EUR/USD: IntraDay Scalping and Short Term Swing Trading Only

Closed S@917
Just noticed they did double mid swing from top - 1.1495-1.0895
G night all

Don't do it...you may do well for a day or even a week or two, until...

a. your internet connection goes bad..
b. you forget to put in a stop
c. your stop gets hit 4 or 5 times in succession.
d. you whipsaw yourself.
e. there's a whole list of things that can happen when you trade with high leverage that happens when you least expect it and are least aware of what's happening.

DO NOT go from 1x to 10x overnight, unless your profits have increased 10x. Use an incremental position sizing formula instead. For example...

$100 = 0.01

if you want to increase then, try $80 = 0.01

Even these figures are considered high for many traders.

You need to be consistent with this.

If you don't believe me, take a demo account or a simulated trading account, fund it with say $500 which I think is almost double your risk cap. Trade 0.4 lots with the $500 demo which I think is about the formula you just tried or are willing to try. See what happens with it after a bad run. See if you can sustain the leverage.

**Take it from someone who has run up $100, $200 and $500 to over 20x within a few weeks several times. I'm sure I'm not the only one on the thread who has done it either...At what point do you quit and go back to "normal real world leverage"?

Those that are able to trade consistently at abnormally high leverage have found a consistent edge and are willing to take a bet with it, they are not trading scared, they are making a calculated speculation. Even then, eventually the markets change, so you have to know when to quit, and if quit too soon, you wonder about what you left on the table, if you quit too late, even one second too late...your account profits AND your risk capital vanishes.

You have not found a consistent edge yet to justify trading at abnormally high lev. Even KzX, if not not mistaken, from what I've read, normally does not trade 10 full lots, although I thought I saw a close to 20 lots cross trade once on his screen, over 2 mil on a EUR cross (can't read Polish). If his calls here are for real and he is not hiding his bad trades, that kind of track record justifies leveraging up, especially with his buy/sell at top/bottom of ranges trading style. Point is, he trades SUPER SUCCESSFULLY with one to two lots and makes a very good annual income with it. He could, go to 10x/20x and retire quickly....there's a reason why these pros control their position sizes as well. It's NOT just PIP COUNT that puts and keeps growing accounts. Look at IcoHirstov that just joined here a few days ago and has been putting on incredible calls. He's telling you not to lev up too much.

You have several pro traders here, that are telling you it's not the way to go. High leverage does not give you any flexibility in dealing with active trade drawdowns, in many cases, when you trade with high margin, it becomes an ALL or NOTHING trade, or an ALL or NOTHING series of trades, once your free margin gets to a critical point. You can decimate your account within a day. 2 weeks or even months work of work down the toilet and flushed in a matter of hours. Don't do it, unless you have additional portions of risk cap to work with and are only using a portion to trade speculatively with high lev. A lot of guys use 10% of their risk cap to speculate, the 90% is conservative (whatever that means for them). Anyway if you need your account risk cap for living expenses, withdraw it now and live, don't trade desperately.

I've even personally known an off floor futures trader in Chicago that I once had lunch with along with some other floor traders (they were clients of the firm I was working with at the time). He was doing well, until he leveraged his whole life's wealth and assets (same margin but higher volume on same or less capital). He leveraged his life and he lost it. Literally. Don't f*ck around with high margin, unless you can ABSOLUTELY AFFORD TO BLOW YOUR ACCOUNT. You said you were desperate, thus the reason for this long reply.

**(I've also blown my account more times than I can count).

Another friend, personal friend long time ago, leveraged up soybean options, his life savings at the time 8k, his analysis was right, he bought the wrong contract month...He's never traded since then, gave me all his trading books, and said goodbye to the markets forever.

The stories are endless. Don't become one.

Please anyone know what may have caused the spike in EUR related pairs? e.g EUR/GBP, EUR/JPY which i think may not be related to Feds increasing Rate? Or was it a case of over reactions by massive selling of the EUR within the window?

Odd how the EUR/USD lost over 1% when the rates was not changed & I think it had biggest impact yesterday among USD related pairs. I wonder what the impact will be when the rates are increased (presume, over 1000p move)?

03:34 Long at 1.0915. Risk 6p. TP 15p at 1.0930 which should coincide with OR HL if it's a normal 30p and 1.09 is the L.

03:37 Short at 1.0916. Risk 6p and TP 15p at 1.0901 same reasons above.

Two trades, total risk 12p if whipped. Otherwise if not whipped and one runs, 9p profit on the two, plus spread rebates.

Short is stopped -6.1p. Market needs to go to 30 now to profit 9p, else if to 09, -12p total.

Alright. Short -6.1. Long +15 net +8.9p not bad for this time in this session.

Try a short at 33.1 SL 4p at 37.1 and TP at 26.1

Closed 2nd short at 33.5 minus 4pippettes.

Thanks guys.. i'm really sorry for the trouble u guys took for replying me.. I know the risk, that is why i'm not using high lev yet.. i think i learnt my lesson in that, at least..
Can i ask u guys a question? i actually dont know the difference between normal lev and high lev, for my account.. i'm not rich, so i basically have to use lev to trade.. i have a $500 account, with 1:200 lev.. when i refunded and started again, i thought of using 0.1 mini lot in all trades.. but i got my 10p SL hit most of the time.. so i decided to use micro lots and get some profits.. im losing in mini lot and barely profiting in micro lot.. overall, im still losing.. i just dont know whats the normal lev i should be using..
sorry guys, i know this thread is not for whining, but i just cant get an answer myself..

Use micros (0.01-0.03), go for 1:1 10 pips (sl/tp) until you learn to identify setups which need no more than 10 sl and ideally no more than 10 sl with probability of 20 tp. Then step up to 1 minilot max I guess.

Stay out of trading for a while and ditch the high tf's, just watch pa in 1m & 5m. Watching them unfold is way better than having to wait for 20 hourly bars to watch the pa (they say you need 10k hours of screen time, well in fast track you can do 10k minutes of it ). Not saying you shouldn't trade higher tf's, actually this is the best way to go, but you learn more about pa on the small tf's. Find the tools you like (indis or whatever) and see reaction of them at lower tf's too. All this is just to get a better understanding of price, s/r, divergences etc in a faster way.

Small long, targetting 1.0963 (August poc). Closed +15, price touched lower ema34 on 30m, will buy again on pullback.

Just a vision before next week nfp
Daily

I haven't yet checked monthly & weekly candle but a big pullback (100-150p) is possible on the 600 pips drop. Not betting on it though long term with my trades as I also have a bit more to the downside from past action. Just scalping whichever way it goes for now. Missed the pullback to 38-39 btw and staying flat till it hits 63.

Your indi down left looks like Atari 2600 Canyon Bomber

Get your mind sorted out first. If I remember correctly you mentioned you're desperate? If you really are, you shouldn't be trading at all (no offense).
Especially don't try scalping.

You basically need three things:
- Psychological preparation (fear, greed and patience sorted out)
- Money management
- Strategy

Short 64, sl 11.5p just above daily pivot. Only for a few, momentum is high and will probably sl. Closed at 57 +7.

I don't know why, but everyday I start out losing, about - 20 pips is normal. Then I see it, the focus becomes sharp and I dig myself out of the hole into positive territory. Would like to simply start out winning one morning.

Where your lines look like missle command!

Anyway forgot - OR: 10-40
Just hit level above.

Start one hour later maybe? Don't trade before London open if it's not working for you.

Exactly the same here. Losing 3-5% of the account each morning, remake it to be by us open, then mixed results each day. Yesterday started with -10%, got to +10%, ended -1%. Only today I started with +4% immediately.

Yeah, I think you are right, I get up in the early morning, 1:30 am local time,, think the extra sleep would help.

Long again at 55 (missile launch ), sl 48, tp 85. Out +6 (hesitation to move forward and possible pb on 30m).

I was just looking at your chart.I do not know how long you have been trading for, however you give the impression from your chart that you require an awful lot of convincing about the price where it is going etc.You have had excellent advice from Pipologist and I would suggest you go back to basics as follows:-
1.Take every single indicator and widget off your chart so that you have only a naked chart.Currently you have far to much information for your brain to process hence confusion occurs. Keep life simple.
2.Now just watch price,learn what price is telling you get the clear image of trend direction confirmed by higher time frames.Get to understand the clues the market is telling you. get at least five thousand ,yes that is right ,five thousand hours looking at screens.Learn to read the market really well.
3. Learn about Supply (where the institutional sell orders are) and Demand (where the institutional buyers are.)
4.Use three time frames to confirm the trend and where the best deals are to be had ,what are called "high probability low risk trades" (HPLR)
5.Set your leverage low and get a demo account with an amount equal to what your real money for trading is.Why? because then you are not demo trading in cookoo land. The demo should exactly represent the live account.
6.Now get consistent with your profits and only enter trades with a three to one profit to cost per trade.
7. Now you will have learned patience ,discipline,focus,and above all will have a clear simple plan. Stick to it 100% on every trade because you know it works a high %age of the time. You will now be calm and comfortable with what you are doing.
8.Now go live and do exactly what you have developed, that is, your methodology and your clear simple plan.
9.This all takes time trading is not a quick road to riches ,it is freaking hard emotionally and technically, however it is possible to make money with patience ,discipline, self trust in your proven plan etc.
10 Finally, have a clear understanding of money management and above all PROTECT YOUR CAPITAL. Passing on a trade is good to do because if it does not feel right wait until it does.
Keep a journal of every trade and why it worked or not, review this journal every day. Massive learning I get from this idea. Combine your technical knowledge and experience with your intuition and you will have a HPLR chance of being a successful trader.
I hope this helps you on your journey. Happy Trading

Was out all afternoon today and .... great I started the video game thread....

KzX you are aging yourself with missile command...I need to make the pacman indie....

Quoted Sakisf but I think referring to Sanvulture....