Scalpiee: Extreme scalping journey

This is a personal trading journey , which is the replica of one of my live trading strategies aimed for short term and small pips targets in most cases.

I owe no one apologies if i blow this account away any moment. But personaly , i have traded this for 2 years and overall good sucesses both on demo account, demo contests and live accounts overtime. Blown few accounts away but overall good success

The aim of my journals is to improve personal discipline, training and developments:

I am not a guru and not close to being it. But i am developing my self to be a better trader, discipline trader, and a trader that can keep withdrawing from his accounts, time to time.
I am creating this to checkmate my successes, loses, discipline and determinations.
This is a strategy i improved myself to suite my trading style.

My System in brief (can be easily decoded from the chart):
Sniping when large orders are being made in good PA areas watching trends, bounces, PAs, SUPPLY/DEMAND, Higher time resistance or supply Zones for entries and exits. It is always difficult for instant price reversal when the large orders are made (need for speed).
So targeting few pips is always possible here and there.

Targets: minimum of 7 pips (Excluding Spreads)
Weekly target : Between 5-10% ROI using my trading spread sheet ( at times i don't focus on it, but i have to be discipline now, for consistency).


Best time That suites my trading style: Between 6GMT and 12GMT ( pre/during euro season)

Pairs For now: GBPUSD and EURUSD

Trade for 6/8/2015.....
few pips and stopped out.


Reason for the trade:

7/8/2015 trade (today)



Late entry but Stopped out for 7 pips....

ACHIEVED MY AIM FOR THE WEEK in ANOTHER ACCOUNT

ONE OF MY FAVORITE QUOTES FROM WARREN BUFFETS

Rule No.1: Never lose money. Rule No.2: Never forget rule No1

Could you please provide the Template/ex4/help files.

Thank & Regards

Today was a busy day for me. Had an early meetings with some friends. Couldn't monitor anything. my first trade of the week was stopped out at 8.8pips, (trading duration, less than 3 mins) because i couldnt manage the profits well and left many pips untouched. Hopefully more opportunities for profits this week.

From buffet popular quotes:
You only have to do a very few things right in your life so long as you don’t do too many things wrong.
This really sums Buffett up in one sentence. You don’t have to pick the right stock today, tomorrow or ever. You really just have to save enough and invest it prudently with a reasonable expectation of return. culled from forbes.

Few trades and uncertainty today because i couldn't wake up in time ( not an excuse).



the missed opportunity

To really make good money in scalping, Especially on higher leverage and lots, This is what really works well for me:

It is not about indicator......I dont use anything like RSI, MA or stuffs like that as per scalping. I only use my eyes and PA with other thoughts....
You have to know when trend is gathering and where to pull the trigger, when to stay away, or when to stay aside. You have to know when false trend is possibly building. You have to know when they are trapping or caging the market. You cant just trade being a blind man.

You have to know when news can be useful. (When you anticipate RED flag News day, Expect market to kick many hours before the first news). Big traders might have left the market before the news time, living the rest for guess work.

Mostly when all season are open, will really damage your account in few trades. For me, few hours before euro season is the best time to keep alert and watch those first kicks. (and probably after euro season- though i dont trade that season).. I always expect a lot of wipsaw during euro/american season..


I started like
Building my initial capital gradually, it may take few good trades ,lets say getting like 8-15% return, once i am in good profit, i start to risk all or half of my profits in good trades like a sniper. A constant few pips here or there is what can help...then see it building up rapidly like a pyramid. Only greed and lack of discipline can pull such down.

Just playing around some moment back and decided to shot for few pips though. Last trade for today.

Few trades today. Few loses but overall successes. I should have stopped trading for the week.



It is like my eurusd not doing well this week, because i missed quite numbers of good pips.
Thats why i balanced up with gbpusd

AS IT STANDS

New week starts. Hopefully will maintain the pushing up.

This is the first trade of the week, hopefully i should sustain this.
To note that this signal alone moved over 40 pips as it stands now.

Attached Image (click to enlarge)

Wonder why in a move that can run up to 40 pips, why taking only few pips? why not let it run and market do it thing?
well, it all depends on what the strategy is based on. In a high risk trades like mine, i believe that taking GUARANTEED pips bit by bit is the aim. That it why it is scalping not day trading or swing trading.
This is an offensive trading that targets few pips when large orders or volumes passes through the forex markets. There is trade manager EA, i set to do some jobs when certain pips are attained. It depends on what you want and who you are, and what works well for you.

Mistake many traders make is not having a plan to follow. Even if only 5 trades you can boost of in a week, consistently, that is what will make the difference in few years to come as long as you maintain that.
Recently i was motivated by a verified live trade explorer i saw on myfxbook in which the trader turn, i think around $5,000 to around $250K within 12 months or less. I followed and analysed his trades from last year and found out that his largest trades per day is averaging 3, at most. Most of them are 2 trades per day. The average pips per day was less than 20 and around 7-10 per trades. Few losses, and it was always closed quickly,may be if it turned against him/her. dunno. But consistency is the key.

I am learning daily and building my confidence.

Today was busy and i was trying to do my usual trading style.



Trading is as always on offensive. Afterall, money is all what we need, i dont care if someone said it is risky or dangerous. So far the profit curves are going up and you know when and what to trade.