Well, you could simply stick some pending orders at the boundary, that would eliminate the spread from the equation.
Good Morning Paul. The spread is the least of ones worries when scalping. Only, because scalpers will register with brokers with very low spreads. In my case the spread offered to me on eur/jpy is 2 pips. When I close my position for profit say 3 pips. That means I have covered my 2 pip spread + 3 pips more. Not to mention placing quick trades is a skill. You have to have more self- control then anything else. If you end up being bias, or pulling your s/l for any reason there will come a time in which you will get burned. As was my case yesterday.
I donāt remember why i posted this picture.
your worst trade is much bigger than your best trade. What you are doing is the tipical risk more than earned scheme. it is only a matter of to have a margin call. Sorry but you are not better thant the average trader.
My reality unlike the āaverage traderā is that I earn profit, and withdraw. While traders get stuck positions which may take 4 months for them to break even with. I will margin call maybe every 4 months, but the profit I have withdrawn within those 4 months out weights the margin call Simply look at the stats and reveals that. The last 3 weeks alone I have withdrawn over 3k dollars, from an account which I lost 2k in yesterday. I have then redeposited 500 usd and am working it back up. So before you attack anything, please bring up all the facts. We are here to earn money. Earning is what I am doing since I withdraw more then you actually place trades.
Son, I donāt care you are not protecting your capital, sonnor later you will be wiped out, you sound just like me 5 years ago, the results were very apinful. And here we tend to bully perfect traders, read the forum rules. Sorry but you risk just too much. I only risk 1% per trade and have a very low winning rate something near to 10% and I am doing good.
Anyway, it is not my problem, for newbies ot there this is the recipe for losing all.
First of all. Iām not your son. If you decide to use 1% of your account. That is up to you. Yet in your last 5 years. How much have you withdrawn? Load your account on myfxbook so we can see what youāve done. If your happy with a 10% win rate then good for you. Your better off playing heads or tails. Yet, my reality is I WITHDRAW MY PROFITS. THE ACCOUNT I BLEW YESTERDAY I have been able to withdraw more then what I deposited over 1x I have also funded a new account, and Iām almost up 100% on that account. It is much easier for people to say" You should do this, or do that" once a person fails. Yet, when I was on a roll no one posted a single negative comment. My purpose was to show people you can win using 1m charts, and the best money management is withdrawing your profits. :41:
no, the stats reveal you have lost 2,2kā¦
total from the 1st account: $4638.62, total from your second account: -$6875.29 total profits: -2235,67$
after few months you have lost 2,2kā¦
and looking at your last trades, it seems like you are trading without sl againā¦
in resume, you have destroyed 3 accounts and lost 2,2k in few months
Precisely. In the past I have withdrawn something like 1500 but losing the entire 2500 short after, it was very painful to me but I have learned my lesson.
Be humble with the market or market will humble you
lolā¦ Where is your account. Let me see your progress?
LOL, do you think we are stupids?
I was referring at the other account you had, the one you have removed from your myfxbook.
this account:
Client1 System | Myfxbook
However, yesterday i knew this was going to happen so i took an screenshot of your āclient1ā account.
let me highlight it for you:
Same pick with zoom:
*note: who is the blind now?
You take the time to take snapshots of a persons loss. And only comment when the person losses. Yet prior to that you were not where to be found. Yet that account I did not trade at all on thrusday. Client felt he could do it on his own, and he ended up blowing it himself. So as for account which I posses and own, that has nothing to do with my total. To show you how liquid I am. I will open two new accounts with fxopen. Be sure to take snapshots after every trade. Your the definition of a troll. Where is your account? Or are you one of those āDEMO godsā WHO give noobs advice but never trade? :38: Party starts again on Monday. Be ready to be amazed.
I hope you can be profitable but I doubt it. You do not seem to understand the concept of Money Management. Loosing $7000 on another account as the other poster has shown and then blowing this account is crazy! Stick to demo trading for your own sake until you can trade profitably for a few months at least. Maybe you should also read some posts around here until you learn more before posting in the free forex systems section as its not a system.
Thanks for the advice. Although lack of self control, has nothing to do with money management. Me withdrawing profits when I had it is the best money management anyone can have. That will allow me to re-deposit come tomorrow, and have a fresh start at the market. Trading bias is something which settles in from time to time. Which is why I withdraw as much as I can. Demo trading isnāt going to solve that.
There are some other valid reasons why you should stick with a professional level money management system. First off, any system is only good in a probabilistic sense. Your system might generate high success rate, but its still dependent on price patterns. Its not a sure shot as arbitrage, for example. So for certain you will have losing trades as market patterns are random by its very nature. You experienced it first hand last week. Second, your broker is not your friend. The moment they sense a pattern in your high profits, it wont take them too long to reverse engineer your method. Not that all brokers would work against you, there is substantial evidence that they can do it in a non regulated market should they intend to. Its pays to be informed of dangers associated with anything. Third, long term trading success is all about your own psychology. Greed is good only to a certain point, afterward it consumes you by giving way for fear of losing and it has done that since the prehistory.
Just my 3 cents, up to you to take it or leave it. I do not intend to say that you should not take risks, but you should only risk big if you have discovered an inefficiency in the market itself, which is not most of the chart traders do. Good luck!
Thank you for your informative insight. There are many theories as to āmoney managementā. Yet, I believe in withdrawing profits especially 50% of your total account as soon as you have. Only because this is my profession. My only source of income is currency trading. So 1000 usd a week is excellent money to me. As to my risk level.
I for one never understood the sense of depositing xyz amount, to only risk 2% of your account. That would mean the 98% of your account is to āPROTECTā your original order. Which of course is āBias tradingā. One would rather concede 98% of his account, instead of putting into action. To each its own.
I for one do not believe in āLong termā anything. We as humans believe we will live for ever. Which is why so many people āinvestā. Look at how many people lost their investments in 2008. You will not be able to find anyone on the internet (like you and I) who has posted their transactions for more then 3 years in which they are up more then 10%ā¦ Long term trading doesnāt exists in forex, because of our natural BIAS towards our position.
I could of easily traded all the way to 1000% profit, and the bashers would of remained queit. Until a margin call of course. Yet the reality is if we were to compare my last year of deposits to withdrawals. Not only would I have out preformed them. I would of been able to withdraw more then 10x what they have in their account right now.
Iām curious as to your future plans for this thread. Lets say you start blowing up the account again and fully recover your losses from the last week and then some. Do you plan to show the system in its entirety? Based on your past responses it seems that the general guidelines are out there, but not the actual rules of chart drawings, exit/entry, etc. for instance you stated you only use an MA to enter and exit, but it looks like you have bollinger bands and some other things on there? I can understand wanting to keep a strategy secret; if I found a true holy grail I donāt think I would share it on here. However if there isnāt more guidance on the topic, then this thread can only go as far as to say āyes indeed scalping is a viable method of tradingā, which I donāt think is all too useful. So whatās next?
Hereās my experience of writing an EA to test this idea:
As you can see, the entry points are highlighted by the blue arrows, but the result is less than spectacular because the scenario Iāve shown keeps on happening, which makes this unprofitable in my tests.
I might well be missing some crucial element of the strategy of course
Cheers, Paul.