I have taught before. Its not that hard. The reason instructors wants to know background info on you is to relate information based on your background or history. If im explaining what a diode does to a mechanic I would say it like a check valve. If you relate the infromation to prior experiences you establish a bridge in the mind to find correlation to the new subject manner. The vocab. is a issue when the mind uses words association. Its dangerous to associate words or lines of thought to people who have no background information on the subject. If I said dihydrogen monoxide kills 4000 people a year. Its used to treat the food you eat. Most people consume it on a daily basis. Now when I say its water there is a different association in the mind. Someone who didnt know the difference or similarities could be for one and not for the other. Scalpers tend to not divulge on strats because its not relevant. Time is whats relevent. Exposure to the market time, time in trade, pip range. Those are the main factors to consider. I want to see people who try to do things for themselves. Not say do this that. People are afraid to experiment find out what works for them. What works for me might not work for others. So to get into detail early on before people learn truthfully what is involved in EVERY strat. Im willing to help and only those that are serious to know. Im not going to throw it out there. Has anyone asked that I didnt try to help?
Many thanks for your understanding and iāll forward your invitation.
I also want to tell you that the method you describe [B]NEED [/B]a clear explanation and how users are dealing with it ? What are the traps ? Where you heard about that ? Why this method ? What is the profile of those traders ? What are the requirements ? What kind of brokers (not only one) ? Is it actually what are doing FSB to win money ? Is it legal ? And so onā¦
I can write here a huge list of questions about that but i think the first step would be someone that know it well then describe it.
Iām sure also that there will be people that will not be able to use that method because it will be too much of something or not enough of ā¦ That doesnāt mean the method isnāt good. That only mean this guy isnāt ready yet to trade with that method.
Babypips school tell to feel at ease the method each of us use to trade. More than true, this is just obvious.
Even if i doubt iāll use shortly that kind of trade, iām still curious about the method and the use of it. Maybe iāll test it one day but only if i can understand it. Until then, youāll see me around asking questions and maybe stupid.
Agree on most of your points. I still see a difference between the guy that know and the one that can teach. Often these 2 guys are not the same. This is because teaching is difficult. As you said everyone has his background knowledge and because of Internet, you canāt suppose everyone has followed the grades.
BUT, whatever level you are, there are explanations. See how one teach you 1+1=2 when you were around 7-8 years old. And it was just : āok, here are the tables, learn them for tomorrowā. When were you able to understand how 1+1 gives 2? (19-20 years old, boolean algebra !). So it comes slowly but it comes.
You are true, people must experiment. They want it cooked yet. But never mind, those wonāt last long. The only advise when they have been discovered is to send them read babypips school because WE all know they will try real money. So WE, as learners, HAVE TO guide them immediately to the first degree of trading.
I hope you and the others that are scalping would take the time to make āeveryoneā discover another way of trading which might be VERY profitable. Maybe even you, will improve the method because of others point of view.
Iāll be reading even if i write nothing, beleive me.
The traps, I found is around news releases and Sundays(dont ask me why its just is). I didnt hear about it I experimented with different indicators found which where more reliable and which werent. The strat. tends to do well for people who can sit in front of the computer, doesnt want to have a complex setup to analyze. I have traded it on Oanda low spreads I tried it on FXCM they refunded me after 1 week. It depends on weather they know its not a get rich quick scheme but they have to work. and Have patience it can work for them.
Yeah, i saw that but at least it has to do with people that really get the auction thing. I often read also for other trading method that news release gives false signals, so IMO nothing special there.
I have traded it on Oanda low spreads I tried it on FXCM they refunded me after 1 week.
It is not the first time you or other scalper talk about that. Why that ? Is it a legal stuff to scalp ? Is it legal to prevent one to do it ? As soon as their system provide data on time i canāt see the reason. Or that mean they are not that confident in their data ? Do they have an automated way to correct them within 1 or 2mn then their behaviour would be logic ā¦
It depends on weather they know its not a get rich quick scheme but they have to work. and Have patience it can work for them.
I donāt know if a demo account will allow one to train that method ?
I have lost a lot of money over the years straddling the price before a report. It appeared to be a safe move as the volotility before the report was low as they waited for the release. The range was small and the long and short entry should have provided a low-risk entry since a whipsaw would be confined to the difference between the two orders. Sad to say that if there was a surprise many times I would have slippage down to the bottom of the blow-out and many times on the reverse side. I lost $200 on a trade with an additional 1,000 on slippage. (That is my worst one) I found that if I let the market run a pre-determined amount and then faded the move a pretermined amount that I could actually make money off the reports. For example, on the ES I would require a minimum of 5 points run out of the previous 5 minute range, I would sell short 2 points below the high, and take 2 point profit. I would risk to the high(which would be 2 points). If it made new highs for the 2 point loss I would take it back into the range again at 2 points lower than the new high. I traded the same scenario on the futures eurodollar.(EC) and have done it on the forex market also. The charts can certainly be deceptive if you think you are filled where your stop entries are. I thought I would share the painful learning experience in hopes that those who havenāt tried this might reconsider.āThe big loss was a pit trade before they split the contract in half so $100 was only 2 points. That was also when the orders had to be phoned in. I trade this automated on tradestation and just input the report time.
Simple scalping method based on the fact the price moves up and down over time.
Lines are plotted at prices ending in 00, 25, 50 and 75 on a H1 chart.
If the previous candle was RED then we wait for a GREEN candle to start forming, if the GREEN candle touches a line, enter long. It is that simple. You should make 3 - 5 pips quickly. Or you can stay in the trade longer for more pips.
Try this with any currency pair you want on a H1 chart. If you actually trade it, use money management and position sizing.
MT4 CODE ATTACHED but I didnāt write this indicator.
FXCM doesnt use a bank they trade against you on the other side of your trade. Scalping doesnt give them time to enter a position against you. It legal to scalp but what you make scalping is what you take out of there pockets
Scalping is a concept. i dont like tell people who arent serious you cant bounce ideas off them. Scalpers tend to be more of the show the start of way and they sample other method and talior to what they want. Its a growing process I can give my starting point and newbies can build from that.
There is a single problem that lends itself to basic
human quality. Most people have no desire to
learn. They all come here, especially total newbies
to trading, with their own sense of what is right and
wrong; even though most, if not all, of their views
are wrong and often dangerous. Thatās why they
get margin calls upon margin calls and blow up their
account. Most of them canāt even sensibly calculate
the ideal lot size to trade and they have to use a
risk/reward calculator created by a broker. Are you
serious? You will use a calculator created by a broker?
Another fact, people who āknowā have no real proclivity
to teach because they know people donāt want to learn
a damn thing. This forum is a place of seniority ego
buddy buddy place and really nothing more than that.
Newbies want to risk big to earn $6,200 when I am
willing to risk little to earn $620 using the pathetic
calculator they used for example. But they will
sit on that trade for 2-3 days when Iāll churn $1,200
or more 3-4 times a day and I am done for the day.
I get up and get outside and play the rest of the
day. If you want success, first figure in the potential
drawdown by having studied the average daily
movement of the pair you are tradingā¦ but I am
sure most of you know that while your stop/loss
gets hit everyday. Greed + lack of knowledge will
kill you every single time.
That was a great trade on the news. I had mine automated so I could sleep in so didnāt want to step in front of the train with my small risk. Thatās why I faded back into the range for a small profit. In 1997 I had a heart attack and while recuperating traded the yen. I would wait for a 20 point range then a high volume blowout and would fade that if it was a total of 30 tics. It reminds me of that style of trading since it faded the runaway herd. I donāt do that anymore. My trading has mellowed out with me so I just intraday trade most of the time. I check the charts every night for a few good trades off the daily chart but mostly trade the 1 and 2 min. Looking at all the commodities and forex youāre bound to find something thatās high probablility. It looks like your technique is great though.
I donāt mind but not sure which one youāre referring to. I have written about 200 strategies into ensign and tradestation but as you know hypothetical, simulated strategies are worthless. I have one that makes 200k per year with less than a $500 drawdown. Thatās the kind of garbage guys like to push on the new guys. I use the reports, psychology of traders, stop placement of the weak accounts, technicals, and national and world fundamentals. Itās a little disjointed but does ok, I donāt know if youāre really interested in my strategy because I only average $100 per day per contract on what I am currently doing. I started posting my trades the 6th of this month, have had one losing day and the rest profitable. I hesitate to even mention that because it is statistically insignificant. My children talked me into it. They own businesses and half of them (4) have websites and have been pestering me to do one. I donāt really like the idea because Iām of the mine that those that can trade do and those that canāt ----I guess Iāll say do other thing. I have a pit account, electronic futures, and forex account so I have a wide variety of trades to pick from. I have no qualms about discussing trading or trades at all though. Whatever your personality is in trading I think anyone can match it to a successful trading plan. Most of my set-ups disappear before I enter the trade but those that are entered generally do fine. I had a sell on sugar today because of the run up in the past week, inside day, and a chance to have a failure of a followthrough today. The trade was to look for a false breakout through resistance that didnāt test the 14.34 high of a couple of days ago so when it turned around you could enter short where the stops were placed around the close. Those with profits will take then at that point and the guys who waited too late to get in will be taking a loss. Especially if they are underfunded. Very simplistic but as I said, the profit chart for the month so far has 1 drawdown of $200 out of the 14 days posted.
