I am the best scalper alive

I AM THE BEST SCALPER ALIVE.

Now I know you all must be like, "yea right?! what a cocky s.o.b.!"but I must say that saying those words out loud every morning before I turn on my trading station helps me get my juices flowing and keeps me motivated day in and day out. Some people get their motivation from money or to support their family or to just make extra income to retire a wee bit earlier than they hoped. But for me, I want to be the best scalper alive, and if I don't believe it how can I expect others to? So I shout it again....I AM THE BEST SCALPER ALIVE! I KNOW IT AND SOON EVERYONE WILL TOO!

I have been trading since '04 and been breaking even mostly, never had a blown account, just replenished a few. But I must say I have finally found my way that fits my monetary goals and my personality. I have been scalping the EURUSD everyday for the past few months with great results (on my small real $ account). And I am finally ready to turn my mediocre account into something great. Now I know everyone on this forum has read someone stating that they are going to turn x amount of dollars into $1,000,000,000 in 1 year but never even get close. So i started to ask myself 'why can no one accomplish this feat?' and i just figured that everyone else sucks @ trading. Now I'm not trying to hurt anyone's precious feelings but its the honest truth. They are all flawed, either in their trading strategy or their money management. But something is flawed...a lemon.

The beauty of my trading strategy is that it fits me, I used to have about 4-5 indicators on my screen from what I thought were good from this forum and just kept adjusting and tweaking my strategy to fit what happened during that trading day. My account would end up stalling every time. I would make good pips then give it back or lose pips then make it back but nothing consistent enough that I could really make a killing trading FX. So finally years later I figured that I would not be able to trading consistently by checking out new trading systems on forex factory every single day and change my trading approach every other month (usually only looking at Journals or Trade Discussions...stay away from trading systems on FF!). So I decided that scalping is what I was best at, and the reason for that is because of the countless hours I have been put in staring at price action. So i took everything off my chart and just started trading with good R:R ratios and went from there.

I don't have a specific strategy, i just tend to trade when momentum is going in my favor and I try to get out of losers as quickly as possible and let profits go. The simplest trading approach are the ones that work. No one really believes that they can beat the market unless they find some type of 'special' indicator online that no one else has and exploit it. But in reality they are the people that keep the market as liquid as it is. I need lemons in the market so that they can take the other side of my trades...probably with bad R:R.

So with that said, I am not going to publish how I trade but use this to journal my trading and keep me in the right mind set. SO don't ask 'what's your strategy?' because I don't really have one, just that i keep losses small and let profits run as much as I can. You are free to look at my charts and kind of see what I was 'seeing' when i took the trade (the charts I publish here is what I am trading off of).

I will be depositing more $ this week to have a starting balance close to $3,000 as I can and will be trading with decent lot sizes...check chart below. I will be posting charts of how I am trading at the moment with just $1.50/pip till my deposit gets to my Oanda Account.


Money Management:
http://www.forexfactory.com/[IMG...om/1427kll.jpghttp://tinypic.com/r/1427kll/7http://i51.tinypic.com/1427kll.jpg


My Trading Rules:
1. Get out of losses quickly!
2. Let profits run.
3. Never add to a losing position.
4. Only add to a winning position.
5. Trade with price momentum.
6. Stay disciplined.
7. Keep it simple.
8. Be the Best!

.................................
5/19/2011: $3,000.00 (DEPOSIT)
5/20/2011: $3,004.50 (+$4.50)


.................................

Here is an example of how my average day has been going...

DAILY TOTAL: +58 PIPS

That IS madness.

i took some of those trades myself

Yesterday's trades:

Pretty slow day trading wise. I had waayyy too many things to get done today...updated 1st post.

Trades Taken: 2
Wins: 1
Losses: 1

DAILY TOTAL: +10 PIPS

Today's trades went pretty well. Not too much excitement EURUSD was pretty sideways all day staying in a 30-40ish pip range for most of my trading session. So I am glad I got away with +29 pips. Usually when markets are slow like today I just take smaller profits than usual.

Be sure to check out my updated 1st post. Few more days before I start trading my $3k account...woohoo!

Trades Taken: 11
Wins: 5
Losses: 6

DAILY TOTAL: +29 PIPS

I like your energy! good luck to you.

Not a scalper myself but 11 trades for only +29 pips.
I day trade (usually 2 trades each day) and don't do 11 trades in a week.
Just be careful you don't burn yourself out.
Fast and furious is not the only way.
I expect and trade for 37 pips 1st trade and 67 pips 2nd trade when PA has lit the way more clearly.

Good Luck and make sure you get plenty of rest.

makingpips

Was a very quick day for me(5/18/11)...done trading in 90ish minutes. Check chart below to see my trades.

@makingpips...I only made 29 pips after making 11 trades because price action was a bit choppy for me that resulted in more losers than winners (to me, that's the major difference between a awful trader and the best trader...making pips overall after taking more losses than wins). Definitely agree with you on resting before trading sessions. I make sure I am in bed before 11pm so I will get my 8 hours.


Trades Taken: 3
Wins: 3
Losses: 0

DAILY TOTAL: +20 PIPS

Let the games begin!

My deposit has finally gone through and I will start using the money management rules that I have posted in the 1st post starting tomorrow.

wow what a rough trading session for me...could have been WAY worse of course but you can see by the # of trades I took and the # of trades that were losses. I did end the day up

overall, just a bad day to have my first day...i did just trade $3/pip bc I like to have the option to add to a position when it goes in my favor...keeping a max of $6/pip as stated in my money management rules in the first post.


Trades Taken: 12
Wins: 3
Losses: 9

DAILY TOTAL: +1ish PIPS (+$4.50)- traded $3/pip

cool thread. I love when people share their PnL.

sometimes i wish FF would sponsor a trading contest (broker independent), to see who really is the best.

keep it up!

@hilmy: yea its pretty mentally tough to show publicly my PnL each day but i think i am ready to show FF who and what I am about.

If FF would doing a trading contest with traders with real money (min starting balance over $5,000+ so people would take it seriously, a must) I would definately be interested in doing.

Thanks for the kind words

extremely demanding to show PnL every day, for that you have my respect

I have traded in a similar way to this in the past, but did not have the balls for it with larger money. It seems you are just using discretion to enter and exit based on the way price acts and the patterns it creates.

Do you use the same stop loss on each trade?

Hi Madness

I feel sorry for you - your stress levels must be very high - I know the story!
I don't scalp anymore but if you are interested I can email you a trading system (it's a video) that I came across which I think will change your success ratio in a very big way (90% +). Just PM me

Rgds

@highlander2: i have a max stop loss in place on every trade for 7.2 pips. Sometimes i exit before that stop-loss is hit. When price doesn't move in my favor at all is really why I have the stop in place. Yea i am using a lot of my own discretion to enter trades, i don't use any indicators just the bar charts that I post here.

Thanks for posting on my journal. Glad to see people are enjoying it so far, especially when the journal section in FF is, not going to lie...pretty boring.

Thanks, and all the best, I am looking forward to seeing your trades.

Hi
I too am a scalper and I also had my account on public record here at FF.

Just some of my thoughts for your consideration

According to your money management rules, you are risking about 0.5% per trade. You claim to be the best scalper alive but, with 0.5% risk on every entry, you returned a whopping 0.15% for the day. I know its early days but, if you keep this risk/reward profile, the odds of staying in the game are miniscule

You may well have been performing well in demo or micro but you have made two changes which will have a significant impact on your performance you may not be aware of

1. You increased your capital
2. You are reporting your results here whilst claiming to be the best

You appear to be attempting to use your declaration of being the "best scalper alive" as a psychological tool to improve your performance. It might help a sportsman or salesmen, but that sort of pop psych is ineffective for trading

Both of these changes will have a major impact on your performance. You don't have rules, you are making judgements on the fly and they will now be clouded. With this increased pressure to perform, you have virtually guaranteed yourself failure.

This is the real psychology of trading. This is why most people fail. The funny thing about it is, we actually choose to sabotage ourselves, just as you have done

No offense intended, I really hope you do well and I am wrong in my opinion. If not, and you fail, like all the other journals you spoke of, this post may be helpful as to which direction to head next.

Hope u are doing well, though no much can learn from u but giving bit of support here

Hi, I believe what you said, as I know "no strategy" is the best strategy. looking forward to hearing from you.