Hey Jay, are you serious, or being funny?
I think we see 1.18 before 1.32 again
OK, looking for 3017 for buy limit,
Hummmm, 100,200,300000, oops sorry just counting some of the cash I have stuffed under the chair after these past few weeks action :59:
You know, one of the things I like about this site, all of the knowledgeable folks around that can keep a perceptive Rookie out of trouble. I don’t know how many of the regulars here are successful multi Yard traders, and how many are still trying to Master themselves, but I will say all of them are more knowledgeable than any other site I participate on. I believe that all of this talk of percentages has been shot down numerous times by numerous posters. The answer is, “Trade Well”, if you trade well, you don’t worry about percentages, per day, month, year. The percentages, the money, the Pips all come naturally if you "Trade Well’. If your system is working in a particular market condition, you need to take advantage of that and trade your brains out because you don’t know how long it will last. I have gone through complete Summers without taking a trade, basically on holiday as they say across the pond. However this past summer I was in more than I have in years, why, because I was in line with what the market was doing. I did not worry how much I made per day, I just concerned myself with the setup and execution.
So trade on Brochachos and Brochachoettes, may the big pips always be yours
“And Thats All I have To Say About That” VIPER GUMP
Yuck, bad day today,…
Well, almost, My wife and Mom got me a new Durango, Not new, but 2005, 40,000 miles, Its new to me, LOL…
But, I only got 4% ish today… Made a bone head move, and Messing with Oanda, I HATE JAVE, Threw me off, while still running my Fake money account…
Will eb better tomorrow,
My wife says I have been working very hard this past year, and deserve a throphy, and you know what, It feels good to get something nice, I feel more professional driving it then my 2005 Impala, I got me a Mans Vehicle, right?
LOL, Hey, have a great night of trading folks,
Cheers,
Hypothetically Speaking:
Assuming a $1,000 and a target of $100, I would start with 5 micro lots and an initial target of 200 pips.
The problem I will run into is that the daily range is likely less than 200 pips (~80-150) and to make things worse I cannot have a losing trade. Naturally, trying to exchange blows with the market pip for pip is not going to work.
If I am to hit 10%/daily, I need speed (small charts) & I need to bend the bar downwards so I can leap over it (position sizing). Sometime during the day I need to take my position from 5 lots to 13 lots (using profit) to hit 10%:
5/13 * 200 = 76.9 pips which is less than the estimated low end of the daily range.
I would use: 5-15 minute chart, 10 pip stop, and take whatever short term profit I could get a hold of.
If I lost space (maximum risk + any gain) then I would reduce my lots by fibo numbers; from 5 to 3 and from 3 to 2.
If I gained space then I would cut the space down by adding lots ( 5 to 8 to 13).
I recommend that you focus on monthly goals…
one of the first things you learn about trading is that steep trends are not sustainable.
This thread is all over the place. Also the poll said public results but i have no idea how to check who said they made large %ages. I am sure people can do it. Now my GOAL i mean long term goal is to make 1% a day or 5% a week. Its my target, its all i need to make vast sums of money and live the successful life off of trading i need. Everything else is gravy. I can actually make about half of that, pay all my bills and still build my account. Once we get below 1.5% a week things get really thin. But thats all there is for me, i am not a fantastic earner. Nor am a a full time trader yet, although the next 6 months will tell the tale. Anyway my expectations for winning % a week is quite a bit lower than what these guys are putting up in a day. But i have full confidence that i will reach the levels of success that I want to.
Make pips, keep pips, repeat…
that is what is said in the school section of this forum.
The idea that you need to make more pips than you lose is where fear resides.
“Fear is the mind killer” -Dune
Make space, keep space, increase the signifcance of that space, repeat.
We make space through what we are willing to risk and our initial lot size.
We keep space by not thinking that we are entirely wrong; we are willing to reduce our size first rather than being quick to liquidate. Reducing our lot size gives us space and space gives us time to think.
We increase the significance of space by recognizing when we have too much of it and increasing our lot size to make the most of a successful trade. Increasing space through greater lot size gives us less space but increases our gains significantly.
If pips are nothing more than the fabric of space & position sizing is that which crowns a trader with wealth then what does this say of charting? One trader buys, another sells, and he who is steadfast in the management of his position comes out ahead.
Too much knowledge is paralysis, but experience brings forth mobility.
When I knew where to place my fingers on the keyboard I was slow to type.
Through movement I was given speed; such is trading.
Well, another day, another 4%, Im up 13.2% in 3 days of trading…
92 trades, 8 loses, ( 91% )
Still, made some early calls, but still collected on them, just took an hour longer then I wished…
Maybe tomorrow I’ll hit a 25% day, I have 1 a week, We’ll see.
$565.10 is my balance right now…
Hey Money… how’s it going?
I just read this and wanted to make sure I understood your post correctly… you made 92 trades in the last three (3) days trading?
Trading one minute charts?
yes,
BUT, not anymore, I changed that up today, and Took my 1M chart OFF the platform, SO I cant look at it anymore,…
So now Im using 15 and 5M,
Entry is on Tick chart
How does that number of trades rest with you as a Trader?
Are you staying on this course of 30+ trades per day or are you eventually looking to tone it down at some point down the road?
Not trying to poke fun… just curious about the approach you are taking.
[B]GLGT [/B]:57:
Im trying to get it down to 6-8 trades a day total, 40 pips range Total,
Its a tuff game, and I know you cant be perfect, but Im try to get SURe pips… Although, even with the way I trade, I can still let it float for 40 pips, I dont want that to happen…
I just soooo addicted to scalping, Im mean, Like Cigs, That I have to have 2 platforms running, to mess with one for action, and one for real,lol…
One of my biggest things is lack of patiance, and you need that in this Biz, so My wife got me a puppy ( Bishon Frise ),LOL, and, you know what, Its working…
AND, need to take loses… I could have easily closed the runner after 7 pips, then went the other way, but I have been caugh so many times, as soon as I reverse, so does the pair… So, I try to disect the problem when it happens, and what I found out, is, I jump the gun to early, Need to stay on my path…
Also, Not taking as Poking Fun, I evidently need help, and any info is great, especially from someone as you Circle,
Think about this…
When Traders {and I assume you are relatively new and that’s not an issue in and all of itself} scalp for a few [5-10 pips] this indicates a lack of understanding. This might be contributed to both the understanding of themselves and or the markets.
Scalpers like to get it, take it and run… as it feels good to be “right”. Like a catburglar or pickpocket on a hot streak. However, it is a considerable challenge to make long term success a part of Trading when you trade in such a limited capacity. If you take losses equal to and when it occurs… greater than your average win you are spinning your wheels. You don’t allow the market to pay you when your trades are profitably positioned. I’m sure you can relate and look back at a handful of trades you collapsed perhaps in the profit zone… but only see it run 30-50-100 pips from your scalp entry price.
If you can tackle the need to be in the action… and tackle the need to be right… and overcome the fear of giving some money back while in the market… you can see a better performance. The 15 minute chart should be your signal timeframe and the hourly the setup timeframe. Stop looking at the lower timeframes for a week or two. You will find less setups… you will develop patience as this is the cornerstone to Scalpers mentality that is lacking… all scalpers lack this trait… but it is needed for long term success.
Consider this…
Assume for a moment you are trading a 50k or 100k account and trading your style of trading. Do you feel the Market will always pay you like the style you employ presently? Do you think the emotional tug-a-war will go away you feel in the trades now or gets better… or do you think it intensifies?
At some point, and I would advise you to seek it sooner than later, you adopt a higher timeframe analysis approach. The markets have an uncanny ability to present a wonderful illusion of potential wealth with such a little movement over many trades intraday… but it will eventually take its toll on you and your equity. I know… I did this… and I am so glad I had the resolve to mature as a Trader and trust the larger swings to pay me and by doing so remove the emotions and fear and greed associated with ultra-short term scalping.
I say this as simply something to consider… and not to assume I am better than you or your approach… but my personal struggle as a scalper in the S&P 500 market… your trading mirrors my early days… and it lead to blown accounts and depression.
Anyways… like I said… something to ponder… Happy Holidays guy! :57:
Im Priniting that, and reading it till Im right, Thank_you for your valuable time Innercircle,
*Hat Tip,
Money, I’m serious as a heart attack. as u can see on my public project thread… i’ve been going nothing but LONG the euro.
It’s time… everything has been pointing that way… and now… I’ve been able to cash in on a large part of it. (up over 8% in the last 30 hrs in my own account…so it puts this month on track to match what I usually make on a full month…in juust 20 days.)
Anyway. Best of luck to you man… it seems you MAY be slowing down…also taking losses faster. good. and your equity is not plummeting as muc either…funny how that works 
Good luck man,
Jay
Jay, Thats freakin awesome man, great job…
I Remember that Post O so Well, ( about EU )
As of right now, I have no 1 and 5 M charts on my platform, Whole new book for me, and to think, 25% was my original plan,
Keep rockin it Jay, Im watchin
InnercircleTrader,
Lots of good points here but I wonder if you can explain your definiton of “scalping” for me. How long time-wise are we talking? I have heard some people define scalping as literally only seconds, while others say 5 min time-frames over 5 or so ticks. Still others call any intra-day trade scalping, as it seems you may be implying.
So, here is my take as someone who seems to have trod the same path you have.
First, I don’t think scalping (on the longer side) is essentially a poor strategy, particularly if you offset your scalping with longer intraday trades.
Like you, I started scalping small time-frames and experienced the same stress and 50/50 win/loss you describe. However, as I became more sophisticated a trader I found myself winning most short trades. 90% or greater on average. Not bad, but that took time to develop a good system.
Yes, smaller time-frames can give you more setups but only if you are not selective enough about your set-ups. Long or short time frame, bad set ups are just bad. If you don’t choose well, you will loose in any time-frame.
As for stress, its not the “scalper” mentality that causes stress. Its sheer ignorance. Bad strategy or lack thereof. Good scalpers make good money. The question is whether they make more or less than longer term traders.
In my experience scalping tends to make the same earnings as longer-term trades but Scalpers work harder for it. Further, when a seasoned scalper suffers a loss, its chump-change. Whereas a longer-term trader may be out serious cash.
My point is that I don’t think either strategy is necessarily better. Just different and applicable to different personalities.
I like scalping but I have also started taking on select longer-term trades while I “scalp”. This has actually helped me to set aside the longer-term trade and let it run because i’m focused on scalping.
Anyhow, I will let you all know how I do next week as I’m taking on only longer intra-day trades this week to test out a new strategy.
I call anyone with a R/R ratio of 2:1 or less a scalper 