Scalping strategy to finish the year strong

[AmericanTrader]

I missed out on a lot of buy trades this morning.
I think I have to play the long game for the rest of the week now as Eur/Usd and Eur/GBP look bullish on daily charts.

[AmericanTrader]

Nice. Both going up.
Maybe I can get my pip quota yet this morning!

[AmericanTrader]

Pips acquired!.

Still watching Eur/Gbp - nearing 200EMA on 1H. Either breaks out after news or reverses down for a while.

Usd/Cad could bounce after Cad news?

Edit: We have the USD news in 3 hours too.

[greenscorpio]

Yes we are all on a LSD

Trip

@silverf466

You have a one out of 10 million chance of making profit at the forex prior to losing a substantial amount of money.

I am saying that 100% of forex players lose a substantial amount of money first and then and only then do they have like a one out of 10 million chance of winning any substantial amount of money on a regular and consistent basis.

Playing the 4X is like playing a broken roulette wheel.

Playing the forex is like playing a broken slot machine.

[jdtradesfx]

Pulled 30 off the bounce of that TL. Good morning so far

[AmericanTrader]

@jdtradesfx
Looks like there’s still a couple hundred pips there until next big resistance. That may take days though?

[jdtradesfx]

Shouldn’t have closed it

[jdtradesfx]

FOMC may be a catalyst

[AmericanTrader]

I entered a mini-trade on a Eur/Usd long with TP at 200 pips.
It just looks like a fun trade to watch.

[AmericanTrader]

@jdtradesfx
Don’t look at me, JD.
You know I close early all the time

30 pips is a great win in my book.

[jdtradesfx]

Looks exhausted here for now. Maybe another leg on the open

[rocktrucker]

It’s all about banking those points though as boring as that might sound now?

[AmericanTrader]

@rocktrucker
Euro ( I’m a man, but in my best female voice)

“I told you so”.

[AmericanTrader]

Got the Usd/Cad bounce!

[flamingoproxy]

@AmericanTrader

now that I have a realistic chance of making 50 or more pips per day on 1M or 5M, it seems like tying up pairs with a longer trades doesn’t make as much sense to me

i agree in principle, because what you lose in win-rate (and you will lose something in win-rate) you’re very likely to more than gain in trading frequency, because of the non-linear relationship between time and volatility

@Art_prentice

I keep being told that I can’t start with the minimum deposit ($10)

you can if you have a broker with infinite granularity (e.g. Oanda, and there are others) so you can do the tiniest trades

but if you’re going to trade a micro-lot (or anything bigger) you really need at least a $250 account to be able to do so safely

@Art_prentice

I don’t mind locking in a few cents per trade or a doller per day as long as I’m profitable

good attitude, i’d say (i know you weren’t asking me - i’m only interfering!)

a real, live, funded account is arguably better than a demo if you can afford it, and if you can trade somewhere in really tiny sizes, you probably can afford it

either way, don’t forget that the primary purpose of such accounts (demo and/or tiny) is to gain experience, not to make money

good luck!

[THE_GOATE]

@Art_prentice

I mean I don’t mind locking in a few cents per trade or a doller per day as long as I’m profitable.

If you are serious about that particular statement the screenshot you see below is what is possible on a balance of US$200.00 and that is not a demo account. And keep in mind that there are other trades for today above these shown here. Do the math.

[AmericanTrader]

Up 14 pips on Eur/Jpy

[AmericanTrader]

Better close my Usd/Cad. 45p

[AmericanTrader]

Eur/Jpy - closing early for 20p

[AmericanTrader]

Today was a good day.

Tomorrow I will be trading based only on PSAR 0.0009 / 0.07

Here is today’s Eur/Cad on 1M. Any beginner trader would have made 100 pips.

You can see the Adaptive EMA red line running along the bottom of the price movement. It would also have produced a massive win. It incorporates the 200 moving average into its calculations.