The underlying motivation for my post was to try clarify for beginners reading this (and that is what the forum’s intended for, you know?) that this [B]isn’t[/B] what “scalping” means at all.
Be fair: it’s only going to confuse people looking at textbooks and/or websites, if they see a completely different description of it here from how everyone else in the trade uses the term, you know? :33:
Sorry if my post offended - I did even go to the trouble of putting a joke/witty comment in it, in an attempt for it [B][U]not[/U][/B] to offend. :8:
No - it really isn’t.
It’s how I often trade, myself, and it really has nothing to do with scalping at all. Sorry! But as the saying goes, “that’s the way it is.” Scalping is something completely different.
Bro, you making things up now. Just like the inconsistency you have displayed over the years in the forum. Scalping is a term abused by marketers/ bucket shops to attracted unsuspecting newbies to the fantasy of easy money. Then bleed their account dry.
As more experience speculators on an educational site we should use the correct terminology. That’s all. Don’t read anything else into that.
As for what it is, however it is you do these days, the only person you have to prove anything to is yourself. Getting all work up like this reflects badly on your ability to control your emotions. And as we all well understand emotional traders are bad traders.
Probably the reason Lexy and myself are able to comment is because it’s so similar to how we do things. The exception is we don’t used fix pips to gauge our trades. We let current market conditions dictate that. I use 70 tick charts but have had to revert to minute charts. It’s all good but because the same price action forms all time frames. My stops can be anywhere between 5 to 24 pips but I use my boxes to determine that level as it is the nearest lead indicator for current market volatility. I always look for a 1:1 RR ratio as my research has demonstrated that this is the only profitable target. Lexy has the advantage as she trades futures so can also see liquidity at the same time.
But from my experience, the only way to trade profitably with a 9 pip stop is to use leverage. This increases trading costs significantly. With a 3 pip trailing stop you are going to save many trades but equally loss much profit by getting out way to soon. Also you restrict yourself to only a few pairs you can trade with making things almost impossible.
There are very few people here that can do that but I have always believed that if anyone can it would be you. You where as mad as a cut snake and its a quality you need to trade like this.
Geez, I’ve come up with a couple of memorable lines this week but this tops them. Well said bro and I couldn’t agree more. Probably one of those eureka moments we all have to go through to turn things in our favor.
1000 pips? Are you sure? Sometimes it can take month for a price to travel this distance. I think you are talking about 5 decimals chart with pipettes where your 1000 pips turn into correct 100 pips.
My general recommendation on this matter is to risk fixed size from deposit for example 1% per trade. I use special EA on my Hotforex platform which automatically counts and hints correct 1 percent from current deposit (as it depends from gains and losses), counts risk of ruin and other useful investment gauges so you can prevent any deviations from your MM. Also it has little impact on correctness of your trades its a good protection from wrong trading decisions.
First reason you put a stop loss is a place where your analyses are wrong.
Second reason is to limit your losses (risk management), having a predetermined range of risk taken.
Where you put the stop loss you establish before you enter the trade.
You wait for the price to reach a level where your future trade’s stop loss respect the two criteria mentioned above, then you enter the trade.
Ohhh, i thought you were. Where is your motherland?
Thanksgiving, was actually a religious Genocide movement, much like modern day sisi ( I know spelling), but by the England outcasts that came to America. Its actually a messed up holiday if you know the real meaning of Thanksgiving. But in todays way of life, it became an Holiday to eat and be with family and friends, and for one day, be gratefull for everything we have, the people that surround us, and count our blessings we are still on this planet.
Thanksgiving was a feast inwhich the Pilgrims celebrated victory, so they had many each year, but it settled to just 1 single day, instead of several over time.
If you have a TP and SL at 10 pips, and you are trading Eur/USD, U actually need to get 12 pips, since you are starting down 2 from the spread. Thats a 20% comission on your trade which in my opinion is crazy talk. This makes commission a huge burden to make up to be profitable,
Now if you have your TP and SL at 100 pips, then 2/100 is only 2% commission. This is gives you alot more breathing room to be successful.
2/500 or 2/1000 is even better. At these commission ratios you only need to have your trades be slightly above even to be successful.
4:3 reward/risk w a 3 pip trail? With a 5 pip spread you would need to be up 8 pips before you lock in b/e. The bat of an eyelash will trigger that trail.
It depends on individual choice capital and risk he is taking in trading that how many pips he is going to set for take profit and stop loss. Usually people plan up to 50 or 100 pips when they use these tools. I prefer to plan 30 to 50 pips with small lot size.