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

[fx_]

hi Forexmospherian and all!

wish you all a happy weekend and hope we see us all back on next week in good condition!

cheers

 

[MajorMagnuM]

hi Forexmospherian and all!

wish you all a happy weekend and hope we see us all back on next week in good condition!

cheers

yes gl next week fx, look forward to conversing more in a week

 

[MajorMagnuM]

ok pre window
ga making smal hl and now in a tightening triangle.
gu small hl hh
eu same hh and hl

 

[MajorMagnuM]

update

 

[klw]

update

Well done MM , now you can go on your holidays and relax.

 

[MajorMagnuM]

Well done MM , now you can go on your holidays and relax.

ty man. apologies for my poor start.
still trading this session

 

[DowJones]

FXPRO figures are wrong - positive pips and money - but down on opening balance
Very strange ??

yes 9983 does not tally with realized eur of 9.45
the 9.45 realised is correct total of losses and gains tho
not sure they could handle an enquiry of this nature tho, based on last experiences.

Guys, just for info, I saw the issue - the P&L statement is ordered by 'trade opening time', rather than the default 'trade closing time'. Once you adjust for that, the P&L adds up. Have a good w/e.

 

[MajorMagnuM]

Guys, just for info, I saw the issue - the P&L statement is ordered by 'trade opening time', rather than the default 'trade closing time'. Once you adjust for that, the P&L adds up. Have a good w/e.

will check, ty for that! have a good week all and weekend

 

[sonofcablemonster]

update

Are you trading demo? I think you mentioned before you were. If so you are wasting time. The reason for this is you need to adapt to the emotions of trading real money and this can take months sometimes years. So you need to immediately shift to trading real money but minimum stakes. LMAX will let you trade 1k of currency which is 10p per pip. It's no money at all but at least you will start on the journey of managing the emotions of trading real money. Trading real money is nothing like SIM trading. Do I feel the same when I buy 1 contract of the ES on a SIM account compared to when i buy 16 contracts in a live account. No I dont, when I trade 16 contracts my face is pressed against the screen and I get sweaty palms, different game, it's out of my comfort zone.

Second up, why are you trading different lot sizes, are you scaling or averaging in? Both imo are nuanced strategies that I dont use (unless spreading and then in a controlled scaling way) and are dangerous for new traders, demo is doubly meaningless if scaling/averaging in/out.

If you are scaling/averaging I would advise ceasing immediately and trading even lot sizes. When starting out my advice is to NEVER average/ scale in.

Just my 2c but believe me I have walked your road many miles.

GL

 

[MajorMagnuM]

Are you trading demo? I think you mentioned before you were. If so you are wasting time. The reason for this is you need to adapt to the emotions of trading real money and this can take months sometimes years. So you need to immediately shift to trading real money but minimum stakes. LMAX will let you trade 1k of currency which is 10p per pip. It's no money at all but at least you will start on the journey of managing the emotions of trading real money. Trading real money is nothing like SIM trading. Do I feel the same when I buy 1 contract of the ES on a SIM account compared to when i buy 16 contracts in a live account. No I dont, when I trade 16 contracts my face is pressed against the screen and I get sweaty palms, different game, it's out of my comfort zone.

Second up, why are you trading different lot sizes, are you scaling or averaging in? Both imo are nuanced strategies that I dont use (unless spreading and then in a controlled scaling way) and are dangerous for new traders, demo is doubly meaningless if scaling/averaging in/out.

If you are scaling/averaging I would advise ceasing immediately and trading even lot sizes. When starting out my advice is to NEVER average/ scale in.

Just my 2c but believe me I have walked your road many miles.

GL

I am trading demo, as it remains meaningful to me and is useful at this point on the road ( still at marker points you passed years ago).

im taking profits after x pips when i can. i have no meaningful strat re PPND etc

each period of x trades i hope to improve to the point where its not a sure thing i will trash a live account instantly.I look forward to being ready to trade live.
i cant see the point of trading live when i cant even trade demo!
it seems logical to only go live when i am repeatedly successful on demo.
as soon as i do i will let u know!

 

[sonofcablemonster]

I am trading demo, as it remains meaningful to me and is useful at this point on the road ( still at marker points you passed years ago).

im taking profits after x pips when i can. i have no meaningful strat re PPND etc

each period of x trades i hope to improve to the point where its not a sure thing i will trash a live account instantly.I look forward to being ready to trade live.
i cant see the point of trading live when i cant even trade demo!
it seems logical to only go live when i am repeatedly successful on demo.
as soon as i do i will let u know!

ok. how come all your lot sizes are different? are you average/scaling?

 

[MajorMagnuM]

ok. how come all your lot sizes are different? are you average/scaling?

general aim is to use between .5 and 2% per trade.
occasionally i trade larger or much smaller as i am comparing commissions on different lot sizes. trying to see at what point the ratio becomes favorable.
I have been reading about kelly dilutions to give this aspect (MM)of my trading some shape, but im not sure its what i need.

 

[sonofcablemonster]

general aim is to use between .5 and 2% per trade.
occasionally i trade larger or much smaller as i am comparing commissions on different lot sizes. trying to see at what point the ratio becomes favorable.
I have been reading about kelly dilutions to give this aspect (MM)of my trading some shape, but im not sure its what i need.

I dont know what you are talking about with commissions. commission are the cost are doing business and are chargeable per volume. There is no favourable ratio. Kelly sizing is for quants not point and click traders.

I am out now but if I were you I would trade the same trade size for every position. Only have 1 position on at any given time. Then have a simple structure. Being a CPT is about structure and discpline especially for those who overtrade, which is most of us and judging by your statement you as well.

Example of a simple structure.

1 x 4 hour trading session per day
5 trading days a week
20 trading days a month
Maximum loss p/trade 3 ticks/pips
Maximum daily loss cut off 15 ticks/pips
Daily Target 20 ticks/pips
Weekly Target 100 ticks/pips
Monthly Target 400 ticks/pips

You will know when you are getting better as you will consistently make over 200 ticks/pips per month (half the full target). On a 1 lot this is $2000pm before commissions - max loss per trade - $30. Not a fortune but when you get consistent then you can scale up slowly. Nobody wants to be a trader to earn $2000pm right. So on a 5 lot you are at $10000 pm with 200pips/ticks pm, more if you start hitting your targets. maximum loss per trade - $150. At least this way you know where you are going, you have a roadmap.

In terms of trading demo I understand what you have said about wasting money however I would argue that you are actually costing yourself time and therefore money. If you traded at 1k size or 10c a pip even if you lost 15 pips a day the whole month you would only be down £30. To me this is the price of learning. If you hit your daily target you have made £2, the price of a coffee.If you bomb out you lose £1.50. But it's a start and it will start you thinking about preserving money at all costs. You see this is chump change but you need to be trading real money all imo.

GTTY

 

[MajorMagnuM]

I dont know what you are talking about with commissions. commission are the cost are doing business and are chargeable per volume. There is no favourable ratio. Kelly sizing is for quants not point and click traders.

I am out now but if I were you I would trade the same trade size for every position. Only have 1 position on at any given time. Then have a simple structure. Being a CPT is about structure and discpline especially for those who overtrade, which is most of us and judging by your statement you as well.

Example of a simple structure.

1 x 4 hour trading session per day
5 trading days a week
20 trading days a month
Maximum loss p/trade 3 ticks/pips
Maximum daily loss cut off 15 ticks/pips
Daily Target 20 ticks/pips
Weekly Target 100 ticks/pips
Monthly Target 400 ticks/pips

You will know when you are getting better as you will consistently make over 200 ticks/pips per month (half the full target). On a 1 lot this is $2000pm before commissions - max loss per trade - $30. Not a fortune but when you get consistent then you can scale up slowly. Nobody wants to be a trader to earn $2000pm right. So on a 5 lot you are at $10000 pm with 200pips/ticks pm, more if you start hitting your targets. maximum loss per trade - $150. At least this way you know where you are going, you have a roadmap.

In terms of trading demo I understand what you have said about wasting money however I would argue that you are actually costing yourself time and therefore money. If you traded at 1k size or 10c a pip even if you lost 15 pips a day the whole month you would only be down £30. To me this is the price of learning. If you hit your daily target you have made £2, the price of a coffee.If you bomb out you lose £1.50. But it's a start and it will start you thinking about preserving money at all costs. You see this is chump change but you need to be trading real money all imo.

GTTY

thanks for the time and input. will consider going live after hols. i suspect you are right, I have been nearing a decision point about this.

 

[Forexmospherian]

thanks for the time and input. will consider going live after hols. i suspect you are right, I have been nearing a decision point about this.

Hi MM

Sorry I missed getting back this afternoon - went for an early tea with the family

Seen you latest results and you win ratios are OK - its just all the other disciplines now etc to work on etc etc - and you would be taking a lot more money if FXPro where not charging you about 6 pip spread on some of those deals - ( yes the spread is low - but their demo commission then makes it more expensive than if you had had to pay a straight 4+ pips spread with a non ECN broker)

I do agree with SCM - you do need to come back and go over to use real money now

As many have told you - you will not be able to go from 2- 5 lots demo - to same live immediately - its such a different emotion roller coaster - it should certainly reduce the number of trades you take etc. Saying that you have traded live before - so you do know what we mean

Even if you start on just a mini lot or anything small - it makes it so much more realistic and as SCM says limit your self to maximum loss per day - whether £2 or £ 20 - its another discipline to master

Yes have a daily win target - no problem let it be £5 or £20 or whatever and if you get it on 2 trades - stop and then have a break and go back trading later

Remember losses need to be tightly controlled - wins can just carry on - as long as you make it that you cannot lose more than say 20 or 25% of your winnings

As you know my target is 50 pips a day now - but it was 20 pips a day for a few years early on in my scalping life

I don't just stop if I am at 53 pips - but i make sure 63 pips cannot go under 50 pips and I also make sure if I am up 120 pips - I don't wipe more than 20% of them out with 2 - 4 bad trades

Anyway - you switch off - you made a profit again on demo - so relax over the holiday and chill

Have a great time and see you when you are back


Regards


F

 

[MajorMagnuM]

Hi MM

Sorry I missed getting back this afternoon - went for an early tea with the family

Seen you latest results and you win ratios are OK - its just all the other disciplines now etc to work on etc etc - and you would be taking a lot more money if FXPro where not charging you about 6 pip spread on some of those deals - ( yes the spread is low - but their demo commission then makes it more expensive than if you had had to pay a straight 4+ pips spread with a non ECN broker)

I do agree with SCM - you do need to come back and go over to use real money now

As many have told you - you will not be able to go from 2- 5 lots demo - to same live immediately - its such a different emotion roller coaster - it should certainly reduce the number of trades you take etc. Saying that you have traded live before - so you do know what we mean

Even if you start on just a mini lot or anything small - it makes it so much more realistic and as SCM says limit your self to maximum loss per day - whether £2 or £ 20 - its another discipline to master

Yes have a daily win target - no problem let it be £5 or £20 or whatever and if you get it on 2 trades - stop and then have a break and go back trading later

Remember losses need to be tightly controlled - wins can just carry on - as long as you make it that you cannot lose more than say 20 or 25% of your winnings

As you know my target is 50 pips a day now - but it was 20 pips a day for a few years early on in my scalping life

I don't just stop if I am at 53 pips - but i make sure 63 pips cannot go under 50 pips and I also make sure if I am up 120 pips - I don't wipe more than 20% of them out with 2 - 4 bad trades

Anyway - you switch off - you made a profit again on demo - so relax over the holiday and chill

Have a great time and see you when you are back


Regards


F

ok, i will take any deal that can give me decent software and spreads that work with scalping. any recommendations for a broker that can do that greatly appreciated
!!!!!!!

 

[sonofcablemonster]

ok, i will take any deal that can give me decent software and spreads that work with scalping. any recommendations for a broker that can do that greatly spreads.....
!!!!!!!

You will not find a better execution for a $1k deposit than LMAX. Just tell them you are introduced by alpha novae to qualify for the $1k min deposit instead of the standard 10k. Spreads are interbank low. Don't bother with others just trust me on that. Trade 1k lots or 10c per pip. Broker = sorted.

 

[MajorMagnuM]

You will not find a better execution for a $1k deposit than LMAX. Just tell them you are introduced by alpha novae to qualify for the $1k min deposit instead of the standard 10k. Spreads are interbank low. Don't bother with others just trust me on that. Trade 1k lots or 10c per pip. Broker = sorted.

ok goggling alpha novae. ty man!

 

[sonofcablemonster]

ok goggling alpha novae. ty man!

no worries. I think you may need to call them for the alpha novae route. also LMAX is an execution venue not a charting package so you may want to use something like MT4 for charting. LMAX does have charts but I am not sure what it's like.

 

[Yorkshire Terrier]

You will not find a better execution for a $1k deposit than LMAX. Just tell them you are introduced by alpha novae to qualify for the $1k min deposit instead of the standard 10k. Spreads are interbank low. Don't bother with others just trust me on that. Trade 1k lots or 10c per pip. Broker = sorted.

I have been using a demo account with Lmax for some time now and im very happy with them, and will be depositing with them in the next couple of weeks via Hft group which has arranged a 12% discount on commission's .