Intraday Live short term trading calls from an Expert Retail Forex Trader

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Hi Pete,

I recently found and finished reading your other thread (took me all weekend!). I have over 5 years of trading experience (2 yrs on US index/commodity futures and then 3 yrs on fx intraday, mostly on the 15m/60m, taking 123 setups at S/R and TL areas). I used to live in Asia and traded from EU open to US mid day. My results were breakeven since I kept switching around to different styles.

I think my read on PA is similar to yours in many ways (ie, price needs to clear x for longs, y for shorts, etc) but I'm sure I still have much to learn. I used to only take 0-2 setups within the 10 hours that I sit in front of the pc each day. Ultimately, I had to stop (2 yrs ago) because, well, I wasn't making enough to live on and had to come back to the US and get a JOB. I do not regret taking the risk in trading and I feel that I'm going to make it. Now 2 yrs later, I have saved enough for a stake and feel psychologically (and financially) sound to continue trading intraday.

I really find your time windows to be very unique since I've never really gave much thought to that before.

I would like to start following this thread but now I live in the Pacific time zone, so UK open is like midnight for me (and I have a full time day job).

I am curious if you think that your style would work during Asia session, with the PA being much slower. Would you suggest that I learn to scalp the Asia session, or catch the US open (7:45-10:15 EST) if I want to learn your scalping strategy.

Thanks and Happy Holidays!

J
 
Hi F

I have a few question for you if you do not mind:

a) do you think you can risk up to 5% a trade (around 5 pips) up to $10000 account? and
b) $10000-35000?
c) $35000-70000?
d) $70000-100000?

Thank you.
Fzsy
 
Monday 29th December 2014 - Pre Opens

Good Morning to all FX Intraday Traders.

I notice I have a couple of questions to answer and will get round to them during the next 30 -60 mins

Hope you all had a great Christmas

Still in Holiday Mode - so will not be looking at doing a full shift - all depends on the movements and volatility etc - but keen to try and catch some good pips whilst awaiting the markets to return back to normal next week and the start of 2015

Normal stuff for a start

Have a good session

Regards


F
 
EU

7 02 am

2165 -70 for me at present is a support area and price is trying to turn up

We have made in the Asian session 2203 but need above 2210 for more of a turn and tries higher

Although price is presently falling - I will be looking at scalp buys around 2175 / 80 for a start and if that does not correspond with a TW might have to wait for a test at 2170 ish

For me needs a clear breach under 2160 and then 2150 to be holding or taking new scalp sells
 
With the GU and AU in similar turn set ups to the EU - for now I see a dollar weakness pre London Open

Whether this will change over the course of next hour - 90 mins - to early to say - but all 3 - EU / GU / AU favour scalp buys at the right levels and TW's

I will also be keeping an eye on the UCad and UChf and for now favouring scalp sells
 
Notice on Calender the Greek National Elections going on - but don't think they will have much of an effect on the EU this morning - and no other main Red News - but there is some both tomorrow and Wednesday.

Price movements very slow atm - the only pair I am risking on just for now is an AU scalp buy above 8 133 - in at 35 and need above 43 to hold on longer
 
Forexmospherian said:
Notice on Calender the Greek National Elections going on - but don't think they will have much of an effect on the EU this morning - and no other main Red News - but there is some both tomorrow and Wednesday.

Price movements very slow atm - the only pair I am risking on just for now is an AU scalp buy above 8 133 - in at 35 and need above 43 to hold on longer
Click to expand...

Greece and Italy want to leave, if the party supporting the exit wins, could also trigger Italy, there is a lot of talk,personally I think they should, Germany is making real money in this status.
 
;)
Fugazsy said:
GM F

Have a good day
Click to expand...

Hi Fugazsy

Same to you for your session - very slow atm

Whilst commenting to you - will comment on the stake size question

I personally would use 5% stakes on smaller capital accounts up to say a $1000's - but only because I have the experience and skill to grow a small account quickly.

Normally I think you need to stay under 2 or 3% maximum - and then for larger accounts over say $50K plus - look more under 2% at maybe only 1% - simply because you need to protect larger amounts of capital and be more risk averse

By risking 5% on say a $500 or $1k account is OK if you know you are taking additional risks but are confident that over 10 trades you will have more than 5 or 6 winners and your losses you will look at exiting asap - ideally under 3-5 pips. - with your wins all being above 5+ pips.

As you know - losing 50% of a capital account requires a 100% increase to just get back to your start position. Losing 10 -20% of a small capital account is not so bad - and all can change in just 5 -10 trades

But - when you get to serious money over say $20k + don't go over 2% Stake size with tight stops etc - as a few losses can suddenly change your mindset and make you start doing silly things - that normally you would not entertain.

For today - I will not be using over 0 3 % stake size - but its on an account over $70k and so with tight stops it can easily still be up to 4 lots a pip -

Best to get a few hundred and ideally over a 1000 live trades under your belt so you have a clearer feel of your win rate - before taking any additional risk on stake sizes

Regards


F
 
7 33 am

AU - not a good start

Only 2 pips and abandoned scalp buy as could not make over 8139 and I needed above 42/43 to hold the scalp buy on longer

EU and GU not taken any scalp buys yet - still awaiting for support areas to hold - and so far - prices still pulling back lower
 
EJ

7 36 AM

A clear scalp sell under 146 73 - but missed ideally entry at 7 30 am and 65/ 64 area

So far made 53 and bouncing - but under 73 still possible for another sell
 
Another clear scalp sell from after 7 21 amd and 7 30 am was the GU

Trouble is - i am still looking for scalp buys on this pair as price structure favours them - and so did not enter the sell - and missed out on an easy 10 + pips

Just a few days off and holiday mode - and you are out of the focus and zone you need to be in

Need to get sorted for next hour
 
Forexmospherian said:
;)

Hi Fugazsy

Same to you for your session - very slow atm

Whilst commenting to you - will comment on the stake size question

I personally would use 5% stakes on smaller capital accounts up to say a $1000's - but only because I have the experience and skill to grow a small account quickly.

Normally I think you need to stay under 2 or 3% maximum - and then for larger accounts over say $50K plus - look more under 2% at maybe only 1% - simply because you need to protect larger amounts of capital and be more risk averse

By risking 5% on say a $500 or $1k account is OK if you know you are taking additional risks but are confident that over 10 trades you will have more than 5 or 6 winners and your losses you will look at exiting asap - ideally under 3-5 pips. - with your wins all being above 5+ pips.

As you know - losing 50% of a capital account requires a 100% increase to just get back to your start position. Losing 10 -20% of a small capital account is not so bad - and all can change in just 5 -10 trades

But - when you get to serious money over say $20k + don't go over 2% Stake size with tight stops etc - as a few losses can suddenly change your mindset and make you start doing silly things - that normally you would not entertain.

For today - I will not be using over 0 3 % stake size - but its on an account over $70k and so with tight stops it can easily still be up to 4 lots a pip -

Best to get a few hundred and ideally over a 1000 live trades under your belt so you have a clearer feel of your win rate - before taking any additional risk on stake sizes

Regards


F
Click to expand...

Thanks for you post, helpful as usual .

I have the money, but I don not want to start big, as you know I just started on the 1mTF and it is given me good results.

On a small account if I would have risked 5% per trade I would have made 4.33% per day and as you are aware compounding that bring to solid money very quickly.

THe psychological advantage in growing a small account in a decent size account is that when you get to the size of that solid account still risking 5% on trade of 5 pips risk would not have as much as a negative effect because the account was started with not money or nearly, do you see what I mean?
 
jfw215 said:
Hi Pete,

I recently found and finished reading your other thread (took me all weekend!). I have over 5 years of trading experience (2 yrs on US index/commodity futures and then 3 yrs on fx intraday, mostly on the 15m/60m, taking 123 setups at S/R and TL areas). I used to live in Asia and traded from EU open to US mid day. My results were breakeven since I kept switching around to different styles.

I think my read on PA is similar to yours in many ways (ie, price needs to clear x for longs, y for shorts, etc) but I'm sure I still have much to learn. I used to only take 0-2 setups within the 10 hours that I sit in front of the pc each day. Ultimately, I had to stop (2 yrs ago) because, well, I wasn't making enough to live on and had to come back to the US and get a JOB. I do not regret taking the risk in trading and I feel that I'm going to make it. Now 2 yrs later, I have saved enough for a stake and feel psychologically (and financially) sound to continue trading intraday.

I really find your time windows to be very unique since I've never really gave much thought to that before.

I would like to start following this thread but now I live in the Pacific time zone, so UK open is like midnight for me (and I have a full time day job).

I am curious if you think that your style would work during Asia session, with the PA being much slower. Would you suggest that I learn to scalp the Asia session, or catch the US open (7:45-10:15 EST) if I want to learn your scalping strategy.

Thanks and Happy Holidays!

J
Click to expand...


Hi J

Good to hear from you

I personally would look at the US Open times rather than Asian sessions.

I really dont have enough experience of the Asian sessions - but do know same principles do work - even in slower markets.

If you are on the West coast - I can understand your dilemma - but I do find also say 10 am to 12 midday NY time a busy period.

For me say 9 pm to 11 pm NY time would be normally the slowest market and so maybe the most difficult - but never tried trading in the UK at that time as it would be say 2 00 - 4 00 am UK time and I am in the land of nod

If I can help you more - no problem - let me know some times your are at your screens etc - so I can have a chat on this thread with you


Regards


F
 
Fugazsy said:
Thanks for you post, helpful as usual .

I have the money, but I don not want to start big, as you know I just started on the 1mTF and it is given me good results.

On a small account if I would have risked 5% per trade I would have made 4.33% per day and as you are aware compounding that bring to solid money very quickly.

THe psychological advantage in growing a small account in a decent size account is that when you get to the size of that solid account still risking 5% on trade of 5 pips risk would not have as much as a negative effect because the account was started with not money or nearly, do you see what I mean?
Click to expand...


Yes - I know what you mean

If your mindset can handle say $300 losses the same at only $30 losses no problem

I had a 6 month set back when i was compounding up ovder 20 lots. I was OK with handling say $500 losses - even a couple or more a day - but then when I was facing losses of over $1k and had 7 in one bad "black swan " day - I flipped and it took me months to get over the bad psychological negative effect - and still today - have never tried going back there.

Its all to do with you own financial "wall" and what you are comfortable with etc etc - but taking it steady and the more good wins you have under your belt - and the more trades you do - the more confidence you gain

Since that time - i have never suffered 7 consecutive losses again - many times 4 or 5 - but I am always aware - it can happen

Regards


F
 
8 11 am

AU - now trying what I wanted it to do over 40 mins ago

Trying 8141 - but still need over 43 to believe its trying up again

Meanwhile the GU as come out of sync and and the EU as bounced and was a scalp buy above 2170 at 73 - but PA is slow and so not in either
 
EJ

8 13 am

Still looking at scalp selling it under 146 73 after a bounce from 50/ 52

Did not take the scalp buy - as PA slow and weak still with price structure so far favouring a bear session atm
 
Forexmospherian said:
Yes - I know what you mean

If your mindset can handle say $300 losses the same at only $30 losses no problem

I had a 6 month set back when i was compounding up ovder 20 lots. I was OK with handling say $500 losses - even a couple or more a day - but then when I was facing losses of over $1k and had 7 in one bad "black swan " day - I flipped and it took me months to get over the bad psychological negative effect - and still today - have never tried going back there.

Its all to do with you own financial "wall" and what you are comfortable with etc etc - but taking it steady and the more good wins you have under your belt - and the more trades you do - the more confidence you gain

Since that time - i have never suffered 7 consecutive losses again - many times 4 or 5 - but I am always aware - it can happen

Regards


F
Click to expand...

Yes.

But did you build your account at a good level from nothing or nearly? If not maybe that could have triggered and weight on yourself.

Do you think also that you would not have those consecutive 7 losses if your stakes were more adequate to yourself?
 
Last edited:
8 23 am

A very slow and holiday market this morning.

Not going to stay with this all morning - so will just pop in and out mainly at the hour TW's

Will see if I can get a new scalp in this TW - but if not - then will look again after 8 51 am
 
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