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  • #572,881
  • Dec 9, 2011 6:12pm Dec 9, 2011 6:12pm
Quoting mla
I agree with on your math.

What I difficult in todays market is that the 300 pips is less predictable than the 40 pis target profit.
To get to 300 we need at least days of trading, at least depending of the instrument, in today market the direction changes mostly every day, so I have to tend more in hoping that the sentiment does not change.

With the 40 pips TP, I do not rely on hope, I trade the dance, the sentiment of that moment, that is why I think I have a better chance.

mla
hi mla

not less predictable, it only requires more patience... and i agree with him too
When life gives you lemons, make lemonade
  • #572,882
  • Dec 9, 2011 6:17pm Dec 9, 2011 6:17pm
Quoting Turveyd
CAreful, the market was a different beast, on Thursday and Friday ideally suites for your trading style, it likely wasn't the extra 5 instruments you'll go instrument blind also adds to the work load and makes it more tiring increasing the odds of burning out, more instruments won't make the market move more, getting in sooner on turns is all you can do, but with that comes increased risk of fakes but less risk of jumping on the top.

+6.8% on the week here, but only 4 trades, 1 bad, 1 very good and 2 trades which ended up being barely...
Thanks for you view and concern, mate.

The adding of the instrument makes me trade the one that move most in that day, when I have losing days is when the market is not moving and I am trying to get out something that is not there.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #572,883
  • Dec 9, 2011 6:18pm Dec 9, 2011 6:18pm
Quoting Turveyd
I used to scalp, as I'm a control freak by nature and it felt like I had more control on a M1 chart or S10 ( 10 second ).
lol i know very well Turv i was lurking thru your 'M1 or less - anything more's a crime' thread some time ago.. as well as linuxtroll's prehistoric rainbow thread.. same control freak nature here.. still using the one minute for entries but getting the points of interest off higher TFs.. like here.. many green pips to you!
Quoting dbfusion
the ones in Bold are wrong
hey db i won't argue (it would be a long debate with no generally valid conclusion) and i see where you come from, your points are subjectively valid (the spread vs risk/reward vs random trade is objective truth) and your intention with helping the newbie were honest.. but to each its own. there's no absolute truth in trading other than that. there are traders trading for living using techniques that might be referred to as scalping, they do it longterm and i even know of one who has published longterm live results here. but that's absolutely not the point.

signing off#
MarginTrader All Time Return: na
  • #572,884
  • Dec 9, 2011 6:21pm Dec 9, 2011 6:21pm
Quoting Turveyd
But the amount of trades turn up then go no where and reverse to cost you is insane in anything but perfect markets.
Bingo!!! And there we have it......in anything but perfect markets.....well said.

Listen......there is no system or method that suits every market condition, and/or every market session. Asian session requires a different system/attitude to the London session etc etc......and those sessions also vary from day to day......London session yesterday will differ from London session tomorrow.

There is no 'right' or 'wrong' way to do this......well.....there IS a 'wrong' way of course, but what I mean is that there are many ways to skin a cat....if you have a system, or better, an array of systems that suit different markets and different market conditions and you make consistent profits......good for you. If people take the piss because of your method or the amount of indies or trendlines you use.....who cares? It's YOUR money and you are making consistent profits, then you have found the RIGHT WAY TO TRADE FOR YOU.......and everyone else doesn't matter.

Those who scoff at scalpers are arrogant. Because the scalping methods may not work for them, doesn't mean that scalpers are all losers. The same for day traders who may hold positions for weeks and weeks......or intraday traders (like most here)......each to their own.....live and let live.

If you are making consistent profits, then nothing else matters, and those who seek to judge ought to be focusing on their own trading, and not mine!

Now I'm going out for a beer......later!

RJ
Doing what you like is Freedom. Liking what you do is Happiness.
  • #572,885
  • Dec 9, 2011 6:22pm Dec 9, 2011 6:22pm
Quoting micho
hi mla

not less predictable, it only requires more patience... and i agree with him too
Micho

Thanks for you view, mate

mla
"The Heart is the hub of all dances; go there and chill out"
  • #572,886
  • Dec 9, 2011 6:26pm Dec 9, 2011 6:26pm
Quoting MaryJane
lol i know very well Turv i was lurking thru your 'M1 or less - anything more's a crime' thread some time ago.. as well as linuxtroll's prehistoric rainbow thread.. same control freak nature here.. still using the one minute for entries but getting the points of interest off higher TFs.. like here.. many green pips to you!

hey db i won't argue (it would be a long debate with no generally valid conclusion) and i see where you come from, your points...
I agree with you that absolute truth does not exist, we all perceive differently based on our perception. What we can do is express our view for a common genuine purpose.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #572,887
  • Dec 9, 2011 6:42pm Dec 9, 2011 6:42pm
Since going M15 and new slower method :-


I'm making more $$$'s
I'm spending a lot less time glued to the screen.
Much less stress.
Easier to trade while at clients.
I can trade it off my phone.
I can hold over night wake up and make profit while sleeping ( I LIKE THIS )
Can leave Orders on, made 16% on a order which filled itself while I was sleeping this week.
I can set text / sms alerts via FXCM for free when the market hits certain levels to give me a nudge, warn me if going the wrong way or an area I might want to TP soon.


Really are no downsides!

Too all you M1 scalpers, open a demo account work on a M15 system ( just use mine easier and adapt to suite ) give it a try, cause I and I don't say this often was wrong to think M1 was the only way

Anything above M15 is ridiculous though, M10 would likely be perfect but alas only M15. ( without paying for charts )
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #572,888
  • Dec 9, 2011 8:01pm Dec 9, 2011 8:01pm
Quoting Turveyd
Since going M15 and new slower method :-


I'm making more $$$'s
I'm spending a lot less time glued to the screen.
Much less stress.
Easier to trade while at clients.
I can trade it off my phone.
I can hold over night wake up and make profit while sleeping ( I LIKE THIS )
Can leave Orders on, made 16% on a order which filled itself while I was sleeping this week.
I can set text / sms alerts via FXCM for free when the market hits certain levels to give me a nudge, warn me if going the wrong way or an area I might want to TP soon.


Really...
M15 is "BAR NONE", the worst fucking chart to trade off of.

Just because you have forgotten the basics of trading, doesn't mean that the M1 or M5 have changed, just means you have the ill will to apply simplicity to the timeframes.

M15 and M30 can be erased off of your Meta4, and you will never miss them.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #572,889
  • Dec 9, 2011 9:02pm Dec 9, 2011 9:02pm
I'm gonna trade of the monthly and quarterly charts next year, using the weekly charts for entries. That should save me at least 80 hours per week in screen time.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #572,890
  • Dec 9, 2011 10:29pm Dec 9, 2011 10:29pm
Quoting disegnosys
Interesting topic with some good points on scalping and short term trading. I'm a short term trader scalping and swing trading. I even trade fast PA and key news evens at time.

It's just when to use the right style at the right time in the market. Everyone needs to develop their own style to match their personality. The EUR/USD has a rhyme of 20 to 30 pips basically (levels 0/25/50/75).

I mark key levels on large TFs for swing trading. Key levels (whole figures/handles) and when price wants to turn are good to scalp. I'll even scalp...

Interesting....

To this I would like to add my favourite motto on trading:

You will not make money long term until you know enough about your personality to find a trading style that is compatible. You need to follow your rules comfortably, allowing you to enter and exit trades with minimal or not uncertainty or anxiety. Once you have mastered a method of trading, if you feel stress while trading, then either you haven't yet found your style or yourself.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #572,891
  • Dec 9, 2011 10:42pm Dec 9, 2011 10:42pm
Quoting KillerWhale
I'm gonna trade of the monthly and quarterly charts next year, using the weekly charts for entries. That should save me at least 80 hours per week in screen time.
I think you could still scalp a few pips off the daily but you gotta be quick like a jack rabbit, in and out. However, any time frame lower than that is just noise in my opinion.
  • #572,892
  • Dec 9, 2011 11:07pm Dec 9, 2011 11:07pm
Scalping seems to be the topic of the day. More standard usage is going for a lot of 3 pip and 5 pip trades. On FF it is generally use to fit a trade that fits the following profile: holding time is less than a couple of hours and profit is around 20 pips.

@ RL

I usually take my first partial profit at about 15 pips. What happens quite often is price will return to entry and I will reenter if the trade is still good. Some times this will happen up to a dozen times. These 15 pip scalps add up over the day. They are also entertaining.

@ MLA

Your trades don't fit the first profile, but they do the second. But you are quite right... what we call it is pretty much irrelevant and makes not a bit of difference to your actions or bottom line.

@ everybody else

If you are making money consistently it works. Mathematical models that prove that scalping doesn't work are always trumped by the reality that for some people and institutions it does. To say that "scalping doesn't work" is a bit like saying "playing the violin doesn't work."
Kill the ego, or it will kill the mission.
  • #572,893
  • Dec 9, 2011 11:13pm Dec 9, 2011 11:13pm
Quoting KillerWhale
I'm gonna trade of the monthly and quarterly charts next year, using the weekly charts for entries. That should save me at least 80 hours per week in screen time.
The best would be to trade off Century Charts using Monthly and Quarterly for entries......................... You will save 80 years.
The Thief of Wall Street
  • #572,894
  • Dec 9, 2011 11:16pm Dec 9, 2011 11:16pm
Quoting Chicky
The best would be to trade off Century Charts using Monthly and Quarterly for entries......................... You will save 80 years.
just have a trade entered on your behalf when you are born and close it when you die. anything else is just noise.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #572,895
  • Dec 9, 2011 11:22pm Dec 9, 2011 11:22pm
Quoting The Fool
just have a trade entered on your behalf when you are born and close it when you die. anything else is just noise.

This trade is called life. The SL is called death. The trick is to enjoy the noise, adding to it as much as possible.
Kill the ego, or it will kill the mission.
  • #572,896
  • Dec 9, 2011 11:30pm Dec 9, 2011 11:30pm
Quoting Chicky
The best would be to trade off Century Charts using Monthly and Quarterly for entries......................... You will save 80 years.

And once to place a smile on my face.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #572,897
  • Dec 9, 2011 11:30pm Dec 9, 2011 11:30pm
Quoting Chicky
The best would be to trade off Century Charts using Monthly and Quarterly for entries......................... You will save 80 years.
So... When do you take profit?
  • #572,898
  • Dec 9, 2011 11:33pm Dec 9, 2011 11:33pm
Quoting AaronWard
This trade is called life. The SL is called death. The trick is to enjoy the noise, adding to it as much as possible.

"Life's but a walking shadow, a poor player, that struts and frets his hour upon the stage, and then is heard no more; it is a tale told by an idiot, full of sound and fury, signifying nothing." -Macbeth

"If The Fool persists in his Folly he will become wise." - William Blake
  • #572,899
  • Dec 9, 2011 11:34pm Dec 9, 2011 11:34pm
Quoting AaronWard
This trade is called life. The SL is called death. The trick is to enjoy the noise, adding to it as much as possible.
And just as a coincidence I just finished to watch "The tree of life" movie, a beauty.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #572,900
  • Dec 9, 2011 11:35pm Dec 9, 2011 11:35pm
Quoting pkimnyc
So... When do you take profit?
on the other side, if any....

mla
"The Heart is the hub of all dances; go there and chill out"
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