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Cutting the cord with M1 scalps

  • #61
  • Feb 19, 2014 10:20am Feb 19, 2014 10:20am
A sell on the counter trade on AJ.
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Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #62
  • Feb 19, 2014 11:26am Feb 19, 2014 11:26am
Last one for the day. I might show up tonight for Asia. We will see how the night goes. I exited based on lack of momentum at the daily open (purple line). I entered based on retrace and continuation.
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Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #63
  • Feb 24, 2014 9:33pm Feb 24, 2014 9:33pm
A late night quickie.
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Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #64
  • Feb 26, 2014 11:17am Feb 26, 2014 11:17am
I missed a lot today. I am spending to much time flipping between chart templates and not enough time learning any of them really well. I did get this one though.
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Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #65
  • Feb 27, 2014 3:54am Feb 27, 2014 3:54am
Quoting capstone
I missed a lot today. I am spending to much time flipping between chart templates and not enough time learning any of them really well. I did get this one though. {image}
Just wondering, what do you mean 'chart templates'? I think I know what it means, but I don't want to assume what it is exactly that you are doing.

IF it's a constant tinkering with the different settings on your charts - Stop. If I'm off base here, then forgive me and do explain. But if I'm right, then just embrace that there is no 'perfect' setting, pick one and work the heck out of it.

Understand that all the different indicators available are tools. Simply put. They are there to help you (hopefully) in your decision making process. It's like marketing. Say you can buy a completely customizable list of people who supposedly good candidates for making a purchase. You can tweak the list 1000 different ways to try and get the most ideal list of people to target. We get our list and ugh, we spend the first week dialing for dollars, and we have a sale on average for every 100 contacts. Not quite what we were expecting. Well dammit, maybe the list sucks. I'll go back and tweak my list. I'll target left handed plumbers who only work every other Sunday. They are CERTAINLY in the market to buy. We get our list, we go back to our marketing campaign and huh, we get about the same results. Since we are CONVINCED there is an ideal list out there of sure-fire prospects, we tweak our list again. & again, & again. We spend so much time farting around with the list that we miss out on just getting out there and grinding it out. We know there is no magic list, just like there is no magic template for our charts.

Now I'm sure you can sniff out the prospects from the suspects at the car lot. The goal is to be able to spend as little time as possible with the suspects and devote as much time as needed with the prospects. If a tire kicker comes in, and just wants to waste your time, you are going to cut him loose and move on, looking to engage someone who actually is ready to buy. Same thing with trading.

I don't want to spend my time with unprofitable trades. I know that I'll have them, just like I know that I'm going to have tire kickers come in. I know I need to talk with them, I need to engage them to see if they may indeed be a prospect, but once I know they are not, I'm out. Moving on, looking for the next prospect. I get a potential setup on my chart, based on my template, I will engage. However, as soon as it's evident the trade isn't going to be profitable, as soon as I conclude that it isn't a prospect, I'm out. Moving on to the next trade. I don't have to keep tweaking my chart, I just need to consistently execute. Do I need to put any emotional energy into the fact that I engaged a setup that didn't work? I do not. If I know my edge, and my Money Management is right, I just need to put my emotional energy into how well I executed. Nothing else.

I've been following your thread for a while now. I am enjoying it. Maybe it's the struggle, maybe it's the Indiana thing (my folks live in Richmond), not entirely sure. But I just wanted to encourage you. If I'm way off base, my sincere apologies!!

Mongolian
  • #66
  • Feb 27, 2014 5:50am Feb 27, 2014 5:50am
Thx for the words Mongolian. No, you are not off base. That is exactly what I was talking about. The thing is, I know it is issue. In fact, after my last post, I decided that I was going to stick with only one template. I should probably go as far as deleting the others so they are not even an option.

I am glad you are enjoying this thread. Cutting the cord has been a struggle, but I think I am on the right track. If you are ever this way, let me know. Really, I am too! I did not think I would like doing it so much, but I do go back through my old trades quite often and this is easier than putting them into a word document. I like the "accountability" as well. I understand that I do not know anybody here, but it at least gives me a mental form of day-to-day accountability . I am really just accountable to God, then my wife, then my kids. My wife and kids are not watching everything though. My wife actually thinks this is all pretty boring and only asks about it occasionally. She does support it though and does not give me any grief about it! That is huge, to know I have her support. She asked me if it was boring sitting here at the computer staring at the charts and waiting. I told here I would rather be sitting here staring at charts than at the dealership staring at asphalt and metal!

She did make me think that I am constantly changing my charts because I get bored waiting. In response, I play with the charts, or flip between templates I have put together, looking for a set up. I should probably read while waiting, that might be good.

What do other M1 traders do to fill time between set ups?
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #67
  • Feb 27, 2014 8:32am Feb 27, 2014 8:32am
Oanda went down. Glad I was not in a trade! I have been with Oanda for a while now. I have noticed some catches in the feed lately but they always came back in 10 to 20 seconds. Still to long for a scalper like me.

This time though, they are down and out. It has been 20 to 30 minutes I think! Hmmm.....
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #68
  • Feb 27, 2014 9:10am Feb 27, 2014 9:10am
Quoting capstone
Thx for the words Mongolian. No, you are not off base. That is exactly what I was talking about. The thing is, I know it is issue. In fact, after my last post, I decided that I was going to stick with only one template. I should probably go as far as deleting the others so they are not even an option. I am glad you are enjoying this thread. Cutting the cord has been a struggle, but I think I am on the right track. If you are ever this way, let me know. Really, I am too! I did not think I would like doing it so much, but I do go back through my old...
The accountability is a big thing. It is very different from being at the dealership where what you do or don't do is right out there in the open! Your order of accountability is right on, btw.

As far as the multiple templates, unless you have multiple screens, I would delete everything else. I have two pairs that I will trade from personally & even that can be taxing with one screen. Each trader is different. I try to keep my computer screen available for trading only when I'm trading. If I need to do anything else that requires the internet, I use our IPad. I was skeptical about getting one initially, but it's been such a great thing to have. I realize not everyone has one of those, but it has certainly been helpful here!
  • #69
  • Mar 5, 2014 8:27am Mar 5, 2014 8:27am
Here is a quick long on EU. It has been a long time since I have traded EU because I have to trade for less per point. It was a very relaxing trade however. This is my final template...no matter what. I will learn this template and its nuisances with out changing anything. Hope to get a few more pips today!
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Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #70
  • Mar 5, 2014 11:10am Mar 5, 2014 11:10am
Quoting capstone
Here is a quick long on EU. It has been a long time since I have traded EU because I have to trade for less per point. It was a very relaxing trade however. This is my final template...no matter what. I will learn this template and its nuisances with out changing anything. Hope to get a few more pips today! {image}
One more piece of encouragement. It may be just a matter of semantics, but let me encourage you to study PRICE. Study its nuisances and how it behaves.

As a trader, it's my job to 1. Protect my inventory and 2. Protect my inventory. (Inventory being $$) The template is a tool. A tool to help decipher price and how the market participants behave at different times and at different price levels. Is it always going to work how we think? Nope. Losing will happen. What's important is what we learn from it. If it indeed can keep us out of trouble more times than not, then excellent. If not, I as a trader have to decide, was my setup legitimate? Did I execute it properly, without hesitation, without reservation and with confidence? Did I stick to my guns? If I've done my part and I am consistently losing, then I may have to re-examine my template and my setups that I'm looking for. Anyway, got off on a bit of a soap box there.

Nice positive trade today, Keep up the good work!
  • #71
  • Mar 5, 2014 11:25am Mar 5, 2014 11:25am
Quoting mongolian
{quote} One more piece of encouragement. It may be just a matter of semantics, but let me encourage you to study PRICE. Study its nuisances and how it behaves. As a trader, it's my job to 1. Protect my inventory and 2. Protect my inventory. (Inventory being $$) The template is a tool. A tool to help decipher price and how the market participants behave at different times and at different price levels. Is it always going to work how we think? Nope. Losing will happen. What's important is what we learn from it. If it indeed can keep us out of trouble...
Excellent points as always Mongo! I will look at how price is measured by the indies and start with PA!

Mongo, if your willing, I would like to hear your "trading story". How, when, and why did you start? Are you doing it full time? What were your biggest bumps and "aha" moments?
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #72
  • Mar 5, 2014 1:02pm Mar 5, 2014 1:02pm
Quoting capstone
{quote} Excellent points as always Mongo! I will look at how price is measured by the indies and start with PA! Mongo, if your willing, I would like to hear your "trading story". How, when, and why did you start? Are you doing it full time? What were your biggest bumps and "aha" moments?
I'm not one to promote threads by posting links usually. But a lot of how I trade and a bit of background is here. http://www.forexfactory.com/showthread.php?t=291669

I started almost on accident. My brother and I had a business, made a little money. He had his appendix burst which essentially shut us down for a while. So while we were sitting around with our thumbs up our rear, we started farting around, buying and selling options. Long story short, loss our a$$ in 2007 and 2008 during that fun time. Reloaded, tried again, same result. We split, basically because we were out of money. I took my tax return the next year, started again.

Have definitely had numerous ups and downs, but I started to see Price action really clearly. I found natural support and resistance around the whole numbers, the half numbers and even the quarter numbers. I spent a great deal of time really studying price. Seeing how it moved. That led me to start documenting it in the above thread. I didn't set out for it to be anything more than for a place for me to document my thoughts. It started to resonate with others and has gotten a bit of a life of it's own.

The biggest aha moment for me (outside of the whole number movements) was that I discovered that I had been trading too large of a position. I needed to do a better job of protecting my $. I don't look for home runs necessarily. I've been perfectly content to grind it out day in and day out. Basically to take a line from the movie The Patriot - Aim small, miss small. I want to keep my losses small in order to come back and play another day!

Mongolian
  • #73
  • Mar 6, 2014 10:58am Mar 6, 2014 10:58am
Quoting capstone
I am going to try this, I mean, I am going to do this! I am looking to cut the "job" cord. You know what J.O.B. stands for? It stands for Just Over Broke. I am tired of being there. I was self employed in the Real Estate industry for 10 years. The industry collapsed. My business failed and I lost everything in the process. It has made family life difficult, as the children do not understand why we had to move away from their friends, why we rent a house now, and why we have not had a vacation in 5 years! Getting back into corporate America has been...
First of all Capstone i like you small stary, good luck in your trade carrer.I trade with scalping strategy too and i'm using higher timefreats to see where price can move.Just like you said at scalping 15-20 pips is enough, make 3-4 trades in a day just in a couple of hours and you got 50 pips.With a worth of 1 pip 1$ its 50$ in a day,those are good money for a start at least they are better than working for them.
  • #74
  • Mar 6, 2014 12:21pm Mar 6, 2014 12:21pm
Quoting BogiFX
{quote} First of all Capstone i like you small stary, good luck in your trade carrer.I trade with scalping strategy too and i'm using higher timefreats to see where price can move.Just like you said at scalping 15-20 pips is enough, make 3-4 trades in a day just in a couple of hours and you got 50 pips.With a worth of 1 pip 1$ its 50$ in a day,those are good money for a start at least they are better than working for them.
Thank you and welcome. Feel free to post anytime.

I have not traded at all today because I have been reading through Mongolian's thread. I like it! Thank you for the link! I think it will help me in looking at my chart. I do need to remember I am trading price, not indicator. The indicator only shows a visual measurement of price!
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #75
  • Mar 8, 2014 6:50am Mar 8, 2014 6:50am
Still reading!
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #76
  • Mar 11, 2014 6:02am Mar 11, 2014 6:02am
20 pages to go. This is good stuff Mongo. Thank you for the link! On page 49 or so, I see where nhen's charts look a bit like mine with the 2 MAs. I do not know if that gave you the idea to point me there or not, but I see the similiarity.

I have also copied and pasted several quotes and articles that you shared to read when I finish the journal. Here was another gem:
http://www.forexfactory.com/attachme...1&d=1365725274


Have a great day!
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #77
  • Mar 11, 2014 7:48am Mar 11, 2014 7:48am
Quoting capstone
20 pages to go. This is good stuff Mongo. Thank you for the link! On page 49 or so, I see where nhen's charts look a bit like mine with the 2 MAs. I do not know if that gave you the idea to point me there or not, but I see the similiarity. I have also copied and pasted several quotes and articles that you shared to read when I finish the journal. Here was another gem: {image} Have a great day!
nhen always has good charts. I have said for a while, no one should trade exactly like me. I shouldn't trade like anyone else. But if we can have a good understanding of how price moves, then we have a better frame work as to how to proceed. I like to trade without a bunch of indicators. That doesn't make it right or wrong. It's just different. It's what works for me. It's what my brain can see clearly. Other traders like to use different things. Who am I to say don't do that? If it helps a trader's profitability - then by all means - do what has to be done!
  • #78
  • Edited 5:49am Mar 13, 2014 5:34am | Edited 5:49am
Finally finished. I will go through and copy and paste your charts Mongo, so I can go back and review them. I do not think I can trade it just as you do, naked, but one day, I might find that to be best for me. It was well worth the time invested and I think it will boost my profit and get me caught up on my goal here. I am back to my charts for the first time in a week. I am going to add the quarters indicator, or do it by hand, then go from there! I am excited!

EDIT: Looks like I will be putting the quarters on manually. The files that came from Mongos thread are mq4 and no longer supported. Oh well, probably better to do it that way anyways!
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #79
  • Mar 13, 2014 5:57am Mar 13, 2014 5:57am
I have only added two lines to my first chart, and take a look. AWESOME!! I am excited! Thanks again Mongo. Please keep an eye on me. I will need your feedback as I post charts!
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Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #80
  • Mar 13, 2014 8:31am Mar 13, 2014 8:31am
I did not take this trade. I am still adjusting my charts a bit. Really stripping it back. Anyways, here is a Mongo trade based on BPC from a quarter to a mid. This trade alone would meet my daily goals! Mongo, Have you told you thank you yet?
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Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
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