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Attachments: EUR/USD Scalp 1 min
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EUR/USD Scalp 1 min

Quoting Pippy5000
Trading with demo accounts is useful to learn how to operate the software, nothing more. ............. so take it slow or you'll just burn out like 95% of the people who try to trade.

For whatever its worth just wanted to second everything Pippy5000 said.

R
Hey Pipy,
You have shared an interesting experience of your own. I am also going through the learning phase and have a family to support and due to the job pressures and timing its quite challenging to practice for long hours but i am determined to make FxTrading my next carrier. I am wondering that how did you sustain your financials while you committed 12 hours a day to trading? Did you do it as a single?

Quoting Pippy5000
It took 2 years of trading 12 hours per day, 5 days per week, AND without using huge stops which would rely on luck to be successful. Now I do this for a living and I might have bad days or weeks, but I know very well I won't get margined.
Yes, I am conservative from that standpoint. This is why I am so patient and wait for a strong move before I even consider entering. I never want to get into a situation where I am averaging in anywhere over 3 times. It will only take one bad loss to force somebody to be patient.

Quoting ScoTTyBEEE
I've found these mad moves have been messing me up of late. I've tried 2 strategies, first 10/12 stop, which is what I have had up until now. What I find is the push down to support is already in o/s, all indicators line up but it overshoots very often (divergence, quickly dissapears). Having a stop at the moment less than around 25 ends up with net losses.

Having no stop, as Hoss does as led to me carrying large losses and averaging in waaay too ofen. The Murray math and pivot points are so far apart, that if you enter on a support line and it...
Life is too short to have anything but delusional notions about yourself.
Quoting hoss
Yes, I am conservative from that standpoint. This is why I am so patient and wait for a strong move before I even consider entering. I never want to get into a situation where I am averaging in anywhere over 3 times. It will only take one bad loss to force somebody to be patient.
Thanks for the reply Hoss. When you average in 3 times, waiting for the next support area, you will need a bigger retrace than if you average in a few more times. For example my 2nd and 3rd average may be at the same point, then the retrace only has to be small for a b/e. Do you ever trade in this fashion?

Thanks.
Quoting Pippy5000
Trading with demo accounts is useful to learn how to operate the software, nothing more...
Hi Pippy, thanks for the advice. So it's scalping not the way to go? For me, it suits my style and time even though I'm a novice. I have the patience and management skills and trading on a 500 mini account determined to make it grow. So far so good. You mentioned software, would you advice against using one or use a mix of manual and auto? Thanks
Lovely bounce in yen off (almost) weekly pivot with divergence!
Got this little beauty off the corner of the bat

THANKS, HOSS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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Then this one a few min later in the other direction--You probably wouldn't have taken this one, Hoss?
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Quoting hoss
Glad to see it working for you!

ALL THE BEST TO YA!
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Quoting Urantian
Then this one a few min later in the other direction--You probably wouldn't have taken this one, Hoss?


did you go short on that one?
Life is too short to have anything but delusional notions about yourself.
Quoting hoss
did you go short on that one?

yes
Quoting hoss
Is anybody else trading this way? Looking for some discussion. I trade mainly with RSI and divergence and look for retraces for about 5 pips after exhaustion. I turned 100K into 300K on demo in about a month in a half and now I am trying it out on a real account with same results with $4K. Have a look at my attachments. I am making $150 to $200 per day at the $4K level and will start compounding every $1K similar to demo. Any thoughts to make it better if any are appreciated although I think it's an eye for price action that makes this work so far,...
Hi Hoss, i'm new to forex, i'm trying the real mcoy, but i need some simple techniques. my plan is work in 1min to 15min windows. i would be grateful for your suggestions/guidance if u can. u can email me post a thread. much appreciate it. email: [email protected]

sam
Interesting method. Will definitely try this one. It sure seems to have great potential if applied correctly.

From what I've seen by going through some historic data, it seems the "double mean reversion play" (*) in itself has positive expectancy with e.g. 10 pips S/L, not to mention when there's divergence and/or OB/OS confluence involved and you keep away from breakouts. Should give good results with a little practice.

Thanks for sharing this one, Hoss (if you still read this )!



(*): when price is >30 pips above the 200 EMA and price pierces north of the 20,2,2 BB, go short, and vice versa, i.e., when price is >30 pips south of 200 EMA and price pierces south of 20,2,2 BB, go long.
It's not about how much you make, it's about how much you don't lose.
Quoting Dhb
Interesting method. Will definitely try this one. It sure seems to have great potential if applied correctly.

From what I've seen by going through some historic data, it seems the "double mean reversion play" (*) in itself has positive expectancy with e.g. 10 pips S/L, not to mention when there's divergence and/or OB/OS confluence involved and you keep away from breakouts. Should give good results with a little practice.

Thanks for sharing this one, Hoss (if you still read this )!



[size=1](*): when price is >30 pips above the 200 EMA...

Very much appreciate that info! It helps for an easy reference to start looking for these. Anyone using mt4 should consider having the 'show ask line' checked (under properties) to have a good visual of the spread cost in relation to your trade.
Well, I tried this method today, on demo btw. Did not catch all of the London session, but most of it though. Had 13 trades, of which 10 winners. Used a fixed S/L and T/P of 10 (incl. spread) and 5 (excl. spread) pips respectively. Win rate ~76%.

Admittedly, I did not strictly take trades that were at least 30 pips away from the 200 EMA. Applying that criterion on EU today would have resulted in a lot of missed (and worse, profitable) trades.

I noticed that all of my winners had a maximum drawdown of 7 pips. Also, had I used a TP of 6 pips instead of 5, they would have still been winners. So although a sample size of 13 is not sufficiently large to provide any statistically significant conclusions, this observation from my first day of trying this method makes me want to try using a fixed SL/TP of 9/6. If this modification works, my equity curve should become more smooth, as well as provide a few percentage points bigger edge.

But yeah, this method seems to be working just fine.
It's not about how much you make, it's about how much you don't lose.
Day 2 testing this method. Due to other obligations, I was only able to catch the last 3 or so hours of the london session today. Took 5 trades, 4 winners, 1 loser. TP 6, SL 9. Missed a few opportunities as well, since I was doing other stuff in between.

So over the last 1.5 days I took 18 trades, 14 of which were winners. Quite happy with that. If I'll manage to free up enough time, I'll go ahead and try this stuff on a small live account pretty soon if the demo results stay like this.

If you read this, thanks again for sharing, Hoss.

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It's not about how much you make, it's about how much you don't lose.
Day 3 of testing: 10 trades, 8 winners, 2 losses. SL 9, TP 6. The SL/TP modification seems to be doing just fine. Today I included 5 EMA in the mix for extra visual "price stretch" confirmation. Did not disappoint.

So over the last 3 days, that's 27 trades in total, of which 22 winners. Thanks again Hoss. However, since there doesn't really seem to be much of an interest in this thread anymore, this will be my last contribution here for now.

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It's not about how much you make, it's about how much you don't lose.
When/if you get time, feel free to update, I'm interested. Thanks for the posts thus far.

Quoting Dhb
Day 3 of testing: 10 trades, 8 winners, 2 losses. SL 9, TP 6. The SL/TP modification seems to be doing just fine. Today I included 5 EMA in the mix for extra visual "price stretch" confirmation. Did not disappoint.

So over the last 3 days, that's 27 trades in total, of which 22 winners. Thanks again Hoss. However, since there doesn't really seem to be much of an interest in this thread anymore, this will be my last contribution here for now.

Attachment 488969
Hi hoss, congrats for the great topic.
I have traded FOREX for nearly a year before I blew up my first account. At that time I was more of a long term trader. After i blew it up I made a break for about a year and now, already a month, I am trading again on a demo acc.
My current strategy is exactly scalping 1M EURUSD. I use the RSI, BB. I enter into a trade only when breaking a S or R level. For example, when there is a support level which I draw myself (not with the use of an indicator) I also look for 70-80 level of RSI and I go long for several pips (5-10). This succeeded so far in around 70% of the trades.
My question is how do you enter the trade? do you use a stop order or just go with the market price? How do you close position, spot or a stop order again? I experience great difficulties with that because the price moves way too quickly and often I lose the whole trade just because i cannot close my position on time.
An advice will be much appreciated
Regards,
Vladimir
Quoting Dhb
Day 3 of testing: 10 trades, 8 winners, 2 losses. SL 9, TP 6. The SL/TP modification seems to be doing just fine. Today I included 5 EMA in the mix for extra visual "price stretch" confirmation. Did not disappoint.

So over the last 3 days, that's 27 trades in total, of which 22 winners. Thanks again Hoss. However, since there doesn't really seem to be much of an interest in this thread anymore, this will be my last contribution here for now.

Attachment 488969
Hello,I still use this system everyday it still works about %80 of the time,making money everyday...happy trading to you
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