I have a partner and a small group. London session only.
with new strategy of judging the market the first and then picking the style (scalp/swing/long) i played first time today.
Made a nice 80 pips net in 4 trades all swing trades. Almost done for the week.
3 in profits 95 pips and 1 trade in loss of 15 pips stopped out.
All were swing trades.
thx
Forex Caveman.
Hi fxswing
Are you also fxswing at forex factory with the polar bear avatar? Do also close your trades in the London session too? Meaning, do you set a take profit/limit, but will close in profit (or loss) even if it hasnât reached it by the end of the session?
For the limit, you need to have the condition to enter the trade and conditions to choose the proper SL and limit. The market is not there to give you money, so dont assume that you put 35 pips SL and the market gives you 70pips.
So you donât necessarily use a risk/reward ratio? Meaning the conditions might be such that youâd put a 35 pip s/l, and a 30 pip limit?
Thanks 
Depend on the condition. I created a strategy that not only helps me choose the entry, but also SL size and limit size as well (eg. if I have super strong comditions I enter only 4 stds lot and I double my Sl, but when not strong enough I tight my SL). From my years of trading experience, I can assure you the best time to trade is from 12am to 4am est and best is to lock your profit or exit before the news. Never ever trade using the news. The pro and big dog know news week and months before us all. I have 95% successful rate because I follow them. The worst time to trade is the US session. It is also the reason you should not start trading FX from small time frames. You have to do the opposite. ( remember majority are losers). You must learn how to trade with weekly/daily/4h/1h /15m. Donât use too many indicators. I trade only GB/US and EUR/US the last 4 years.
I forgot to mention about SL. Ex : GB : min: 35/ (normal condition)max : 50 pips(when market is strong but without the daily )/ 70 pips when the daily and weekly support but I recommend you cut the lot size. EUR : 20/25/30pips because eur is less volatile. USD/JPY 30pips SL for all conditions. Taking profit from 20pips +.
When I make a decision to enter trade, I have to send the order to my partner for approval, by doing so, we can eliminate psy to the minimum.
As per new game plan, these are results.
I am not in blind faith in any indicator, just use them to indicate something.
So direction is purely based on discretion.
The difference between old caveman and new (last 3 days) is following.
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I am guessing the direction and strength of pair first and then picking style and scaling.
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Strict MM rule. 5% max loss on 1 trade. 10% max loss in a day.
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earlier i used 3 mini lots as position sizing. 2nd and 3rd lot was used to break even. Now i use 3 mini lots. 1 as entry. then if price moves in favor, i add 1 more position i.e add on winner and take profit when desired. if price moves against, i use 2nd mini lot to attempt to break even or take less loss.
the results are:
1st day: 8% growth.
2nd day 38% growth.
3rd day 17 % growth.
Average 7 good trades and 3 losses. My target is 2% growth/day. Once i get my 2% then next trades are very conservative and those are the one which gave big profits.
Am I still doing something wrong? Forget the growth or profit. just look at the trading plan and please tell. Also donât mind the mini lot size. With big bets, psychology will come in to play. But I want to harden the basic skills first.
Several times i have came close to becoming consistent and then to fall apart. I am trading forex for just last 6 months.
Please advice of any pitfalls.
regards,
caveman.
You are going in the right direction, but Forex is more about psy than technical. You must prove you can handle the stress when u trade multiple stds lot like me. I am at level 5, so when I lose, I treat it like a win because I know I will easily recover from it. You need to have 90 to 95% win to gain that kind of confidence. Before, I was very skeptical about whether the holy grail exists. I can tell you now that it does exist. The strategy I developed during the 4 years of trading gives me extremely high %, so far this year 100%, last year 90%. The secret of my strategy requires you to have a partner so you can keep psy in check and avoid convincing yourself of what you want to see, but not what the market gives you. Remind yourself, you must have good winning record for at least 3 mths and another 3 mths when you trade multiple stds lot( trading mini lots is like trade demo, it does not prove much). In theory, you can lose 40% and still make money, but the real problem is that if you lose 5 times in a row, you psy will totally screw up.
Forex is more about psy than technical.
True. Trading is 10% skills and 90 % psy. But to know, if my problem is psy or skills, one has to harden the 10% skills first.
Before, I was very skeptical about whether the holy grail exists. I can tell you now that it does exist.
Thank you. It is comforting to know that success is possible.
The secret of my strategy requires you to have a partner so you can keep psy in check and avoid convincing yourself of what you want to see, but not what the market gives you.
Ok. For me trading is like, clear mind and single thought. may be in future my opinion may change. I realized that i have to build my trading plan, style around my ânessâ. At the tough time, when two marbles are squeezed, all plans/rules are thrown out of window and ânessâ kicks in. so better to work around our own ânessâ, whatever style works for us.
Remind yourself, you must have good winning record for at least 3 mths and another 3 mths when you trade multiple stds lot( trading mini lots is like trade demo, it does not prove much).
Noted. 100 days of success(2% per day) to be proven before increasing Bets substantially.
Thank you,
-caveman.
Fxswing I guess you are a swing trader, is that right? Iâm just curious what are the basics of your strategy, are you using some kind of indicators or maybe price action only.
Personally I use pure PA + TLs, S/R and fibs, trading for about year and a half, at the beginning I had very poor trades and lost a lot of money, now I slowly recovering from that loss, thatâs why I currently trade mini lots.
You have very impressive winning rate, 90% is really outstanding performacne, how much time are you spending in front of the screen ??
what time frame do you use?
I use an esignal, and I read from weekly/daily/4h/3h/1h/15m. I was lucky I started FX with a pro, he trades 50std lots, and I learned from him that you must start from the big time frame, not from the small one, and that discipline is the most important. I never read and trade news. Weekly/Daily and 4h charts will tell you 100 times more than the news. You have no idea how much stress I have to deal with from the beginning. It took me almost 3 years to get to level 4. When you trade mini lots, itâs still like a Demo, you can only call yourself a professional when you trade multiple lots and when you enter the trade, you must ask: âIs this trade worth losing the money?â. I only take what I can from the market, the rest is bank money, not mine. I never jump train, always wait for the next one (not easy if you do this alone). I trade like a professional gambler. Another key secret I do is team work. For example, I cannot enter trade if my partner says no (and vice versa). Every trade I take must pass 5 conditions I created for the team. Its a very thin line between a good trade and a not so good one. I use Adx, dmi,sar,macd, rsi, bollinger but I apply depend on market conditions(indicators will fail when market change). One last thing : try not to do like majority since 95% lose money:mad:
So is that it? RSI, macd, bollinger all with standard settings + esignal?? With that tools you achieve around 90% winning rate?
Did you use std lots from the beginning? Very few individual traders start with std lots, since, as you said 95% is loosing 99,9% of them would blow their accounts in several days.
What are these 5 conditions for the team, if itâs not a secret of course?
And the last question how much cost you e signal per month and is it really worth it??
At your level of experience (level 1 and 2 : look for holy grail, level 3: you the light at the end of the tunnel, level 3 and 4 : you start breaking even and from there to level 5 is the eureka moment, when lose and win is no big deal, you virtually have no emotion. With the team mate I am at level 5). You dont need an e-signal, but I strongly recommend the use of a paid chart, since the feed data is more reliable and the least expensive is the premium desktop from your broker, around $40 a month. Trust me, its worth every cent. Its not from the tools that I achieve the high percentage, itâs the team strategy, its also how you apply indicators to market condition and 4 years of screen times. âBE A TURTLE, NOT A RABBITâ, easier said than done :mad:
About the condition, I created it with my teammate (its a secret [my 3 years hard workng]) but at least you know its like a check list before pilot take off, and it also helps me with discipline and minimize my psy level. In the end, what I use is similar to indicators, but itâs different because the way I do it is very different than the majority. The strategy you develop must be able to survive when market condtion change from trending to rangingâŚThat is why some people wonder why they do well for a while, and suddenly they start losing money.
About the win-loss ratio, I use 50pips SL for GB/US. Most of the time and profit from 20pips or more depends on my team strategy + market condition. âThe market is not there to give you moneyâ, so say I lose 1 gain 2 is not quite realistic, its doable but you must stay away from volatile currencies and you must have the psy to accept more losses and count the pips in the end. I prefer to minimal loss, since I want to treat Forex as a full time job or business, not like riding a bumpy roller- coaster. By springtime, I will write an EA based on my team strategy. If you trade in US session, wait 15 min after the news release, or if you can read weekly and daily, you can enter before it moves or set entry order. For NFP wait until 9am eastern. I only trade when the dust settles, not when people kill each other. Go with the flow, go with the big dog. Big dog does not trade with the news. They know the news weeks, months, years before us, so if you can read them like I can, then you are on the right track:)
Hey all, Iâm pretty new to all of this too and Iâm intrested in this trading type because of the fact that I donât get to be on forex foor long periods of time, I understand most parts of this but can someone just explain one more thing (sorry if its already been asked)
But how do you set up the fibb levels correctly in this version of scalping? I understand the BBâs but Iâm not sure how to read or use the fibb the right way, thanks in advanced for any help
Thanks for the tips fxswing.
I wonder where did Pip-Siphon go and why he stopped posting his trades, I find them very interesting.
Itâs very good to have contact with successful traders who are willing to share their experience with others.
Hey ŰPIP-SIPHONŰ, I tried your method just using support, resistance and trendlines and works well for me. But i want to insert more indicators. I want to know what are those dotted lines? Trendlines maybe? And what averages are you using?
Read the whole thread again and youâll get your answers.
What do you think is better to use on 5 minute chart? 300, 200, 150 bollingerbands? Also pip-siphon was saying something about 161 bollingerbands. I am sorry for asking but I am a noob
Hey ŰPIP-SIPHONŰ! Are you still trading this strategy? Hope we will see you around here.
pip-syphon
Is that stochastics your using as an indicator?