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Questions regarding very tight stops

  • #1
  • First Post: Oct 16, 2015 5:13am Oct 16, 2015 5:13am
Hello fellow traders,

Couple of question for scalpers out there just out of curiosity and interest.

Do you use tight stops of lets say 2 to 7 pips on a regular basis and make consistent profits?
Do you use indicators ? If yes how many of them ?
How many positions do you take daily on an average basis ?
Do you use multiple timeframes to locate your trade and which one do you use mainly (30sec, 1min etc...) ?
How many currency pairs do you watch?
Do you trade news or data events or do you prefer to wait till the dust settles?
Do you trade a specific time of the day ?
Whats in general you R:R ratio and winning rate ?
Do you sometimes let your position run to bank in "bigger profits" lets say 20 pips and up?

Feel free to answer some questions and/or share your opinion regarding this topic.
consistency wins
  • #2
  • Oct 16, 2015 5:13am Oct 16, 2015 5:13am
I'll make the start

Do you use tight stops of lets say 2 to 6 pips on a regular basis and make consistent profits?
Most of my positions have a 3 to 5 pip stop.
Do you use indicators ? If yes how many of them ?
None.
How many positions do you take daily on an average basis ?
I think on an average about 5-10 trades.
Do you use multiple timeframes to locate your trade and which one do you use mainly (30sec, 1min etc...) ?
I check the 4h/1h/15min/5min charts to see where we are at and then scale down towards 1min which is my regular timeframe to define entries, sometimes for more feeling i check the tick chart.
How many currency pairs do you watch?
6 Pairs, mostly the majors.
Do you trade news or data events or do you prefer to wait till the dust settles?
I like to wait till the markets calms down and gets more rational.
Do you trade a specific time of the day ?
I like to trade the European session but the US session also offers good opportunities that i keep an eye on.
Do you sometimes let your position run to bank in "bigger profits" lets say 20 pips and up?
I do this when i get a feeling that this position might be a runner, i put my stop on BE and forget about it for a little bit.
Most of the time i close with a 5-15 pip profit.
consistency wins
  • #3
  • Oct 16, 2015 10:16am Oct 16, 2015 10:16am
Do you use tight stops of lets say 2 to 7 pips on a regular basis and make consistent profits?

I have a SL set up at around -10 pips but it's a worst case option. A bad trade means I can make more money by being on the other side so I close that bad trade and take the other side. Well, that's at least the case most of the time, it's depending on the market behavior.

Do you use indicators ? If yes how many of them ?

All of them. I have 128 monitors per chart and a PC with 128 Terabyte of RAM. Kidding! None. I like my chart clean.

How many positions do you take daily on an average basis ?

Depends. Sometimes I have just 3 but usually more. Typically under 10 but I remember a day with over 50 trades.

Do you use multiple timeframes to locate your trade and which one do you use mainly (30sec, 1min etc...) ?

1m chart, all I need.

How many currency pairs do you watch?

EURUSD, GBPUSD, AUDUSD, JPYUSD, added GBPJPY lately. The italic typed ones are my most important pairs.

Do you trade news or data events or do you prefer to wait till the dust settles?

I like momentum trades and reversals and those things, don't like high impact news though.

Do you trade a specific time of the day ?

6:30 to 10 or 11 (UK time) I like it when the market slowly wakes up, it somehow helps me. I tend to trade more on fridays.

Whats in general you R:R ratio and winning rate ?

R:R does not really fit my logic. I take great care about accurate entries which works quite well so far. I believe that a healthy R:R is then a logical result for most trades. My win rate is high but I do not really think too much about it. What is more important for me are losing days, draw down and the number of consecutive bad trades - all low to very low A loser is usually compensated within one hour. I really take great care of not having to think about too much about analytic stuff or everything else that may occupy my mind. Fear is worse than any dodgy market maker

Do you sometimes let your position run to bank in "bigger profits" lets say 20 pips and up?

Yes if I see no real reason to exit (price is more stagnating than going against me), but I use a positive SL then to lock some of my profits. I remember a trade on cable 40 pips, stagnation and then another 70 pips (or the other way around, don't know anymore).
  • #4
  • Oct 16, 2015 1:36pm Oct 16, 2015 1:36pm
Quoting iTrader
Couple of question for scalpers out there ...

Please excuse my being pedantic (if that's how I come across), here, but I suspect you're not really asking about "scalping" at all?

"Scalping" refers to the high-frequency blitzing in and out of a market, typically with large position-sizing, to snatch typically 1-2 pips. It's a very specific, very demanding specialist technique, and certainly not one that anybody who's profitable is trying to do with a 7-pip stop-loss. I do trades every day that very nearly match the criteria you're asking questions about, but I'm nowhere near being a "scalper".

I think you're asking about fast trades from fast charts, really?

Anyway, my smallest stop-losses start out at 8 pips, so technically I'm outside your description and will trouble you no further. (But for the record, if one's still wanted, both your own and JensG's answers above are broadly very similar to mine. I don't use indicators. I also do some other trading on slower charts.)
  • #5
  • Oct 16, 2015 1:44pm Oct 16, 2015 1:44pm
Quoting Xela
{quote} Please excuse my being pedantic (if that's how I come across), here, but I suspect you're not really asking about "scalping" at all? "Scalping" refers to the high-frequency blitzing in and out of a market, typically with large position-sizing, to snatch typically 1-2 pips. It's a very specific, very demanding specialist technique, and certainly not one that anybody who's profitable is trying to do with a 7-pip stop-loss.
You're completely right (of course, I mean you know that anyway ) but:
"Scalping == trades < 10 minutes" is one of a few very common misconceptions here on this forum, it's easier to just live with it ...
  • #6
  • Oct 16, 2015 1:57pm Oct 16, 2015 1:57pm
Quoting JensG
"Scalping == trades < 10 minutes" is one of a few very common misconceptions here on this forum, it's easier to just live with it ...

Thanks, Jens - yes, you're quite right to say this. This forum seems on some issues to have its own vocabulary and definitions which are sometimes rather mismatched with those of the rest of the trading world.
  • #7
  • Edited 10:18pm Oct 16, 2015 6:18pm | Edited 10:18pm
Quoting iTrader
Hello fellow traders, Couple of question for scalpers out there just out of curiosity and interest. Do you use tight stops of lets say 2 to 7 pips on a regular basis and make consistent profits? Do you use indicators ? If yes how many of them ? How many positions do you take daily on an average basis ? Do you use multiple timeframes to locate your trade and which one do you use mainly (30sec, 1min etc...) ? How many currency pairs do you watch? Do you trade news or data events or do you prefer to wait till the dust settles? Do you trade a specific...
Hi mate, good to see you're searching for answers.

Do you use tight stops of lets say 2 to 6 pips on a regular basis and make consistent profits?
No. My stop losses are always 15 pips minimum if i'm scalping and for position trades I'll set my stop loss from 50 to 100 pips away.

Do you use indicators ? If yes how many of them ?
Yes, two.

How many positions do you take daily on an average basis ?
5 trades on average.

Do you use multiple timeframes to locate your trade and which one do you use mainly (30sec, 1min etc...) ?
I check the monthly candle then I trade the 4H signals.

How many currency pairs do you watch?
AUD/USD, EUR/GBP, EUR/JPY, EUR/USD, GBP/JPY, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY

Do you trade news or data events or do you prefer to wait till the dust settles?
No. If it's a major news release I'll hold off on entering a trade and if i'm in a trade I'll close my position if it's in a profit before any major news release.
I also use fundamental analysis in all my trades and I cross check with the equities market to check on how things are going over there to determine position size and profit targets.

Do you trade a specific time of the day?
European session to US session.

Do you sometimes let your position run to bank in "bigger profits" lets say 20 pips and up?
Yes. Only if volatility is up and if the position looks like it's going to push further. If not, I'll usually take my 10 to 15 pips and call it a trade.

Link to my live account results for this month:
https://www.myfxbook.com/members/Dim...erilla/1375016

Hope this helps
  • #8
  • Edited 11:33pm Oct 16, 2015 10:29pm | Edited 11:33pm
Couple of question for scalpers out there just out of curiosity and interest.
==> I don't scalp

Do you use tight stops of lets say 2 to 7 pips on a regular basis and make consistent profits?
==> I move the stop to BE "as soon as possible" (re-enter as needed)

Do you use indicators ? If yes how many of them ?
==> Yes 1 or two (not reliable) - I don't use indicators when the trade is on (focus on money not price)

How many positions do you take daily on an average basis ?
==> up to ten, perhaps 5 on average

Do you use multiple timeframes to locate your trade and which one do you use mainly (30sec, 1min etc...) ?
==> I trade on the 1M, I use the 4H as a guide

How many currency pairs do you watch?
==> 3 or 4 and the DAX

Do you trade news or data events or do you prefer to wait till the dust settles?
==> I don't trade the news

Do you trade a specific time of the day ?
==> Usually 7:00 AM to 11:AM GMT

Whats in general you R:R ratio and winning rate ?
==> 85 - 90 % win rate

Do you sometimes let your position run to bank in "bigger profits" lets say 20 pips and up?
==> Indeed that is the intention on every trade once it's at BE


Some examples:
http://www.forexfactory.com/showthre...82#post8541382

Consistent profits ?
==> I don't know. Too early to tell, a long long way to go ...

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  • #9
  • Oct 17, 2015 3:40am Oct 17, 2015 3:40am
I am in utter f-in' shock. I thought for sure the end of this Q&A was building up to:

Consistent profits ?
==> Absolutely NOT! ..... Making money in Forex is just wishful thinking, a mere pipe dream at best.

I'm so disappointed... I want the old Mingary back immediately, thank you. Until then, I'm really leaving FF forever. This is just bullcrap.... good bye....

Quoting Mingary
Couple of question for scalpers out there just out of curiosity and interest. ==> I don't scalp Do you use tight stops of lets say 2 to 7 pips on a regular basis and make consistent profits? ==> I move the stop to BE "as soon as possible" (re-enter as needed) Do you use indicators ? If yes how many of them ? ==> Yes 1 or two (not reliable) - I don't use indicators when the trade is on (focus on money not price) How many positions do you take daily on an average basis ? ==> up to ten, perhaps 5 on average Do you use multiple timeframes to locate...
SPC * Swollen PocketZ Crew!
  • #10
  • Oct 17, 2015 4:08am Oct 17, 2015 4:08am
Quoting JoeNY
I am in utter f-in' shock. I thought for sure the end of this Q&A was building up to: Consistent profits ? ==> Absolutely NOT! ..... Making money in Forex is just wishful thinking, a mere pipe dream at best. I'm so disappointed... I want the old Mingary back immediately, thank you. Until then, I'm really leaving FF forever. This is just bullcrap.... good bye.... {quote}
Yeahh... I don't know what came over me (:

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  • #11
  • Last Post: Oct 17, 2015 9:51am Oct 17, 2015 9:51am
Quoting JoeNY
I am in utter f-in' shock. I thought for sure the end of this Q&A was building up to: Consistent profits ? ==> Absolutely NOT! ..... Making money in Forex is just wishful thinking, a mere pipe dream at best. I'm so disappointed... I want the old Mingary back immediately, thank you. Until then, I'm really leaving FF forever. This is just bullcrap.... good bye.... {quote}
It's not him, he's been hacked!
If you are good at something, never do it for free--Joker
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