[B]Profit for the day: 0.321%
current account balance: $1010.16[/B]
A profitable Day
Jay
Congrats for that! I closed mine on 13274 for 30+ pips. Better safe than sorry.
It could go higher, but the weekend is close. Happy weekend! 
Whoopsā¦sorry guys. I accidentally posted a trade up in my other thread that was meant to be here. geezā¦ trying to walk and chew gum is hard!
Anywayā¦it was a long eur/cad. here is a link to the page that I posted it on:
The trade was taken risking 0.30%. Andā¦from the looks of it, i closed it out way too early. Anywayā¦you get can the time stamp from the other thread to see exactly when I took it (within 60 seconds or so anywayā¦iām only human, and am yet NOT able to type and trade simultaniously)
anyway, including that profit, the day turned out to be:
[B]UPDATED and correct profit for the day: 0.735%
current account balance: $1014.33[/B]
Moving in the right directionā¦
Jay
Good work Jay. Keep up the arduous task of keeping us all updated!
Dave
Nice work on that EUR/USD long! It seems like you hit that one perfectly. I also walked out with some pips on mine in the opposite direction, not as much as I hoped, but positive territory is good. Until I blew it on the walk up that got you your pips with another more ill-conceived trade on my part.
totally agree with you on the tough call on the asian when in middle of the daily range - itās always easy to buy or sell for a session when it opens while price is near the daily hi/low. itās a wonder more folks donāt know thisā¦considering how many talk about ābuy low, sell highā. and good trade RC.
Jay
funny talon, i said the same thing earlier! turns out tho that bucks is just a wild and crazy guy like that. ohā¦and his trading bots prefer pretty charts to the boring, drab āred candle, green candleā stuff. Maybe his bots are counterculture bots who shun āmainstreamā thinking :::shrug::: who knows! 
Jay
Thank you money
Jay
No your right Bucksā¦ they do have checklists.At this pointā¦ I have a few basic things in my core trading plan (90% of it covers markets I trade, VERY GENERAL entry/exit rules, and the rest of it is risk management, risk managment, risk management), and now this journal here in many ways is how I will work through my own trading to create a more comprehensive, more effective, more controlled trading plan.
with regards to flyingā¦ I feel like a guy who found a sesna in a fieldā¦and after some years of teaching himself how the thing works and how to fly itā¦ he now has a good enough understanding of what he needs to do to stay out of trouble and enjoy the flying.
That being said, in the process of learning how to pilot this sesnaā¦ he got good enough at flying to be a jet fighter pilotā¦ but because he is self taught AND has only been really flying well for about 2 yearsā¦talent plus aptitude do not necessarily translate directly into hands on flying ability.
So, now this pilot is trying to develop those more extensive lists and practical skills that are required to fly a fighter jet, because that is the next step in his progession as an aviator.
Hope this analogy explains it well.
Jay.
P.S. give u one guess who the pilot in this little story is 
I love scalping futures man. cleaner movesā¦more reliable volume data. no real spread to speak of (other than bid/ask). I love em!
And thanks for the support buddy. So far, this thread is greatly helping me gain the clarity I need to move up in my trading careerā¦so I have every intention of keeping up āthe solid workā!
Jay
Seanā¦thanks for the support.
I honestly donāt know if my forex spot broker (oanda) places such limitations on my account size.
For my futures tradingā¦ I know of no such limitationā¦and actually canāt imagine one. Maybe if i was swinging a 9 figure accountā¦that might be an issueā¦but even then i doubt it.
I trade both my spot account and my futures account under the same basic principlesā¦though my futures trading iām more short term generaellyā¦and more aggressive about taking both profits and losses. I find scalping forex futures much better than scalping the spot market.
[B]As for āwhat iāve developedā, my approach to trading will work in every market, in every market condition, under all circumstances, regardless of broker (as long as they arnāt some extremely shady bucket shop type operation), and likley will work forever.[/B]
I have traded stocks the same basic way, and I do trade oil and gold regularlyā¦occassionaly a silver tradeā¦once in a blue moon a bond trade, stock index futures, as well as spot forex and forex futures.
I have used 3 different brokers for thisā¦and it works in all of them, all the time.
I trade conceptually and discretionarily, rather than mechanically.[B] I use the following concepts to make my trading decisions, and this concepts hold true in every market Iāve ever known of:[/B]
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Price moves to size. It will move up until it finds enough supply size to absorb willing buy orders, and at that point, price will start to move down until it finds enough demand size to absorb the selling and then reverse price back to the upside again.
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losers NEED to cover. winners never do. I find where big losers are, and fade the price moves into their positions
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Long, strong, fast moving candles to the upside donāt actually mean a great deal of buying necessarilyā¦ it really often means a LACK of willing sellers at that price range
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in a healthy trend up, moves up should be on above average volume. pullbacks should be on lower than average volume. If this reversesā¦ so does the trend.
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where the market was overbought and sold off from, in the pastā¦it will likely be overbought at that price point again in the future
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Top performing stocks, sectors, and markets in general have inertia. The best yesterday is likely the best today. Same for the worst.
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I can nearly always understand the immediate āstoryā behind price actionā¦as in not what a candle or swing ISā¦but the INTENTIONS behind it, how order flow must have worked to create a particular swing or candle. I can even often understand how that fits into the big picture. I trade stories, players, and intentionsā¦ not price action patterns or trend per se
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I find areas of low liquidity, and push into them. (this goes with point 1ā¦itās the other half of āprice moves to sizeā)
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markets are mean revision animals. Find something statistically out of whack, and know it is only a matter of time before it reversese until it is back āin whackā
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the market will generally find a way to create the most losses for the most people the majority of time. I figure out what it would have to do in order to acheive thisā¦and put my orders where I can capitalize on other peoples soon-to-occur losses.
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factual information is FAR, FAR less relevent than peoples EXPECTATIONS and FEELINGS about factual information. I
put much more emphasis on how people feel about any markets fundamentals and facts. If they feel BETTER in general than
they did beforeā¦ i expect moves to the upside. reverse that for the downside. -
all markets are interconnected and related in some way. That relation is either positive (like gold and aud/usd or eur/usd and the U.S. stock market these days) or negative (like crude oil prices and usd/cad). Some tend to lead while others tend to follow. Although this relationship can and does changeā¦ I keep abreast as to what it CURRENTLY is, as
it can foretell likely future price moves in other markets. -
When everyone is short (and I mean everyone), expect sudden, explosive moves to the long side. If fundamentals/market sentiment also support these explosve moves upā¦expect moves that will be measured more often in double digit percent changes in the underlying asset class, rather than pips. (because at this level describing how many āpipsā a move was becomes kinda sillyā¦ āI made 2,743 pips on that swing!āā¦etc)
13b. when the market sentiment is most extremeā¦ this is when the best reversals happen
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a confluence of the above factors creates the most powerful trading opportunities, both in terms of success rate and ROI.
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I never have any control over anything in any live trade other than how much I lose. I have no control ever over how much It will makeā¦only how much Iām willing to lose (or give back)
[B]As you can see, this list is applicable to every market, in every asset classā¦and will likley hold true for all of them.[/B]
I trade concepts. I donāt trade setups. Setups may start to fail or need to adjust to new markets, brokers, asset classes, market conditions, or a variety of other factors.
Concepts such as those I listed above are univeral to markets. [I]They always work[/I]ā¦no tweaking needed.
Jay
Thank you Dirtyā¦ I do too!
As a rule I donāt discuss brokersā¦ but if you ask around others will. I will say I have had experience with Oanda, and have no reason to dislike themā¦and they would meet your funding requirements.
I will post a link to my webinars once I decide on what time they will be exactly!
Thanks for your interet. hope to see you around more.
Jay
Simon, thanks for you comments. I particularly appreciate the fact that you see the ROIās I will be acheiving as I scale up to ātypicalā risk sizing in this account (around 1-2% per trade is typical IMO), and the current market conditions and the difficultry they can present.
My reasons for going long around 1.3300 were based on a high profile option trade that occurred at that level, and that I know we are ādueā for a retracement (and short squeeze, IMO). Not going to expand on it other than to say thisā¦ some options positions are worth hundereds of millions or even billions of dollars (no joke. Once saw a single exotic option position that was sold in an amount of over 750 millionā¦and this isnāt unique), and some larger players have very compelling interests in making sure price is at a certain place at a certain time, so that these options either expire in the moneyā¦or out of the money.
I almost never just āpick a bottomā of courseā¦ Iād say 98% of the time I have a reason to buy a drop in priceā¦and it almost always has something to do with supply and demand, order flow, and liquidity (or the lack there of)
Hope this helps
Jay
P.S. I closed that aud/usd short once I heard the news that it was a particular level that a soverigen nation was aquiring aud/usd at. I posted that up in realtime tooā¦maybe 2-3 pages earlier. Hope you didnāt get caught in the upmove caused by this supply/demand imbalance.
Moneyā¦ I saw this post again while I was going through my thread here to isolate what my losing trades were, and what (if any) comments I made about them while trading them.
Anywayā¦ was wondering how your trading was doing? you mentioned your gunning for 10% each day. are you still up over the $20? and if soā¦how is it working out?
Just curiousā¦if you donāt mind responding.
Jay
Hey Jay, Hows it going Man, pretty darn great thread you have going here. Your making awesome progress.
Well, about the 10%ā¦,
Got greedy, made a bad trade, didnt follow my own rules, Playing catch-up, crap hit the fan,
Its like nicotin, Just Cant Stop, DOH, āStep Awwwayy From The KeyBoardā
Jay, with all that said, Im sitting at Hummm, I dont know, $3.01? maybeā¦
Then, I was sick for like 10 days, staring at the screen, zoned out, get my 10%, then cant sleep,
Because my life dont allow it during the day, so I stare more at the screen som more, and then start trading stupid,
Its not he system, its not the money management, Its me, Uggg, Againā¦
Very said to say, but I would be much more successful, if I was held accountable at he end of the day.
Simple as that.
I make 10% in, I dont know, Like 45 minutes every day. THen theres that 1 trade, " 5 pips, it will come back, "???
No, It wont come back Dumby, Close it, and trade the other way atleast,! But what if it changes again, like it always does
when I make a trade? Then Reverse it again, Cut he lOsses, and get rightā¦
What???
Yeah, its crazy here,
Does it take a smack to the face everyday,??? I just need 140 days, Commmmonnnnn Mannnnnnn,
Im not addicted to Tradin, Im Committed,
a couple questions:
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why donāt you have an automatic 5 pip SL set for when you enter your order. When I trade, even when I enter market orders, I have it set up so I have a stop in place at a set pip value that will trigger at the exact same time as my order.
This way, I canāt say āoh, itāll come backā¦iām just gonna hold itā. Because iāve already got stopped out automatically. -
why donāt you have a max losing trade per day stop? like āas soon as I have 3 losing trades, I just quit for the day. period.ā If you donāt have this (or somethihg like this), youāll never make it.
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why you insist on making 10% per day, scalping a few pips at a time, is beyond me. I would think after this much
time trying the same thing, over and over, and not having success, that you would try something different. So when you say āitās not the system, itās not the money management, itās meāā¦ well, i got news for ya buddy! you ARE the system.
Itās like saying āI didnāt have a heart attackā¦ itās my heart that just didnāt work well, but not meā. you and your system are one in the sameā¦ like you and your heart, or you and your emotions.
If you arnāt able to work within the system that you have createdā¦ then find a different system. Look, itās like this. Is it easier to find a pair of pants that fit you? or is it easier to gain/lose weight and grow taller/shorter in order for you to fit into a specific pair of pants?
sounds like your trying to shrink 4 inches and lose 20 lbs to fit into a specific pair of pants. Good luck.
I personally didnāt have any success trading until I quit trying to do what I liked, and just did what I needed to do - which was swing trade stocksā¦buying 1-3 a week, and holding them for 1 week - 8 weeks at a time. That was when I first was successful at trading.
Anyway, I think iāve said this to ya beforeā¦ and I likely wonāt say it again! Butā¦ the day you quit scalping, and just learn how to take a single trade a day and make that profitable, that will be the day you start moving forward in your trading.
Your whole point of āI only need 140 days and i did it!ā
Thats like me saying āI only need to flip this coin heads 20 times in a row, and I did it!ā
It may not seem like muchā¦ and youād think it could be pretty doable eventually. Except the odds of me actually being able to do that is 1 in 2,097,152.
Mind youā¦ It doesnāt mean that i will get it within 2 million flips. it might take 3 million, or 4 million. itās just the oddsā¦ not a guarantee.
and a coin flip will never allow for my own emotions to mess it up! itās absolutley emotionless. Soā¦ you also have this working against youā¦ wow. iād dare say itās just simpleā¦impossible. and I RARELY say anythings impossible. but thisā¦ya.
Anyway Moneyā¦ I donāt wanna get too off topic here, but just try to take a single trade a day. heck, even open up a seperate account for that if you need to. demo it, whatever. The problem is, you donāt just want it, you want it your way. and the market doesnāt work like that.
Hope this helps you out!
Jay
P.S. Iām really glad you like the thread! If it helps you out in generalā¦great. glad it could do that.
U sound highly strung. U need to take it down a notch.
Sean. I wasnāt realy thinking time frameā¦ other than itāll be before london closes. And yesā¦ I think it has just about bottomed out. I would expect a bounce to around 1.3450 - 1.3500 before resuming the downtrend. Right nowā¦ I think there are a lot of people that are very short, and will either want to take some profits, or not get caught in a potential pullback.
Remember, in general, amature traders sell after a long drop in price. Professionals buy after a long drop in priceā¦because the only way to make money in any business (including trading) is to buy at one price, and sell for a higher priceā¦or sell at once price, and buy it back when it is cheaper.
All things trend, until they donāt. I have my reasons, I just happen to think itās fairly oversold right now. and the dollar index is overboughtā¦soā¦ I have actually some pretty compelling reasons that I think not only was my trade good (it was) but that we re going to be moving back up for at least a few hundered pips.
Iām a counter trend trader by nature anyway. iām generally buying into a drop in price, and selling into a rise in price. Of course, I have some general and some specific rules I follow in order to make money doing it this wayā¦as it can be an expensive approach if one doesnāt know what they are doing.
Jay
OK guysā¦ got the RSVP list for webinar 1 all completed. Please check it out, and if you want to attend, please respond in this thread or my other thread located here:
Also, right now there are 13 people who have RSVPād for 2 hours after london (monday, 5:00 AM New York Time), and 6 who have RSVPād for before london.
Let me know if you want to be included in the webinar. Also I will be posting the webinar information up about 4-6 hrs before we start.
Will see you all then!
Jay