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  • #566,941
  • Nov 28, 2011 5:27pm Nov 28, 2011 5:27pm
Take this with a grain of salt since I'm also a newb but one of the main things I've learned when scalping is to have a very tight S/L. 5-7 pips max is what I set mine. I've done a decent amount of research on scalping and that seems to be the prevalent way to go if your going to be a successful scalper.
  • #566,942
  • Nov 28, 2011 5:54pm Nov 28, 2011 5:54pm
Quoting sidhujag
Hi There,

What are you using as your source? I don't see that on dailyfx plus or on oanda?
Forexlive.com
Yay! Pips for everyone!
  • #566,943
  • Nov 28, 2011 6:11pm Nov 28, 2011 6:11pm
Quoting Nordic
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...
Lots of new people around, these days, welcome!

Good first post Nordic - the idea of the demo account should be to develop a strategy and discipline to define entries and exits with the right money management (stop loss, position sizing, risk & reward). As a consequience one should have the very same mindset when moving to a real account.

In response to some related comments - it might be fun to see a demo account grow quickly on high risk, but it is pointless because the probability of failure will eventually strike.
  • #566,944
  • Nov 28, 2011 6:21pm Nov 28, 2011 6:21pm
Wow. It's really taking a dive now.
Time turns trend. - W.D. Gann
  • #566,945
  • Nov 28, 2011 6:24pm Nov 28, 2011 6:24pm
30m outlook:
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  • #566,946
  • Nov 28, 2011 6:40pm Nov 28, 2011 6:40pm
That might have been a swap collect dump
  • #566,947
  • Nov 28, 2011 6:40pm Nov 28, 2011 6:40pm
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
Great advice. I did the same thing. Where I put $250 into the live account, and $200 was gone in no time. Overtrading while scalping. Now it's down to $25. Back to demo I go. I opened 22 trades last night in demo, one mini lot per pair. When I came home from work tonight, there was $157 in profit there. And all I did was look at the charts and followed the trends. Trade what you see. And I agree, once live, very low volumes.
Time turns trend. - W.D. Gann
  • #566,948
  • Nov 28, 2011 6:42pm Nov 28, 2011 6:42pm
Quoting johnnyrei
30m outlook:
hey J,
how was your day? just revisited your chart from last night..
  • #566,949
  • Nov 28, 2011 6:50pm Nov 28, 2011 6:50pm
Quoting Pip-hunter

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
it is easy to make millions on demo, but difficult to make anything on live.
  • #566,950
  • Nov 28, 2011 6:51pm Nov 28, 2011 6:51pm
Quoting 2046
hey J,
how was your day? just revisited your chart from last night..
Hey 2046 - it was okay - 156 pips so far, no red trade today, so I'm glad. How about you?
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  • #566,951
  • Nov 28, 2011 7:05pm Nov 28, 2011 7:05pm
i see no room for uptrend currently. here is the chart 4H. anybody notice pinbars?
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As Above, So Below
  • #566,952
  • Nov 28, 2011 7:10pm Nov 28, 2011 7:10pm
Quoting johnnyrei
Hey 2046 - it was okay - 156 pips so far, no red trade today, so I'm glad. How about you?
haha, not bad! didn't want to know in that detail but happy you are doing well!
Practically no trades for me today - I had pending long triggered at 328 last night but closed it before leaving house as new rumors were pouring in. nothing lost but threw away the chace for a nice and proper profit.

I am cautious these days especially since the time to follow markets closely is very limited...

off to bed. night!
  • #566,953
  • Nov 28, 2011 7:12pm Nov 28, 2011 7:12pm
Good night everyone:
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  • #566,954
  • Nov 28, 2011 7:12pm Nov 28, 2011 7:12pm
Quoting sidhujag
That might have been a swap collect dump
Looking likely.
  • #566,955
  • Nov 28, 2011 7:33pm Nov 28, 2011 7:33pm
Quoting tashkent
i see no room for uptrend currently. here is the chart 4H. anybody notice pinbars?
Amazing, my broker, interbankfx does not have those 4 hr pinbars.
Yay! Pips for everyone!
  • #566,956
  • Nov 28, 2011 7:44pm Nov 28, 2011 7:44pm
all of you go take a nap , consolidation....

there is a time to rest , time to FIGHT
  • #566,957
  • Nov 28, 2011 7:58pm Nov 28, 2011 7:58pm
Quoting Pipsforall
Amazing, my broker, interbankfx does not have those 4 hr pinbars.
Strange, usually 4H bars coincide... I use FX Club.
As Above, So Below
  • #566,958
  • Nov 28, 2011 8:19pm Nov 28, 2011 8:19pm
i've learned my lesson the painful way. i will never expect a 50 pips run during asian hours, once i get 10+ pips, i'll close!

if not all will end up at be or sl!!!! then revenge trading will come and destroy my account!!!!!

patience!!!!!
  • #566,959
  • Nov 28, 2011 8:25pm Nov 28, 2011 8:25pm
Quoting tankokjian
all of you go take a nap , consolidation....

there is a time to rest , time to FIGHT
this will remain for the entire week
Trade responsiblypatience is the key/Swing trader
  • #566,960
  • Nov 28, 2011 8:46pm Nov 28, 2011 8:46pm
Quoting happytrader
i've learned my lesson the painful way. i will never expect a 50 pips run during asian hours, once i get 10+ pips, i'll close!

if not all will end up at be or sl!!!! then revenge trading will come and destroy my account!!!!!

patience!!!!!
happytrader,

if your using MT4 for trading you can partly close your trade. close 90% @ 10 pip and run rest for your target. if sl hit it want affect you
later you can change to 50%
Mohan
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