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Double the Account... by Scalping

  • #61
  • May 15, 2014 8:48am May 15, 2014 8:48am
So if you don't use a stop loss, how do you cut your losses?
Do you use an expert?

If you don't, it must be very difficult emotionally to close the position(s) if the prize goes against you.
Be careful man! Good luck!
  • #62
  • May 22, 2014 12:43pm May 22, 2014 12:43pm
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}
sconcha,

So you are allowed to make a mistake. You were on a roll. Still looking for another post from you.

Cheers.

  • #63
  • Oct 1, 2014 11:30pm Oct 1, 2014 11:30pm
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}
did you blow up?
"Diversification is an excuse for a lack of talent" ~FXC
  • #64
  • Oct 23, 2014 10:31am Oct 23, 2014 10:31am
Quoting FXCapitalist
{quote} did you blow up?
Hi FXCapitalist,

account went to zero. But i do not give up. "give up" does not exist in my vocabulary.
So, there was a problem due to non existent stop losses in the previous method.
97% probability for the price achieve pre-determined target is not enough to be successful in this world.

Anyway been experimenting for two months now a new tactic. Lets see if what i can do with it in the next few days, shall we?
  • #65
  • Oct 24, 2014 3:52am Oct 24, 2014 3:52am
Attempt number #3 - starting 24 October 2014

So, what is the difference from this trading method than all of the above?
- Trading pairs reduced to EurUsd and GbpUsd;
- Trading Hours reduced to the London Open and New York Open;
- Possible rescue a bad trade to level 4;
- R:R = 1:1;

The objective remains the same: double the account. This time there is no race to the end. just get there in one piece.
Type: real account
Inicial Balance: 63.23€
Broker: Alpari UK
Lot Sizes: micro



Inicial Balance: 63.23€
Equity: 65€
Profit: 2.79%
Attached Image (click to enlarge)
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  • #66
  • Oct 24, 2014 8:31am Oct 24, 2014 8:31am
Quoting sconcha
{quote} Hi FXCapitalist, account went to zero. But i do not give up. "give up" does not exist in my vocabulary. So, there was a problem due to non existent stop losses in the previous method. 97% probability for the price achieve pre-determined target is not enough to be successful in this world. Anyway been experimenting for two months now a new tactic. Lets see if what i can do with it in the next few days, shall we?
In my professional business I can't let accounts go to zero.

I don't experiment.

How did you derive your probability numbers of 97% and not factored in the 3rd sigma.

"Hope is not a plan."

-Cheers.
"Diversification is an excuse for a lack of talent" ~FXC
  • #67
  • Oct 24, 2014 8:48am Oct 24, 2014 8:48am
Quoting FXCapitalist
{quote} In my professional business I can't let accounts go to zero. I don't experiment. How did you derive your probability numbers of 97% and not factored in the 3rd sigma. "Hope is not a plan." -Cheers.
Wise words FXCapitalist.

I was abolishing the use of stop losses in the previous method, therefore account died. Not making the same mistake again this time. Losses will occur and will be controlled.

I let you with my trade from NY Open today.

Inicial Balance: 63.23€
Equity: 65.98€
Profit: 4.34%
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  • #68
  • Oct 25, 2014 1:07pm Oct 25, 2014 1:07pm
I know for sure of all my years of trading that doubling an account in a short amount of time eg. less than a year is not sustainable, I've been trading for almost 10 years and I've doubled accounts 10 times over in that time, meaning I've doubled atleast every year or so. And with the original account. Risk about 25 pips to 50, at most 100, target of 100 to 1000 pips at a time. Focus and precision is key to quality trades. Taking profits every 10% of NAV.

GL. Don't scalp.
"Diversification is an excuse for a lack of talent" ~FXC
  • #69
  • Oct 27, 2014 5:57am Oct 27, 2014 5:57am
Quoting FXCapitalist
I know for sure of all my years of trading that doubling an account in a short amount of time eg. less than a year is not sustainable, I've been trading for almost 10 years and I've doubled accounts 10 times over in that time, meaning I've doubled atleast every year or so. And with the original account. Risk about 25 pips to 50, at most 100, target of 100 to 1000 pips at a time. Focus and precision is key to quality trades. Taking profits every 10% of NAV. GL. Don't scalp.
Thank you for your comments.

I think you are right. Scalping is not going to make me rich. I also do not know any trader that the only source of income comes from a scalping method or system.
But that is the beauty of the objective. I want to prove myself that i can double the account using a scalping method. Some may say that achieve 100% profit is peanuts. Easy as take candy from a baby. Well.. it's not! It's hard! The majority traders can't do it! Hell, i am trying for the past 4 years and still can't do it ! But i think i will this time.

Anyway if i loose, it wont be a lot of money, so i am ok with it too. The money is at work for 100% profit return. That's my only goal. And i believe seriously that i will do it!
  • #70
  • Oct 27, 2014 6:01am Oct 27, 2014 6:01am
Today's London open trade. Another success. Lets wait for NY open for more trades or not....

Inicial Balance: 63.23€
Equity: 66.89€
Profit: 5.78%
Attached Image (click to enlarge)
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  • #71
  • Oct 27, 2014 9:44am Oct 27, 2014 9:44am
NY trade as follows.
I am in a good run. Trading for the day complete. There is more tomorrow!!!

Inicial Balance: 63.23€
Equity: 67.73€
Profit: 7.11%
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  • #72
  • Oct 27, 2014 10:12am Oct 27, 2014 10:12am
Quoting sconcha
{quote} Thank you for your comments. I think you are right. Scalping is not going to make me rich. I also do not know any trader that the only source of income comes from a scalping method or system. But that is the beauty of the objective. I want to prove myself that i can double the account using a scalping method. Some may say that achieve 100% profit is peanuts. Easy as take candy from a baby. Well.. it's not! It's hard! The majority traders can't do it! Hell, i am trying for the past 4 years and still can't do it ! But i think i will this time....
Making 100% can be hard.
BUT
It is even harder to keep your gains! A lot harder!
Wish you good luck with your method!
there is always, always another trade!!
  • #73
  • Oct 27, 2014 11:08am Oct 27, 2014 11:08am
Quoting profitfarmer
{quote} Making 100% can be hard. BUT It is even harder to keep your gains! A lot harder! Wish you good luck with your method!
Thank you profitfarmer!

Wish you good luck also
  • #74
  • Oct 28, 2014 4:28am Oct 28, 2014 4:28am
Nice boost today.
More trades later!

Inicial Balance: 63.23€
Equity: 70.64€
Profit: 11.71%
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  • #75
  • Oct 28, 2014 8:48am Oct 28, 2014 8:48am
And The NY Open session trades.

So far so good !!

Going to be more aggressive starting tomorrow to see if i can reduce the days to 100% profit goal. The faster the better


Inicial Balance: 63.23€
Equity: 72.74€
Profit: 15.04%
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  • #76
  • Oct 29, 2014 3:31pm Oct 29, 2014 3:31pm
Market was asleep today during london session. Maybe waiting to see what the FED had to say. Not a bright day, but a profit is still a profit.


Inicial Balance: 63.23€
Equity: 73.93€
Profit: 16.92%
Attached Image (click to enlarge)
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  • #77
  • Oct 30, 2014 9:58am Oct 30, 2014 9:58am
Great day !!
Increasing my lot size trades to my account balance, so i can write my name in the hall of fame of FF sooner than later
Will i make 100% without blow up my account first? Remains to be seen.


Inicial Balance : 63.23€
Equity: 86.53€
Profit: 36.84%
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  • #78
  • Oct 30, 2014 11:05am Oct 30, 2014 11:05am
Quoting sconcha
Great day !! Increasing my lot size trades to my account balance, so i can write my name in the hall of fame of FF sooner than later Will i make 100% without blow up my account first? Remains to be seen. Inicial Balance : 63.23€ Equity: 86.53€ Profit: 36.84% {image}
I am sure you will make it! There is little doubt in me about that.
The question is still about the keeping it, as I see.
For me that was/is always the major issue, the 'weak point'.
I think soon will be good to find another target to yourself, so, you can stay motivated on the way ahead!
Keep it up!
there is always, always another trade!!
  • #79
  • Oct 30, 2014 4:26pm Oct 30, 2014 4:26pm
Quoting profitfarmer
{quote} I am sure you will make it! There is little doubt in me about that. The question is still about the keeping it, as I see. For me that was/is always the major issue, the 'weak point'. I think soon will be good to find another target to yourself, so, you can stay motivated on the way ahead! Keep it up!

Thank You for the vote of confidence profitfarmer!

I believe there is a "profit value" where "luck" starts to fade out and "knowing how to trade" starts to kick in. 100% profit can still be called "luck". Ok few can do it, but maybe with luck a person can achieve it. But what to say about 200% ? Or 400% ? Can a trader just relying on luck get there?

If you can achieve a profit of 100% or 200%, or (insert your value here) that no longer can be called lucky trades, you know you will stick those profits in your account, because they were not fruit of luck. They were fruit of discipline, hard work, and the correct mindset that you will hardly ever lose again. That is what i want to achieve! And the 100% because it's a fancy number

Good trading for you!
  • #80
  • Oct 31, 2014 10:10am Oct 31, 2014 10:10am
Done for the week.


Inicial Balance: 63.23€
Equity: 90.05€
Profit: 42.41%
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