I am not quite sure this is scalping or not but I usually take small profits vs large ones.
Anyways here is my last days trades as well as a few that I am in and have taken today.
This system is Extremely untested and has almost no “strict” rules that involve the words only, never, always. I have no clue how well or crappy this is gonna work so don’t mimic me.
Lets see how fast trading “market feelings” can empty my $520.53 account
This is for educational purposes whether or not this is successful at least we all learned something
I scale in almost all my positions.
my stop loss is discretionary but usually around 2-3% of my Account.
I trade units around 100 -1000 tops on a $500 account.
I watch where price is on the daily, 4hour, 15min, 5min, 1min, and 10 second.
I mark support/resistance and keep an Eye out for them.
I use the 1min and 10 second charts to find “patterns” ascending triangle, cyclic action, etc.
I avoid buying when price is near a high on daily’s and vice versa for selling.
If price is ranging Ill have less of an issue.
My system involves me Guessing where price is headed based on feelings and the whole buy low sell high motto.
*indicators used: B-bands/Stochs full slow fast/MACD/CCI/EMA/SMA/FIB/ZIGZAG/RSI/ATR/ADX/SAR/ Im lying I use none.
IF anyone knows how to make these bigger I’d love to hear it.
DAY 1. 12-17-2012 Normally I trade 100 - 1000 units and typically ill scale only up to a max of 5000 units well i accidently hit sell for 19000 on USD/JPY immediately i closed it and took a big loss.
Seeing as how USD was nearing a previous high i started scaling into a position thats at about 4000 and am slowly taking off profits using some nifty tricks around fifo. I have pretty much covered my loss now with that position. Ill post the charts later for 12-18-2012.
DAY 2: 12-19-2012 Had a Floating loss of 4.5% as I closed trades much to early need better exit strategy over all profitable day but at what costs.
My last buy was a closing orders I am not actually in any positions at the moment.
DAY 2 CONT: 2-19-2012
1.As stated I have closed my large scaled position.
2.Fell asleep at 5 am.
3.I have started using Market Profile to determine ranging points based on highest volume vs lowest volume to avoid selling into the bottom of a new “RANGE” which is sorta what I was doing and incurred my draw down.
- I am now using tick data to time entries by looking for price rejections as well as using the market profile. still no indicators unless you consider volume at price an indicator.
UPDATE My Equity Graphs are now only for the day. This posts graph ignores all profit from my big scaled trade and only shows my wins losers from scalping tick movements.
Those last 9 trades are all within about 10 minutes with 4 losers (3.5Cents) and 5 winners (avg 3.3cents should be 4cents since first winner lots size was wrong)
The equity on my last trades didn’t really improve much but I have been able to cut off losers and let winners run using tick data a lot easier. The last trades don’t include my practice trades on MBT which netted me about 6 bucks off of trading about 10 times using 10k units.
So far short term (20 trades) this tick data/market profile trading has been a success but it makes me nervous as too good to be true is always the case. And those 20 trades only took about 30 minutes during the asian session to make profit on.
So we will see how it fairs these coming months (if I am still around). Luckily tick trading involves cutting losers pretty quickly 2-5 pips and letting winners run, so no 4.5% draw down using my typical 250 unit to 500 unit trading amount.
Side note my investments are currently in 5 currency carry trade so interest will not be included in the daily graphs
And I have a sub account that trades small units at legs defined by market profile.
Still searching for more profitable trading methods that involve no indicators.
DAY 3: 12-20-2012 *I told myself I wouldn’t trade today but guess I broke that promise. Along with a few fixes I was going to make.
Once again my trade went into deep draw down of 1.9% and I traded 18000 units on purpose after scaling into a deep drop in price which formed a descending or triangle or whatever. My exit strategy was basically hold position and leave soon because I am damn sure this is too many units.
Well the gods favored me.
Because I keep all my trades in Excel manually I can make the assessment
closed 33 positions (not trades)
Made over .5%
Was willing to risk 3%
1.9% drawdown
Kinda f**cked up so I said i was gonna evaluate my strategy well I have a sub account that has been slowly losing and gaining money and I think when I test out this shorter term strategy during quieter hours I will put it to use on my $527.67
GRAPHS TIMES
Sorry about the lack of responses if anyone is actually reading this.
From my last post I have made $2.14 is all because I am in the process of moving my funds to a new broker that is insured and based in america.
I have decided scaling in is not a profitable method for scalping based on how many large threads on various forums i have found that show they are fine for a short period till you get on the wrong side of the market just once.
The reason is because they allow limit orders inside the spread that should they be filled really increase my profitability.
Also I have kept some funds in my original broker and am still playing around with a small account.
my 5 Dollar account is up 5% without scaling in
and my 1 dollar account is up 1% today trading off 10 second charts no scaling in.
Because of my lack of trades on my monitored accounts and my increase of practice trades on my low account I have stopped posting exact details until I can achieve entries that are more precise. Progress seems pretty good.
three trades today 1 was a small 25 unit loss for getting a feel for the market the other two where high leverage (156 then 158 “compounding yay”) was down 4.5% from like 30 small losses on 1 unit trades the day before when “practicing”
Current profit 6.452%
Start 5.00
Current 5.32
So After some decent success I have increased my account size through a deposit to 39.39 after a 5% increase from trading on 1/14/2013 this trade journal has gotten a little sloppy due to my funds being moved and various changes in style mostly in the removal of trade scaling.
I have a total of 50 trades yesterday but because I did scale a few of them over the retrace of about 8 pips it ends up being about 40 trades instead. The scale trades also involve very little capital and are mostly for marking market prices and getting me warmed up for leveraged trades they are not really primary money makers for me anymore. Note the scaling was because I was sure of the direction but didn’t quite feel the top of the retrace and was ready to cut losses quickly before I would allow scaled trades over the course of 30 pips now I mostly enter all in at the top.
1min chart.
Account value: $39.39
Account Change: +4.8%
Sorry if these trades are a jumbled mess it was 1 am when markets finally looked obvious on what they were doing to me so.
I trade on the 10 second chart and ride small micro trends.
Well Today was a straight out waste Hopefully there will be some opportunities later on today.
I broke a few rules mainly scaling in but also my biggest rule which is if I can’t immediately feel where the market is or instantly know when to enter a trade to avoid trading period which is why my gains where almost completely negated by losses earlier.
Balance: 39.43
Account Change: 0.1%
I have learned that trading becomes very stressful when you haven’t had a good winning streak for the day because every trade feels counterproductive and gives me the sense that the next trade “needs” to make up for my losers. Every bone in my body told me to exit the second my fulled leveraged trade went .3 pips against me but I held thank god made about 1.6% off the 40 or 65 cents
I scaled into a short on a 3 pip retrace and net about 25 cents Over all I wish I didn’t take this trade because scaling in is a troublesome habit in my opinion for scalping.
Got about 3-4 decent non scaled trades all short because that was the direction of the big push.
I scaled out of my trade in three parts 2 buys and a stop loss with a portion of the profit taken so I can leave to eat food.
Balance: 40.39
Percent Change: +2.3%
