I very rarely scalp.....I use to in my early days, now it really has jump out on me to take a scalp.....it has to be really obvious one....
What do you consider scalping?
- #104
- Dec 29, 2012 9:19am Dec 29, 2012 9:19am
- Joined Aug 2009 | Status: Trader | 2,576 Posts
[quote=jmtini;6327505]
Jerry,
I agree with you on the U.S. AND U.K. session, we here on this side of the ocean are missing the best trades......
I used to wake up 2.30am and trade the U.K. session...but that was back then(8 years ago).....now I cannot do it no more, it gets to my system......
I am even thinking to relocate to Europe because of this.....lucky my family agree's
Hi everyone,
I cannot respond to all the questions here but I will tell you this. I will explain my strategy here on this thread in the next few days. Any time from now threw jan 3rd.
My system is not complicated. I execute a trade if all conditions are met. I do not get up at a specific time in the morning.
for example...
Yesterday, I got up at 7:55 am est. Checked my trends and thought I'll jump right in because I saw a new trend starting. I was hoping to see more movement but it didn't happen for a few...
I agree with you on the U.S. AND U.K. session, we here on this side of the ocean are missing the best trades......
I used to wake up 2.30am and trade the U.K. session...but that was back then(8 years ago).....now I cannot do it no more, it gets to my system......
I am even thinking to relocate to Europe because of this.....lucky my family agree's
[quote=4xPIPAHOLIC;6327511]
I moved to Asia for this reason. It's even better than Europe because here the London open is at 13h/14h/15h depending on your location.
Jerry,
I agree with you on the U.S. AND U.K. session, we here on this side of the ocean are missing the best trades......
I used to wake up 2.30am and trade the U.K. session...but that was back then(8 years ago).....now I cannot do it no more, it gets to my system......
I am even thinking to relocate to Europe because of this.....lucky my family agree's
- #106
- Edited 11:55am Dec 29, 2012 11:43am | Edited 11:55am
- Joined Aug 2009 | Status: Trader | 2,576 Posts
[quote=valdor;6327592]
Yaaa...that is good if you like to sleep in the mornings.....me I am like a rooster....if the sun is up I get nervous in bed......so 7.00am on I am game...
But thank's for the info my friend.....
I moved to Asia for this reason. It's even better than Europe because here the London open is at 13h/14h/15h depending on your location.
Yaaa...that is good if you like to sleep in the mornings.....me I am like a rooster....if the sun is up I get nervous in bed......so 7.00am on I am game...
But thank's for the info my friend.....
- #107
- Dec 29, 2012 1:48pm Dec 29, 2012 1:48pm
- Joined Feb 2011 | Status: Trader | 6,018 Posts
[quote=4xPIPAHOLIC;6327595]
Absolutely VITAL in my view to be up early (if you live in the UK/Europe). So many good trades can be initiated before 10.00am (GMT) - yesterday EU was a great example.
If you snooze you lose- so true in this game!
In fact I agree with the earlier poster - Although I live in the UK I would like to move further East to be at least GMT +2 hours. I think South Africa is GMT + 2 isn't it?
Rgds
Yaaa...that is good if you like to sleep in the mornings.....me I am like a rooster....if the sun is up I get nervous in bed......so 7.00am on I am game...
But thank's for the info my friend.....
Absolutely VITAL in my view to be up early (if you live in the UK/Europe). So many good trades can be initiated before 10.00am (GMT) - yesterday EU was a great example.
If you snooze you lose- so true in this game!
In fact I agree with the earlier poster - Although I live in the UK I would like to move further East to be at least GMT +2 hours. I think South Africa is GMT + 2 isn't it?
Rgds
- #108
- Dec 29, 2012 1:57pm Dec 29, 2012 1:57pm
- | Commercial User | Joined Mar 2010 | 1,663 Posts
[quote=4xPIPAHOLIC;6327595]
Pipaholic,
You've been trading for 20 years?
Do you trade full time?
Yaaa...that is good if you like to sleep in the mornings.....me I am like a rooster....if the sun is up I get nervous in bed......so 7.00am on I am game...
But thank's for the info my friend.....
You've been trading for 20 years?
Do you trade full time?
- #109
- Edited 2:57pm Dec 29, 2012 2:30pm | Edited 2:57pm
- Joined Aug 2009 | Status: Trader | 2,576 Posts
[quote=Cubbybgood;6327702]
I use too.....I own a beverage business so I spend about 4-5 hours a day trading(and 2-3 playing around
) , but I am going to come back full time cause I prefer trading than a conventional business....
It is a lot easier to work with the computer than with people*.....the only reason I am not full full time "at the moment" in trading is cause my company partners would freak if I leave them since I created the products in the company....but I gave them 1 year max to take control of the business cause I want to go back and trade pro again....
To make a long story short.......trading is less headaches and more $$$$ for me.....and I can't wait
Just do not want to be an a**hole to them.....I understand they need to make a living....so I will till they adopt
What about you? Been trading a long time?
*Complains, returns, try collecting when they owe you money, suppliers mistakes, etc......FOREX, you pay for YOUR mistakes not others....and with one click the money is in the bank....or out....
Pipaholic,
You've been trading for 20 years?
Do you trade full time?
I use too.....I own a beverage business so I spend about 4-5 hours a day trading(and 2-3 playing around
) , but I am going to come back full time cause I prefer trading than a conventional business....It is a lot easier to work with the computer than with people*.....the only reason I am not full full time "at the moment" in trading is cause my company partners would freak if I leave them since I created the products in the company....but I gave them 1 year max to take control of the business cause I want to go back and trade pro again....
To make a long story short.......trading is less headaches and more $$$$ for me.....and I can't wait
Just do not want to be an a**hole to them.....I understand they need to make a living....so I will till they adopt
What about you? Been trading a long time?
*Complains, returns, try collecting when they owe you money, suppliers mistakes, etc......FOREX, you pay for YOUR mistakes not others....and with one click the money is in the bank....or out....
- #110
- Dec 29, 2012 4:11pm Dec 29, 2012 4:11pm
- Joined Apr 2006 | Status: Trader | 1,480 Posts
In the days of old when sailors were bold, and seldom if ever contented.
- #112
- Dec 29, 2012 4:25pm Dec 29, 2012 4:25pm
- | Commercial User | Joined Mar 2010 | 1,663 Posts
[quote=4xPIPAHOLIC;6327730]
I've been trading for 7 years. I'm a musician and travel the world with my group. I have quite a bit of down time when traveling and wanted to learn something new. I also wanted to see if I could find a place to put my money. I was naive and got carried away. I lost $35K in the forex my 2 year. I had a weird inconsistent S/R trading system of my own that lost 30k of that 35k.
It was a great experience at first. I opened a 20k account and grew it to 40k in 2 weeks. I was stupid and had a goal to grow the account to 50k before I take out my initial deposit. Get this, I got the account to 45k before I made a bad trade and lost 2k followed buy another 15k and then another 15k. Basically 4 trades and I blew my account. I was awful. Once I lost the 2k I got emotional and went big. Bad idea.
That was 5 years ago. I have not lost any money in Forex since that day. A year or 2 ago I posted a system that I used right after I lost the 35k. I posted it FF. It was called Profit All Day.
It was a good system for about 3 years. I made a lot of money with it. I grew a 5k account to 82k in 3 years time. I stayed very quite with it till I noticed it profiting less. Not sure why. I guess price action for the system was not good that year. When I noticed it profiting less I put it up on FF. Some people still use the system today. I know one guy that has been using it since I posted it a couple years ago. He profit's most months. I may pick the system back up soon.
Anyway, this past year I've been exploring new systems and creating my own like this one here. I trade each system on it's own account. I test about 5 or so. Some do well some do not.
I like the system here because it takes almost no time and it has a high win rate. It's hard for me to enjoy systems that have a 60-70% win rate. Losses get me emotional and make me fight a gambling attitude. I'm good a controlling my emotions now but it took years of practice and trading with 1-3% risk per trade. It will always be a difficult thing to control.
Anyway, long story but I like where I am now.
What systems are you working on now Pipaholic? They working for you?
I use too.....I own a beverage business so I spend about 4-5 hours a day trading(and 2-3 playing around
It is a lot easier to work with the computer than with people*.....the only reason I am not full full time "at the moment" in trading is cause my company partners would freak if I leave them since I created the products in the company....but I gave them 1 year max to take control of the business cause...
I've been trading for 7 years. I'm a musician and travel the world with my group. I have quite a bit of down time when traveling and wanted to learn something new. I also wanted to see if I could find a place to put my money. I was naive and got carried away. I lost $35K in the forex my 2 year. I had a weird inconsistent S/R trading system of my own that lost 30k of that 35k.
It was a great experience at first. I opened a 20k account and grew it to 40k in 2 weeks. I was stupid and had a goal to grow the account to 50k before I take out my initial deposit. Get this, I got the account to 45k before I made a bad trade and lost 2k followed buy another 15k and then another 15k. Basically 4 trades and I blew my account. I was awful. Once I lost the 2k I got emotional and went big. Bad idea.
That was 5 years ago. I have not lost any money in Forex since that day. A year or 2 ago I posted a system that I used right after I lost the 35k. I posted it FF. It was called Profit All Day.
It was a good system for about 3 years. I made a lot of money with it. I grew a 5k account to 82k in 3 years time. I stayed very quite with it till I noticed it profiting less. Not sure why. I guess price action for the system was not good that year. When I noticed it profiting less I put it up on FF. Some people still use the system today. I know one guy that has been using it since I posted it a couple years ago. He profit's most months. I may pick the system back up soon.
Anyway, this past year I've been exploring new systems and creating my own like this one here. I trade each system on it's own account. I test about 5 or so. Some do well some do not.
I like the system here because it takes almost no time and it has a high win rate. It's hard for me to enjoy systems that have a 60-70% win rate. Losses get me emotional and make me fight a gambling attitude. I'm good a controlling my emotions now but it took years of practice and trading with 1-3% risk per trade. It will always be a difficult thing to control.
Anyway, long story but I like where I am now.
What systems are you working on now Pipaholic? They working for you?
- #113
- Dec 29, 2012 5:32pm Dec 29, 2012 5:32pm
- Joined Aug 2009 | Status: Trader | 2,576 Posts
[quote=Cubbybgood;6327812]
I understand what you are talking about when you say you upped the positions and killed the account in 3 trades.....
Emotions is the worst enemy......I have lost a lot of money because of it.....
That is the beast we have to tame in order to go ahead.......I am very scarred even to mention this but now I think I have gone through
so much pain that I almost trade like a robot.....I just click....or my ea takes care of it.....SERIOUSLY no maybe or if's.....I do not allow myself sometimes to
even think , click ....gone
Systems.....I am working on a basket system for a bank and it is really interesting and different than most basket systems out there...from the hundreds I have gone through this is The One I think.....
By the time I am ready to do the switch It will be totally finished......it almost is....
My favorite trading style is support resistant with the trend....
A couple of days ago I told you that you gave me an idea that I implemented in one of my systems....that was when I thought about how you use your system(most likely) too....a little modified......
I have a system that pics the intermediate direction/trend like a clock......so a position with the direction of that trend with a stop like yours it would be obvious that you can collect those 10pips......
Now I am going to test it.....but most likely I will not need 100pip stop.....since if it gives me a direction change it would be stupid on my part to wait and watch it hit SL. I might be able to cut it at 50pips.....60....70....that would be better than 100........
Now to enhance even more.....since I know the intermediate direction(nothing is 100%) why not let it run for more than 10pips.....why not 20pips or 30pips.....or even why not let it go till the direction changes.....
Ok.....now why not add 1-2 more positions(early in the trend).....
Of course this would not be your system anymore cause the purpose of collecting those 10pips fast is not there anymore.....but it could be really interesting....
Now I know what you are going to tell me.....your 10pips have definitely a higher chance of getting hit than ....the 20...30 ...or 50pips....
You would be 100% right....and I will try to find and post some statistics on this......it is somewhere in my computer,lol
But also if I have 3 position that run between 100 and 130 pips would also cover my big loss when it happens.....witch because I am averaging in
when the trend turns it should not be more than 70pips.....
Hmmmmm....
can't wait to test it.......
I've been trading for 7 years. I'm a musician and travel the world with my group. I have quite a bit of down time when traveling and wanted to learn something new. I also wanted to see if I could find a place to put my money. I was naive and got carried away. I lost $35K in the forex my 2 year. I had a weird inconsistent S/R trading system of my own that lost 30k of that 35k.
It was a great experience at first. I opened a 20k account and grew it to 40k in 2 weeks. I was stupid and had a goal to grow the account...
I understand what you are talking about when you say you upped the positions and killed the account in 3 trades.....
Emotions is the worst enemy......I have lost a lot of money because of it.....
That is the beast we have to tame in order to go ahead.......I am very scarred even to mention this but now I think I have gone through
so much pain that I almost trade like a robot.....I just click....or my ea takes care of it.....SERIOUSLY no maybe or if's.....I do not allow myself sometimes to
even think , click ....gone
Systems.....I am working on a basket system for a bank and it is really interesting and different than most basket systems out there...from the hundreds I have gone through this is The One I think.....
By the time I am ready to do the switch It will be totally finished......it almost is....
My favorite trading style is support resistant with the trend....
A couple of days ago I told you that you gave me an idea that I implemented in one of my systems....that was when I thought about how you use your system(most likely) too....a little modified......
I have a system that pics the intermediate direction/trend like a clock......so a position with the direction of that trend with a stop like yours it would be obvious that you can collect those 10pips......
Now I am going to test it.....but most likely I will not need 100pip stop.....since if it gives me a direction change it would be stupid on my part to wait and watch it hit SL. I might be able to cut it at 50pips.....60....70....that would be better than 100........
Now to enhance even more.....since I know the intermediate direction(nothing is 100%) why not let it run for more than 10pips.....why not 20pips or 30pips.....or even why not let it go till the direction changes.....
Ok.....now why not add 1-2 more positions(early in the trend).....
Of course this would not be your system anymore cause the purpose of collecting those 10pips fast is not there anymore.....but it could be really interesting....
Now I know what you are going to tell me.....your 10pips have definitely a higher chance of getting hit than ....the 20...30 ...or 50pips....
You would be 100% right....and I will try to find and post some statistics on this......it is somewhere in my computer,lol
But also if I have 3 position that run between 100 and 130 pips would also cover my big loss when it happens.....witch because I am averaging in
when the trend turns it should not be more than 70pips.....
Hmmmmm....
can't wait to test it....... 
- #115
- Dec 29, 2012 8:40pm Dec 29, 2012 8:40pm
- | Joined Jul 2012 | Status: *Time is my only friend* | 152 Posts
Sorry for the words, I didnt choose the correct words for my post, what I really wanted to say is that with a compounding scalping strategy, 20-50 % in a week can be done easily. But not on a long-term.
I agree that on long-term, you will have bad trades and you will lose money. Losing money is part of the game.
But I believe in what Einstein says, the compound interest is the MOST POWERFUL force in the universe.
Lets just ignore the system you use, it doesnt have to be scalping nor something else, but what it has to be is a system that offers...
... too good ... to be true let the chart to be your chauffeur ... -Forexmnstr-
- #116
- Dec 29, 2012 8:52pm Dec 29, 2012 8:52pm
- | Commercial User | Joined Mar 2010 | 1,663 Posts
[quote=4xPIPAHOLIC;6327862]
Pipaholic,
I really like how you think. It sounds like you have an open mind to trading. I think it's because you've been around for a while. Many people think I'm crazy for trading like this but really I feel it's one of the safest ways to go about trading. It's not because my TP is small but because It allows me to stay away from fear. I know that most of my trades will be winners if I trade with the medium to large trend looking for entry's on the smaller time frames. If I do this I'll most likely come out with my 10 pips and profit every month.
Thanks for your input on this thread Pipaholic.
I understand what you are talking about when you say you upped the positions and killed the account in 3 trades.....
Emotions is the worst enemy......I have lost a lot of money because of it.....
That is the beast we have to tame in order to go ahead.......I am very scarred even to mention this but now I think I have gone through
so much pain that I almost trade like a robot.....I just click....or my ea takes care of it.....SERIOUSLY no maybe or if's.....I do not allow myself sometimes to
even think , click ....gone
I really like how you think. It sounds like you have an open mind to trading. I think it's because you've been around for a while. Many people think I'm crazy for trading like this but really I feel it's one of the safest ways to go about trading. It's not because my TP is small but because It allows me to stay away from fear. I know that most of my trades will be winners if I trade with the medium to large trend looking for entry's on the smaller time frames. If I do this I'll most likely come out with my 10 pips and profit every month.
Thanks for your input on this thread Pipaholic.
- #119
- Dec 29, 2012 9:07pm Dec 29, 2012 9:07pm
- Joined Aug 2009 | Status: Trader | 2,576 Posts
[quote=Cubbybgood;6328004]
My pleasure my friend!
Pipaholic,
I really like how you think. It sounds like you have an open mind to trading. I think it's because you've been around for a while. Many people think I'm crazy for trading like this but really I feel it's one of the safest ways to go about trading. It's not because my TP is small but because It allows me to stay away from fear. I know that most of my trades will be winners if I trade with the medium to large trend looking for entry's on the smaller time frames. If I do this I'll most likely come out with...
- #120
- Dec 29, 2012 11:36pm Dec 29, 2012 11:36pm
- Joined Nov 2012 | Status: Account Deactivated | 2,737 Posts
I think your TP is small because you dont want to risk your friends account ... but placing a big SL will risk it more ... so dont bother placing SL ... just keep feeding your account with money whenever market is against you and just wait till your TP triggers up ... just my thoughts though ...
