April Challenge - Learning to Scalp | Forex Factory

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April Challenge - Learning to Scalp

  • #1
  • First Post: Edited 3:06am Mar 21, 2017 2:44am | Edited 3:06am
I am starting a little soon as I expect this to be a long term deal.

This is my new journal where I attempt to develop a functional scalping method, my current trading is opposite of what scalping is so this will be a challenge.

I have tried other scalping systems before but I could never fully make them mine so I start from 0 here, the one thing I do have is charts flight time specifically with the GBPJPY.

I have a few scalping entries to try out, they are nothing new to the FX world but they are original to myself in which I saw a few indicators and connected the dots more specifically I will counter trend scalp tops and bottoms with a max 10 pip SL.

I will give around 30 opportunities to each method and will follow a Rags to Riches style of fixed level Money Management once I earn a few $. I will never risk more then $1 of the original deposit.

I will probably blow more than a few accounts but that is is how you learn...risking demo money or demo journals mean nothing.


Here we go!!
Dragon Rider
  • #2
  • Mar 21, 2017 2:48am Mar 21, 2017 2:48am
Quoting barloc
I am starting a little soon as I expect this to be a long term deal. This is my new journal where I attempt to develop a functional scalping method, my current trading is opposite of what scalping is so this will be a challenge. I have tried other scalping systems before but I could never fully make them mine so I start from 0 here, the one thing I do have is charts flight time specifically with the GBPJPY. I have a few scalping entries to try out, they are nothing new to the FX world but they are original to myself in which I saw a few indicators...
GL and welcome to the "Dark Arts"
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #3
  • Mar 22, 2017 2:57am Mar 22, 2017 2:57am
Quoting Stu Effex
{quote} GL and welcome to the "Dark Arts"
Thanks! I have seen your trades and hope I can get to be at least half as good as you.
Dragon Rider
  • #4
  • Edited Mar 23, 2017 2:48am Mar 22, 2017 3:37am | Edited Mar 23, 2017 2:48am
Method #1 is going okay so far but its still far from optimized and its too soon to call it a winner.
I am trading from the 1 min but recently opened Ctrader and im following price on the 34tick chart as well.

I am getting close to the baseline $34 for compounding...Of course this is for fun but If I get a row of winners they will count.

One step at the time I need to get to $34 first
Attached Image
Dragon Rider
  • #5
  • Mar 22, 2017 9:36am Mar 22, 2017 9:36am
Quoting barloc
{quote} Thanks! I have seen your trades and hope I can get to be at least half as good as you.
Hey mate you have right attitude. Just gettin' on with it and finding a way. It's not magic, it's just putting the time in. You can look at your watch and see the time, take the back off and you get to see how the hands move.
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #6
  • Mar 22, 2017 9:06pm Mar 22, 2017 9:06pm
While looking at the charts I can visualize so many different ways I could be trading that I have to hold myself from corrupting test method#1....for me the hardest part of trading --> discipline.
Dragon Rider
  • #7
  • Mar 22, 2017 11:20pm Mar 22, 2017 11:20pm
Some observations that I have read before:

Price will push with some strong force in the +/- 15 minutes between 60 min candles, whenever the peak is reached a dead stop will occur and a reversal or mini reversal will happen which is a good opportunity for quick pips.

Of course you cant win them all....In this screenshot the last two trades were lost but there is a big difference one was a legit loss and the other was a noob revenge trade ( I do expect price to give me a reversal around here but I entered guessing as opposed to waiting for my setup).


Anyway the pursuit of learning to handle sniper trades for future huge lot scalps continues.
Attached Image (click to enlarge)
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Dragon Rider
  • #8
  • Mar 23, 2017 3:11am Mar 23, 2017 3:11am
I have made it to Level 4

Level 5 at $47
Dragon Rider
  • #9
  • Mar 23, 2017 9:50pm Mar 23, 2017 9:50pm
I found this

Inserted Video
Dragon Rider
  • #10
  • Mar 24, 2017 7:25am Mar 24, 2017 7:25am
The dragon rekt me today.... the irony is that out of the 5 losing trades 4 were in profit for a while+6+14 +10+22, the entries were golden but I came to realize that I have mixed feelings about my TP.

There are two kinds of price movement after my trade entries:

1- Price will peak and continue the trend (opposite of my entry) --> 5-15 pips potential
2- Price will do its first leg 5-15 pips and do a heavy retrace so deep its impossible to let the trade at BE but once the retrace is completed price will move back all the way to 20 - 30 pips.
3 - Bonus - I will end up trading the high/low of the day and that will move many pips away but this is only known after the fact.

 

  1. I have been considering that If get to .04 and higher lot trades again that I should breakdown the lot into 2 trades and always close one trade at fixed 10 pips for 3/4 of the lot size and let the remaining run......but then again is that scalping?

  1. Almost all of my trades had at least 3 pips in profit before they went negative or continued in profit...what if I maxed out my lot size and exit at 3 pips and just spammed 3 pip trades.

  1. Instead of my rags to riches lot scaling up...I could martingale 1 -3 entries for max profit as I kind of have a moderate miss rate on the first entry and the second one has been the money trade (based on my small history of trades).


So what kind of trader am I? How should I take profit?
Trading is a self exploration journey

Attached Image (click to enlarge)
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Dragon Rider
  • #11
  • Apr 4, 2017 2:46pm Apr 4, 2017 2:46pm
Quoting barloc
The dragon rekt me today.... the irony is that out of the 5 losing trades 4 were in profit for a while+6+14 +10+22, the entries were golden but I came to realize that I have mixed feelings about my TP. There are two kinds of price movement after my trade entries: 1- Price will peak and continue the trend (opposite of my entry) --> 5-15 pips potential 2- Price will do its first leg 5-15 pips and do a heavy retrace so deep its impossible to let the trade at BE but once the retrace is completed price will move back all the way to 20 - 30 pips. 3 -...
How are you getting on ?
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #12
  • Apr 7, 2017 10:03am Apr 7, 2017 10:03am
Quoting Stu Effex
{quote} How are you getting on ?
Hello my friend, I have read all your threads but life got in the way so I did not have time to participate...just know your words were not wasted.

My actual trading style is a combination of stacking small orders, no stop loss and cost averaging, I can get a sense for the direction of the pair however pinpointing a surgical entry with a small stop loss on this pair is quite the challenge.

I started off with a simple counter trend entry it worked great but obviously only during ranging periods, I tried trading it all day long and my equity curve took a huge hit. I also sabotaged the first trial by going for bigger trades when I had several pips in profit which turned many trades into losses. Then after the first huge equity curve dive I decided to try other ideas which have not provided me with what im looking for just yet.

I have taken all kinds of dumb trades based off indicators, crossovers etc. Im currently looking into combining some sort of confirmation with with trading price levels, I have looked into using volume for confirmation but for the life of me I cannot comprehend how to use it. A powerful candle with high volume will sometimes reverse and sometimes continue in the same direction so I cant connect the dots right now.

Current status -- My account is still holding despite having a 34% win rate, but I will get good and become a high lot trader and join you up there with the 1%.

I am testing different ways to build trading levels both manual and indicator based with variable settings. Charts are some examples.





Attached Image(s) (click to enlarge)
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Dragon Rider
  • #13
  • Apr 7, 2017 10:17am Apr 7, 2017 10:17am
Quoting barloc
{quote} Hello my friend, I have read all your threads but life got in the way so I did not have time to participate...just know your words were not wasted. My actual trading style is a combination of stacking small orders, no stop loss and cost averaging, I can get a sense for the direction of the pair however pinpointing a surgical entry with a small stop loss on this pair is quite the challenge. I started off with a simple counter trend entry it worked great but obviously only during ranging periods, I tried trading it all day long and my equity...

Ha ha that's cool you feature in one ! No probs mate life is life. As I said you doing the right thing getting stuck in. The dragon is tough cookie to tame but if it's the one you like, you'll find a way.

Good Luck
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #14
  • Apr 11, 2017 3:48am Apr 11, 2017 3:48am
Inserted Video
Dragon Rider
  • #15
  • May 11, 2017 9:43am May 11, 2017 9:43am
Just to give some closure to this thread -

Towards the end of April and like 300 trades later I had the same balance as the day I started the account $27, the only visible result was a horrible equity curve.
One problem was that I was trying to catch huge pips out of scalping entries, so in essence I self sabotaged my earlier attempts at developing a scalp system.
Another huge problem was that I was using a tiny stop loss- lets say that problem is gone now.

  1. I went back to the way I am comfortable trading but modified it to be more like scalping.
  2. Added levels and volume into my already established trading style.
  3. Switched to Lower ADR pairs.

I will keep pursuing this trade style and see what I can make of it.

Pretty picture to end this thread.

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Dragon Rider
  • #16
  • Last Post: Jun 27, 2018 4:19am Jun 27, 2018 4:19am
Quoting Stu Effex
{quote} How are you getting on ?

M8 What a shame to see that you are no longer in this site . I still remember the post with the 50k gbp and your story, big motivation.

Fast forward 1 year:

I developed another scalp trading approach unique to my own style and personality. This account was opened with a transfer that were profits from another account.
Attached Image (click to enlarge)
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Dragon Rider
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