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Daytrading/scalping with high leverage - my proven strategy

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  • #4,141
  • May 16, 2013 11:15am May 16, 2013 11:15am
Hello
Iīve studied forex seriously for a year. When you have 5 losses in a row like me today you have to understand that I want to change to another system.
Yes, changing systems like this one, that have a very discretionnary side, itīs a newbie error.
So the solution is to go on with it, study a lot of price action etc. but I understand that 95% traders are losers.
Iīm not an idiot , so why a monkey could do better than me?
Do any expert know another scalping system that can give consistent profits (10 pips in average per trade)?
Am I silly asking for that? Probably
  • #4,142
  • May 16, 2013 11:37am May 16, 2013 11:37am
Quoting Iggo
Iīm not an idiot , so why a monkey could do better than me?
You hadn't any chance anyway, take a look to this : http://www.gizmodo.com.au/2013/04/mo...-people-study/
My name is Martin... Martin Gale
  • #4,143
  • May 16, 2013 11:43am May 16, 2013 11:43am
Quoting Iggo
Hello Iīve studied forex seriously for a year. When you have 5 losses in a row like me today you have to understand that I want to change to another system. Yes, changing systems like this one, that have a very discretionnary side, itīs a newbie error. So the solution is to go on with it, study a lot of price action etc. but I understand that 95% traders are losers. Iīm not an idiot , so why a monkey could do better than me? Do any expert know another scalping system that can give consistent profits...
Iggo, if you is self taught one year is too little, you need at minimum others two/three. If you have a mentor can reduce by half.
I do not use this system as scalping, but as a method to validate my entry when I take the desicion of where I put my order if long or short. If you put some picture of your erroneous entries we can help you.
Today is a day of news and this makes the market much noise, not a good day for trading at the start of the U.S. session, you it should know.

More than a scalping system, look for a method to read and understand the market and this will make you not inside the 95% of losers !

Regards, Bernardo.
  • #4,144
  • May 16, 2013 11:46am May 16, 2013 11:46am
Thanks Condor, I want to obtain monkey skills and become an expert trader :nerd:
  • #4,145
  • May 16, 2013 11:53am May 16, 2013 11:53am
Ber, I donīt want to bother you with my charts. Yes, I have to see forex like a career. So f... boring
I need a mentor, thatīs sure. Iīm a loser in general, so why not in such a difficult business. Well, before I die I want to say: I tried my best
Thank you Ber, Condor, Tonny and all the persons that help here
  • #4,146
  • May 16, 2013 11:56am May 16, 2013 11:56am
Quoting RougeTrader
{quote} Hi Bernardo Thanks for the analysis. Some very good points that I must try and remember Today I started trying the USDJPY instead. I caught the up move this morning. I think I may prefer this pair as it moves slower so I have more time to think. Anyone who wants to try it maybe can use a higher lots size to compensate for the lower ATR. Also it doesn't get confused like the Eurjpy does when dollar and euro go in opposite directions. I've put the M5 MTF cloud Indi (provided by Simonik) onto the M1 chart and this helps with entries. Cheers...
Hi RT, ok, actually I only watch the relationship with the USD/JPY. Put on your screen 15M chart of both pairs (USD/JPY & EUR/JPY) and see that most of the time if USD/JPY goes north the same happens with the other pairs */JPY. The same thing in reverse.
Note that for every 10 pips on the USD/JPY is 20 pips in the other pairs, follow with USD/JPY if it is more comfortable for you, but keep your eyes into the other pairs to be "sensitive" to the relationship with them.

Regards, Bernardo.
  • #4,147
  • May 16, 2013 12:09pm May 16, 2013 12:09pm
Quoting Iggo
Well, before I die I want to say: I tried my best
Iggo, not be dramatic... learn and use a Micro account for your tests. There is a moment (you are going to know when) in which you will look at the chart and "understand" what happens there with a certain degree of certainty, when that happens it's time to take greater risks, not before !!
Note that this is a "profession" and like any other requires some knowledge and then lots of practice and not vice versa.

Regards, Bernardo.
  • #4,148
  • May 16, 2013 12:17pm May 16, 2013 12:17pm
Quoting Iggo
I need a mentor, thatīs sure.
Iggo, recien me fijo en su perfil, realmente es de Espaņa ?

Saludos, Bernardo.
  • #4,149
  • May 16, 2013 12:18pm May 16, 2013 12:18pm
Quoting Iggo
Hello Iīve studied forex seriously for a year. When you have 5 losses in a row like me today you have to understand that I want to change to another system. Yes, changing systems like this one, that have a very discretionnary side, itīs a newbie error. So the solution is to go on with it, study a lot of price action etc. but I understand that 95% traders are losers. Iīm not an idiot , so why a monkey could do better than me? Do any expert know another scalping system that can give consistent profits...

Let's say you got a system that wins 50% of the time. It's Easy to flip a coin on heads 5 times in a row. Let's say you win 1/3 of the time with your 2:1 win ratio. It's easy to lose 5 times in a row. Get some casino experience if you can't imagine such thing.
It takes hundreds of trades before you can say something which is statistically correct about your trades.

On that note: 10 pips avg per trade, I don't know if you mean equity of a trade or avg tp. But both cases are impossible to make money and be sure you actually are profitable. The cost of making those trade's is just too high no matter what broker you got.

If you want to scalp, goto the futures market if you got enough cash for it. They at least got decent spread for the scalping you can do. And it got an order book so you know if you hit a brick wall.

A monkey will Never be able to make a profit if there is a commission or spread. So at the very least you won't either. And if you are good you can beat the commission/spread and at the very best get ahead of it.

This is a dirty profession that screws with your mind on multiple levels.
  • #4,150
  • May 16, 2013 12:20pm May 16, 2013 12:20pm
Quoting FrankS
This is a dirty profession that screws with your mind on multiple levels.
  • #4,151
  • May 16, 2013 12:38pm May 16, 2013 12:38pm
Franks, I agree with you. Iīve collected all my demo trades, I did 578 for the moment in one year and a half. I trade with 1:1 RR but my losses are more than 70%. A disaster. Itīs better to use a coin than my studies. The demo spreads that I use are low, from Oanda, in my fixed 10-15 pips TP is not very significant.
Well, maybe Forex is not for me if i cannot scalp. I hate to wait an entire day to know if i did or not a successful swing trade.
Dirty business for me, because with a profession you work and you donīt lose money. With a business, you can work hard and lose plenty of money.
Well, maybe today I feel specially bad, itīs hard to fail and fail like if I were totally stupid.

Sí, Bernardo, soy espaņol. Me alegra encontrar argentinos como tú por aquí y que les vaya bien, mi inglés es de horror. Un cordial saludo
  • #4,152
  • May 16, 2013 1:01pm May 16, 2013 1:01pm
Quoting Iggo
Sí, Bernardo, soy espaņol.
Iggo, quizas ya los conozcas pero por las dudas te dejo aqui un par de links:

- Cande y Aker son dos reputados posteros en diasdebolsa.com. Cande hizo un proyecto con el cual obtener $ 1.000,00 x 10 en 1 aņo (finalmente lo hizo en algo asi como 10 meses si mal no recuerdo). Tiene mucha informacion importante y sino es una buena lectura. Lo puedes ver aqui.

- Aqui te dejo otro link con post relacionados al volumen, vas a encontrar alguno que otro mio. Chuyito, Corcha y Daykoku son a los cuales les tienes que prestar mas atencion.

P.S.: si me envias un PM con tu mail te puedo pasar un link de donde bajar el libro Trading en la Zona.

Saludos, Bernardo.
  • #4,153
  • May 16, 2013 2:22pm May 16, 2013 2:22pm
Finally i achieved to do it, +300% in 48 hours.
http://www.myfxbook.com/members/Bask...-manual/573994
My name is Martin... Martin Gale
  • #4,154
  • May 16, 2013 3:09pm May 16, 2013 3:09pm
Quoting condor666
Finally i achieved to do it, +300% in 48 hours. http://www.myfxbook.com/members/Bask...-manual/573994
Awesome trading my friend. What sort of % were you trading?? Same as DNA with 1% per pip and 100 pip stops???

Is it something you could repeat on a regular basis??

Well whatever method or risk you used its a great achievement and shows what can be done when you put your mind to it.
Feel the Fear and do it anyway!!!
  • #4,155
  • May 16, 2013 3:16pm May 16, 2013 3:16pm
Quoting clivepackham
{quote} Awesome trading my friend. What sort of % were you trading?? Same as DNA with 1% per pip and 100 pip stops??? Is it something you could repeat on a regular basis?? Well whatever method or risk you used its a great achievement and shows what can be done when you put your mind to it.
MM was 1% per pip but SL was depending at moment but often it was 50 pips stop, tuesday evening and yesterday trades were done using the system i explained in the last pages and today trades were done using fav's strategy.
I think it's possible to repeat it, i just need to keep calm and relaxed.
My name is Martin... Martin Gale
  • #4,156
  • May 16, 2013 3:35pm May 16, 2013 3:35pm
On the basis on this thread I went to the casino just to try out some different odds and how I feel mentally about the win loss ratio. 70% loss on that number of trades is a great result man! Just do the opposite of what you plan to do. A lot of indicators can be used contrairy.

I like roulette, I lose 1/37 of every bet I make. This is about 1.5 pips on a 50tp/50sl trade. The odds that roulette with a single 0 give are awfull, taking spread/commission into account your "bets" on finacial markets can be Horrible long-term even if you can predict price movement accuractely.
I guess a lot of trader's are blind to this fact / effect. These financial markets aren't predictable, they are mostly random. As long as you can't feel/understand that randomness you are doomed to fail.
  • #4,157
  • May 16, 2013 3:52pm May 16, 2013 3:52pm
I love roulette too and i never lost at it, maybe i'm a genius or maybe i know what a martingale is.
How long do you trade in FX ? 1 year, 2 years ?
I'm trading since 10 years so i know where the price is going.
Even sometimes i trade without any indicator and that is a great way to learn for every noob around there cause you only focus on price.
And maybe you should ask yourself a question, like the Clash said : Should i stay or should i go ?
My name is Martin... Martin Gale
  • #4,158
  • May 16, 2013 4:19pm May 16, 2013 4:19pm
Quoting ber_tdf
{quote} Hi RT, ok, actually I only watch the relationship with the USD/JPY. Put on your screen 15M chart of both pairs (USD/JPY & EUR/JPY) and see that most of the time if USD/JPY goes north the same happens with the other pairs */JPY. The same thing in reverse. Note that for every 10 pips on the USD/JPY is 20 pips in the other pairs, follow with USD/JPY if it is more comfortable for you, but keep your eyes into the other pairs to be "sensitive" to the relationship with them. Regards, Bernardo.
My reasoning for using usdjpy was that when I do bad trades (which happens a lot), as it usually moves slower, I have more time to close the trade. I've been caught out a few time recently by eurjpy.

I'll let you know how I get on.

I'm finding your M15 chart very useful for deciding which direction to trade in along with fav's H1 template

Cheers

RT
  • #4,159
  • May 16, 2013 4:52pm May 16, 2013 4:52pm
Quoting RougeTrader
{quote} My reasoning for using usdjpy was that when I do bad trades (which happens a lot), as it usually moves slower, I have more time to close the trade. I've been caught out a few time recently by eurjpy. I'll let you know how I get on. I'm finding your M15 chart very useful for deciding which direction to trade in along with fav's H1 template Cheers RT
Hi RT, did you tried with my 1M template ? remember that we seek verify our analysis in 1M and when the conditions are NOT right we do not enter into the market. Remember the trade from the other day, the analysis was correct, but the information in 1M was something dirty, in that condition is preferable to wait... the market always going to be there for us ! Also wait until the price reaches the area of ​​the EMA's and depending on how it develops entered into the market. Be patient and at the beginning keep an objective diary that you are sure to achieve and once achieved not do more operations.

Regards, Bernardo.
  • #4,160
  • May 16, 2013 5:38pm May 16, 2013 5:38pm
Quoting FrankS
On the basis on this thread I went to the casino just to try out some different odds and how I feel mentally about the win loss ratio. 70% loss on that number of trades is a great result man! Just do the opposite of what you plan to do. A lot of indicators can be used contrairy. I like roulette, I lose 1/37 of every bet I make. This is about 1.5 pips on a 50tp/50sl trade. The odds that roulette with a single 0 give are awfull, taking spread/commission into account your "bets" on finacial markets can be Horrible long-term even if you can predict...
If you're finished telling us we're all going fail, please move on.
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