Hey Folks,
I really need some help here. I can’t seem to do anything right. No matter what I do I end up scalping. It’s driving me insane! My interest in FX came about because of the ability to trade around the clock. I’m not sure if I’m just not trading the right pairs or what, but it doesn’t seem to be working! I’m GMT -8 (PDT) so waking up at 5AM for London/NYC…you know. I was messing about in the 5Min. timeframe, but I seemed to get whipped around on a lot of false signals. After reading about the cowabunga system, I decided maybe I should try the 15min time frame. However, it seems every move or signal from any pair happens while I’m asleep (PDT).
What pairs are best traded after the sydney/tokyo opens? While I'm working on alerts for the cowabunga system across a couple pairs, I have been trying to trade the 15M(Actionable Timeframe)/1H/5H with the Ichimoku cloud. It seems there are valid signals as it is a moving average trend following system, it just seems like I'm not there for any of it! It seems you can make a simple trend following system with just about anything if the volatility is there. Bollinger bands alone or even a Keltner Channel could do well during trends, BB probably better off during ranges. Anyways, I'm losing my mind. I'm only risking 1% of my account but that works out to be scalping my butt off for $5 here and there. Not worth the risk! Someone please intervene and guide me here! Thanks in advance.
Did you start trading in April? That period is scattered with false signals.
Timewise I would consider a script. You have some stratgies in mind with signals that can be automated. That way you don’t have to stay up or get up early to catch the entries.
Started FX in April, yes. I’ve been trading options for a few years now and the occasional futures (again, when I’m awake). Scripting these would be one option, yes. However, I like to be there to make the trade and watch the position. There’s so many different programs with scripting though, it seems difficult if not impossible to choose. I love ThinkOrSwim, and they have their own scripting. Then there is NinjaScript, which has great testing and backtesting. I’ve considered trying and getting access to NT7 and using the record feature to record certain sessions/pairs and then playing it back off hours and trading as if I’d woken up at 5AM.
However, I am not mechanically trading the Ichimoku Cloud. I have to be present for that as there are way too many things to take into account before pulling the trigger.
I will level with you to push you to think differently. So don’t take it the wrong way.
I don’t care if you like to stay at your screen to enter a trade or not. If it is not working for your strategy you should set aside what you like and do what makes it work. You are a CEO my man, you want to make money even when you are not around.
Yes, one way is switching pairs and look for other strategies, but at one point you will see that it is actually not in your favor to babysit trades and you want to look for ways not to do that. Try to look for these ways now.
Make the way you trade less dependent on you. It looks like your unfavorable time zone helps to motivate you to do that. And if your strategy is too complex and you feel uncomfortable to leave your trade, you are probably trading too tight.
But Sydney and Tokyo, you probably have to look for yen and aud. PipMeHappy likes to trade those, so perhaps you find inspiration in his threads and videos.
Don’t scalp then. You might want to try swing trading but it won’t promise you massive profits in every trade.
What it may give you is the consistence of a good big win - small loss record.
If a strategy or system does not work the way you imagine your career would work, then abandon it. You might want to give it more tries but if you can’t take the stress, then move on.
Try to be swing trader, don’t force yourself into scalping method if it is bothering your daily routine.
I also want to be scalper at the first time. but i don’t have much time to do that.
so i switch to swing trader that give me a lot room and space.
Make it simple. Use H4 and D1 time frames; remove all indicators and leave it a candlestick chart; Draw support resistance zones (triangles, wedges, whatever) and focus on trading like that. If D1 chart shows downtrend, pinpoint your entry on H4. Use small lots and larger SL. Soon you’ll start sleeping easier and you won’t miss out any moves.