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  • #1,521
  • Oct 18, 2016 1:19pm Oct 18, 2016 1:19pm
Scalping is very lucrative, you just need to control your losses, dont le them run, cut them, and be ready for the nex opportunity, just dont overtrade, one thing that sclap was doing to me is that i wanted to trade every single tick, every single movement, and thats not ok.
Im a Crocodile, Im a Sniper. Patience is everything.
  • #1,522
  • Oct 18, 2016 3:30pm Oct 18, 2016 3:30pm
Quoting Peruvian80
Scalping is very lucrative, you just need to control your losses, dont le them run, cut them, and be ready for the nex opportunity, just dont overtrade, one thing that sclap was doing to me is that i wanted to trade every single tick, every single movement, and thats not ok.
True. Still trying to change my trading style. I have to learn to cut my losses. But i am doing better when i started full time trading, still time to go full green and that red % is lowering.
  • #1,523
  • Oct 18, 2016 3:35pm Oct 18, 2016 3:35pm
Quoting Mr.Dan
{quote} True. Still trying to change my trading style. I have to learn to cut my losses. But i am doing better when i started full time trading, still time to go full green and that red % is lowering.

Trading can be harmful, its addictive, trade full time can be destructive to your mind. be careful, dont give it too much time, let your mind rest.
Im a Crocodile, Im a Sniper. Patience is everything.
  • #1,524
  • Oct 18, 2016 10:09pm Oct 18, 2016 10:09pm
Quoting Peruvian80
{quote} Trading can be harmful, its addictive, trade full time can be destructive to your mind. be careful, dont give it too much time, let your mind rest.
Agree with this.

What has helped me is setting my big picture goals.
Personally I don't want to be trading like I am now for the rest of my life. Passive income generation is the big goal in my book. Over the years Ive learned that 10hrs a day in front of the screen is not what I want for the next 30yrs. If I can spend 10yrs to build up a passive income generating machine of (100-150k/yr) then it allows my family many options. The baseline for that where I live is 5-6mio (based on fixed depo or similar R/R products)

I think I will always enjoy the mental stimulation and challenge of trading. But I definitely don't want to be sitting here 'fighting' everyday 20yrs from now. In a sense. I want to trade my self out of trading.

That is also why I appreciate this thread so much, it is one of the few that doesn't encourage 'swinging for the fences' every other day...instead win one season at a time. (Forgive the baseball analogy, I don't even play ;P)

Also a word of warning for those trying to find their identity in being a 'trader', its good to sit down and consider carefully the motivators in your heart, its how to weed out self destructive behaviour. (Obviously this is not for those junior ones still trying to find an edge...this is for those who know their edge and have traded it out, but keep running into self destructive tendencies after success:failure cycles.)
  • #1,525
  • Oct 18, 2016 10:35pm Oct 18, 2016 10:35pm
Quoting pursuit_21
{quote} Agree with this. What has helped me is setting my big picture goals. Personally I don't want to be trading like I am now for the rest of my life. Passive income generation is the big goal in my book. Over the years Ive learned that 10hrs a day in front of the screen is not what I want for the next 30yrs. If I can spend 10yrs to build up a passive income generating machine of (100-150k/yr) then it allows my family many options. The baseline for that where I live is 5-6mio (based on fixed depo or similar R/R products) I think I will always...

Great Post. For me, im doing what worked best before. Im trying to take only 40 pips a week, im not looking at the charts all day, im intraday. Just patience and waiting for the best setup, if i lose a setup , well another one will come. That let my mind rest, and be safe for overtrading, thats why i prefer to read news and ff instead of watching candles.
Im a Crocodile, Im a Sniper. Patience is everything.
  • #1,526
  • Oct 19, 2016 2:16am Oct 19, 2016 2:16am
Quoting pursuit_21
{quote} Agree with this. What has helped me is setting my big picture goals. Personally I don't want to be trading like I am now for the rest of my life. Passive income generation is the big goal in my book. Over the years Ive learned that 10hrs a day in front of the screen is not what I want for the next 30yrs. If I can spend 10yrs to build up a passive income generating machine of (100-150k/yr) then it allows my family many options. The baseline for that where I live is 5-6mio (based on fixed depo or similar R/R products) I think I will always...
Nice, but you should post earlier. I broke my code, trying to save cost by eliminating position rather than being locked. Now i even forgot which one is which. Seems that i should rebuilt from scracth. This 10 pairs multi tf order management too troublesome for me, when i make a change the overall structure break.

I ll take break first, i need a clear mind to do this thing.
  • #1,527
  • Oct 19, 2016 2:32am Oct 19, 2016 2:32am
Quoting pursuit_21
{quote} Agree with this. What has helped me is setting my big picture goals. Personally I don't want to be trading like I am now for the rest of my life. Passive income generation is the big goal in my book. Over the years Ive learned that 10hrs a day in front of the screen is not what I want for the next 30yrs. If I can spend 10yrs to build up a passive income generating machine of (100-150k/yr) then it allows my family many options. The baseline for that where I live is 5-6mio (based on fixed depo or similar R/R products) I think I will always...
IME if getting to close to market it goes up and down with my equity curve. But stepping to the side looking big picture I do a stable up equity curve. So I think there is something in the saying Forex is the only business you do better in the less you do. ( After you have done a lot to come there of course ) Better to read news and do study of techniques for trading then looking the charts every tick.
Trading in the shadow of SM
  • #1,528
  • Oct 19, 2016 2:38am Oct 19, 2016 2:38am
Quoting Peruvian80
{quote} Trading can be harmful, its addictive, trade full time can be destructive to your mind. be careful, dont give it too much time, let your mind rest.
Yea, taking today off as tomorrow is more important to trade DAX. Or i am going crazy.
  • #1,529
  • Oct 20, 2016 9:44am Oct 20, 2016 9:44am
Finally 1 year has gone. I started with 300, was down to 150, but finished with more than 800 as a profit. It was a huge experience for me. Will see how it will be in 1 year time again.
Slowly, but positively
  • #1,530
  • Oct 20, 2016 11:43am Oct 20, 2016 11:43am
Quoting AlexDee
Finally 1 year has gone. I started with 300, was down to 150, but finished with more than 800 as a profit. It was a huge experience for me. Will see how it will be in 1 year time again.
great job.

usually I try not to think in terms of $$. percentages work better for me.

50% notional drawdown and 260% profit after 1 year is quite volatile.

if I were in your shoes, moving forward I would draw a line in the sand by setting your s/l to never let you drop below '$600' ...reduce your risk, take more selective trades, but build up to a place where you are only risking those 'extra' profits. The harder you fight to keep your account from drawing down the higher the chances you will be able to break into consistent profitability.

at least that is what I am also trying to do with this 2 year experiment. very aggressive lot sizing when i'm in profit, but when I drawdown towards my notional then I go back to 'grinding' mode.

my goal this year is to trade consistently till I can progress into trading 100 lots per clip, and still only risking profit.
  • #1,531
  • Oct 20, 2016 9:06pm Oct 20, 2016 9:06pm
Good morning all, hope this last trading day of the week treats your accounts well.

I was just mulling over some considerations and I thought it might be worth sharing with this group. If I posted this on our threads I'd probably be ignored/trolled/mocked.

This train of thought was sparked off by me glancing over at the CABLE UPDATE thread (it really hasn't changed much in 10yrs.)

One of the most profound experiences in my trading journey was when my main mentor initiated to 'teach me a lesson,' which has been indelibly seared into my mind and heart. He is still the most successful trader/investor I know, not just in ccy, but in property, equities, commodities, physical metals, and most impt of all, people .

His little experiment with me started with him giving me entries and exits on USDJPY and USDSGD. He was in the flow for that period on those two ccys and I have seen Him run 300-400 trades (long/short intraday) in a row profitable (personally my best is still 168, so no where close to him), so obviously I was excited.

The first 10-12 trades were confidence builders in his methods, he would give me entries with 10-12 tick s/l and 40-60 tick t/p. Basically he was giving me the most 'sure' parts of his trades. It was euphoric, within two weeks I was up more than I had every been in years of trading.

And then it happened, exactly what he knew would happen. I started over trading, over leveraging, second guessing the entries and exits. Waves of greed and fear emotions would flow through me, I would enter, then exit, then re-enter with more leverage, then beat myself up, then promise myself to not do it again, then enter, then flip, then flip again, then revenge trade -- I'm sure we all know this cycle. I ended up staying in the office we were renting over night, my mentor would leave at the same time every day (big family guy) and I would stay late, trying to 'make it all back.' He would just smile and say, "I'll see you in the morning, don't stay too late."

Long story short, I managed to bust my account in less than 58 trades (99% of which would have made money if I had just entered and exited and left it alone.) I had a good talk with my mentor a week later, and found out that he wasn't surprised at all -- in fact, it was exactly what he suspected would happen.

What has stayed with me all these years is that 'you can know exactly where the market is going and still lose money.'

That is why, largely, I see little point in discussing trading analysis after a certain point. For most traders, analysis is not the problem. But the problem is that they think it is the problem, they think the main factor in poor trading is a lack of some 'secret' indicator or special analysis, whether it is quantitative, fundamental, technical, socio-political event driven.

It never ceases to make me cringe when I read posts of people arguing over whether price is going up or down, and they think that by posting their substantial charts or fundamental insights it somehow adds value (obviously I'm not talking about threads dedicated to teaching different schools of analysis.) I don't know a single 'seasoned' trader that decided to change his methodology based on the incessant posts of some other person on the forum. Ultimately we will trade what makes sense to us -- but the main key to profitability is how you trade that analysis, not the analysis itself.

The moment I hear myself saying things like 'there is no way this can go lower' or 'its so obvious the market is going up from here', it is at that point I'm sure I'm about to lose money.

For me the hardest part of the trade is the entry to shifting s/l to b/e. That is the place I hate the most, because it is where I am most vulnerable. But the moment I can shift my s/l to b/e, I pretty much try to forget about the analysis of the trade, instead I shift all my attention to managing the profitability of that trade, and definitely to never lose money on a trade that started out profitable.

Anyways, I hope I don't come across as someone who has this all figured out, these are the ideals I'm trying to walk out for myself. Just thought I'd share, especially for anyone that is thinking their lack of analysis is the main issue.
  • #1,532
  • Oct 20, 2016 9:39pm Oct 20, 2016 9:39pm
Quoting pursuit_21
Good morning all, hope this last trading day of the week treats your accounts well. I was just mulling over some considerations and I thought it might be worth sharing with this group. If I posted this on our threads I'd probably be ignored/trolled/mocked. This train of thought was sparked off by me glancing over at the CABLE UPDATE thread (it really hasn't changed much in 10yrs.) One of the most profound experiences in my trading journey was when my main mentor initiated to 'teach me a lesson,' which has been indelibly seared into my mind and heart....
I decide to scalp, didnt work. Wrong timing anyway, i take pos on news. Manage to exit at minimal damage and recover some loss. Then here i am again, on wrong pair. I completely forgot that shorting gj, is against usd. I havent trade for so long that i forgot. Then draghi came, pushing euro down and some spill to usd. I just try to exit at minimal dmg, a bit hesistant since uj at supply level.
  • #1,533
  • Oct 20, 2016 10:22pm Oct 20, 2016 10:22pm
Quoting Passerby
{quote} I decide to scalp, didnt work. Wrong timing anyway, i take pos on news. Manage to exit at minimal damage and recover some loss. Then here i am again, on wrong pair. I completely forgot that shorting gj, is against usd. I havent trade for so long that i forgot. Then draghi came, pushing euro down and some spill to usd. I just try to exit at minimal dmg, a bit hesistant since uj at supply level.

Your algo test looks good. Seems like a comfortable place from doing some scalping here and there.

Do you allow your algo parameters to spill over to your scalping or are they two separate strategies entirely?
  • #1,534
  • Oct 21, 2016 12:45am Oct 21, 2016 12:45am
Hey people, when you scalp how do you manage sl? What is the percebtage that you allow yourself to lose in a single trade?
Im a Crocodile, Im a Sniper. Patience is everything.
  • #1,535
  • Edited 1:11am Oct 21, 2016 12:52am | Edited 1:11am
Quoting pursuit_21
{quote} Your algo test looks good. Seems like a comfortable place from doing some scalping here and there. Do you allow your algo parameters to spill over to your scalping or are they two separate strategies entirely?
Its not stable, at times its accurate but often the result is shifting absurbly when market didnt move. Found that when candle shift, if the back end candle of the period is shifting my reference point shift. I ll try to average later. But its only generic solution. Everything is variable there, even the period i calculate except some reference point. I should know mixing variable and fixed refererence didnt work.

To be honest, its tiring doing it that way. The code itself been exceeding 1150 lines, a little mistake could break everthing. Searching where it made even make my head spin. Thats why i decide to trade, to ease my mind a bit.

What im working is scalper algo, but as im not used to scalping. I dont know where to enter and exit, so im trading to get the feel. Might found a good citeria to enter and exit. Im looking for clues, pattern, breakout, fakey or anything that i feel reliable. Then i ll code it, run and see how it performs and repeat. Mostly wont work, but when you do it again and again maybe you ll find it. Thats what i do.
  • #1,536
  • Oct 21, 2016 1:38am Oct 21, 2016 1:38am
Quoting Peruvian80
Hey people, when you scalp how do you manage sl? What is the percebtage that you allow yourself to lose in a single trade?
i manage my scalps based on accuracy. I personally don't let myself get away with anything larger than a 10 tick s/l. If i need a wider one, then its not a trade with conviction or i'm being impatient.

That beings said, once I am within 10 ticks of an entry i'm willing to risk, then I tend to size based on a 40-50% risk of profits that I made on my last trade.

But that;s just my personal way that works for my style / psychology. Ultimately you have to find what works for you.
  • #1,537
  • Oct 21, 2016 6:22am Oct 21, 2016 6:22am
Quoting pursuit_21
{quote} i manage my scalps based on accuracy. I personally don't let myself get away with anything larger than a 10 tick s/l. If i need a wider one, then its not a trade with conviction or i'm being impatient. That beings said, once I am within 10 ticks of an entry i'm willing to risk, then I tend to size based on a 40-50% risk of profits that I made on my last trade. But that;s just my personal way that works for my style / psychology. Ultimately you have to find what works for you.
So, its based on short sl. This might translate to tick strategy in algo. 10 ticks is short esp if you dont have control, i think the most predictable movement is around high/low range. Maybe within high/low of 8hr range or when market almost flat llke just before news.
  • #1,538
  • Oct 21, 2016 6:55am Oct 21, 2016 6:55am
Quoting Passerby
{quote} So, its based on short sl. This might translate to tick strategy in algo. 10 ticks is short esp if you dont have control, i think the most predictable movement is around high/low range. Maybe within high/low of 8hr range or when market almost flat llke just before news.
I use short s/l when price moves around trading sessions. So Tokyo hardly has an opening range larger than 10 ticks.

For example this morning was a scalp down from 1.2250, s/l 1.2260. The trade comes in when price moves below the opening range and the trade stops when it goes above...of course there is more to the analysis of likelihood of when this setup can work, but generally the idea is there.

Though I must say I royally screwed it up today with overthinking/overtrading -- should have just held my shorts and work on other things today. Obviously a lesson I haven't finished learning yet.

sorry -- so dark blue is based on first 15mins of 2am (gmt+3) Tokyo, and light blue is first 15min of 3pm (gmt+3) London.

Attached Image (click to enlarge)
Click to Enlarge Name: short.sl.PNG Size: 11 KB
  • #1,539
  • Oct 21, 2016 9:44am Oct 21, 2016 9:44am
Quoting pursuit_21
{quote} I use short s/l when price moves around trading sessions. So Tokyo hardly has an opening range larger than 10 ticks. For example this morning was a scalp down from 1.2250, s/l 1.2260. The trade comes in when price moves below the opening range and the trade stops when it goes above...of course there is more to the analysis of likelihood of when this setup can work, but generally the idea is there. Though I must say I royally screwed it up today with overthinking/overtrading -- should have just held my shorts and work on other things today....
Interesting observation, i dont really paid much attention on asian session. As the spread is a bit higher and the range is somehow thin, but if there is a consistency it might be worthy to explore. What i found interesting was 1 hour before uk market open. If there is no major lovels price tends to drift agains the trend, often making new high/low and reverse or to next s/r level like today.

Friday move most likely towards one direction throught uk first session, its slow but i tend to avoid it. Once you got into wrong direction you often forced to held into the weekend and bear the pain. Not worth the risk, as when us sessions starts its rather unoredictable with increase volatility. Many dont like monday, but some like me dislike friday more than monday. Anyway, as euro making new lows price tend to be rather hard to read. Many account will fall. As expected usd was stronger than most predict, i actually didnt see iy happened this week. Seems that i underestimate it a bit. Or we couod blame draghi, do we?
  • #1,540
  • Oct 21, 2016 9:51am Oct 21, 2016 9:51am
Quoting Passerby
{quote} Interesting observation, i dont really paid much attention on asian session. As the spread is a bit higher and the range is somehow thin, but if there is a consistency it might be worthy to explore. What i found interesting was 1 hour before uk market open. If there is no major lovels price tends to drift agains the trend, often making new high/low and reverse or to next s/r level like today. Friday move most likely towards one direction throught uk first session, its slow but i tend to avoid it. Once you got into wrong direction you often...

Yes, great post. Price move different in sessions, so we need to understand that too. and what i am leraning is that pairs moves different, so i beleive we dont need to look at 20 pairs, we can concentrate in 2 or 3 and we can get some pips from them. Be carefull when new sessions are going to open, they tend to move prices agains trend for some minutes.

Hey, i dont have acces to my Trade Report, it keep loading and loading and nothing happens, only with my Trade Report, anybody have the same problem?
Im a Crocodile, Im a Sniper. Patience is everything.
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