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  • #586,941
  • Jan 22, 2012 9:50pm Jan 22, 2012 9:50pm
My sentiment today is to excel ...excell....what? ....sell...selll....

in both gbpusd & eurusd
  • #586,942
  • Jan 22, 2012 9:51pm Jan 22, 2012 9:51pm
All I am saying is that the Asian session os terrible. No action ever. Maybe once a week do they move a pair 25 pips or more. Asia SUCKS. The real money is from 3am till 11am EST.
  • #586,943
  • Jan 22, 2012 9:52pm Jan 22, 2012 9:52pm
Quoting killerwhale
only reason why i love asia is the beautiful women they produce.

For trading purposes asia is the best time of the day to sleep.

thats what i was trying to say.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • #586,944
  • Jan 22, 2012 9:53pm Jan 22, 2012 9:53pm
Sometimes its best to have different strategies during different sessions. I don't scalp this system after euro open, dont even like to trade it during the frankie open. Breakouts work good during those times because those are the meat and potatoes of the forex market many trends start or end during this time.
Asia session can be very dull, but their is no need to bash it. Many traders can scalp the hell out of it and walk away with a handsome profit, and they know that no news is going to make their pair spike up 80 pips in the wrong direction.

PS:Asian tv shows, asian movies and asian food are good also! ^_^
  • #586,945
  • Jan 22, 2012 9:56pm Jan 22, 2012 9:56pm
Actually one of my favorite mentors lives in the Philippines. Super nice guy, and really good at FX. He taught me everything I know about break outs strategies
  • #586,946
  • Jan 22, 2012 9:57pm Jan 22, 2012 9:57pm
[quote=MidasFX;5317107]Sometimes its best to have different strategies during different sessions. I don't scalp this system after euro open, dont even like to trade it during the frankie open. Breakouts work good during those times because those are the meat and potatoes of the forex market many trends start or end during this time.
Asia session can be very dull, but their is no need to bash it. Many traders can scalp the hell out of it and walk away with a handsome profit, and they know that no news is going to make their pair spike up 80 pips in the wrong direction.

PS:Asian tv shows, asian movies and asian food are good also! ^_^[DONT GET UPSET, I LOVE ASIA SPENT A LOT OF YEARS THERE IN THE MILITARY, IF YOU LIKE TO GET 5 PIP SCALPS THE GO FOR IT WHATEVER FLOATS YOUR BOAT. MISS PRETTY WOMEN IN ASIA.
  • #586,947
  • Jan 22, 2012 10:02pm Jan 22, 2012 10:02pm
Quoting MidasFX
Actually one of my favorite mentors lives in the Philippines. Super nice guy, and really good at FX. He taught me everything I know about break outs strategies
if you know so much about breakouts and why r you scalping? Dont make any sense to me. Scalpers usually r the ones that FAIL in forex. You do know that right? How can you ever make a living getting 10 pips a trade. What a crazy way to make money. The real money is trend trading. When you can step up and let a trade ride for a week, then you can call your self a forex trader.
  • #586,948
  • Jan 22, 2012 10:09pm Jan 22, 2012 10:09pm
Quoting sonicpunk32
Hopium is what is fed to us pigs, so the big bears and big bulls can eat us for dinner.
Am a newbie and still got a long way to go...don't mind if I got slaughtered from time to time....that's part of learning process...right?
  • #586,949
  • Jan 22, 2012 10:18pm Jan 22, 2012 10:18pm
Quoting Liza J
Am a newbie and still got a long way to go...don't mind if I got slaughtered from time to time....that's part of learning process...right?
No it's not. Do you expect to lose when you trade? Thats just insane. You should read a book or something. To think you shhould get slaughtered from time to time is good then you deserve to lose your money. Because the really good tarders dont expect to lose more than 2 out of 10 trades. and those are not slaughters.
  • #586,950
  • Jan 22, 2012 10:18pm Jan 22, 2012 10:18pm
Quoting auddaytrader
....

we totally understood your feeling , it all about session . Asia only have small move but it's also good session for taking entry for European session just enter during Asian (and go to bed) and manage it in European session.
Mohan
  • #586,951
  • Jan 22, 2012 10:19pm Jan 22, 2012 10:19pm
Quoting auddaytrader
if you know so much about breakouts and why r you scalping? Dont make any sense to me. Scalpers usually r the ones that FAIL in forex. You do know that right? How can you ever make a living getting 10 pips a trade. What a crazy way to make money. The real money is trend trading. When you can step up and let a trade ride for a week, then you can call your self a forex trader.
I scalp anytime besides European markets. Why? because most trends DON'T start at these times, its consolidation. Breakouts are excellent during the end or beginning of trends. Many traders I know, don't trade with just 1 system. 1 system can have losing streaks that could mentally and financially cripple your trading. It's good to know different ways to trade. The market goes in cycles, and changes/ evolves constantly. Best to cover as many angles as you can.

"Don't place all your eggs in one basket" describes it very well.

There is also a group of traders who make a goal of 40 pips per week, so small profits are encouraged and are so easy to get. Plus I can sit here for 20 minutes and make enough pips to satisfy me ^_^
  • #586,952
  • Jan 22, 2012 10:24pm Jan 22, 2012 10:24pm
Everyone have a great night or day wherever you are. I will be back in the morning where the real money is to be made. You guys stick with your 5-15 pip scalps, while i nail 100 plus pip trades with a few lots. Have a good one.

Peace
  • #586,953
  • Jan 22, 2012 10:33pm Jan 22, 2012 10:33pm
Quoting MidasFX
I scalp anytime besides European markets. Why? because most trends DON'T start at these times, its consolidation. Breakouts are excellent during the end or beginning of trends. Many traders I know, don't trade with just 1 system. 1 system can have losing streaks that could mentally and financially cripple your trading. It's good to know different ways to trade. The market goes in cycles, and changes/ evolves constantly. Best to cover as many angles as you can.

"Don't place all your eggs in one basket" describes it very well.

There is also...
Agree with this one, I do scalp on Asian session. Sometimes, I make more on Asian session and at the first hours of London. If my daily target reached, I often just ignore the NY session and just go to sleep or doing whatever as long as it's easy for my eyes.
  • #586,954
  • Jan 22, 2012 10:34pm Jan 22, 2012 10:34pm
Quoting auddaytrader
Everyone have a great night or day wherever you are. I will be back in the morning where the real money is to be made. You guys stick with your 5-15 pip scalps, while i nail 100 plus pip trades with a few lots. Have a good one.

Peace
Scalping right now maybe is not worth it but most days it is easier money than trying to nail 100 pip bags. It is a different mindset and good to have both tools in the toolbox. Scalp when there is no trend.
  • #586,955
  • Jan 22, 2012 10:44pm Jan 22, 2012 10:44pm
Can anyone link me to a indepth guide to scalping? I understand the basics and am mediocre but Id like to further my abilities in it!

Thanks!

edit: Im talking extremely short term here, i.e. charting techniques that are accurate on the 1 and 5 minute charts
  • #586,956
  • Jan 22, 2012 10:49pm Jan 22, 2012 10:49pm
Quoting HotBiscuits
Can anyone link me to a indepth guide to scalping? I understand the basics and am mediocre but Id like to further my abilities in it!

Thanks!
no speciall guide , just buy @ support and sell @ resistant . but don't buy or sell @ same point more than once (some risk taker do 2 times),
Mohan
  • #586,957
  • Jan 22, 2012 10:49pm Jan 22, 2012 10:49pm
Quoting HotBiscuits
Can anyone link me to a indepth guide to scalping? I understand the basics and am mediocre but Id like to further my abilities in it!

Thanks!
ur usual trading methodology if solid enough and flexible enough should be able to scalp - swing trade or day trade and whatever else style of trading actually man. so it goes back to ur methodology of "how do i trade"..

and trust me there are hundreds of ways to trade.

some profitable for some.
some losers for some.

some are just garbage
Have I got something on my face, SOLDIER?
  • #586,958
  • Jan 22, 2012 10:51pm Jan 22, 2012 10:51pm
Quoting auddaytrader
if you know so much about breakouts and why r you scalping? Dont make any sense to me. Scalpers usually r the ones that FAIL in forex. You do know that right? How can you ever make a living getting 10 pips a trade. What a crazy way to make money. The real money is trend trading. When you can step up and let a trade ride for a week, then you can call your self a forex trader.

Most people won't realize your valid points. Scalpers can never succeed in forex trading. they always loose.
  • #586,959
  • Jan 22, 2012 10:55pm Jan 22, 2012 10:55pm
I find it funny how scalping is always stereotyped as a 5-10 pip super short term trading strategy.

Scalping is to just take a chunk out of the overall trend. so whether you want a 5 pip scalp or a 50 pip scalp, its all the same. your going short on the cycle high and riding it down to the cycle low, or vise verse.
  • #586,960
  • Jan 22, 2012 10:55pm Jan 22, 2012 10:55pm
Trading FX all about profit gained, not about pride or anything. If one is good at scalping, do it; If one is good at following trend, do it; and, if one is good at both? That's depend on ..... many factors.

Sometimes, the daily range is not enough to gain 100+ pips by following trend. But on the other hand, you could obtain just the same amount by scalping (10 x 10 = 1 x 100 anyway). Mastering both could make your account growth steadily. It's bcause in a trending days you mostly don't scalp and in ranging days you don't blindly try to follow your imaginary trend.

I hope you don't said you enter at daily low/high and closed the trade at daily low/high, LOL.
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