Somewhere there I missed all your posts last night, I need to refresh the blog more often.
I am happy to discuss Madscalper Trades on a thread and happy to talk to anyone when I am around. I have had a lot of time lately to study and demo trade but soon I will have to go back to work.
I do not have skype because I own an ACN videophone which is chalk and cheese in comparison, therefore my conversations would have to be in a thread ( written ) or via telephone.
I am quite happy with mad scalper trades but like you Kyle, VSA trades are the future and it will take some time before I am able to even demo trade VSA successfully. In saying this I am really positive regarding the future because I now realise that VSA is the big secret and must be mastered for success.
I just made a very quick 16 PIPS on the EUR/USD Short. In at 1.45063 and out. There was another short on the GBP/USD earlier on.
I ended up having a bit of a look at skype and couldnāt find anything that I knew of to have a chat room. I did go on the chat within babypips and created a room called Mad Scalper. However, the last one out of the room basically renders the room not needed and it disappears. Can open it when I start each night though.
We could end up helping each other through the VSA. Looking at a big weekend of reading this weekend. Noticed that a new VSA book has just come out by Gavin Holmes called āTrading in the Shadow of the Smart Moneyā. A free to read part of it tells how a silver trader noticed āmanipulative actionā in the market using VSA techniques and notified the US Feds that it was happening and Silver was about to drop sharply. It did so within a few days and is still subject to criminal investigation. It shows how VSA shows you the path of the big money.
I think I will start a fresh trial of Mad Scalper this coming week and concentrate on the EUR/USD and GBP/USD pairs, while learnin more VSA. Have been listening in to Petefader and has been quite interesting. May even have a go at some actual money after next month on Mad Scalper if it continues its successful trend for me.
I, like you, want to learn and be comfortable with VSA, and hope that within maybe 3 months, I might be trading well on practice accounts to the point of outlaying a small amount of money to see how I go.
I have also tried looking at what tax implications arise form forex, so I know about tax to be paid etc if it all comes together for me. Can hardly find a thing. Will ask my accountant when I go to him in a bit over a months time.
Well done on your Eur short. Looks like it is close to ready for another, same as GBP ā¦ umm, no. Just looked and the 50MA has levelled out on both. Not really in to much for trading tonight anyway. Fridays have been bad for me historically. On historical stuff, it was interesting when I looked at my trades and what pairs worked for me.
Anyway, good luck for the rest of the night, and I wil most likely hear from you on Monday evening
It is interesting what you had to say about silver. I have a close friend nearby who has been helping me with technical analysis. He has been trading futures for about 12 years and is now changing over to forex. He recently put together a technical/fundamentsal analysis for a group of silver (long trade) traders on the silver market who had invested about 30 million. He told them to get out because he believed that the price would drop for a short time. Guess what it did! The syndicate listened and sold their stock, made a large amount of money and then were waiting for a new long entry.
To minimise your tax my friend said that you would have to form a company once you started trading successfully otherwise you would be paying as though you had a second job. It makes sense, but ask your account.
I would be happy to bounce ideas off you and trading the VSA together. I am only 60 pages into Petefaders thread on VSA and I am reading two books on VSA at the same time. It is a lot of work but it is definitely the way to go. I am serious about what I am doing,positive and really want to achieve the desired outcome. Kyle, it can be done.
Have you read VSA Basics by Karthik Marar on Petes Thread. I think I found it in the first 30 pages. Its really good.
Just turned on the computer and realised that I`ve missed some good madscalper trades in the last 40 minutes.
Good entry for a short on the EUR/USD at about 1.45325.(20 minutes ago)
Good entry for a short on the EUR/JPY at about 117.325.(50 minutes ago)
Good entry for a short on the USD/JPY at about 80.74. (60 mintues ago )
Nice work Stephen,
New demo month for me starting tonight. Just going to do the GBP/USD and Eur/USD pairs this month.
Just noticed a possible Eur/USD short coming up in the next bar or so.
Kyle
Decided against this one. I had a look at the candlestick chart and saw that it has been a point of resistance previously, on two of the last occasions. Wait for the next one.
:44:
I think finally i have found something constructive hereā¦ and a huge round of applause goes to PETEā¦
here is my historyā¦
i am a student of bachelorā¦ i have been practicing forex for last 6 monthā¦ i have found many strategies and made my own too. then i made my mind to star live trading with real money.i purchased 200$ usd alertpay dollar from a local forex trader. here is to let you know something- i am from a very poor family living in a poor country Bangladesh.
i started with a strategy for silver tradingā¦ strategy was like buying after every 15pips down and take profit was 10pip. as simple as ROBOT. volume was 0.01. well, i started to make profit. but after a successful week i found my account 50% off equity. that means i was loosing 100$ so onā¦ i became afraidā¦ it was too close to vanish my account. i thought of closing all my entries with 50% loss. lol
here i found your system and read all 1331 post of this thread very carefullyā¦ and now im doing demoā¦
hopefully i am going to start real trading with those 100$ left in my account. ofcourse after successful demo practice.
wellā¦ i want all the people who read this post please pray for me and suggest me every possible things that can help me outā¦
Yes, I agree will you, if it were not for Pete this thread would not exist. He is certainly a clever individual who has been good enough to share his madscalper system.
I do suggest that you demo this trend scalping system it is very good. Leave emotion out of the it and only trade ( as Pete saids )when an entry is screaming at you.
Put in your stop loses and don`t be greedy and you will be ok.
I am new to forex trading as well. If you have any questions ask the thread and if anyone knows the answer I`m sure they can assist you.
can u pls explain ā¦wen its in extremly overbouth or oversold and u see a signal do u still follow it?
and also wen it is in strong pivot revease? await ur response.
Hey Stephen,
Been out most of the evening at a cricket club committee meeting. Nice 7 pips still for you Always good to get some. I took another trade last night on the GBPUSD but lost out on that one. Setup was correct, price even went through TP momentarily, but didnāt close out (looking in hindsight) and went to S/L. Maybe I will watch each trade in case that happens. Must have just shot over it and straight back again. UK PMI results was a big news event on the charts (1830 local) but the charts donāt seem to have anything in them, especialy since coming back home. Looks to be a night without a trade. Best to wait for it to scream rather than create something that isnāt really there.
Good to see you guys here fabulono1 and only1looser. Hope we can all help each other along the way
Fabulono1, to be honest, I have only looked fleetingly at the mm lines, just to help when a bit indecisive. Other than that, I do rely on the Support/Resistance lines, along with my own checks on higher timeframes of newer support or resistance, and donāt trade through them. I also look at the 1hr and wait to see a trend beginning or trending in the same direction of the trade I am after. Hope that helps.
Please ask any questions. I am fairly new, as is Stephen, but if we canāt help, someone should be able to, but Stephen and I seem to be the ones at the moment actively trying the Madscalper and reporting back here
i have a critical questionā¦ i am using GMT time format. but i had some loss entry yesterday. everything was correct except comparably low volume. I think it was news which hit me out of the trade.
i have problem with news timing. as an Asian trader i dont get much news about world finance. well could you please tell me which GMT times are sensitive for news ?
Hi only1looser,
My MT4 provider (GoMarket) uses GMT+2 for its time zone, but I have always put my stuff in local time which is GMT+10.
The Madscalper advises to keep away a bit from low volume trades as it can become a bit more irregular. Thanks for asking that. I will now remember to advise anyone else of that. The only change to that would be when you are looking at it from a VSA viewpoint, where low volume after high volume can be a good indicator, but you could learn from that if you want from Petefaders other thread on VSA.
As far as news goes, it can be on any day and time. I normally have another window open with the dailyfx.com website.
I have one tab open with the streaming news, Forex @ DailyFX - Real Time Forex News
and have another one open that tells me what news will be coming up for the day/week, Forex @ DailyFX - Economic Calendar | DailyFX Forex Events Calendar
These two will give me a bit of indication as to whether I should refrain from trading near news. The second link will also show the importance of the news.
I hope that helps, otherwise, ask away and we will see what we can do to help
And have just taken a short on the GBP/USD after a pullback @ 1.60402. Looking OK so far at 10 pips after a pullback to -5 pips to start with. Fingers crossed
