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My strategy to become a full time forex trader

  • #161
  • Feb 5, 2013 10:57pm Feb 5, 2013 10:57pm
I'm sorry. It slipped my mind that you are not using an MT4 trading platform. That is what you would need to be using to use that supply & demand indicator.

Sorry about that.
  • #162
  • Feb 5, 2013 11:07pm Feb 5, 2013 11:07pm
Quoting Donatello
I'm sorry. It slipped my mind that you are not using an MT4 trading platform. That is what you would need to be using to use that supply & demand indicator.

Sorry about that.
No Prob.

EUR/USD fizzled out of that buying pressure real quick. I reversed here looking for a bottom break.
  • #163
  • Feb 6, 2013 12:02am Feb 6, 2013 12:02am
Got that break.. trailing stop hit. That's gona leave me at +13.4 pips, $268 for the night. Cya tomorrow!
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  • #164
  • Feb 6, 2013 1:46am Feb 6, 2013 1:46am
I use a similar strat for my day trading but I am using a top down approach and looking at the bigger picture first, which starts at the daily time frame down to the 5 min. My targets are often medium term H1 SR levels with trailing off the M5, which may or may not get me out before the target is hit. I also look at levels such as the London Open and weekly highs/lows. The Daily time frame gives me an idea of what to expect for the day but the 5 min will give me confirmation of whether that bias is working out or not and keeps me flexible and in the flow of the market.

I think tight stops are fine as long as you know why the market should take off fast in your direction or not. I think price action is useful but I also feel you may have a stronger case of looking at your levels more closely and maybe setting a criteria for the type of levels/set-ups you are seeing. By documenting all of this as you trade you will have a comprehensive file of all your trades from which to work out which trades were more successful and why. This is where your fine tuning comes in and beats any trading education on the planet hands down.

Good luck with it and I really hope you document meticulously as this is the only way to make progress with it imo.
  • #165
  • Feb 7, 2013 12:00pm Feb 7, 2013 12:00pm
Hi, I,m amazed at how successful you are at this!
pity I can't trade this timezone as I'm in bed asleep,
do you wait for any reaction at the line or just jump in?
Steve.
  • #166
  • Edited Feb 8, 2013 12:03am Feb 7, 2013 7:39pm | Edited Feb 8, 2013 12:03am
Quoting Arnold49
Hi, I,m amazed at how successful you are at this!
pity I can't trade this timezone as I'm in bed asleep,
do you wait for any reaction at the line or just jump in?
Steve.
Thanks, certainly still learning but I'm on my way.

Wait for reaction, or just jump right in... Well I would say something in between those two. If I expect movement to reverse at a specific price, I will wait to see it at the very least stall at that price. A noticeable decrease in momentum is really all I need for me to 'jump in'. I don't require confirmation before getting in. Because of the small movements I typically target, I have a bias for action and taking the trade. Lots of them get stopped out, but at really tight stops.
  • #167
  • Feb 8, 2013 12:03am Feb 8, 2013 12:03am
I broke my rules tonight. It may be because I'm becoming a better trader and didn't want to restrict myself during an outstanding opportunity, or maybe it was just greed.

My max loss on this trade was only about 30% more than my standard 1 trade loss, so it wasn't too crazy. I was extremely confident that this was going to roll over, and it did. Happily set a new 1 day high for myself at +$902.
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  • #168
  • Feb 12, 2013 12:41am Feb 12, 2013 12:41am
15 of 20 days in the books for month 2. Hovering around 24% profit this month so far. Steady as she goes...
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  • #169
  • Feb 12, 2013 5:30am Feb 12, 2013 5:30am
Semper,

I've been spending a lot of time trying to establish exactly which approach fits my temperament best; long term trading or short term trading. And Without a doubt short term trading is the answer for me. That said I keep reading that it’s not the way forward and that we should stick to higher time frames etc, etc. This has meant that when I haven’t succeeded on the lower time frames I keep moving away from them even though it is where I feel most comfortable.

But your thread has answered this nagging question and also pointed out an area where I’ve been making a big mistake, and that is not setting a stop loss immediately. I’ve been manually exiting trades and this has led to significant losses in respect of risk/reward.

So, thanks for starting your thread, thanks for a very important pointer, and I wish you all the best in your quest to go 'full time'. In the meantime please keep posting, I will certainly be reading and participating.

Lee
  • #170
  • Edited 9:29pm Feb 12, 2013 8:46pm | Edited 9:29pm
Quoting L33
Semper,

I've been spending a lot of time trying to establish exactly which approach fits my temperament best; long term trading or short term trading. And Without a doubt short term trading is the answer for me. That said I keep reading that it’s not the way forward and that we should stick to higher time frames etc, etc. This has meant that when I haven’t succeeded on the lower time frames I keep moving away from them even though it is where I feel most comfortable.

[color=black][font=Verdana]But...
Yea man you said it, stop loss 100% of the time. I honestly feel good when I get stopped out sometimes as the JPY rallies 40 pips instantly thereafter. We work way too hard for those pips to give them back like that!

I am a firm believer that someone else's system will never work for you. Anyone who says trading the 5M, 60M, Daily, Weekly, whatever the hell is the 'best' doesn't make sense. Yea it might be 'best', be only for the system that works for them. I'm glad I inspired you to go with what you feel comfortable with and trade shorter term. However remember it's going to take a lot of work to find your own personal niche of setups, take profits, and stops. I still haven't finalized my personal strategy, maybe it will always be dynamic. Good luck to you.
  • #171
  • Feb 13, 2013 4:58am Feb 13, 2013 4:58am
Quoting SemperOorah
Yea man you said it, stop loss 100% of the time. I honestly feel good when I get stopped out sometimes as the JPY rallies 40 pips instantly thereafter. We work way too hard for those pips to give them back like that!

I am a firm believer that someone else's system will never work for you. Anyone who says trading the 5M, 60M, Daily, Weekly, whatever the hell is the 'best' doesn't make sense. Yea it might be 'best', be only for the system that works for them. I'm glad I inspired you to go with what you feel comfortable with and trade shorter term....
Sadly the markets being dynamic means you will always have to be dynamic, most people find something that works for a while, then it stops working and wipes you out and they will keep using it for ever and it will keep wiping them out.

Short term at least you will know if your right or wrong very quickly then you can adapt and fix it if wrong, D1 can take months or even years before you see the reason for you losses, time is the 1 thing we can't afford to waste.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #172
  • Feb 13, 2013 10:47pm Feb 13, 2013 10:47pm
Solid night tonight banking 18 pips for $360 in a couple hours. I made a total of 3 trades, 2 of which were successful.
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  • #173
  • Feb 13, 2013 10:52pm Feb 13, 2013 10:52pm
Inserted Video


Cool documentary if you've never seen it. Basically about how bitter all the floor traders are that trading went completely electronic.

One part that was motivating for me was when one of the computer traders mentioned he recently had his very first 5 figure day. Certainly one of those ultra long term goals we can all aspire to.
  • #174
  • Feb 27, 2013 10:24pm Feb 27, 2013 10:24pm
Month number 3 is certainly off to a great start. I've been more selective with my trades and allowing them to run further before taking profit. This has also spurred the thought that sticking to 200k positions for a long time, possibly even when I go full time, is a good idea. I believe I can achieve more than 10 pips a day, and a smaller size would give me more room for the dreaded draw downs.

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8 months of practice left before I go full time.
  • #175
  • Last Post: Feb 28, 2013 4:28am Feb 28, 2013 4:28am
Hi Semper.
I been following your thread basically since you started it.
I too am looking to go full time trading just trying to establish a system that works for me.
I have been demoing similar system to you but using it on binary options.
Any way it's good to see you have successful third month.
If you have a chance and you don't mind could you post some of your trades and a description of your way of thinking.
Many Thanks.
Pips to us all.
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