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  • #566,921
  • Nov 28, 2011 3:14pm Nov 28, 2011 3:14pm
IMHO any new trader especially cutting their teeth on their first live account has no business attempting a scalping strategy, which is tricky even for more experieced traders.
I would advice swing trading at very low volumes.

$0.02
  • #566,922
  • Nov 28, 2011 3:16pm Nov 28, 2011 3:16pm
Quoting geosanuy
IMHO any new trader especially cutting their teeth on their first live account has no business attempting a scalping strategy, which is tricky even for more experieced traders.
I would advice swing trading at very low volumes.

$0.02
I suppose I got too confident with my demo success. I know it isn't real money but I used the same charts, indicators, amounts, everything. I just don't know what it is but I'm getting burnt pretty badly. Can you elaborate on a swing trading method?
  • #566,923
  • Nov 28, 2011 3:18pm Nov 28, 2011 3:18pm
Only one thing I may say: Trade what you see, NEVER make any commitments to the PA! You were expecting a move up and you were scalping on the long side, while the market was moving downwards I was expecting another move toward the 1.34 today and I did go long and I paid for that, as well!

If you have a scalping strategy follow it and do not listen to other people

Quoting Forexsaurus
So, so far today I've lost over $200. This is my first live account after extensive practice on a demo where I was making 90% successful scalping trades. Somehow, now that it's my real money, I've been losing consistently. I've been trying to follow the advice in this thread (such as the earlier consensus that today would be a bull day) but still lose more money than I can make. What kind of movements can we hope for tonight with the euro to recover the losses?
Price = the amount a greater fool is willing to pay!
  • #566,924
  • Nov 28, 2011 3:24pm Nov 28, 2011 3:24pm
Quoting Forexsaurus
I'm currently trading lots of 10,000 and while scalping I was doing well, earning about $20 within and hour, then one bad trade later and I was down about $50. I used the same settings and strategy with my demo account and did very well, maybe I'm just terribly unlucky. Staying strong though.
I think you should not let your losing trades go too far. Cut them short because you can easily lose all of your money. Just an example: If you trade with 100$, and every time you let it decrease with 10$ and you close a position after that, you will lose half of your money after 5 trades. And if you try to go back to 100$ from 50$, it will be hard. But if you only lose 2-5$, you are lose maximum 25$, and its way easier to get back 25$ than 50$. I know its annoying, when you close a losing trade and after the things are changing their direction in your way but you are already exited. Take some time for more deep analysises and use more time intervals, to be sure where the thing are going. I've done a lot of mistakes when I started to trade with real money. I lost more than 300$ in a month. I was very sad and angry, but I learnt a lot of things and I use them things wisely. (most of the times, but I make mistakes sometimes). I managed to close my last two weeks with 7% profit, what is not too much with that amount of money what I'm trading with, but proving that I'm going on the good direction and I'm not just lucky. I suggest that you should be more patient and learn more.
Peace!
Bear the bull's consequence...
  • #566,925
  • Nov 28, 2011 3:26pm Nov 28, 2011 3:26pm
Quoting Forexsaurus
I'm currently trading lots of 10,000 and while scalping I was doing well, earning about $20 within and hour, then one bad trade later and I was down about $50. I used the same settings and strategy with my demo account and did very well, maybe I'm just terribly unlucky. Staying strong though.
Firstly, I am not posting this to sound superior or anything of the kind, I do think this can help you, take it or leave it.
Sounds like you're overtrading.

1. Cut your volume in half to whatever you were trading.
2.Go up 1 timeframe don't check the lower one.
3.Limit yourself to No More than 12 trades a week,

Try this a couple of weeks.
Best of luck!
  • #566,926
  • Nov 28, 2011 3:30pm Nov 28, 2011 3:30pm
Quoting Pip-hunter
Only one thing I may say: Trade what you see, NEVER make any commitments to the PA! You were expecting a move up and you were scalping on the long side, while the market was moving downwards I was expecting another move toward the 1.34 today and I did go long and I paid for that, as well!

If you have a scalping strategy follow it and do not listen to other people
I thought it will fill the gap downwards, and I was on the short side, and paid for that well either. I hate when the market against me. The funny thing is that I "playing" with a demo account too at the same time, and I open risky positions there, what I don't dare with real money and I won a lot of money with those risky trades, and lost a lot of with "not risky".
Bear the bull's consequence...
  • #566,927
  • Nov 28, 2011 3:38pm Nov 28, 2011 3:38pm
Quoting Forexsaurus
So, so far today I've lost over $200. This is my first live account after extensive practice on a demo where I was making 90% successful scalping trades. Somehow, now that it's my real money, I've been losing consistently. I've been trying to follow the advice in this thread (such as the earlier consensus that today would be a bull day) but still lose more money than I can make. What kind of movements can we hope for tonight with the euro to recover the losses?
First, it depends on how big your acct is. If you have a 1k or 2k account, that is an unacceptable loss to your account. Is your lot size at $1,000 or is it $10,000. In other words, are you trading 10 cents a pip or $1 a pip? I wouldn't trade at dollar level till your at least have a base of $10,000. Even then, it still might make sense to trade at 10 cent per pip, particularly if you are new to currency trading. If you lose 200 pips, the most your out is $20--NOT $200.

Scalping is a legitimate strategy, however, for someone relatively new to forex I would suggest a more conservative strategy using fibo numbers and a couple other indicators. Scalping really is reserved for those who know and feel the pulse of the market. If you are new, it simply will take a lot of practice before you feel the 'drop' or the 'pump'.

Here is one of many strategies I use. I have about a 10:1 win/loss ratio on it:

An example of a short:

account: 2,000
pip lot size: $1,000 or 10 cents
risk in position: 1%
risk in trade going against you: 1%

trade: 20 pips divide by 3 which is about 6-7 pips.

EU long term trend: down
EU short term trend: down
If channel forms, price should be at or close to top channel for short.

Find fibo pattern 5m 10m 15m 1h (one that best fits the market for the trade you're watching) that has dropped to the 0% level.

When it retraces to fibo 23 put in a 6 or 7 pips, if it is tested at the 38 level put in another 6 or 7 pips and if it goes to the 50 retrace level put in another 6 or 7 pips. You should be able to weather the storm if it still goes against you. When they all go green sell or whatever you want to do.

This is one strategy that works pretty consistently for me.

Note: you may not make it to the last level but don't ever go against the rules. Two positions are better than no positions.

T
Taigen Profit This Month: na
  • #566,928
  • Nov 28, 2011 3:38pm Nov 28, 2011 3:38pm

NO WAY! I also run a demo on the secondary monitor and today I made 150 bucks profit on the demo, while on the real I lost 100! What a stupid situation!
This is what happens when you pre-commit to a price and do not follow your trade plan (strategy)!!!!!!

edit: If Cloggie sees those posts he will be laughing so hard )))))) omg

Quoting Bice
I thought it will fill the gap downwards, and I was on the short side, and paid for that well either. I hate when the market against me. The funny thing is that I "playing" with a demo account too at the same time, and I open risky positions there, what I don't dare with real money and I won a lot of money with those risky trades, and lost a lot of with "not risky".
Price = the amount a greater fool is willing to pay!
  • #566,929
  • Nov 28, 2011 3:42pm Nov 28, 2011 3:42pm
Quoting geosanuy
Firstly, I am not posting this to sound superior or anything of the kind, I do think this can help you, take it or leave it.
Sounds like you're overtrading.

1. Cut your volume in half to whatever you were trading.
2.Go up 1 timeframe don't check the lower one.
3.Limit yourself to No More than 12 trades a week,

Try this a couple of weeks.
Best of luck!
I believe this is precisely the problem. I still want to trade more than 12 a week, but I definitely need a tighter, or in my case actually existent, SL. My lack of SL is what wrecked my balance I think. Tough road ahead recovering that $200
  • #566,930
  • Nov 28, 2011 3:43pm Nov 28, 2011 3:43pm
I know some very skilled traders who are big believers in using demo accounts. Other than learning certain platforms, I consider them useless. You need skin in the game.
Taigen Profit This Month: na
  • #566,931
  • Nov 28, 2011 3:57pm Nov 28, 2011 3:57pm
I am a firm believer of always trading with real money... the psychology gap between a demo and real account is huge, even with just $100!

I think it's a no brainer since these days you can open an account for $100. Some places even give you $100 free for just opening an account with them.

And you should not be risking more than 1% to 5% per trade... If you only risk 1% per trade, it would take 100 losing trades in a row until ruin. If you're risking/losing 10% per trade, it only takes ten trades and you're bust.

Also, if you lose 50% of your account, you have to earn 100% return to get back to where you STARTED.

It's not what you make, it's how much you don't lose!
  • #566,932
  • Edited 7:30pm Nov 28, 2011 4:06pm | Edited 7:30pm
Quoting Forexsaurus
I believe this is precisely the problem. I still want to trade more than 12 a week, but I definitely need a tighter, or in my case actually existent, SL. My lack of SL is what wrecked my balance I think. Tough road ahead recovering that $200
$200?...that's not capital, it's your tuition...hang in there!
I guarantee you though, it's a better investment than spending it on a cockamamie system or EA!
  • #566,933
  • Nov 28, 2011 4:20pm Nov 28, 2011 4:20pm
Quoting geosanuy
$200?...that's not capital it's you tuition...hang in there.
Geosanuy is exactly right. Start with a small account say 1 or 2k and view it as tuition. If you learned anything, you got your moneys worth. It took 3 deposits before I started learning how to trade. The learning curve is worth it if you take every loss and learn from it as well as every gain.

This month so far I have not had one losing trade. There is still a little bit of month to go so I might have a loss yet but I use every precaution not to.
Taigen Profit This Month: na
  • #566,934
  • Nov 28, 2011 4:22pm Nov 28, 2011 4:22pm
Quoting hmfw

It's not what you make, it's how much you don't lose!
u paid yourself to "dont lose too much" ?

how much u making a month ?
  • #566,935
  • Nov 28, 2011 4:26pm Nov 28, 2011 4:26pm
Quoting hmfw
I am a firm believer of always trading with real money... the psychology gap between a demo and real account is huge, even with just $100!
Perhaps a decent place in the thread to intro myself. Traded demo for about two months and did pretty well, but like hmfw I think you need to have some skin in the game. I think I'm able to maintain the same discipline I had while trading the demo. I traded very small margins in my demo, and with my $500 dollar micro account I do the same. I'm only looking for 1-5 bucks per trade and letting that add up. As I improve, I'll deposit more capital in my account, but my margins will not change.

My trading style will probably draw a lot of flak here. I ride my losses hard and wait for them to turn, could be days, could be weeks, but I don't put enough out there to risk a margin call (not even close), so it's purely psychological at that point.

This is why I dropped the demo and opened the micro account. I want to know that it's my money on the line and not a video game. I'll go back to my demo if I want to experiment. I know I have a lot to learn and I appreciate the ability to lurk here every day and observe.
  • #566,936
  • Nov 28, 2011 4:32pm Nov 28, 2011 4:32pm
Quoting geosanuy
IMHO any new trader especially cutting their teeth on their first live account has no business attempting a scalping strategy, which is tricky even for more experieced traders.
I would advice swing trading at very low volumes.

$0.02
I second this wonderful advice. The earlier newbies and noobs (Most humbly - like me) learn that, the better they will be. Scalping is very attractive quick money for less than 1 old year traders but at the end it makes you pay the "tuition" fee. I know it becomes very difficult to control oneself from trading and wait for an opportunity. As a matter of fact, I just did the same mistake yesterday by entering an early short on euro, but that why the newbies have to stick around and start with a very small lot size. I had started by trading 0.1 minilot and 500 dollars and believe me; I have never been stopped out, simply because I do not sit consistently in front of the flickering price action. Rather, I work on really higher time frames (four hours to start with and weekly as my decision point). Well, I have learned a lot from experienced traders on this forum but have never followed the buy/sell signals posted on any of the forum. Also, I did demo for only 3 months and then started my real account. Until and unless there is real money on stake, you will never learn the risk management.
- My nooby 0.5 cents
  • #566,937
  • Nov 28, 2011 5:04pm Nov 28, 2011 5:04pm
Quoting Nordic
My trading style will probably draw a lot of flak here. I ride my losses hard and wait for them to turn, could be days, could be weeks, but I don't put enough out there to risk a margin call (not even close), so it's purely psychological at that point.
I'm with you in this, I never learnt how to use correctly SL so lately I'm not using them at all and it's working With low leverage, you can afford it.
  • #566,938
  • Nov 28, 2011 5:07pm Nov 28, 2011 5:07pm
EUR/USD short position biggest since June 2010. Hmm, what's the old adage, the market likes to inflict the most pain on the largest amount of traders. Just food for thought. lol
Yay! Pips for everyone!
  • #566,939
  • Nov 28, 2011 5:13pm Nov 28, 2011 5:13pm
Quoting johnnyrei
Short @ 1.3384 - sl @ 1.3404:
Still holding my short, SL @ BE, targeting area of 1.3250, will hold my trade overnight unless something unexpected happens in next hour or so:
Attached Image (click to enlarge)
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  • #566,940
  • Nov 28, 2011 5:27pm Nov 28, 2011 5:27pm
Quoting Pipsforall
EUR/USD short position biggest since June 2010. Hmm, what's the old adage, the market likes to inflict the most pain on the largest amount of traders. Just food for thought. lol
Hi There,

What are you using as your source? I don't see that on dailyfx plus or on oanda?
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