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FXCorrelator - Scalping system

  • #1,461
  • Jun 18, 2016 12:36am Jun 18, 2016 12:36am
its the Cup final next week for GBP with brexit..............will make the NFP's look like a sunday league game on Romney marshes ..........

what do I want to happen ? - doesn't matter
what do I think will happen - doesn't matter
what do I think the markets will do ? - doesn't matter

how will I trade the market that day ?

the same as I do every damn day ..........news events are news events.......trade what you see before and after the news releases .............. remember this will be a drip feed I believe area by area so plenty of time to have fun and make a lot of money

cant wait ..........whatever the outcome we as traders will win !

N
  • #1,462
  • Jun 18, 2016 12:41am Jun 18, 2016 12:41am
Quoting bredon
Hi, Long time lurker here.

I'd like my advice on my system.

I have demo traded for 4 months, then went live with £4,000 (spread betting). And i have made a consistent profit every week.

The system is basically as follows.

I watch the m1 chart on the DAX and look for pin bars that swing out out the current range or trend. I then trade them in the standard pin bar fashion. Trade the break. Stop loss 1 point just below/above the tail.

And that's it, I don't look at other time frames, no indicators, no support and resistance, no trend...
the word here is .............DEMO

Demo is kind dude...........real kind ............you need to be making a lot more than this before even thinking you can B/E in real accounts

sorry to burst the bubble ........

nothing wrong with simple ............but it has to work in the real world and not fantasy DEMO trading

sorry again ..........but hang in there !!

N
  • #1,463
  • Jun 18, 2016 12:42am Jun 18, 2016 12:42am
ok that was a quick tour of the latest posts pulling in anything interesting ..........have a good weekend
N
  • #1,464
  • Jun 18, 2016 1:11am Jun 18, 2016 1:11am
Quoting tradingboy
Its like playing poker for matchsticks... putting down $100 instead of a matchstick certainly grabs your attention and affects your behavior completely. With Forex I think its better just to see the figures as numbers and not money... if we can do that then we would all probably be better traders but easier said than done.
if you think about what money in its real world terms when trading you will fail

when you walk up to the screens and trade ...its just chips (poker chips - worthless).........disconnect its worth or you will fail over time ...........especially when you can take the stakes higher ......your subliminal mind will confuse you as it will panic over what "things/assets" you are potentially losing

ive met a lot of good potential traders that couldn't make the jump........nothing wrong with it .........depends how you are wired inside

I was kinda lucky as I saw a lot of money moving around from an early age ......my family were bookmakers .............so gambing / speculation / risk was part of growing up to me and normal

N
  • #1,465
  • Jun 18, 2016 1:25am Jun 18, 2016 1:25am
the question I get asked the most is

how can I find that quick win .....Holy grail .......signal / system ?

and as all experienced traders know .................there isn't one !

the Holy grail is all inside your head ...........created and nurtured over years of training, research, experience, screentime, adapting, experimenting..........and dogged determination

if someone gave a novice trader the holy grail - they wouldn't know it if it jumped up at them with bells on .............it will eventually appear over time when it is ready for them (if ever)

that's the $1,000,000 million dollar unanswered question for them ...........

N
  • #1,466
  • Jun 18, 2016 1:30am Jun 18, 2016 1:30am
Quoting ZENWEST
Why is it that the statement "95% of Forex traders lose their money", conflict with Educational Forex material that teach you on how to become a profitable and rich Forex trader.
Which statement is more honest and true?
because they are trying to sell you training material and need to pull you in ...........in fact in truth I would say less than 1% of people who try to trade for real money stay consistently profitable over time ......

why so low .....?

because of the thousands of wannabee traders that put some cash down then walk away .........they feed the sample %

and not only do they dump cash losing but the Vendors try to fleece them on the way out with courses teaching them free strategies .........

no wonder this industry gets such bad reviews .......most vendors are up there with timeshare , PPi and double glazing.........

N
  • #1,467
  • Jun 18, 2016 1:33am Jun 18, 2016 1:33am
Quoting Pabebeboy
Both winning and losing are part of trading, you just have to prepared and knowledgeable on how to deal with it.
losing is part of trading .........like food wastage in restaurants and breakages in a crockery factory
you cant have a sucessful business without these kind of things...... so learn to contain it to a minimum and live with it !!
N
  • #1,468
  • Jun 20, 2016 1:15am Jun 20, 2016 1:15am
morning all....

overnights

gbp bull to +6o's - nice
yen and usd the sells ...to -30's
that's damn good correlation to trade ...lucky Asian session traders

London from 6am....... asian consolidated
Yen to +20's
GBP to -40 , Euro to -15's .........Europe weak
usd is bull

pairs scalping
SOLID early trading.......

GU sells to -40's
uj sells to -30s
EA sells to -30's
EU sells to -20's

see the pattern here ?..........its a very very steady opening to the week........plenty of easy pips here for those that follow the G8 correlation and patterns

will finish early today as pips In bank and I need to do some other early stuff for work
N
  • #1,469
  • Jun 20, 2016 1:38am Jun 20, 2016 1:38am
chased the bull reversal on GU........from early 70's .....not bad so far ....GBp dominating London earlies with some serious volatility so far ........no surprises in brexit week
  • #1,470
  • Jun 20, 2016 1:39am Jun 20, 2016 1:39am
serious bear euro this morning .........STILL solid sells from 6am

EU sells
EJ sells
EA sells

all solid pretty much ......STILL
  • #1,471
  • Jun 20, 2016 1:41am Jun 20, 2016 1:41am
usd pretty solid bull since 6am STILL........so play the simple trades
GBP is playing silly buggers now .........im happy to sell GU below 70's again
  • #1,472
  • Jun 20, 2016 1:43am Jun 20, 2016 1:43am
EU is soooo easy this morning eh ?
  • #1,473
  • Jun 20, 2016 1:47am Jun 20, 2016 1:47am
ok back later ........the market is a pussy cat this morning and dynamics/correlation on G8 is very very nice

kinda market that draws all the newbees in thinking forex trading is a piece of cake

and the kinda market that gets all the Vendors sending out emails showing just how clever their system is and the profits you can make by simlply giving them $$$000's .....

BUT - we all know better - right

later
N
  • #1,474
  • Jun 20, 2016 1:56am Jun 20, 2016 1:56am
just trailing out my euro sells ..........euro just put 10 bear pips on its pairs in 10 mins ..........nice nice action...

then i'm gone
N
  • #1,475
  • Jun 20, 2016 2:01am Jun 20, 2016 2:01am
Quoting NVP
usd pretty solid bull since 6am STILL........so play the simple trades
GBP is playing silly buggers now .........im happy to sell GU below 70's again
see how its now ranging slowly 75's to 63/4 ?
so gradually reselling off again .........tricky but again timing is the key
N
  • #1,476
  • Jun 20, 2016 2:03am Jun 20, 2016 2:03am
theres still plenty of pips around today ...........and looks like a cracking session warming up but I have to take some calls now

have a good morning
N
  • #1,477
  • Jun 20, 2016 3:14am Jun 20, 2016 3:14am
back for 2 mins .......

Euro bear still driving the G8 train.......

just keep reselling

EJ
EU
EA

on bounces ..........at the moment the best moves have been on the EA ..........but I have been happy to rotate the AUD , Yen and AUD whenever the most bullish currency of them was offered

N
  • #1,478
  • Jun 20, 2016 3:16am Jun 20, 2016 3:16am
sure GU bull is in a good place and scalpable........ but you are trading into a bull gbp and a Bull usd
if you don't know what I mean you need to do some reseach on trading trengtmeter style ..........as in truth that trade is pushing **** uphill at moment and you are gambling on GBP volatility vs more predictive safer trades
N
  • #1,479
  • Jun 20, 2016 3:19am Jun 20, 2016 3:19am
remember the GBP and the Yen are the most volatile currencies generally in the G8 ...........they can start a fight on their own !!!...and they will offer the most signals when a trader is purely focused on momentum signals ...............
but it takes 2 to tango when pair trading............so always be on the most promising pairs by using strengthmeter dynamics and also look for G8 Patterns that indicate highest probability of profitable trades
N
  • #1,480
  • Jun 20, 2016 3:21am Jun 20, 2016 3:21am
GBP has pulled a big momentum play now .............it was safeish once the 4600 was retested as a buy in GU ........

ok back later
N
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