ha no worries i was replying to forexunlimited 
I admire you for putting this thread together
Of course with such a low %r multiple coupled with a low win rate I do question your choice to scalp, especially as you say you have a job.
Each to their own though I wish you success
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[quote=āJohnscott31, post:23, topic:455353, full:trueā]
I admire you for putting this thread together
Of course with such a low %r multiple coupled with a low win rate I do question your choice to scalp, especially as you say you have a job.
Each to their own though I wish you success[/quote]
Thank you! scalping has been my passion as I enjoy knowing immediately if my trade works or not. I hated waiting for hours or days as I find it too slow.
But yeahā¦ its a real struggle trying to scalp as well as do my day job. Its almost like having two full time job which can be mentally exhausting.
But my passion for scalping will never dies. One day, I will succeed and be good enough to quit my day job to trade and scalp full time.
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Trade Review 21 Jan 2021 (Session 2)
I would classify Trade 1 and 2 as total disaster.
In trade 1, I failed to recognise that the set-up :First break" canāt be applied in this scenario given that there are simply no dominant pressure present in this round number fight.
For trade 2, while I couldnāt fault myself for entering this trade (rather aggressively), the manner in which I exited this trade is laughable. Market had suddenly become volatile and swinging rather wildly. I had found myself caught up in these wild swings and my heart flutter together with each swing of the market. I decided to quickly exit from this trade just because I āfeel uncomfortable in itā. Absolute disaster even though I took 3 pips from this trade.
Trade 3 is quite a standard play from my play book. Exited from the trade as soon as it is clear that I was caught in a false break.
Trade 4 is a bad trade as I believe I am too impatient to take this block break. Price were rather far away from the EMA and I also failed to recognise the resistance of the round number and was overly optimistic in my assessment of the trade. I could have waited for more build up before I considering shorting into the round number.
Trade 5 (should be First Break instead of block break depicted in the photo - typo error) was quite standard play in my playbook. I remained composed enough not to take my profit too early even when the price starts to move against my position.
Trade 6 was a breeze. (Should be āSecond Breakā instead of block break depicted in the photo). Quite a standard play in my playbook and was lucky enough to have the price swing quickly in my favour once I entered the trade.
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I have come down pretty hard on some threads talking about scalping. And will never understand why you would want to take the hardest approach to the market.
However, itās a new year and I intend to be more constructive with my scalper friends!!
Just out of interest do you also have an interest in fast shoot em style games or play online poker (many games at once)?
These are some of the traits of top scalpers - they process info really quickly.
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Yes! I used to be an online poker grinder a few years back (and being profitable in it) until my country banned online poker. I used to be able to play up to 9 tables at one go and still be able to make my decisions fast enough not to get timed out.
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Great post. I will follow.
Well this certainly puts the odds in your favour - your natural disposition is for quick action.
Everybody wants to make money in ultra quick time, me included, but it really comes down to our personality traits whether we can succeed intra day.
I know I cant - the quickest timeframe for me is 8 hours.
Anyway keep up the good work, ill try to be constructive
Havenāt been at my best in trading today. Made several mistakes that I shall not repeat again.
Trade 1: I should never have traded this break as the market is waiting for the PMI report at 14:30 SGT. I should have taken any set-up as invalid set-up due to the upcoming news.
Trade 2: The market is obviously on an uptrend due to better than expected PMI. I could have done away with the āfade breakā strategy
Trade 3-4 are pretty standard trades. Set-up formed and I entered based on the setups in my playbook, and shifted my SL according based on market structure.
Trade 5: This is the trade that tilts me (tgr with trade 6). I narrowly missed my TP by 0.1 points. Shifted my SL to a gain of 3 pips (1 pips above market structure). My SL was hit for a profit of 3 pips but the market almost reversed after that (and eventually hit my original target had I not got stop out.
Trade 6: I was pretty much tilted by this time. While its good that I reduced my lot size to half of my usual sizing, I am overly aggressive in taking this trade.
Trade 7 and 8: I have no idea what I was doing when I reviewed these trades. I was definitely not thinking straight and that time.
I need to learn how to control my emotion better and be able to stop trading once I realise that I am not in control of myself. The only positive action that I did this afternoon was (1) I reduced my lot size when I feel agitated and (2) I stopped trading and gave myself some time out after trade 8.
Definitely feeling much better now after doing this review. Key takeaway is: I have to eventually manage my emotion much better than this to become a truly elite trader.
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Fear comes because of two reasons:
- You donāt master the strategy and you know it
- Youāre trade size is too big making any risk amount too large for your nerves to handle
Thatās why I always advice to start with the smallest lot size possible. Even if you donāt really know what youāre doing, youāre less likely to lose your shirt and therefore, be less fearful.
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Be very carefull about the dream that you choose, there is probably a 98% chance that your dream will never became more than a dream, you will lose money, you will lose your heatlh but the most important is, you will lose your TIME.
You can make more money in the future, and can recover your health in the future but you will never regain the TIME that you wasted looking hours in to a chart.
In trading more work doesnt translate into more money, trading with fast time periods doesnt translate into making money faster, in most cases its the other way around.
In a few years ahead you will realize that 99% or 100% of the stories that you have read about the scalpers that said they where making money, its all BS, i will repeat again for you to really think about your dream, ITS ALL BS.
The market doesnt care about your dreams an it will continue to do what it does best, and that is to fucck the dreams of the dreamers that really think that they will become scalpers.
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Thank you for your sincere advice. Appreciate it.
I am a person who believe in my dreams and whatever punches the market can throw at me, I will make sure I bounce back even stronger.
I do have a very ambitious dream. I wanted to become a 7-figure dollars trader and become a multi-millionaire. Trading is the only pathway for me to achieve it. Lofty dream it is and its one full of obstacles and challenges. But precisely because of this, it makes all my effort into becoming a consistently profitable trader a worthwhile dream to pursue.
I have been knocked down by the market not once, not twice but many times over. But I shall never give up. I have seen improvement in my results and this shall be my motivation to do even better. I know my weaknesses (mainly psychology issues) and I will work hard to overcome that. Change myself, and thereby change my result.
Well at one point in the future this is what most probably will happen to you.
You will see yourself facing a dilemma, and that is that you still cant make consistent money but you have invested so much time at this that you dont want to quit no matter what.
You wont want to throw that hard work away so you will continue and continue, this is a dangerous road and if you choose this road at the end it will only be regreat waiting for you.
I had a dream just like yours, i was willing to put in the work just like you, i took 100, 200, 300 punches from the market, and guess what?
At some point they are going to start to hurt, the stress from all those days will start to affect you, and you will most probably develop a series of bad habits.
And in the end the probable conclusion that you will be faced with, is that you where chasing unicorns, and you just spend a big amount of your time chasing unicorns.
I know you wont listen to what i am saying to you, i didnt listen to others when i started, but do yourself a favor put a timeline in your dream, say in one year, two years if i didnt make it or i fell like i aint close enough i will seriously consider to quit on this dream.
My final advice to you would be to not limit your dream, there is no rule that says that you should only scalp and that you should only trade one pair at a time,
And in the end money is not everything in life, i rather have less money but less stress and a better life style than having money but being glued to a computer screen for hours a day all stressed out.
Whatever you choose to do, good luck to you.
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Here is one thing Iāve noticed with your trades - and that is you seem to be doing alot of āanalysingā.
The language you are using indicates you are using lots discretion.
And whenever there is discretion there is always a chance to mess up big - especially with scalping.
Sure it makes for an interesting read how the market should have done this, or I should have done that.
I notice even you use the word ādisasterā, or are āresisting the temptationā.
Again thatās straight up discretionary language.
The only time a trade ever is a disaster is if you donāt take the first loss.
There should be no disasters with mechanical systems.
If I were to put together a trading thread it would be VERY boring.
It would consist of āthis is what I do each and every timeā.
There would be no need to continue the thread after that.
Because everybody would know every trade set up from then on.
Discretion will constantly lead to second guessing, and emotional issues
I personally never have a clue where there market is EVER going, I donāt analyse markets, I just trade the set up if itās there.
I would say that both discretion AND scalping are a tad too hard for all but the most gifted beginners.
25 Jan 2021 - Session 1
This is a relatively short session as I just got home from work at 4pm SGT, took abit of time to settle down and prepping myself for the session ahead.
First sign of opportunity came at around 5pm where prices break to the downside. I then patiently waited for a retracement back to area of value and the opportunity came when āFirst Breakā occurs. Managed to get a fast 10 pips profit.
I chose to skip the next two set-up (Block Break) as the price is near the vicinity of the round number 1.215 which can be a magnet or an adverse magnet. On hindsight, it will be good to take note of this scenario (especially the first skipped block break set-up) and evaluate if this is indeed a profitable set-up I can choose to take in the future.
25 Jan 2021 - Session 2
Great Day so farā¦ especially in terms of me following my rules and being patient with my trade.
Trade 2 - Block break strategy. Market breaks out of the block and I entered short when it is 1 pip clear of the block. Shifted my stop loss to breakeven when a lower block is formed. I posit that if the price breaks from the upside of the block, my probability of winning this trade is greatly reduced. I would be happy with either a 2 pips gain (directly above this lower block) or breakeven. I decided that given the bearish tendency of the market today, I would be more ambitious and set it at breakeven.
Trade 3 - Double Doji break at key round number which acts as a resistance level. Market was going up in a determined fashion prior to my entry. At the round number resistance level, a double doji was formed, indicating indecision. I entered short immediately with the break of the double dojis.
I have highlighted a possible (long) entry that I skipped. This is the formation of a āSecond breakā set-up in my playbook. However, I deemed it to be invalid as the dominant pressure at that point in time is bearish.
26 Jan 2021
Not a great afternoon session so far.
Trade 1 epitomises how the FOMO demon still reside in me. While there is a mini block break prior to my entry, this is not a set-up that I would deem favourable. When prices gain control over the 20EMA, I decided to enter mainly due to FOMO. I need to be more consistent in my entry and only enter a trade when there is a valid set up. (Loss 3.2 pips)
Trade 2 - I jumped the gun in this trade. While there is a block break, the conditions are not favourable (would prefer to have more pressure building up inside the block) first before I shorted. (Loss: 5.2 pips)
Trade 3 was a completely valid set-up (First Break) that unfortunately didnāt materialise into profit. No regrets taking this trade. You win some, you lose some. (Loss : 2.5 pips)
Interesting thread. Based on the info you provide on how you make trading decisions, I have got to say that you are still a long way from keeping your emotions at check. Discretion is a dangerous game to play when scalping. It will always plant a seed of doubt. āHad I done this, or that I could have been on the winning sideā The next trade will be totally different from the previous one, because you do not want to repeat whatever you think you did wrong the last time. The cycle goes on and on.
At the end, you will be running round in circles, getting lost in the midst of your own analysis. You need to be as objective as possible, such that over a sample of as many trades as you can possibly take, they would be as uniform as possible.
Your aspirations and goals seem very immense. Just keep your determination high like this and never let your weaknesses overpower your strengths.
Wishing you the best!
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