Haha. I’ve had that feeling too! I haven’t tried it yet, though.
And I agree with scaling in once the SL has been ratcheted. Put that money to work!
But yeah, switching TF could be fun, but it’s a whole new bag of potatoes that requires a lot of attention.
It certainly is! The price action was advancing at a rapid rate and I was forced to make quick decisions to scale into positions for 2 currency pairs simultaneously. I don’t think I could’ve managed those trades well if I were on the H1 at the time. Atleast not with the 15-pip SLs I was using.
Maybe I’m wrong, but I feel like the thought process has to be already in your brain, because there’s no time for checking your resources. You just have to make a decision.
But that’s my goal anyway…
I think it’s smart to get to the point where you look at the chart, and automatically see what you need to see. And in just a few minutes, you make your decision and you’re done. Next!
I think that’s a very time-efficient way to trade. I’m quite slow at the moment. But
maybe some time on faster charts could help to learn quick-decision making skills.
Would it be worth it to put aside one or two pairs just for scalping?
Is the M15 considered scapling? I don’t know how fast scalping should be. God. I can’t even imagine anything faster.
Right now, I’m focused on building up my demo balance, so I don’t have the funds for it. But I’m curious about dabbling!
What would it take to get you jumping into M15 scalping? Just curious…haha
True. The though process was already there but by managing I meant I had ~8-10 trades running at the same time. For each of those trades I had to:
I was laddering into a new trade every 15 pips so that made the trading hectic. Could’ve avoided it by scaling in every 30 pips or so instead but I felt they were at the bottom or close to their D1/W1 ranges at the time I think, so I tried to make the most of the limited movement at the time.
I’d like to avoid it if possible. I don’t think I’m skilled or knowledgeable enough for anything resembling scalping. I’d really have to read up on, have to adopt different indicators and take on a new strategy to account for it.
Plus it takes time away from reading economic releases, central bank releases & keeping up to date with news and market analysis. Even trading on the H1 is hard and hectic to keep up with all of the reading required. I’d want to graduate to the H4 charts asap, but that’s a long way off and may need tweaks and changes in current strategy. Current one tested for D1/H4/H1 specifically.
Tough and terrible week. Down to $64.16. Lost almost all of it on JPY. Was way too aggressive trying to scale into trades on, what are now apparently, dead cat bounces on the JPY sliding the past 3 days. Massive wipeout.
And to think I had ~$160 in equity just before the slide down.
That was EOD for the 22nd. Should’ve closed and cashed all of them out that day. Expected it to continue and then the Yen tumbled. Had almost all of them end up in the negative.
NGL, Most of the losses coming in WED & THU. Barely traded yesterday but still a net losing day. Have two pending trades on the USDJPY and GBPJPY atm that are both tested the H1/SMA200 & H4/SMA50.
The cause behind it is the hyper aggression and not doing a good job at keeping up with the markets. Though the JPY PMI data on the 23rd and the CPI data on the 24th weren’t a concern (mixed - slightly positive readings) the markets are already pricing in an aggressive response from the BOJ, starting with the bond markets. I didn’t pick up on the news early enough. Was so preoccupied with the charts and the prior analysis that I only realized what had happened after the fact.
$hit happens.
What now:
Going to review the way I’m trading. I’m being way too liberal/aggressve with the scaling. This wasn’t something I’d tested in my prior trading. And I’m going to go back to the drawing board a bit and revise some of my rules. Going to have to be strict about sitting out of trades when both the fundamentals and technicals don’t line up.
Extra Stuff:
Found a great video from Kyla Scanlon (was a guest in one of the Real Vision Finance videos with Westin Nakamura). I don’t usually watch her stuff because she makes YT shorts. This one is a good overview of how the economy works though:
She does a great job explaining the diagram below:
Which happens to be part of her write up in her substack.
Nice! That’s definitely a step in the right direction. Self-destruction is possibly the biggest threat. I’m glad to hear that you’re building a stronger mind!
Hi @darthdimsky, thanks for updating this journal. It’s interesting reading.
I’d comment that (if I’ve understood your recent posts right) you have daily wins/losses of 30-50% of your account size. I don’t think this is sustainable cos a run of bad luck will wipe you out. Have you had to increase your capital at all or are you still trading with your original stake? (I.e have you blown your account yet since starting your journal?)
I would aim for profits of no more than about 5% per week. Forget what anyone else on Babypips says. More than this is simply not sustainble in the long term.
NB Before everyone jumps in, I’m talking net profits here, guys. I’m not arguing with the fact you can make 1000% in one week, cos we all know you can if you’re willing to lose it all the next week.
