Mad Scalper

Trading Systems Free Forex Trading Systems
615

What is your average pips gain per week using this method, and what stop loss level you use? 20 pips? 30 pips? more?

616

Good day
Interasting day today :slight_smile:
Got two trades and both on EJ +30 for this nice day :slight_smile:
second trade was a bit scary cos i closed it only 2 mins to the news but I got lucky this time :stuck_out_tongue:
You know its a bit funny about this system like it is unbelivebly good :slight_smile:
Thanks Pete!


617

My stops are usually determined by obvious support and resistanceā€¦but usually 25-30. If it is a fairly steep trend the pullbacks donā€™t seem to be too deep, so the stops are closer. As soon as the price has moved up nicely I move my stop to break even or +10. If I set my stop too close I often will get stopped out from the price action and then watch the trade continue onward. I usually get 2 to 4 trades per day with 10-30+ per trade. Later on in a trend Iā€™ll only go for 5 if it looks like it is slowing down. You have to be patient and donā€™t jump the gunā€¦and donā€™t be too greedy or youā€™ll see it retrace and lose you gain. Sometimes I think that I might be better off if I just went for 10 pips each timeā€¦then I wouldnā€™t fall victim to my greed. I am my worst enemy. If I force myself to follow the rules to the letterā€¦I do really well.
Someone once told me that if you could make one trade per day for 10 pips profit with no loss you could make all the money you could want. I think this strategy could do it if you have the patience to wait for the right set-up. The question isā€¦ME. The HUMAN factor is my biggest enemy!

618

LachieD, Thatā€™s the way to do it.

619

questions

  1. You mentioned your stop-loss is usually determined by S/R. What about your entry ?, do you take into consideration about MML ? for entry ?

  2. Also, do you always trade during London and US session only ?

  3. You mentioned that if the pullbacks occur for pretty sometimes, it might indicate a trend reversal right ? so in this case, even though it changes color from red to blue ( long case ), we will not place our order, am i right ?

  4. Also, for mad scalp, you apply some of PeteFaderā€™s VSA thread also ?

Thank you so much!

620

[QUOTE=foobee;178308]questions

  1. You mentioned your stop-loss is usually determined by S/R. What about your entry ?, do you take into consideration about MML ? for entry ?

  2. Also, do you always trade during London and US session only ?

  3. You mentioned that if the pullbacks occur for pretty sometimes, it might indicate a trend reversal right ? so in this case, even though it changes color from red to blue ( long case ), we will not place our order, am i right ?

  4. Also, for mad scalp, you apply some of PeteFaderā€™s VSA thread also ?

Thank you so much![/QUOTE

Since I am in US mountain time zone I trade late London and US sessions. I usually take a quick look in the evenings to see if I can spot any set-ups. If I see a potential set-up I immediately go to a VSA type chart with just candles & volume. I start at the weekly and go down to the 15 min charts. Iā€™m looking to get an idea or feel of where the price is in relation to the whole picture. I especially look for support & resistance, trend lines, and pin bars in relation to volume. I find Petefaders VSA thread VERY useful.
If I decide the price is not in a danger zone then I take a closer look at the 5 min mad scalp set up. I zoom in & out and look for more danger tipoffs. I do take MML and fibs into consideration. I probably watch them more closely when Iā€™m watching for an exit. I think they are a valuable tool.
I try to follow the rules by the book but am often tempted to fudgeā€¦usually to my detriment.
If Iā€™m patient, I do well. If not, I pay the consequences.
Keep in mind that I am a beginner, probably like most of the rest of you. Iā€™ve jumped around trying to find what works for me. Iā€™ve been trading off and on for about 6 years. My emotions are my biggest enemy. A few years ago I resumed trading after several months offā€¦my mini account was down to less than $200. I decided to really concentrate on trading correctly for awhile to see if I could really do it. I made a lot of small trades of 5-40 pips. After 6 days of trading my account was at $1,050. I started to calculate what it could be in 1 monthā€¦1 yearā€¦etc. I started to self-destruct. It was all gone in 3 daysā€¦including my seed money. Soā€¦I know it can be done. But I have to master myself first. I demoā€™d this for a several weeks. Now Iā€™m trading a mini/micro account. My plan is to gradually increase my lots as I learn and have success. Iā€™m concentrating on money management and the physiological aspect. If I screw up I will drop down to the smallest lot size again and start over. If you have any suggestions or have gone thru similar challenges and have figured out how to overcome themā€¦please share. Iā€™m no spring chickenā€¦68 years old. I figure this will help keep my brain activeā€¦better than watching TV. Weā€™re all in this together. We can help each other learn and be successful.
I like this strategy for itā€™s simplicity and ease of use.

Good Luck

621

Good stuff PTB,
Easy to read your posts and glad the Mad Scalper is working well for you. Iā€™m still learning to master it and also agree a lot to do with it is me, myself!

622

Thank you PTB
P.S In your latest posts is veary valuable information for all of us. thanks!

623

So what would be the absolute perfect setup on a chart

624

Hey Spitfire,

I hope Iā€™m not flogging a dead horse but from my post #1532 I wrote about how reducing my lot size from $10/pip to $1/pip removed my fear of losing.

Itā€™s those gremlins, demons, inside all of us that want us to make a killing to better our standard of living. By following the gremlins and demons we trade $10/pip hoping to get $1000 from a 100 pip move. Unless we have a $50,000+ account, this is way too much for our ā€œreal and logicalā€ emotions to handle when the trade turns into a 40 or 50 pip loss.

We have to fight those gremlins and demons and not let them interfere with our logical and ā€œreal worldā€ thinking. As others have said, drop down to a $/pip level that is comfortable for you to accept WHEN YOU LOSE. The trick is to base it on LOSING and not WINNING. Forget about thinking how much you will win and instead focus on how much you will lose. Doing this controls your losses and you will find the winners just take care of themselves.

I was told this a long time ago and rejected it - itā€™s taken me 9 or so years (and many $thousands lost) to finally realise and accept this and put it into practice. After doing this, I was finally able to treat my trading as a business - some you win, some you lose and after a loser, just quietly move on to the next trade.

Also, with a lower $/pip, you can put on multiple trades. Bank a third after say 20 pips and move the rest to break-even. This way you make 20 pips no matter what the rest do. If all goes well, bank another third after say 50 pips and then trail the final third.

Donā€™t be an idiot like me, Spitfire, and wait 9 or so years, DO IT NOW!

Hope this helps.

Rock n Roll,
Strat

625

I like to see a nice upward/downward trend on the 5 min with no obvious support or resistance showing on the larger time frames. Not too steepā€¦because it doesnā€™t stop and retrace so I can get inā€¦but just steady 40-45 degree angle. Not too flat because it may not have the momentum to keep going. Elevated volume above the average shows that it has energy to keep moving for awhile.

I suppose I could go on and on but thatā€™s basically what I like to see.

626

Shorted here and failed (USDJPY):

And it doesnā€™t seem it will reverse soonā€¦Iā€™ll prolly get a S/L on this trade.

sigh

627

Hello
I think youā€™r trade is before London open and the market is still not active in this time. Also on your entry bar there is no volume and to take a good entry we need some volume and I like to see increse in volume on entry bar and in your entry there is decrese. Try this system in more active times
Hope this helps :slight_smile:
P.S First Pic of the thread with explanations from Pete I have on my desk then I am trading :stuck_out_tongue:

628

Try to trade only London and New York sessions. If you trade EU, GU and EJ, you will have 1-2- maybe 3 nice trades of 10 pips on London session.

629

Quick and Dangerous. Took this trade and got +10 :slight_smile:
Think this is dangerous trade becouse entry is on upbar but I got lucky this time :slight_smile:
Searching for more entrysā€¦


630

Anyone watching EURCHF? Its broken thru support on the weekly, daily , & 4hr. and has quite a ways to go to next support. Its sitting on MML and has already had a nice run today. Has a nice slope to it but may be losing steam. I think it bares watching. There is an entry signal on the 1 min, for the adventurousā€¦but that MMLā€¦but a very short stoplossā€¦

631

EU-CHF is not good pair to trade, not so much trading opportunities.

Today run is nice, but when you see past month , it is so lazy.

632

Just took 2 pips on that drop. But I see itā€™s slowing down and reaching extremely oversold level. I chickened out. Shouldnā€™t the Swiss National Bank make a move soon? If so, weā€™ll see a nice upward trendā€¦

EDIT:

Damn, I just missed an upward spike on USD/JPY, and I had a long position there, but with a very tight take profit because it was lingering there for hours. The spike closed the trade with suck low take profit. 2 pips.

sigh

633

Anyone notice how powerful this method is on the 4hr gbpusd chart. It looks like it is VERY dangerous if you trade against the color of the 4 hr chart with a 5 min trade. If you traded the 4hr chart with a wide stop (75-100) you could be very profitable. If you locked in just 10-20 pips you would win 90% of the time? Watcha all think?

Looks like this could be a very good template for those who donā€™t want to scalp/day trade. I going to try it on a demo or micro.

634

Two profitable trades using this method on EU pair, but still in negative for today because of initial stop loss trade on USD/JPY.