I still need a couple of trades to earn 1000 euro. Then I will make the acc with trades (also to copy).
500 acc / 500 bank. (i hope start febr 2019)
May I suggest you settle down to watching just a few pairs. Maybe correlated or uncorrelated even a combo. For example I watch the USD crosses and the DXY. Then in my opinion price action strength and weakness will guide you charting no matter the time frame.
Well by anylising the diff correlated pairs… I’m trying to spot the holistic view…
then i will trade most lucratieve trades. 
thats the risen why making so much images each weekend.
the final one for next week(s)
Holistic POV, interesting. I get the Kiss principle. previously I wanted to know everything forex, then more than once I had brain overload so I back off a bit each time and regroup then durge ahead.
Then a gong went off in my studies of deviation from and back to the mean.
Then and not because I am US but because the USD rules, they old adage of ye who has the gold rules. So I started tracking the USD index aka DXY.
I discovered what the world already knew that the USDXXX and XXXUSD sets corrorlate or not to the DXY usually.
I am a forex junkie and love to basket trade but discovered that it requires a larger account than I can afford to lose. So I am backing off to trading no more than two pairs at a time and usually just focusing on one pair.
When I sit to trade I look for a “V” pattern forming either upright or inverted. But when the Apex candle is formed there we will a reversal of mostly an equal and opposite reaction/leg. This will happen several times per day with some form of consolidation or trend between the “V”. There are lots of patterns available however the “V” fits my personality with it volatility especially during the EURO or NY open overlaps when there is the highest volume of trading.
Then once I figured that out I started to learn about sizing and scaling into and out of a position which is where I’m currently at. First we learn to be consistent with a little. Then we learn the miracle of compounding.
Ok sorry, I’ll get off my soap box, its not all about the most volatile but liquidity and momentum of the volatility.
Menno, I am no garue, just a trader learning to be consistently profitable.
Attached is a chat which show consolidation and breakout. It also depicts a “V” pattern after the breakout. That’s what I look for. This GBPJPY pair which I don’t usually trade but has been very nice to me this morning just completed its third leg for the full swing. I didn’t trade the first leg but I sure did the up and back down again. Not that each leg went the full swing down, up and look on your chart back down after I snapped this. This patter is dependable and happens daily on the pairs that I watch.
So here is the deal what percentage of your equity do you need to grow each and every day? to make 100K then 1mil? with out robbing Peter to pay Paul as you go.
Well midwest, my journey took 10 years and about a ton to become profitable.
First I only traded with robots. Had some success with managing eventually 2,5 million.
Trading the 1 minute timeframe. (about 10 pips avg)
Used a martingale strategy.
But time to time a large DD toke all the profit. Had to think for something else.
I see you are scalping the 3 minute timeframe. For me, watching other prof traders as well, u have to focus on 4H and day timeframes to get the overall direction. Otherwise u have to use costly SL’s. (USDJPY going up next week, GBPUSD going down for example) Then the use of SL’s is less important. To spot the direction took years for me to learn.
By analysing all collerated pairs I see which movements are ‘sollid’.
Then I try to trade the H1 in the same direction. Smaller is to costly I think.
I also prefer naked trading. (without indicators)
Then I’m traying to make 50, 100, 300 pips. If the price goes the opposite direction, i simply wait.
I watch 2 times a day, trying to spot an oppertunity, then making a trade of about 10%.
Because not using a stoploss (& making large trades), 50% of the equity I’m using is beside the market in a bank account. Once every year I’m blowing up the fx account. Then starting over with 50% of the total value of the bank account. Each month 50% of profit goes to the bank account.
Maybe I will use TP’s and SL’s in the future. Also when knowing the overall direction, then stepping in low or high is enough to be profitable for example 75% / 25%.
Using TP = SL = 60 pips. 3 x 60 - 60 = 2 x 60 = 120. 120 / 4 = 30 pips / trade.
By doubling each 1 or 2 months (10-20% each week, 1 or 2 succes trades each week) I’m doing the total capital times 1.5.
500 / 500 ( next 1 or 2 months -> ) 750 / 750 etc.
first year: 1000 x 1,5^6 = about 10k (10 times each year)
sec year 10000 etc. = about 100k.
third year 100k = about 1 milj.
Pro traders normally do 20% month. Doing 2 nice 2% trades each week.
but of course they use larger investments, ‘little’ profit then is fine for them.
you see there is a nice (going up pattern) at GBPJPY 3 minute at the end. GBPJPY will go up to 143,9 finally. (about 1 month to get here) Then going down to 127,1.
With proffesional acc maybe i try with investing 600e (1:300 leverage!!!) to make 20.000 euro in only 1,5 month. We will see. 143,9 towards 127,1 about 1700 pips.
First i’m going up GBPJPY first 2 days of next week, then splitting my acc. GBPUSD down and USDJPY up till end of this month. (making little 1H trades) Trying to get my 600e towards e 1200? (half back to payment, half using for big gamble?)
menno, I really appreciate you sharing and with such great experience.
I use the DXY and a 3min chart as my indicator from my trading account which is 5M mostly and I’m doing a little better than 100 pips daily with from .10% - .25 daily and my average TP is 5Pips. The variation comes from the variation in my losers.
While I trade whit anywhere new the amount of equity you have I do understand you trader for the most part. I don’t think I could stand the risk drama you do and will continue to strive for consistent profits day in and day out. I know it is achievable with proper emotional control.
I look for momentum and the percentage of deviation.
For me hitting 50pips or greater is a dream that I strive for in my sandbox.
So far I have not been successful at useing longer term charts, just you say defining the bias.
I do focus on the DXY as my main indicator and trade USD crosses and seldom stay onto other pairs.
I have mostly reduced my NY open trading to one pair and this coming week in an effort to both increase my pips per trade and reduce my trading costs I will remove my TP and close my scalps manually. My immediate target is 15pips per trade and a solid .25% daily equity.
I looked back in my diary and there was a week where I was doing 15-25 pips per trade on average and useing the H1 or greater chart to achieve a minimum risk ration of 1:10, Don’t remember why I stopped that system and its not in my notes.
Anyway thanks for sharing with me I will look closer at adding the JPY and maybe another GBP.
Have a great week end.
A new week ahead…
(E 600 in fx acc see picture)
GBPJPY buy till 142,95 ?? (E 700)
then GBPUSD will go down… USDJPY will go up. (next oppertunities) (E 900)
GBPUSD 1.2950 -> 1.2675 (also trading USDJPY up at the same time)
then when GBPUSD going up again… I’m taking NZDJPY up. (E 1200)
(because NZDUSD goes up stronger and USDJPY also still going up)
E 600 / E 600. E 600 withdraw to original bank acc. E 600 still in fx acc.
Then trading with 1:300 leverage the major sell opportunity of GBPJPY around 144,50 towards 127,1 ??
(E 20.000)
Then I do have 10k / 10k starting the live acc (2,5 months from this date)
Hope for the best!
menno, may your pips be green!