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  • #586,961
  • Jan 22, 2012 8:58pm Jan 22, 2012 8:58pm
morning ..
  • #586,962
  • Jan 22, 2012 8:59pm Jan 22, 2012 8:59pm
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?
well, there's literally thousands of ways to be profitable in this market. so i believe how long a ways you've got to go is really up to you.

a little hopium is good for the soul, though.
  • #586,963
  • Jan 22, 2012 9:00pm Jan 22, 2012 9:00pm
Quoting robert7
Most people won't realize your valid points. Scalpers can never succeed in forex trading. they always loose.
1. show me the proof or source.
2. tell it to cloggie
  • #586,964
  • Jan 22, 2012 9:02pm Jan 22, 2012 9:02pm
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?

I agree, losing is part of the process.

Losing means you are just that much closer to winning if your playing smart.

MARKETS ARE A GAME OF PROBABILITY, NOTHING ELSE.

Just make sure not to lose more than 10% of your trading capital on any given trade. Preserve your bankroll to trade another day

Don't be afraid to take a loss, take your losses quick and let your profits ride.


Also, read some books. Candlestick charting, trend trading, momentum trading, fundamentals. Read alot! On all methods. They start to blend and you start to get your own ideas on how to trade.
  • #586,965
  • Jan 22, 2012 9:04pm Jan 22, 2012 9:04pm
Quoting robert7
Most people won't realize your valid points. Scalpers can never succeed in forex trading. they always loose.

That is truly a naive thing to say.


Scalpers are the majority of retail traders that fail in these markets because they see scalping as instant profits and instant gratification, which then leads to rule breaking and over trading. Scalping Forex short term, with no rules becomes gambling which give you the same euphoric high as a drug. That can be very addicting. Which is why they crash their account withing the first 30-90 days of first deposit. Also many scalpers lose because they risk too much per trade. If you lose 10 scalps in a row, which is highly possible, then you may not want to risk 10% on each trade! instead risk something like 1% or less.

But if you can stick to some rules, you can crush the markets with scalping!

Euro may only 80 pips in 24 hours, but I can scalp 80 out of that sucker in just 1 session ^_^
  • #586,966
  • Jan 22, 2012 9:05pm Jan 22, 2012 9:05pm
Quoting jayjb
waiting to add a long at 1.2880 for 40 pips
Cancelled buy limit, waiting for eu to find short entry
  • #586,967
  • Jan 22, 2012 9:16pm Jan 22, 2012 9:16pm
Long from 2888
  • #586,968
  • Jan 22, 2012 9:17pm Jan 22, 2012 9:17pm
Quoting todstars2

MARKETS ARE A GAME OF PROBABILITY, NOTHING ELSE.
  • #586,969
  • Jan 22, 2012 9:17pm Jan 22, 2012 9:17pm
Quoting MidasFX
This is my game plan.

Waiting on a signal to go short. Either color change of my dots or a break of 1.2980, which ever comes first.

Price in under MA on the 30m chart ( yup )
Price is under MA on the 15m chart ( yup )
Price on 5m chart makes new low or indicator gives short signal... ( waiting )


Attachment
~ Update

Since the price has gone into the MA cloud on the 15m chart signifying confusion/ consolidation I cannot take any trades.
30m chart still says short, 15m is not clear = no trade setup.

Attached Image (click to enlarge)
Click to Enlarge Name: eu123.jpg Size: 130 KB
  • #586,970
  • Jan 22, 2012 9:25pm Jan 22, 2012 9:25pm
Quoting todstars2
I agree, losing is part of the process.

Losing means you are just that much closer to winning if your playing smart.

MARKETS ARE A GAME OF PROBABILITY, NOTHING ELSE.

Just make sure not to lose more than 10% of your trading capital on any given trade. Preserve your bankroll to trade another day

Don't be afraid to take a loss, take your losses quick and let your profits ride.


Also, read some books. Candlestick charting, trend trading, momentum trading, fundamentals. Read alot! On all methods. They start to blend and you start to get your...

Your an idiot. Dont tell people that crap. What a bunch of freaking idiots here man. Losing 10 percent of your money, no wonder your freaking broke. NEVER RISK MORE THAN 2% of your money EVER, on any trade. Moron.
  • #586,971
  • Jan 22, 2012 9:28pm Jan 22, 2012 9:28pm
I risk only 3 and im starting to find it too much and cutting down to 2

I only risk 7 when im daytrading
  • #586,972
  • Jan 22, 2012 9:34pm Jan 22, 2012 9:34pm
On my engulfing system I can scalp or set to BE and ride for hundreds.. if I see a trend forming I can get a few hundred pips = double my account or more. The lower the TF the more risk but the more reward, if you find an edge and can exploit it, the lower tf's is scalpers heaven. You just have to know what you are doing (overcome spread,commission with a good winning %)...

Most of the time the wins are a few percent but thats expected... losses are the same.
  • #586,973
  • Jan 22, 2012 9:36pm Jan 22, 2012 9:36pm
Quoting jayjb
I risk only 3 and im starting to find it too much and cutting down to 2

I only risk 7 when im daytrading

I risk less than 1% on scalps and less than 3% on breakouts, patterns, news, and gaps and between 1-5% on swing trades.
  • #586,974
  • Jan 22, 2012 9:36pm Jan 22, 2012 9:36pm
Look i realize most people here are just very new to forex or have not really made a lot of money trading. Its ok, most people don't, thats why forums like this exist.

Word of advise, scalping is not considered 50 pips miss asian women, scalping is 7-21 pips PERIOD. anything over that is not considered a scalp. Contrary to popular opinion scalpers generaly lose their money because they buy and sell to much and have no idea where the PA is actually going. It is gambling for 99% of scalpers. If this is too hard for everyone who is offended by it then oh well, i just tell it like it is. SORRy.
  • #586,975
  • Jan 22, 2012 9:37pm Jan 22, 2012 9:37pm
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?
Right but at the same time, complacency is one thing that the markets don't forgive.
Better get rich slowly rather than going broke fast.
  • #586,976
  • Jan 22, 2012 9:40pm Jan 22, 2012 9:40pm
Quoting auddaytrader
Look i realize most people here are just very new to forex or have not really made a lot of money trading. Its ok, most people don't, thats why forums like this exist.

Word of advise, scalping is not considered 50 pips miss asian women, scalping is 7-21 pips PERIOD. anything over that is not considered a scalp. Contrary to popular opinion scalpers generaly lose their money because they buy and sell to much and have no idea where the PA is actually going. It is gambling for 99% of scalpers. If this is too hard for everyone who is offended by it...
You don't know what you are talking about, if you know where PA can go on the 5 min tf then you can essentially scalp it because the atr is alot lower than on h1.. just because you trade on a higher tf when there's more volatility doesn't make your logic any more sound. The problem with scalping if you must know is the trade cost generally doesn't overcome the benefits even though you have a higher winning %. How long have you been trading? Seems like your the only noob here! Before giving advise know what you are talking about bud.

There are ways to overcome the drawbacks such as increasing expectancy by holding some trades longer based on a criteria (news went your way) or the fact that LO and NY generally change intraday trends.
  • #586,977
  • Jan 22, 2012 9:43pm Jan 22, 2012 9:43pm
Quoting auddaytrader
If this is too hard for everyone who is offended by it then oh well, i just tell it like it is. SORRy.
My eyes, they open.

Quoting auddaytrader
Your an idiot. Dont tell people that crap. What a bunch of freaking idiots here man.
I think everyone is having a hard time being called idiots. It just makes it harder to see your point.
  • #586,978
  • Jan 22, 2012 9:43pm Jan 22, 2012 9:43pm
Quoting sidhujag
You don't know what you are talking about, if you know where PA can go on the 5 min tf then you can essentially scalp it because the atr is alot lower than on h1.. just because you trade on a higher tf when there's more volatility doesn't make your logic any more sound. The problem with scalping if you must know is the trade cost generally doesn't overcome the benefits even though you have a higher winning %. How long have you been trading? Seems like your the only noob here! Before giving advise know what you are talking about bud.

There are...

Ok you have been here for 2years going on 3 and you have one voucher. Kinda sad dont you think.

If you know where price action is going why would you scalp????????????????????????????????????????????????????????????????????????????????????????????????????????????????
Makes no sense to me?
  • #586,979
  • Jan 22, 2012 9:43pm Jan 22, 2012 9:43pm
Quoting auddaytrader
Your an idiot. Dont tell people that crap. What a bunch of freaking idiots here man. Losing 10 percent of your money, no wonder your freaking broke. NEVER RISK MORE THAN 2% of your money EVER, on any trade. Moron.
Wow! Ive met the Trading God who has come to set me straight.

Everyone plays the game the game there own way.

No reason to go round calling people names just because they don't agree with you.

Bet you wouldn't dare speak to someone in real life that way. ;-)
  • #586,980
  • Jan 22, 2012 9:44pm Jan 22, 2012 9:44pm
Quoting auddaytrader
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.
I only open 3 transaction this morning Asian session...here they are...

1.) buy EU...1.2891-1.2905=+14
2.) sell EU....1.900-1.890=+10
3.) buy EU...1.288-1.2899=+11

A total of 35 pips...since I am using $1 per pip...lot size...that would be a total of $35 profits...am not a good trader yet...am just starting...I am using live accounts and I considered it my demo account. Shhhh...don't worry Audday dear...am not using my own money in trading forex...I got it free somewhere...am not stupid to use my own money with forex...not yet until I can figure it out on my own...I shall not...use my own money. The reason am here in Forex Factory is that I am learning from you guys...and I learn a lot...thank you guys...!!!

P.S. am lazy reading forex books...I believe that observing market in live action can teach me more than any books can ever give me. See yeah later...Good luck on your trading and have a good day to all...!!!
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