Mad Scalper

Hi Stephen,
You will not be able to use the Marketscope as it is FXCM’s proprietary software and the indicators etc are for MT4. If you look in the FXCM website, you will find also a demo MT4 account. I had a bit of a problem finding it first, but if you type demo MT4 in their search engine at the top of the webpage, you should find a link to download the MT4 programme. Download that and install it (very easy process), then follow the instructions I posted a few posts ago, or as Petefader also suggested - google “how to install MT4 indicators” and you will have quite concise instructions, but I think I explained it fairly OK yesterday for you.
It is really good to read the whole thread, but it will take a while. I have read it twice so far and now believe I have worked it out, but could still be wrong.
The best thing I did was print out Petefaders first instructions so I could refer to it every time I thought I saw a trade setup.

Let me know if there is anything else, and I will try to help you out. Like I said, I am only a beginner and using demo accounts, but am happy to pass on what I know, and maybe one day, I will be experienced and good enough to be able to freely share my knowledge like other have been on this thread :slight_smile:

Hi Tassie,

Once again thanks for your message. I will get onto it this morning and see how I go.

Kept reading this thread late last night which gets better and better. Things seem to be falling into place.

I will be keen to explore the VSA system later but one thing at a time.

Kind Regards
Stephen

Does the slope of the EMA 14 matter or is it just the EMA 50 gradient?

Hi Goldenmember,
Please read through the entire thread. It is very informative and should have you understanding it fully. Basically you ONLY trade in the direction of the 50MA. However there are also rules with the 14MA which are … LONGS - the candle must close above the 14MA to enter the trade. For shorts, the 14MA needs to close below the 50MA … and after a pullback … and after the colour changes.
It is all in the very first post.

Kyle

Hi Tassie,

Its Stephen from Noosa Again.

Following your instructions the other day I was able to upload the templates into the metatrader. Really easy.

I am still unable to upload the indicators.

I closed the metatrader platform and went to All Programs but the only folders that are in All Programs are;

DD Sample
FXCM MT4 powered by BT
Home Page
Journals
Metaeditor
unistall

I did do a search on google that actually gave the same instructions as you did the other day.

Ive got the folder with Petes template and indicators on my desktop. As I said I was able to upload the templates while in the actually trading platform but have not been able to find an alternative to upload the indicators.

Would you have any other ideas please.

Kind Regards
Stephen

Hi Tassie,

Don`t worry about my last message my 16year old son has worked it out.

That`s what children are for.

Kind Regards

Stephen

So it is all up and running now Steve??
Just so you know what I have been trying (as I have a full time job as well), I don’t really look too much into it until about 2100 (we are same time zone) as this is where the volume picks up, and go till about midnight, but that usually gets 3-4 possible entries. Most of the time, an entry will last up to an hour, but sometimes it is longer. Don’t make my mistake and forget to put in both stop loss and take profits. It is best in my opinion to identify a trade and take it, then adjust the TP and SL straight away, then let it run its course. You will get some losers, but that will happen everywhere. Overall, it will come out ahead, and you would be surprised how a 60% strike rate will inflate your balance, especially when you compound the wins.

Kyle

Gidday Kyle,

Yes it`s up and finally running.

Thanks for your advise. I was wondering whether 2100 to 2200 was to time to start looking. So this evening I`ll have a look and see how I go. Really looking forward to trading and learning this strategy.

Kind Regards
Stephen

Hi Stephen,
Tonight might be a good night to study as fx is closed over the weekend. It opens tomorrow morning and goes through to Saturday morning our time. Fx runs 24 hrs a day 5 days a week. I’m going to be reading through Petefaders 1,500 pips per month thread and also “The Undeclared Secrets that Drive the Stock Market” ebook I downloaded. Basically studying more VSA tonight. Think I had a “Eureka” moment with it last night with understanding VSA a bit more and what truly drives the markets :slight_smile:

Hi Kyle,

Yes I did discover that nothing was happening on the forex tonight. Thanks

I have been spending most of the day reading the mad scalper thread. It gets better and better. I think I am getting my head around the system and are looking forward to practising this week on the demo account.

Its interesting reading madscalpers thread and all these references to the VSA thread. But, I will hold myself back until I finish Madscalper and then proceed to the VSA. From all the comments it certainly appears that this VSA system has people excited.

Thanks once again

Regards
Stephen

Hey Stephen,
I have done the same thing. I have read and re-read Madscalper and am trying it of a night here while reading the VSA thread. So far, I am about 40 pages in, but I think I need to read Master the Markets to get a better understanding. I don’t fully understand what I am reading there yet. I do understand the fundamental reasons behind the price changes and that was a big moment for me. Madscalper is good as you can have a look and know what may be coming up in the next 30 mins and either concentrate on it a bit more, or go back to reading the other thread or books. I am guessing that by the end of this year, I will have hopefully started on my own small live account, but want to understand everything first. I have made a few errors with Madscalper, so want to be proficient before going the next step.

Errors I have made include

Being impatient - Not following the system properly. It is not something that a good enough approach will be successful. Be happy if a day goes by and a trade didn’t happen. I had one of those last week and was proud that I didn’t trade for the sake of it :slight_smile:

Ignoring Stoploss - Got to 20 pip stop loss and didn’t want the loss so hung on to it - it’s only pretend anyway - Wrong. Got to be disciplined. When I make a trade now, I put in a 20 pip stop loss and also a 20 pip take profit, then let it run it’s course.
Multiple trades - A majority of the time, the AUD/USD follows the GBP/USD and EUR/USD. Why? The USD is common amongst all of them. Something good/bad gets reported in the US and prices move. Fair enough, you might take a good profit, but you can also get stopped out bloody quickly. Look at the US Farm Payrolls on Friday.

I also check the longer term trend to see if it gives any support.

Don’t expect a trade to break through resistance levels - it is fraught with danger (have been busted with that too). Check your 20 pips falls within that zone. If not, another opportunity will come by.

I use a strategy of 2% risk per trade, which also comes off as 2% profit :slight_smile:
Therefore, you don’t need a big amount of trades to do well. My 60% is coming towards 2/3 winners and I am happy with that, especially if there are three opportunities that present themselves. Net 2% a day goes to 10% in a week. Give that half a year compounding and you can get 10X your initial balance. That is hypothetical and remember that losses will occur. I ended up with a bit over 4% last week. Stoked even with that.

I have a spreadsheet so I can see what goes on daily which I am happy to share, but MT4 has a good report as well, if you right click down where the take trades are and click on Save as Detailed Report. Shows some pretty good stuff.

Anyway, good luck with your first week. Post here as others will be interested and might get some more people wanting to learn what is, in essence, a simple and effective system to use.
If I remember, I will try to post when I see something, but remember that I am also a novice still and quite likely may take something that isn’t there as I might have misunderstood something.

This next week is week 4 on my demo, and I might be able to get it over $15k (from $10K, although some of my errors did come off for me - beginners luck). I opened another new one last week as well, and it is closer to the mark with the 4% I stated earlier. Only one small error on that one - wrong stoploss value which went well anyway.

Thanks, I have read the thread and have backtested, but of course found that ignoring the direction of the 14MA gave a few false signals so I thought I’d ask.

Hi Kyle,

Thanks for your message yesterday.

I have had the time to sit and watch the market this morning for a couple of hours. It`s interesting what you said about the AUD/USD, GBP/USD & the EUR/USD following each other. Indeed, I noticed that.

I have really taken notice of what people have said in this thread and will stick to the rules. I believe that if you paper trade then it needs to be with the same intension as a live account.

I`ll take your approach and use 2% of the demo, be patient and strict with the stop loses and target profits.

Yes, you maybe a novice but I am still 4 weeks behind you.

Once again thanks for your message, it all helps.

Talk to you soon.

Kind Regards
Stephen

Hey Steve,
Got home at 1830 today and had a quick look. There didn’t seem to be anything too much. Scanned through Dailyfx and noticed that there is a fair bit of negative sentiment on the Euro. However, I took a trade on the GBP once I saw what I think is a correct setup. Slow trade, but got the 20 pips. Almost within half an hour (19.2 pips) but went back to the red. Eventually came through though. 2hrs 30 trade started at 1925 our time and finished 2200. Have you seen anything yet this evening??

Hi Kyle,

That was a good trade mate. Well done.

I didn`t start looking until 9.30 pm.
Yes, there was an entry on the USD/JPY & EUR/JPY to go short which would have got you a few pips.

Over the next few days I will learn how to post the graph`s on this thread so I can get your input.

Finally finished the thread today.

Bye for now.

Regards
Stephen

Hi Kyle,

Thought I would send you a quick message.

Looks like there were two opportunities earlier for entries on the EUR/USD and the GBP/USD but I was out and about with my kids. I can`t even tell you the times because it is not eastern standard time in Australia.
I have not worked out how to convert the MT4 so it shows the charts in Aussie time.

I will be on there tonight at 9pm and will have the thread open just in case you are around.

Regards
Stephen

Hey Steve,
Yes, I think I know the ones you have seen. I come home early on Tuesdays to spend time with my 3rd old son (separated) and I watched it while playing together in the lounge. Madscalper is good for that. A quick glance here and there to see what is going on.
I took the GBP trade first at 1535 but saw soon after that there was a level of resistance just above the buy price. Too late, trade taken. Set S/L and T/P and let it run for just under an hour for the 20 pip profit.
Just after that, I saw the Euro trade but much better setup and no resistance level around it. Thought if the GBP one went south, this one definately shouldn’t so I took that one as well. Don’t want to have two active trades at a time, especially involving a similar currency. It only lasted 10 minutes and hit TP.
Buy GBP/USD 1.63544 @ 1535, TP&SL 20 pips. TP hit @ 1629
Buy EUR/USD 1.46111 @ 1555, TP&SL 20 pips. TP hit @ 1605

Almost 4% in 1 hour while playing with my 3 year old son. Wish it was always like that, but I’ve had shockers of days as well. Just hope to get consistent with it all with no accidental mistakes, then put maybe $1k forward to try for real in a few months.

Looking forward to maybe a few more tonight :41:

Here are the charts from the trades (plus the balances etc from $10k 3 weeks ago for others who want to see that it is genuine, although practice acct)

Kyle




Hi Kyle,

Yes they were the two trades. Nice textbook Madscalper trades. I did notice the resistance level on the first. Still had time to BE if things went bad.

It`s nice to know that with you confirming those two trades that I seem to have understood the system and are on the same page so far.

I`ll sit back this evening at see if we get some more.

Regards
Stephen

Hi Stephen,
Thanks for the compliment with the “textbook” trades :). Things are looking a bit ordinary tonight maybe. The AUD is just tracking sideways, GBP is starting a turnabout and I guess will be falling before too long. We may get an opportunity there, and the Euro will start to retrace, but a signal will come just before the resistance at 1.4637. USD/JPY is also just tracking sideways. At least it’s a chance to check half hourly while I try to understand Petefaders VSA thread. Lots of reading and a fair bit going over my head still. I will get it in the end though :slight_smile:

Good luck tonight. Just remember, no trades can be a good thing. Much better than losing with incorrect trades :slight_smile:

I’ll post if I see anything

Kyle

Hi Kyle,

Yes, it is all a bit quite. My observations are much the same.

I have even had a look at the USD/CAD which looks as though it might turn around.

I started having a look at the VSA this afternoon. I see what you mean! It is going to be quite difficult to digest.I suppose that because we are both new to this, some of it will fly over our head, 747. Its all good. If it becomes more difficult we just have to become better.

Regards
Stephen