Dislikedyes ... in MT4 it takes closes only .... since the closes are decided by the professionals therefore wouldn't it be more useful to use these turning points in marking S/R?Ignored
Would be interesting to know Custos thoughts on this.
- #7,104
- Jun 29, 2010 5:34am Jun 29, 2010 5:34am
- Joined Dec 2006 | Status: Trader | 3,852 Posts
I was playing around with the gbp/usd, as you see in the chart attached, I first went short, now long, took off half, and hope to get in short again from the top or a break through and touch from my entry levels. 
This link is a post I made on another thread concerning my initial short.
http://www.forexfactory.com/showpost...postcount=4828
And attached is the gbp/usd h4 showing my long.
cheers
This link is a post I made on another thread concerning my initial short.
http://www.forexfactory.com/showpost...postcount=4828
And attached is the gbp/usd h4 showing my long.
cheers
Hi guys, 
First of all, thanks for keeping this great thread alive.... I was a silent reader for some time now...
I have also done Hector's video course, and a thread related to his method, with some great additions (I love the S/R's touch entries) is very very much appreciated and helpful...
Some time ago, I tried and intraday-high frequency (5min/1min.) scalping method, with no much success to be honest, and with a high stress level that was killing me...
....for some odd reason, I found that one was the only way to get me some profits in a consistent way (like a regular 200-300 pips payment at the end of each month), but at least for me, that was totally impossible....
Also, I thought that I couldn't trade longer TF's than 5 min. due to the small account I had (Higher Tf's mean bigger SL's), but nowadays, most of the brokers offers until 0.01 lots sizes, so I think I can adapt me quite well...
I don't really know what I can expect realistically from this, related to trading frequency and possible profits/losses let's say on a monthly basis, or daily hours to dedicate to charts, etc, etc.... So If anyone could share some experience concerning to all this, to pointed me in the realistic expectations, I'd really appreciate it....
I wouldn't like to become a long term trader, but I think some intraday (1H) or Intraweek (4H) could be fine, and maybe a little easier than scalping on the 5min/1min noise charts...
I've read many many pages from this thread, and I see many of you are very successful, trading this way, so I think I will try it hard too.
Ban
First of all, thanks for keeping this great thread alive.... I was a silent reader for some time now...
I have also done Hector's video course, and a thread related to his method, with some great additions (I love the S/R's touch entries) is very very much appreciated and helpful...
Some time ago, I tried and intraday-high frequency (5min/1min.) scalping method, with no much success to be honest, and with a high stress level that was killing me...
....for some odd reason, I found that one was the only way to get me some profits in a consistent way (like a regular 200-300 pips payment at the end of each month), but at least for me, that was totally impossible....
Also, I thought that I couldn't trade longer TF's than 5 min. due to the small account I had (Higher Tf's mean bigger SL's), but nowadays, most of the brokers offers until 0.01 lots sizes, so I think I can adapt me quite well...
I don't really know what I can expect realistically from this, related to trading frequency and possible profits/losses let's say on a monthly basis, or daily hours to dedicate to charts, etc, etc.... So If anyone could share some experience concerning to all this, to pointed me in the realistic expectations, I'd really appreciate it....
I wouldn't like to become a long term trader, but I think some intraday (1H) or Intraweek (4H) could be fine, and maybe a little easier than scalping on the 5min/1min noise charts...
I've read many many pages from this thread, and I see many of you are very successful, trading this way, so I think I will try it hard too.
Ban
- #7,107
- Jun 29, 2010 7:40am Jun 29, 2010 7:40am
I was playing around with the gbp/usd, as you see in the chart attached, I first went short, now long, took off half, and hope to get in short again from the top or a break through and touch from my entry levels.
This link is a post I made on another thread concerning my initial short.
http://www.forexfactory.com/showpost...postcount=4828
And attached is the gbp/usd h4 showing my long.
cheers
- #7,108
- Jun 29, 2010 7:45am Jun 29, 2010 7:45am
- Joined Dec 2006 | Status: Trader | 3,852 Posts
Custos ...you are milking pips like an automatic machine
So which pairs are you guys watching?
- #7,112
- Jun 29, 2010 8:22am Jun 29, 2010 8:22am
- Joined Dec 2006 | Status: Trader | 3,852 Posts
Hi guys,
First of all, thanks for keeping this great thread alive.... I was a silent reader for some time now...
I have also done Hector's video course, and a thread related to his method, with some great additions (I love the S/R's touch entries) is very very much appreciated and helpful...
Some time ago, I tried and intraday-high frequency (5min/1min.) scalping method, with no much success to be honest, and with a high stress level that was killing me...
....for some odd reason, I found that one was the only way to get me some profits in a consistent way (like a regular 200-300 pips payment at the end of each month), but at least for me, that was totally impossible....
I don't really know what I can expect realistically from this, related to trading frequency and possible profits/losses let's say on a monthly basis, or daily hours to dedicate to charts, etc, etc.... So If anyone could share some experience concerning to all this, to pointed me in the realistic expectations, I'd really appreciate it....
Daily hours dedicated to charts: The more the better. The best is you spend every single free second on the charts. People always think that trading is easy, but let me say, in the beginning it is very very hard to become consistent. You need to experiment a lot, you need to discuss a lot and you need to look at charts a lot.
Once you start dreaming about charts and trading, you can be sure that you have reached the right amount of screen time a day, anything below that is in my opinion not sufficient.
Anyways, with persistence you will make it. Just get up on your feet again and again and again, and try to do things differently.
And profits and losses depends on your skill level, that's an individual thing. For trading frequency, you can trade as much or as little as you want, I myself enter around maybe 5 to 10 trades a day, sometimes much more, depends really.
hope that answers your question
I wouldn't like to become a long term trader, but I think some intraday (1H) or Intraweek (4H) could be fine, and maybe a little easier than scalping on the 5min/1min noise charts...
- #7,113
- Jun 29, 2010 8:50am Jun 29, 2010 8:50am
good that you like the thread
wow man
yep, I agree, work off the h1 and h4, m1 and m5 is way too fast.
I absolutely agree with Custos, it takes time and commitment, just as you think you have it sorted, you realize more effort is needed. Get yourself a trade simulator (there is one mentioned in this thread) - it works like a charm and enables you to test faster and move through the data faster making amends as you go - and your tester is always open.
Also watch your pshyc tank, don't let it get drained.
Just keep working at it.
Trade safe
- #7,115
- Jun 29, 2010 8:59am Jun 29, 2010 8:59am
Hi Paulette,
Good to see that you have started posting again and i hope you feel better.
Ciao
life has been a challenge - fortunately market was kind and gave me time to recoup! Today was my first day of "range trades" with trend - so far so good.
Thanks to you and Custos I did not give up on this "range" thing - I got my head around it.
Trade safe
P
Hi again guys....
Thank you very very much for your nice welcome and your nice and sincere words.....
I really know that everything in trading is difficult and requires a lot of practice and screen time.... at least to start not losing consistently...
MktScape, thanks for your welcome.....
I don't really know if demoing is gonna help me at the beginning or not, because first time I traded in my life, I did it on demo, and everything started to go perfect with some time, but when I started real after some time... ufff.. a whole different world... and things started to became a lot tougher that they were before... so maybe I will try to trade for peanuts, the smallest lot size I could instead going demo.....
Custos, thanks for your welcome as well...
I've read a lot of your posts, and they are really really good ones... you look a master on this....
And the touch entries off S/R's addition from the "No brainer trades" thread is amazing IMHO...
About trading frequency... wow... 5/10 deals a day is pretty much what I did when trying to scalp...
It surprises me a lot....
Is it due to when you don't see any clear setup following the trend, you take one concrete pair you like and start to trade off S/R's?
Thanks
Thank you very very much for your nice welcome and your nice and sincere words.....
I really know that everything in trading is difficult and requires a lot of practice and screen time.... at least to start not losing consistently...
Hi Bancho,
For a startup trader to trade on M5/m1 is self destructive …. Which kind of proved it self even experience traders wouldn’t too much prefer to trader on that TF. However,, in my opinion, you have landed on the right thread.
I don't really know if demoing is gonna help me at the beginning or not, because first time I traded in my life, I did it on demo, and everything started to go perfect with some time, but when I started real after some time... ufff.. a whole different world... and things started to became a lot tougher that they were before
... so maybe I will try to trade for peanuts, the smallest lot size I could instead going demo.....good that you like the thread
wow man, scalping should be the end of your trading career, not the beginning. Scalping is so difficult, you really have to have a deep understanding of the market. Also when scalping you are at the mercy of professionals. When you trade longer term you stand a chance of having success in the market until you develop the skills to be as good as the professionals.
I've read a lot of your posts, and they are really really good ones... you look a master on this....
And the touch entries off S/R's addition from the "No brainer trades" thread is amazing IMHO...
About trading frequency... wow... 5/10 deals a day is pretty much what I did when trying to scalp...
It surprises me a lot....
Is it due to when you don't see any clear setup following the trend, you take one concrete pair you like and start to trade off S/R's?
Thanks
- #7,118
- Jun 29, 2010 9:32am Jun 29, 2010 9:32am
- Joined Dec 2006 | Status: Trader | 3,852 Posts
About trading frequency... wow... 5/10 deals a day is pretty much what I did when trying to scalp...
It surprises me a lot....
Is it due to when you don't see any clear setup following the trend, you take one concrete pair you like and start to trade off S/R's?
Thanks
If I traded the m5, I would have 50 to 100 trades or even more. haha
cheers
- #7,120
- Jun 29, 2010 10:24am Jun 29, 2010 10:24am
Hi, and thanks to you too Paulette..
Yes, I really know how hard and how much time it cost to get something a little good from the markets...
I often spent about 10/12 hour is from of the screen to get only a BE day or minor loss day, and that was sometimes taking me down, even more when after a whole week/month averaging minimum 8...
just my perspective - I always used to back test in my non-trading hours, even explained to MktScape how to manually - until I tried the simulation software. With this I am able to work through the charts a lot faster and sticking to my rules, so creating the mental picture of how it should be / getting into the habit much faster.
Your experience is nothing new, there are some ex-news traders amongst us too!
- so advice is that you let go and start a clean slate, how you clear you slate is up to you. A loss is a loss, you need to start thinking pips and not money - in trading your slaves are: the market, the trend, the pips, your strat and money. As in any business, your slaves from time to time will be non-compliant - then you need the discipline to deal with it, in business we call it HR Procedures / Client Relationship Management / GAAP Procedures to deal with "undesired". In trading we call it a loss (review your loss and find the mistake/reason for the loss) and move on to your next trade sticking to your strategy rules - I still have mine printed and laminated next to my pc.
Just my 2c worth
P