1). How to pick trading currency pair?
The most strongest/weakest currency pair.
Action: Usdcad short,
Audusd and Nzdusd show long but reach key resistance
2). Check Day/H4/H1 bias and Draw S&R line
3). How to setup perfect critical point?
Place order at the critical point,
if market go against you for 5-10pips, you want to place another opposite order comfortable
Action: setup opposite order depend on correlation condition
4). Stoploss is 10-20pips, but -5 pips is enough to quit a order
5). Takeprofit is 10-50 pips
6). BE when profit with 10-30pips
7). Trail stop is 10-20 pips
8). Position size depend on the perfect setup or normal setup
9). Big News need be checked dailly
10). Daily pips report and weekly summary
11). Run EA without interfere, except position size management, observe for 1 year
I ever reading certain scalping tader they can become winner n demo contest, I see on history account profit target only around ten or five teen pips each trades, but accumulation profit often occur and only have small loss, scalping also will become great strategy if trader able trade with high accurate anlaysis
Often violate discipline by emotion, loss 50 more% account.
Lose the dream to milllion.
If i can obey my routine trading discipline, profit is possible.
Now i share you my routine discipline, maybe could help you if you have good emotion control.
This is big dreamm from scalping become millionaire, but still possible in forex if any trader alredy able making profit and always have good patience in trading because making millionaire with scalping also required long time not only for a week if amount capital also only in small investment
The best way to overcome emotions is to pick a system and stick rigidly to it.
I use the 3 ducks system a lot. If you jump in early to try and make more pips you run the risk of the trade going against you. Much better to ignore that little voice in your head and follow the system
Scalping is just a way of trading and there are lot more than one strategies, so I would like to believe that you have one. EA cannot be a strategy. Only if you have created a good working strategy than you can create an EA with your strategy parameters in it.
So, I am not sure if you really know what you are talking about.
My scalping strategy combine many methods:
one MA and SRI with S&R, order when trend clear at D1/H1/M5 TF and space enough and good momentum.
It work only following the rule, but emotion issue caused violate the rule.
I think out a solution to solve my emotion proplem:
I need a reviewer when I want to place any orders, my wife will be my reviewer and boss,
only she agree my order, then I place the order.
My EA is my other strategy, work well.
Eurgbp long +200pips more now, still running.
Maybe rayner’s strategy is fit for me: long term trend following.
Always pick most strongest or weakest pairs.
Check month, week, day TF, order at h4 bias.
big stoploss.
hi cledid,
i think knowledge is enough for me to make profit, my problem is discipline and emotion control.
each strategy, scalping,swing, position, trend following, all profit for me until i break discipline.
i create each ea to verify these strategy, all can make profit if you can obey discipline.
but human emotion control is different, hard for me to tfollow disciline always.
The good thing is that i am good at coding.
I use codes to verify every strategy, so i know it very much.
Hi Rokerij,
I quit trading from manual operation because my discipline and emotion control always break
my consistent profit, and turn to loss.
I try most of strategy scalping, swing, position, trend following, all can be profit if i obey discipline.
But my human behavior is not a consistent discipline.
we should respect market rule, trading is easy to learn, but discipline and emotion control is really hard.
I know my fault, so I quit manual trading.
but my EA is still running, I have put all strategy into EA, especially with Nikita’s strategy,
it work well.
Learning is a very necessary part in learning about forex trading and if you could spend sometime in the market then you can learn quickly, moreover you can also depend on forums and blogs to get you queries answered.
It is not easy to make millions out of forex starting with very little capital no matter how good you are with your discipline. There would be only few examples of such.
After i observe running result from my ea , it’ s perfect at execute
discipline, but it still has weak.
1). ea is designed to win at long term, so max dropdown maybe big
enough to blow out account.
2). position size can impact strategy success.
3). BE is two side sword
4). setup moment has some space to improve and filter
5). exit with max profit is a challenge
