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Double the Account... by Scalping

  • #41
  • May 5, 2014 5:23am May 5, 2014 5:23am
Trade #2 update:
full position.
I will not add more. Now all i have to do is wait, until the market gives me the money.


The market produces several emotions in people. Greed, Fear, are always present. We can't shut it down completely. But we can learn how to reduce it to minimum. Its not easy, and some people will never achieve this. Not all can be doctors, and not all can be traders.

Greed kills your account period.

There is no other way to put this. Over trading will kill your account. High leverage will kill your account. All this is related to greed. If someone is not happy by trading a real account using micro lots, and winning cents, will have greed killing his account sooner or later. We must be happy with 1 cent a day. I do not like to set diary goals, because it estimulates greed. And we know greed kills you. Be happy with the market gives you. Everybody wants to be rich next week. Hell, let's become rich tomorrow! But that kind of greed will kill you. Greed is the enemy number 2 that a trader has inside.
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  • #42
  • May 5, 2014 5:51am May 5, 2014 5:51am
Quoting sconcha
Trade #2 update: full position. I will not add more. Now all i have to do is wait, until the market gives me the money. The market produces several emotions in people. Greed, Fear, are always present. We can't shut it down completely. But we can learn how to reduce it to minimum. Its not easy, and some people will never achieve this. Not all can be doctors, and not all can be traders. Greed kills your account period. There is no other way to put this. Over trading will kill your account. High leverage will kill your account. All this is related...
Why you got so many positions add at different price and the range between those positions are less than 15 pips ?
Learn to Trade is Important. Keep your bias & ego aside.
  • #43
  • May 5, 2014 7:29am May 5, 2014 7:29am
Quoting chaosbun
{quote} Why you got so many positions add at different price and the range between those positions are less than 15 pips ?

Hi chaosbun

Thanks for your comment!

My balance account right now allow me to have a trade a big as 0,10 lot.
I divide that into smaller ones and start open those trades on the support zone until i reach full position. Since there is no perfect spot to enter, and we can never know where the market is going, i prefer to enter small trades each time, but all inside the support zone, or area. It gives me more confidence in my position.

The distance between the small trades until full position is not important. The important is the target, or exit point!
Lots of traders do not know where to exit. Its difficult to find the spot to exit. To win money, its not where you enter, but where you exit. Think about it.
  • #44
  • Edited 8:41am May 5, 2014 8:10am | Edited 8:41am
Quoting sconcha
{quote} Hi chaosbun Thanks for your comment! My balance account right now allow me to have a trade a big as 0,10 lot. I divide that into smaller ones and start open those trades on the support zone until i reach full position. Since there is no perfect spot to enter, and we can never know where the market is going, i prefer to enter small trades each time, but all inside the support zone, or area. It gives me more confidence in my position. The distance between the small trades until full position is not important. The important is the target, or...
Hi sconcha,

I like your thread and I enjoy your enthusiasm. Is your method of multiple entry points something that you came up with on your own? It seems like a mm strategy as well. Instead of partial closes it looks like partial opens.

At first glance, I thought you were employing the kreslik.com SPACE method which I still do not understand.

I was in the USDJPY trade last night EST and it had not budged much in 8 hours (JPY holiday). I closed at about 8 pips.

Anyway.... I think you're well on your way.
  • #45
  • May 5, 2014 9:31am May 5, 2014 9:31am
Quoting revival_fx
{quote} Hi sconcha, I like your thread and I enjoy your enthusiasm. Is your method of multiple entry points something that you came up with on your own? It seems like a mm strategy as well. Instead of partial closes it looks like partial opens. At first glance, I thought you were employing the kreslik.com SPACE method which I still do not understand. I was in the USDJPY trade last night EST and it had not budged much...

Hi revival_fx!!

At last someone that loves the "game"!!
I love forex, i breathe it, its my life, i have a passion about it !! Its wonderful is it not ?

I tell you a secret: i do not like to call it a game, because it is not. It is a business, and not treating forex like a business is a big mistake.
Do not trade forex like a game - my rule number 13.

Ok regarding your questions:
My method consists of multiple entry points. Always. We can never know where the market will go, and find the best entry spot in the first "shot" is well.. hard ! You can do it once, maybe twice.. consistently ? You will not. So, multiple entries will be your best approach to achieve the best entry spot!

The closes as you see are all at the same time/value/price. Only one exit spot is necessary to win money. No greed allowed! Did i mention greed kills you? It will ! Ehehe

I do not know the Space method you refer.

Please come back often, this business is supposed to be fun!
  • #46
  • May 5, 2014 1:26pm May 5, 2014 1:26pm
Quoting sconcha
{quote}multiple entries will be your best approach to achieve the best entry spot! The closes as you see are all at the same time/value/price. Only one exit spot is necessary to win money.
I like your approach. I will try to incorporate you method. I typically like to use limit orders which would mean my stop orders would have to be set after the firs limit order is entered. That will get some getting used to. Anyway thanks.
  • #47
  • May 6, 2014 1:12am May 6, 2014 1:12am
Trade #2 was a success!!!

Balance: 116€ + 15.24€ = 131.24€
Total Profit: 31%
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  • #48
  • Edited 5:39am May 6, 2014 3:22am | Edited 5:39am
Quoting revival_fx
{quote} I like your approach. I will try to incorporate you method. I typically like to use limit orders which would mean my stop orders would have to be set after the firs limit order is entered. That will get some getting used to. Anyway thanks.

Hi Revival!

You can use my ideas for you to be a better trader, i think that is the point of this journal. I am trying to help in the way that i can. Just take into consideration that not every method or system suits you. In order to be successful you must have a method that fits you and not the other way around! Well you got it ! That is another rule

Your method must fit your personality - rule number 15

Regarding limit orders. Well there is a lot of discussion about it. Some people say that should not be used at all, you must be in control of your entries every time. That should only be used if you can't babysit your chart.

By stop orders, you mean stop profit orders? If you do, your limit orders allow you to define a stop profit as well. Never enter a trade where you don't know where you will exit! So any limit orders will have a target profit since inception. Well i guess you figure it out again, you found another rule.

A trade can only be opened with a target profit or exit point - rule number 22

Ah and next trade is the building phase! NZDUSD is trade number #3 ! Stay tuned !
  • #49
  • May 6, 2014 5:58am May 6, 2014 5:58am
And here it is the Trade #3.

Very High probability that price will return to 0.8688 on NZDUSD.
I have almost full position. Still have 0.02 lots to deploy
All i have to do now is wait for the market to give me money!!
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  • #50
  • May 6, 2014 9:11am May 6, 2014 9:11am
Trade #3 update: full position.

Now the best part of trading: sit and relax.
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  • #51
  • May 6, 2014 9:30am May 6, 2014 9:30am
Quoting sconcha
{quote} By stop orders, you mean stop profit orders? If you do, your limit orders allow you to define a stop profit as well.
I was referring to buy stops and sell stops as entry points.

Quoting sconcha
{quote} Your method must fit your personality
I totally agree on the trading style matching the personality. Can you share the method in which you stagger your entry points? Do you pre-plan lot sizes and entry price based on total desired profit per trade and your take profit?
  • #52
  • May 6, 2014 9:51am May 6, 2014 9:51am
Quoting revival_fx
{quote} I was referring to buy stops and sell stops as entry points. {quote} I totally agree on the trading style matching the personality. Can you share the method in which you stagger your entry points? Do you pre-plan lot sizes and entry price based on total desired profit per trade and your take profit?

Nice questions Revival!

My entry points are discretionary. I set up a range zone (previous support or resistence) and then start build my position, inside that zone, until full position.

I keep it really simple. Almost basic!
-I do not pre-plan lot sizes, they are random. i just do not exceed my maximum position(yes its a rule also )
-I do not care about R:R (this sentence will scare a lot of people and probably will get me lectures about it ). I focus only in winning money!

As i will demonstrate in my trades!
  • #53
  • May 6, 2014 11:16am May 6, 2014 11:16am
Ok let me explain the last part of my last post.

Obviously risk to reward is important. However in this method i do not need it.

And you ask : why you don't need it?!

Well, because in this method i don't use a stop loss. I will talk about stop losses another day in detail, but i don't need one. Stop losses are only useful for your broker to take your money. If i want to give my money away i do it myself i do not need to hand it over in the form of a stop loss.

And in order to calculate your R:R ratio you would need a stop loss. Now you get the picture i believe.
  • #54
  • May 7, 2014 1:05am May 7, 2014 1:05am
And Trade #3 is complete.. there was only one outcome possible: success!!!

Balance: 116€ + 15.24€ + 32.74 = 163.98€
Total Profit: 63.9%

Stay tuned!
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  • #55
  • May 7, 2014 8:13am May 7, 2014 8:13am
Quoting sconcha
And Trade #3 is complete.. there was only one outcome possible: success!!! Balance: 116€ + 15.24€ + 32.74 = 163.98€ Total Profit: 63.9% Stay tuned! {image}
Dude!

It's only been a week and your 63% there. Nice.......
  • #56
  • May 7, 2014 8:30am May 7, 2014 8:30am
Even though you have small lot sizes (because of a small account) that is just good MM (aside from the fact you're risking about %10 per trade). You're doing more than scalping.

I think you're being too modest. One of your trades was 50+ pips. With this method on a 10000euro account you would be up 6300euros. Just sayin'

  • #57
  • May 7, 2014 3:00pm May 7, 2014 3:00pm
Quoting revival_fx
Even though you have small lot sizes (because of a small account) that is just good MM (aside from the fact you're risking about %10 per trade). You're doing more than scalping. I think you're being too modest. One of your trades was 50+ pips. With this method on a 10000euro account you would be up 6300euros. Just sayin'
Hi my friend !Indeed right you are. But one needs to control emotions with small lots and then fly away !Yes multiple entries gives MM a nice boost.And this is not scalping at all. That was before. I just wanted to use my last thread instead of creating a new one. To give a sense of evolutionTomorrow will be a busy day lets see if i can spot the next trade by then. Cheers !
  • #58
  • May 8, 2014 7:18am May 8, 2014 7:18am
There are no good setups.
There is one that is almost good in eurjpy.
But almost good is not enough.
We do not settle with the average. We need perfection !!
Only with perfection we dont fail.

So rule number 14:
To achieve perfection do not trade average setups. Trade only the best ones !
  • #59
  • May 9, 2014 9:14am May 9, 2014 9:14am
Trade #4

EurUsd will go up to 1.3828. That is the magic number!! I believe that will only happen next week.

I am building my position now..

I give this trade 97% of success. Lets see!!! Have a nice weekend folks!
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  • #60
  • May 9, 2014 10:38am May 9, 2014 10:38am
Quoting sconcha
Trade #4 EurUsd will go up to 1.3828. That is the magic number!! I believe that will only happen next week. I am building my position now.. I give this trade 97% of success. Lets see!!! Have a nice weekend folks! {image}
Hopefully people will forget Draghi's words.
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