Learn to be a Scalper - page 37
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Monarch,Why were you bored? Do you think you trade better when the graphics are more difficult?By the way, I was reading past posts of this thread and in the post #38 we can see that you´ve developed your results pretty much since the end of October. Not only the pips/week but the percentage of winning trades and the pips/trade too.What do you think is the reason for so big development in a trader that is already experienced?
I was bored of the "No Movement."
Actually I have been trading aggressive since September, and will do so until December, those 4 months of the year are my favorite.
Normally my target is 21 pips a day (profit) 5 days a week, which I have been doing for as long as I can remember. I will go back to that sometime during the end of December.
Cheers.
I am updating my trade results from the Asia session, was too tired last night.
Weekly Totals
49 Wins 12 losses
+ 284 pips
Let me tell you about my nowadays trades:
- in the morning (GMT -3) I came back to the game style again. Of course, again, things did not work... It was 4 trades and 4 wrong trades. I´ve lost precious pips on this as you can see in the picture.
After that, I was sad and angry with myself. So, I stop trading and went out to lunch.
- in the afternoon, after thinking about my stupid trades, I started to trade again. This time things worked. There were three very good shorts as you can see.
I´ve made another three one after that, but as I was a little bit anxious, I stopped the trades too early. Because of that they did not give representative result.
Now I´m gonna take a break to calm down a little bit. But the most important is that I feel like things are getting better day-after-day.
That´s why I wanna say "thank you" to Monarch again.
I took this only trade today in NY. Went short, got out with 2 pips.
Reis it looks like you took your second trade at the same time as it did, except you were long.
How do you handle the London/US overlap?
I'm not at breakeven anymore, now I'm more in the loss side.
Based on ATR(100) on 1min TF, my stop is well placed to filter noise, i.e., at 10 pips.
But still, i'm getting small profit trades, when compared to my losses.
Maybe i should work on my expectations and wait a little longer to see the trade developing... But that brings another variable, the potential loss incurred by waiting too long...
London/US overlap is not that easy to trade, it does require bigger stoploss sometimes and exact entries. I'm still newbie at it, just trying to learn to trade London/US overlap because it works out for me time wise.
How do you handle the London/US overlap? I'm not at breakeven anymore, now I'm more in the loss side. Based on ATR(100) on 1min TF, my stop is well placed to filter noise, i.e., at 10 pips. But still, i'm getting small profit trades, when compared to my losses. Maybe i should work on my expectations and wait a little longer to see the trade developing... But that brings another variable, the potential loss incurred by waiting too long...
for sharing your scalping!
Let me tell you about my nowadays trades:- in the morning (GMT -3) I came back to the game style again. Of course, again, things did not work... It was 4 trades and 4 wrong trades. I´ve lost precious pips on this as you can see in the picture.After that, I was sad and angry with myself. So, I stop trading and went out to lunch.- in the afternoon, after thinking about my stupid trades, I started to trade again. This time things worked. There were three very good shorts as you can see.I´ve made another three one after that, but as I was a little bit anxious, I stopped the trades too early. Because of that they did not give representative result. Now I´m gonna take a break to calm down a little bit. But the most important is that I feel like things are getting better day-after-day. That´s why I wanna say "thank you" to Monarch again.
Reis, if your seeing some of the same setups fail, try to spend some time to see what you could do differently.
Sounds like your getting control of your emotions by taking breaks, which is good, but use those losses to your good, try to remember what hurts, and then the next time you go to press the button, the pain will remind you of the possibility to wait a little longer to get in, or to not take the trade all together.
I let more trades go by then what I take, I feel it at times and have my finger ready to go, then I way, IS THIS IT???
First thing I do before taking a trade is ask, IS THIS REALLY WHAT I WANT HERE? IS THIS THE BEST TIME FOR THIS ENTRY, WHAT IF IT FAILS< WHERE DO I EXIT?
Always have your targets and exits ready as your debating a trade.
Keep up the good work, the main thing is eventually to break even every day, then you will start to add some on as it goes, but key is BREAK EVEN to prove you have the goods.
Cheers.
for sharing your scalping!
I hope you continue to come by, there is much to share and learn, and were here to get better.
Cheers.
How do you handle the London/US overlap?I'm not at breakeven anymore, now I'm more in the loss side.Based on ATR(100) on 1min TF, my stop is well placed to filter noise, i.e., at 10 pips.But still, i'm getting small profit trades, when compared to my losses.Maybe i should work on my expectations and wait a little longer to see the trade developing... But that brings another variable, the potential loss incurred by waiting too long...
Marduk, the first thing to think about is your tolerance for pain?
I know if I play with Frankfurt or London, it is very likely I will have to let the trade stretch more because of the bigger movements. I traded London for years and found that my overall win to loss ratio was not worth the time I stayed up with no sleep.
My favorite for the past few years is at 5pm EST up to 1am EST, the a few hours around US News time.
I have also found the last hour of London close to pay out nicely, but you better be ready for the big runs that occur during that close of London.
I can easily find 21 pips a day in Asia, just get serious about finding 10 good patterns to trade from the 1m to the 1hr, and know if it is a bottom your going to be looking long, and if it is a top, look for shorts.
EU moves in segments of 25/35 pips, so a 70 pip move in Asia will normally get a 25/35 retrace, and a 100 to 150 pip move will get about 50 pips of retrace, if price goes for 200 in a swing, then you know your looking for 50 to 70 pips of retrace.
Learn the swings of EU, and the stalls, and the retraces, then the continuation of the move, or the reversal of that move.
Sounds like a lot, and it is, but just put it all into your mind every minute you watch charts, just jump in deep into trying to figure out WHY? and WHERE?
Cheers.