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Attachments: $5000 to 1 Million (2% Max Risk per Trade)
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$5000 to 1 Million (2% Max Risk per Trade)

  • #1
  • First Post: May 5, 2016 12:50pm May 5, 2016 12:50pm
Thread to monitor my trades
  • #2
  • May 5, 2016 3:07pm May 5, 2016 3:07pm
Looks good already Mike, nice and smooth equity curve so far. Success to you on the way to the 1 million Is this manual or automated scalping? Dare to share some more informations about how you trade?
  • #3
  • May 6, 2016 2:21am May 6, 2016 2:21am
Hi Geektrader,

I am just a part-time trader and not so active all day because I have a full time consulting job plus I have a 2 year old baby. I only trade when I have spare time. My strategy is based on mainly price action, S&R, EMAs, MACD and RSI convergence. And the most important thing is I only trade with the trend. My strategy is fully manual but I might to automate some of the signals soon.

Thanks for your interest. I will probably share more in details once a month or two of successful trading live. It has only been partial 4 days for me in trading my strategy in live but I have tested it first in demo for 2 months.

Hope to see everyone at 1Million!
  • #4
  • May 6, 2016 2:30am May 6, 2016 2:30am
Quoting scalpermike
Thread to monitor my trades
My opinion (I may be wrong) : Scalping is not the right strategy to achieve such a huge goal. You need a better trading strategy to achieve this.
All the best to your trading friend and I hope you do achieve this.
Attached Image
When the going gets tough , the tough get going
  • #5
  • May 6, 2016 2:43am May 6, 2016 2:43am
Thanks for the explanation Mike and good on you, for 4 days itīs very nice, keep it up from here on. Scalping is a good way to go there, the less market exposure, the less can happen to your trade. And he can get there easily, stubborn, he just uses higher leverage since his SL is lower, no problem with that Eager to hear your strategy in more detail Mike, if you want to share only of course. Cheers
  • #6
  • May 6, 2016 2:57am May 6, 2016 2:57am
Quoting scalpermike
Hi Geektrader, I am just a part-time trader and not so active all day because I have a full time consulting job plus I have a 2 year old baby. I only trade when I have spare time. My strategy is based on mainly price action, S&R, EMAs, MACD and RSI convergence. And the most important thing is I only trade with the trend. My strategy is fully manual but I might to automate some of the signals soon. Thanks for your interest. I will probably share more in details once a month or two of successful trading live. It has only been partial 4 days for me...
Wow...that's hard work Wish you all the best and your trades look fine so far. Just curious...why Oanda? For scalping the spreads are pretty high imo.

Cheers
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #7
  • May 6, 2016 3:07am May 6, 2016 3:07am
Quoting michisuperfr
{quote} Wow...that's hard work Wish you all the best and your trades look fine so far. Just curious...why Oanda? For scalping the spreads are pretty high imo. Cheers
Hi Michisuperfr,

I have been trading forex for the past 7 years and I have been using Oanda ever since. When the EUR cap was remove from CHF and they didn't ask any of its clients for the losses that exceeded their account balance just reinforced my trust in them. But yeah their spreads can be quite high especially when there is big news that is why I don't trade 30 mins before and after news. Can you suggest any other brokers that is good for scalping? Some say even other brokers with smaller spreads but charge commission is actually even more expensive. I understand that it is better for me to have a broker with a smaller spread because my stops are quite tight due to the low risk that I am enforcing.

Thanks a lot.
  • #8
  • May 6, 2016 3:20am May 6, 2016 3:20am
Quoting Stubborn
{quote} My opinion (I may be wrong) : Scalping is not the right strategy to achieve such a huge goal. You need a better trading strategy to achieve this. All the best to your trading friend and I hope you do achieve this. {image}
Hi Stubborn,

Thanks for your advise but every trader is different. I don't like trading higher timeframes because news can interfere with your trades. I mostly trade M5 and M15 but I plot my S&R on 4H and above. I don't rely on fundamentals and I don't trade the news but I really like trading the news after around 30 mins or so depends on the chart setups. And if I see the trade is not progressing the way i like in the 5 min chart then I close it immediately even though its in the red. That is one of the best things I have learned with other successful traders which is if you know that your trade is not going your way just close it immediately and don't wait for it to hit your stoploss.
  • #9
  • May 6, 2016 3:34am May 6, 2016 3:34am
Quoting scalpermike
{quote} Hi Michisuperfr, I have been trading forex for the past 7 years and I have been using Oanda ever since. When the EUR cap was remove from CHF and they didn't ask any of its clients for the losses that exceeded their account balance just reinforced my trust in them. But yeah their spreads can be quite high especially when there is big news that is why I don't trade 30 mins before and after news. Can you suggest any other brokers that is good for scalping? Some say even other brokers with smaller spreads but charge commission is actually even more expensive. I understand that it is better for me to have a broker with a smaller spread because my stops are quite tight due to the low risk that I am enforcing. Thanks a lot.
My favorite brokers are JFD, Tickmill and Darwinex (I've decided to stay with Darwinex).

I have spreads on majors between 0,0 and 1 pip mostly with total 5$ commission. The good thing is...I never really saw spread widening at news with Darwinex, sometimes I saw EURUSD 0,0 at news. So yeah I can definitely recommend them but I think you have more experience and should maybe open a demo and try them?

https://www.darwinex.com/

All the best!
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #10
  • May 6, 2016 6:31am May 6, 2016 6:31am
Hi ScalperMike,

Your goal sounds great - I hope you get there. Given that you use a scalping strategy, the spread size / total trade cost will have a significant impact on your PnL, especially as your account grows in size. Having had a cursory view of your trade list, paying a larger spread could have a 25% affect on your returns.

I've been involved in both the retail and institutional side of fx trading for many years and I'm in touch with many of the major brokers.

Several of my contacts who operate fx hedge funds utilise a particular institutional brokerage in London that offers raw spreads from the banks with a very small commission. On EURUSD, the total cost of trade including commission is typically 0.3 pips. The major benefit comes when trading other pairs which is where most brokers charge large spreads compared to what is possible with a top tier broker. Typically you would save 1-3 pips here.
All trading is STP as they deal in large volumes and do not take the other side of clients' trades.

If you are interested, feel free to PM message and I can provide details.

Best
Jud
  • #11
  • May 6, 2016 6:34am May 6, 2016 6:34am
Quoting michisuperfr
{quote} My favorite brokers are JFD, Tickmill and Darwinex (I've decided to stay with Darwinex). I have spreads on majors between 0,0 and 1 pip mostly with total 5$ commission. The good thing is...I never really saw spread widening at news with Darwinex, sometimes I saw EURUSD 0,0 at news. So yeah I can definitely recommend them but I think you have more experience and should maybe open a demo and try them? https://www.darwinex.com/ All the best!
Sorry, but i have to disagree!

I have got live accounts with Darwinex and JFD as well, but while JFD offers constant and reliable spreads, Darwinex got a hell of spread widening during news on majors.
  • #12
  • May 6, 2016 8:17am May 6, 2016 8:17am
Quoting Drolph
{quote} Sorry, but i have to disagree! I have got live accounts with Darwinex and JFD as well, but while JFD offers constant and reliable spreads, Darwinex got a hell of spread widening during news on majors.
Really? I'm very surprised to be honest because I honestly didn't experienced it (I really do not want to advertise brokers, was my honest experience till now)

What spreads do you get at news with Darwinex?
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #13
  • May 6, 2016 9:40am May 6, 2016 9:40am
I can't give you specific numbers, but it was above average based on the basket of my used brokers. Throwing around with numbers would be a subjective thing in addition.

But it is no rocket science to get an objective comparison. Just use myfxbook the check the spread situation for specific cases.

Quick example of today's NFP:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: darwinex_NFP.png Size: 22 KB
Click to Enlarge Name: JFD_NFP.png Size: 32 KB
  • #14
  • May 6, 2016 12:52pm May 6, 2016 12:52pm
This is so weird but I will open up a new thread to discuss some things (Don't want to misuse scalpermike's journal for that).
Thanks for the posts though, might rethink my broker...
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #15
  • May 10, 2016 3:50am May 10, 2016 3:50am
seems like this week has been hard for everybody, not just me lol
I am what Many Dream to be but only a few can achieve, im a part of the 1%
  • #16
  • May 10, 2016 12:01pm May 10, 2016 12:01pm
6.2M in notional trading volume while maintaining max drawdown 500, somewhat steady rate of return, very nice!
Quant Trader - My Blog: quantstop.blogspot (dot) com
  • #17
  • May 10, 2016 12:07pm May 10, 2016 12:07pm
Quoting Soros
seems like this week has been hard for everybody, not just me lol
Hi Soros,

Yes, I am having difficulty pushing up my balance this past 2 days. Will try tomorrow and Thursday. I won't be trading on Friday.

Green pips to you mate.
  • #18
  • May 10, 2016 12:09pm May 10, 2016 12:09pm
Quoting aroxalot
6.2M in notional trading volume while maintaining max drawdown 500, somewhat steady rate of return, very nice!
Hi Aroxalot, Thanks. I hope I survive for the next 2 months. After that then my succeeding trades should be stable moving forward.
  • #19
  • May 10, 2016 12:12pm May 10, 2016 12:12pm
Quoting jud500
Hi ScalperMike, Your goal sounds great - I hope you get there. Given that you use a scalping strategy, the spread size / total trade cost will have a significant impact on your PnL, especially as your account grows in size. Having had a cursory view of your trade list, paying a larger spread could have a 25% affect on your returns. I've been involved in both the retail and institutional side of fx trading for many years and I'm in touch with many of the major brokers. Several of my contacts who operate fx hedge funds utilise a particular institutional...
Hi Jud,

I understand that lower spread brokers are better for my strategy even though they have commission but may I know what is your broker's name?
  • #20
  • May 10, 2016 2:41pm May 10, 2016 2:41pm
Quoting scalpermike
{quote} Hi Soros, Yes, I am having difficulty pushing up my balance this past 2 days. Will try tomorrow and Thursday. I won't be trading on Friday. Green pips to you mate.
so far so good, even though 11 days isnt enough time for sufficient data, we need atleast 4months to congratulate
I am what Many Dream to be but only a few can achieve, im a part of the 1%
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