar 1, 2010 12:34pm Mar 1, 2010 12:34pm
can i get an AMEN....

Quoting The Fool
I tell ya, we need to be doing this shit from our villas on Corsica.
Annoying Precision
0 traders viewing now