Consequence Pilot Level Trading

FXEmpire, thanks for that explanation.

I know. I've been looking for a new broker. Best I can find have 1.2 - 1.6 on eurusd (ECN or NDD for what that's worth). I know there are brokers with smaller spreads but I think most of them are real bucketshops.

If I had 0.1 spread I would have been done for the day. Now I can only trade big momemtum bars without hesitation.

congrats anusragger, great result. you are a quick learner. hope to have a minimized losses like yours soon, if market is choppy.

Thanks, of course I missed the last up move. I do think however, I might be a little too defensive.

+5 , I think 15 mins chart look more clear to me.

Out @ +0.1 Price stalled

I had to step out for a few hours to do outside things.. I see some crazy moves up and down wonder what caused it i don't see red news..
anyways later on i will post the days end chart.. this was a good day for learning..

talk later

Great thread,
I hope this may be of some use...I normally set the trend line to NO color....or colour if you are a Brit like me

Ok, day ends chart here with some humble explanations..

Today we danced with the price inside a 55 pips range where it was rough and tough at times not making clean moves from EL.. but it's nothing unusual, its a given..
The key in such days is to not be effected much in order to all of sudden stop playing defense or become trigger less.. a few unsuccessful trades can do this kind of damages, but, only if you allow it.. otherwise it's nothing but a passable pump.

ok.. as usual the yellow are all levels and blue are the ones that has got trigger as EL's..
there was 9 trade-able signals where the early ones were rough but N.Y session seemed to give out couple clean ones.. if during London you played good defense and stayed on course through out the whole session then you should have even got the daily goal..
all my trades are visual.. and again just ignore my first trade which is still running.. its good example of "what not to do", lol

I be around for lil while longer if you got questions otherwise see you all tomorrow.

Couple of questions:

How do you watch a chart all day, 5 days a week and not burn out?

You're only looking for 15pips a day so to make those hours pay you need some leverage right? I presume you're not playing for a $ a pip.

So to keep the leverage high and the percentage traded as low as you say at the beginning of the thread we need a lot of capital. What amount of capital are you trading if you don't mind?

I ask you a question..
How do you go to a regular work all day working for someone else and not get burned out?

I see, that's a pretty defensive reply, I thought it was a reasonable question considering the amount of concentration needed to scalp the market all day long.

not defensive at all.. it's just a valid counter question..
you talk about burn out.. it's the greatest job in the world.. if your a decent trader.. you make just as much as of a regular job if not more, but with no boss, not much of a grueling hours as regular job or even better if you got your own business, working from your own home office, no employees, inventories, no dumb as colleagues next to you, lol, etc,.


now talking numbers.. ok here it is..

a capitol as little as 10k..
avg loss for this method is no more than 10 pips if your lousy and if good its even lower like 5 or 7.. but let's take into account 10..

so 10k x 1% =$100 / 10pips sl = $10 per pip (1.0 lot size)

$10 x 15pips a day = $150 a day x 5days a week = $750 wk (7.5%) = $3000 mo (30%)
let say your a half ass trader and you avg 3 winning day out of the week you still make around 15-20% mo..
now is that fucking great or what.. lol

lets now do this on a 100K cap.. it comes to what, 15-30k mo, not bad at all..
.. and if one don't have 10k,should just do a favor to get out of the industry.. or.. one needs to risk 3% or 5% to compensate the lack of capitol.. but now its even more of a mental game on the flip side.

so you can not possibly be more burn out than a regular job or your own small business.. right!!

However, the point of this thread is to show a craft and skill that could last for rest of ones life time.. then once that's out of the way.. your the boss of your own destiny to curve this in to anyway and how based on your goals and agendas risk and reward wise.
The purpose of my involvement in here is just that.. to pay it forward and spread good karma.

anyways Q, if i came across a lil rough my apology i am just a little blunt overall but superbly real and sticks to reality of matter.

Ok thanks for replying, I'll quit here so I don't spoil your thread and annoy you and the faithful.

All the best.

lol.. I must have missed something.

your not annoying anyone and more than welcome to stay if you like.

all the best to you as well.

Morning to all..

getting ready to squeeze in couple of winners early London and be back for NY session.

I expect not much more movement than what we have seen already this week.
My el's are set ready to go..

good luck to all..

first long out for me at pretty much BE.. as you see i got slipped there nicely.. and together with too much jittery move so i exited to be safe right of the bat..

im working too with gbpusd and usdjpy pairs because are lowest spreads pairs in my broker.

i had 5 entries in usdjpy with only 1 wrong entry.

and another 2 in gbpusd

that's more like it navi,
those are all nice el's..

well done..