B00bies trying to Scalp the Forex

Hi Everyone,

I've been around the Forex for quite some time now and had some minor success on the way but it ALWAYS ended up in total ruin. I am not ashamed to say that i have blown up around 5-7 accounts and know that my emotions get the best of me every time. My biggest weakness strikes right after a loosing streak. It does not even have to be a big one. 2-5 losers in a row and i am out of my mind and trade position sizes which I KNOW i shouldn't and then .... BOOM, i am out, KO !

This is the reason I want to start this journal and keep my explorer open for everyone to see. By doing this I recon it will keep me motivated to stay in the game for the long run and stay disciplined (dont want to embarrass myself). So things I need to Focus on avoiding are listed below from most severe case to the least:

1) Revenge trading
2) Martingaling it up to chase losers (see 1 )
3) Impatience
4) Over trading
5) Moving Stop losses

So, I believe I do manage to keep these emotions in check I can finally build up my account and compound it for the long run.

GOALS: There will be no daily pip or $ goal but i do want to see an increase of 10-15% of my account within a month.

System and Style: I will scalp the market from the minute chart. I will identify the "overall" trend on the 5m and 15m chart and ONLY trade in the direction of the trend on the 1m.

Below Example of my 15m chart:



Basically I trade only with just Support and Resitance + trendlines but do use the 50 smoothed moving average to assist in finding the overall direction.
After Ive marked S+R and identified the trend i switch to the 1m chart and scalp every pullback to my support lines as can be seen in below image:



Thats basically it

So guys if you wish me luck i will jiggle for you .

Cheers B00bies

FYI, Starting capital is 5000USD however I will not deposit it all now and use leverage to my advantage and still trade as if I have to full 5k on the account.

EUR/USD trade got in on my support line 1.05872 and now set SL to breakeven i am looking for 1.0620as a target.

Good luck

Btw if you dont mind me asking , How much are u risking per trade?
are you taking the stop loss in to consideration while calculating the lot size or what is the money management style you are following?

Hi bartcrib, thank you .

Concerning risk i take a maximum of 3% risk per trade however i do try to stay on the safer 0.5 to 2 percent most of the time. So my account equity is now USD5100 i try to risk a maximum of 150ish per trade and shoot for at least a take profit of the same size but mostly aiming for a RR of 1:2 or higher.

So yes i do consider the stop loss when choosing the size of my trade. As you can see that Ive opened and closed several positions yesterday with varying sizes (lucky for me i won the bigger ones and lost the small ones ;-))

I feel ya.. my emotions are also my biggest enemy in my quest to success, it got better since i started meditating though, feel a lot calmer (no joke). Good luck to you though, lovely name btw!

Yeah i believe emotions are the number one reason for traders to lose and lose fast.

I did try meditating as suffer or did suffer from some anxiety issues but never got the hang of it. It is something i want to pick up again tho.


Good trading everyone.

It happened again I gambled, took on huge risks and got rewarded lol. Not proud of it... actually just the opposite. Need to stop doing this sort of heart attack trading.

Still - I feel pretty good about my trading and analysis just the position sizing is way out of order.

Besides the normal scalp trades i am currently holding and will keep Gold as I believe in the long term it only can appreciate in value. IMHO financial markets are about to see some steep corrections all over the place in the not so distant future. So Gold it is !

FYI, if you see 100LOTS traded in my trade explorer it actually means 1Lot (standard).

awesome. My account equity has reached US10.000+ today. Now I am at a psychological level where I am not seeing this as "playing around money". Lets see where this journey will bring me.

I'm on the brink of being disciplined. I know I can trade, I just need to stick with the plan. Looking forward to watching your progress.

Max

Thanks max pips! The best of luck to you and your forex trading journey!

Awesome trading so far. Not exactly what I would consider scalping, but great non the less. Make sure you stay to the course, don't get emotional. Keep that money and don't give it back, you earned it. You have spent years studying Forex, you know what you are doing now. Don't let the market convince you otherwise. Stick to your plan and keep seeing positive results!

thank you jowsom !! Still i am very very far away from being a good trader. At least i know it myself lol.
All the rookie mistakes i still do regulary and got to focus on avoiding these: averaging down, taking bigger positions to chase back losses, overtrade. If i continue this path and one huge sell off in the markets happen i can very well go bust . But hey i am here to discipline myself and learn....

The longer term Gold position is going well and I have now set S/L to break even. - Will adjust S/L every 300-500 points depending on price stucture.

Also I am now holding 0.5lots of Eur/Jpy which I am not very happy about as they did not meet my rules for entry and I basically just entered them in the HOPE of some bigger pullback . Limited my risk to about 1.5% tho and am aiming or at least 3% in return.

Eur/JPY trades are basically set to B/E. not entirely sure if 25 pips is enough breathing room but still feels good to be in so many 0 risk trades at the moment

Just realized that i have placed 239 Long trades and just 9 short trades
As I am mostly just trading EURUSD and Gold it seems i was on the sure side of things lol. I know its a lot of luck and up to now i was on the right side of things .

Still average down a lot of my trades but do cut losses if they go too much against me.

Everyone seems to swear that the right way of trading has to be a 1;2 Risk to Reward or higher but is this a must for constant and long term profits in the markets? When lets say I have a 75% chance of getting it right and my RR is smaller then 1;1 I am still profitable in the long run? Or am I having a huge mistake in my thinking?

If anyone wiser as me can perhaps pop by and enlighten me i would be greatful lol

Happy trading everyone

Cashed out all the money as I am too afraind to have this relatively large amount of money on Cyprus based broker.

Did open an account with Pepperstone as i have heard many good things about them. Will deposit 10.000USD on there once my funds fom XM have cleared.

So my funds from XM are cleared and have deposited onto Pepperstone right away. Kudos to XM for getting my USD11.000 transferred so fast.

Now deposited USD9.700 onto my Pepperstone trading account and got at it right away.

Bought some Eur/USD and GBP/USD as i believe, looking at the bigger picture, that we are still in a significant uptrend. Lets see how these run out.

From what i see up to now Pepperstone seems amazing. Love the low spreads and makes me regret wasting so much money on spreads with XM....

Happy trading to all of you