Hi there,
I was hoping somebody might be able to help me with the problem of stop-loss and where to put it.
Im thinking i might go for a 100 pip stop-loss but im not sure. Obviously with scalping im looking to make quick trades and earn a small amount of money so if i have a big stop-loss and lose that will take many new trades to make my money back, im about 85% winning but my 15% losing is higher amounts of money than my wins due to my usual 300 pip stop-loss.
Can anyone help me with this please? i can offer my scalping technique which is kind of nice. cheers.
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Hi, what value is your take profit? You can place stop loss at resistance/support, but I think your stop loss is too big and you must change your system because you said your stop loss is hit too often and you should use a rr 1:2, which is not a must it depends on the market and price action.
Can you tell me more about your scalping system and I’ll share an EA that I have which is good.
I would like to think im a great scalper… So let me tell you this much, if your scalping, your SL MUST be no more then double your DESIRED TP…
SO, if your scalping for 2-3 pips, your stop should be around 6 pips…
Now, another thing is, Your system must be percise. You say your hitting 85%, which is super, but your letting your losing trades run wild… Cant do that…
A perfect scalping system would be 5 pips TP/10 pips or even 8 pip Stops… AND the time your in the trade must be short, and Im talking average 1 min or less… Thats true scalping…
Your entry has to be like super good, and your Stops naturally should be super tight… If your entering trades to grab a handfull of pips, then you must envision that candle going your way, and ANTICIPATING the Move…
Im not sure of your system, but bud, 100 pip stops are out of the question…
Good luck
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I like bjf Divergence Indicators-
Arrows painted above/below the open bar and not in the past. You can see when actually you can trade. It is never to late! Signals based on closed bars so the arrows above/below open bar never disappear.
bjf wolfe wave indicator looks good too. demo version are available by request.
I normally get out of the trade as soon as the cci indicator goes from above +100 down to approx 80, on plus500 i take 2 pips profit, on my alpari demo i take about 10 pips, my system is done by me manually, when rsi is above 70 and cci is above +100 i sell short and when rsi is below 30 and cci is below -100 i buy, simple really but using that i can tell pretty much exactly when price is going to change. iv never used an ea before, do they work?
Thank-you for your reply, im going to try what you say, i ll try a stop-loss at 6 pips, my trades normally last a minute, you kind of worry if they last more than 10 mins, iv replied to someone else on this thread about my “system” its simple really but effective, rsi and cci thats it really. Is scalping your main technique you use?
Thanks i ll look up those indicators, iv never come across them before.
This is right. This is what scalping is. People can make quick money by scalping. However, I always believe that scalper still should keep their lot low to be safe. You never know which way market is going to turn.
Hey financial wave rider,
Going to be honest, I have 10 differant charts, and read each in split seconds, and then go from there…
I do have a pretty good system tho that you can try out if you want…
Im going to post it in a separate thread tho…
actually, no im not, here it is…
RVI 25- using just main line.
Stoch- 5-3-3 using just signal line. ( Level 50)
Build box, :05 candle, add 2 pips ( spread rounded) to the high and the low of that candle…
If red is above green, ONLY look to short, If green is more then Red, ONLY look to go long…
If they are equal, or shadow themselves, stay out… If Grenn is more then red, but green is above 50, DONT trade and if Red is BELOW 50, Dont trade the signal line…
Set SL half the box amount…
This system took over 200 today… Try it, or dont… But its a good little system… I was trying to build a Bot around it, but cant figure out how to get the limit stradle, and plus the RVI-Stoch setup Im not sure they can work off each other like needed…
Another important part is the zoom… Zoom allllll the way IN, then back 1 time… [B]ITS A MUST[/B]
Have fun…
Can you tell me how to upload a file I tried to attach that EA but it says invalid file. This EA is only for EUR/USD 5 min TF, but yesterday opened a transaction when the trend was going down without retrace so today when I opened MT4 i saw that the transaction is -160 pips, but yesterday that EA made 77 pips, it usually makes 30-35 pips per day, but you have to keep an eye on it because when there’s strong movements in the market, or near news release you should stop it.
That is great, thanks alot for sharing your system, i will definitely try it on mt5, iv only been aware forex existed for the last 6 months so bear with me if i ask a stupid question. just looking at the image im not sure where to put the boxes but i ll have to give it a try and then get back to you if thats okay, not sure what :05 candle means, thanks again
Fantastic share. Much appreciated, this is some great homework. I;ve been struggling on the short timescales so interested to see how this works for me. i guess the key is becoming almost instinctive with the analysis so it becomes lightning fast. Afterall, scalping is all about speed. 
no idea my friend
Hi. Were you able to upload this file yet? Also, you might want to double check what the file type here is. 