Intraday Trading the Forex market to make consistent profit
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neil
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When I was young.......
Remember the first "mobile" phones? If you dropped one on your foot it would break a few toes
I have never tried programming - but can remember those days - I did not even know how to use a computer until I was 45 yrs old - little did I know that 3/ 4 yrs later it would be my future money earner
It was all fax machines - no internet for most of my early business years - now I think about it - maybe not the good old days - why could I not have a iphone 5S when I was 16 to dump my girlfriends etc
My kids laugh when I tell them I did not even have a mobile / cell phone until I was 33 yrs old - as they were then in those days just expensive toys for yuppies
Remember the first "mobile" phones? If you dropped one on your foot it would break a few toes
TheRumpledOne
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Haven't heard from F in a while...
Forexmospherian
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Forexmospherian
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Hi TRO
Sorry - its the Holiday season and I have been doing some afternoon sunbathing ready for a couple of breaks in August - one starting this Thursday.
Trying to think how I can assist more with the discretionary side - ie how do we program in an interim level along with a time window happening whilst the 3 quick Lrs all do their job going over or under price ?
Can and will post more EJ charts during the month to assist showing what i mean
Please let me know anything else etc that would help
Regards
F
I have been lurking here for a long time and this is maybe my first post. I am only on page 5 with another 100 to read this weekend.... really wish I didn't have to read posts by people pushing their own agenda and wasting my time until I at least get to evaluate the details of methodology from the guy who started the thread.
I have not even got to the system yet. I am not sure if this system will be what I need but many of the things you said resonated with me, so I might be an ideal student , although I don't know about trading tick - 5 minute charts. I have no access to tick charts. I will be happy to vote once I get a little more of the details...
I have not even got to the system yet. I am not sure if this system will be what I need but many of the things you said resonated with me, so I might be an ideal student , although I don't know about trading tick - 5 minute charts. I have no access to tick charts. I will be happy to vote once I get a little more of the details...
I think LV and DJ have bought up a few points i need to clarify
First point - this thread and my other trading thread are not really for new traders - ie repeat - NOT FOR NEW TRADERS WITH LESS THAN SAY A YEAR'S EXPERIENCE
They are geared at traders who might have been studying forex trading for 2- 5 yrs and not really getting anywhere. They need to know and understand all the basics and ideally to have traded "live" with real money - at least 50 times
Without this basic experience behind them - they are going to have big problems trying to understand what I am doing - as my way is not that simple and is fairly complex.
I don't mind assisting suitable traders - totally free of charge - I am not selling anything etc - and the reason I am doing this is because I was helped along the way by a couple of very experienced traders - who gave me tips I don't think I would have discovered on my own for many more years - ie they saved my 2- 4 years off my fx trading learning journey.
Further more - I do the live blog to really help me and to get me into my own particular trading zone - I even look back on my notes to see what I was saying or thinking in the price area of question. If other like minded intraday traders join in - great - company is always welcome as some days trading is boring - and you need breaks and interaction.
With regards to how much you risk on 5 pip stops - that must be your own decision but as both LV and DJ have said keep it small -LV suggests only 0 5% but I would have to disagree on small account under say $5 or 10 k and I will explain more
Commercial FX day trading and retail FX day trading is totally chalk and cheese - it is different
I can do 30 -50% per month on a $50k account - quite easily actually even only using small leverage and stakes under 1%
However on a $5 million or $50 million - I would probably struggle to do 30% in a year - it's whole different game that retailers would not be used too.
Similar if I have entered the FX "game" - all and sundry are told - you can lose more money than you started with - and we all know accounts can be wiped out
That is a fact.
So therefore when you are learning any new way - system - or method - try it on demo first and don't go live for a month or two - or certainly only after 100+ trades - just 10 or 30 are not enough
For my method I have already stated-
Entries are paramount - a key part to the equation far more important than exits etc etc
Therefore you have to learn to get them right. You should no proceed live if you cannot get over a minimum 60% win ratio on at least 100 trades
You will have losses in a row - I many weeks have 3 losses in a row - but in over 9000 trades and 4 yrs + I have never had more than 7 losses in a row.
During that time I have many day of 12 - 16 consecutive wins in a row and my best is over mid 20's
Now you would expect me to be quite good with the amount of trades I have taken - but anyone new - will need at least 500 trades + to be more consistent
This might only take 7 - 12 weeks - so no real hardship.
I know LV and DJ might question my low "Black Swan" bad period and scalpers with even a 70% win ratio can still have 10 -15 bad trades in a row - even over a few days or week.
But there are simple answers - stay with very low stakes after you have finished your demo trial - and if you have more than 4 losses in a row - stop whether for an hr or two or even a day - find out what happened - before recommencing.
But once you have done a few hundred live trades with 5 - 7 pip stops - ( MM has already now on demo) - then proceed up to 1% or what you feel comfortable with your account - but please dont go then over 2%
Retail traders advantages include leverage - but you do need to know what you are doing before you really start playing with it - and that will be another lesson for me to pass on to any members who end ups doing over 500 live trades with their win ratios on small stops over 60 -65%
If you do just ignore advice given - be it on your own head
Forexmospherian
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Hi directxxx
Sorry for delay coming back to you - have been away on a holiday break.
There is a lot to trawl though - but if you ignore all off topic stuff and me answering questions etc - then may be there is less than 20 main comments from me with the basis of my system / method
I say this to all traders - you need at least 12 -18 months of FX experience before you even attempt to understand how I trade etc etc
Scalping is a another skill and can take several months and 100's of trades to even get an average level
Its taken me approx 7 -8 months to teach another trader here ( Major Magnum ) and now he is getting there and is profitable most days.
Trading is not easy or simple - we are competing against the best brains and super computers who just want your dough
I think most traders need 3- 5 yrs to get to a decent level - but it all depends on how much you put into it - ie MM spent maybe over 40 hrs every week chart watching and understanding PA.
If he had only spent say 10 hrs a week - well I reckon it would have taken him easily 2 yrs to take in all what i show etc - instead of 7 -8 months
You are welcome to come and join me on the Intraday live thread - but please remember its not a week or months course - its an ongoing journey and will take time to get there.
Regards
F
It´s really time wasting, I know. But if you ignore the offtopic bull**** and concentrade on posts by F, it will be very helpfull. Mental, Timezone, Pricelevels, Riskmanagement, System and a lot more.
Itradetowin
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Hi Forexmospherian...
I am spending the last days reading the thread..
I am really bothered of people hitting on you while I think you should be thanked for your incredible contribution to this forum and community.
I wish I could chat or message with you privately.
I would like to be taken on board.
Thanks and Regards
Ittw
I am spending the last days reading the thread..
I am really bothered of people hitting on you while I think you should be thanked for your incredible contribution to this forum and community.
I wish I could chat or message with you privately.
I would like to be taken on board.
Thanks and Regards
Ittw
Forexmospherian
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Hi Itradetowin
Thank you for your comments and support of my contributions.
I made a policy before I joined here not to do private messages or e-mails etc - mainly because I got inundated before with traders wanting me to assist them and make them into a successful FX trader
I have no problem helping you via the other "live " forum thread and have already been assisting quite a few T2W members through this year - with Major Magnum being the most successful - but he will tell you its taken 6 - 8 months for him to take fully on board my methods and he had already a previous 2 years of FX trading experience.
The key is hours spent studying small frame charts and watching price action and then understand price structure within different levels.
It sounds easy but really it will take you 3000 to 5000 hrs to get to a decent level - and its boring - ( like watching paint dry or trees grow
) and so if you spent say 20 hrs a week - you can see you really need 3 -5 yrs of study and commitment to get there.If you can spend say 40+ hrs a week - well then you can get down to less than a couple of years - and then during that time you will need to make at least 500 trades on a demo account and then at least 500+ on a live account - even if its just a micro level or just a dollar a pip.
My tips and guidance will make it easier - but its still a slog and you do need to have the right mindset etc to get there.
Pop into the Intraday live thread on Monday and fire away the questions etc and hopefully I can at least help you etc
Meanwhile have a great weekend and i wish you well on your FX trading journey
Regards
F
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Itradetowin
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Thank you very much.
To keep it brief I omitted telling you that I know you ask commitment, previous experience etc.
I feel I have the willingness to study, I like trading.
Just to start.. do you suggest any read, or any platform. To this day I know MT4 (no minute charts I fear) and sharescope (well.. not a platform).
I traded IG not for intraday (pretty high commissions and spreads, especially for small positions).
Cheers, see you on the other thread.
Regards Ittw
To keep it brief I omitted telling you that I know you ask commitment, previous experience etc.
I feel I have the willingness to study, I like trading.
Just to start.. do you suggest any read, or any platform. To this day I know MT4 (no minute charts I fear) and sharescope (well.. not a platform).
I traded IG not for intraday (pretty high commissions and spreads, especially for small positions).
Cheers, see you on the other thread.
Regards Ittw
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Forexmospherian
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Hi Ittw
Ideally you want a scalper friendly ECN broker - and I have no particular favourite and have tried so far 6 different brokers over last 10 yrs or so and atm with 2 - Dukascopy and FXPro.
You need to know all about the basics of price action - patterns - key theories like Elliots and Gann and Fibs etc - so that you have an understanding of the FX markets
Most important then is money management - that can either ruin you or assist you on the way to riches . There is loads on all these subjects both on this site and on the rest of the internet to go through and then once you have read it all - I can take you onto the next levels.
For scalping - my own method is fairly unique - I am not aware of any other "well known guru's" using LR's / PA / TW's and levels in the way I do it. Before I discovered my "edges" - I was a fan of Lance Biggs and Al Brooks - so worth checking their works out as well
I remember when I started I thought within about 6 months I would have cracked it - but even now after approx 12 yrs and now 7 yrs full time - I am still leaning new tips etc - simply because the markets are for ever changing and the game will carry on evolving every few years.
Mondays are not normally busy days - but I will always find trades between 6 00 am and 9 30 am and also from 2 30 pm to 4 30pm - and so you are welcome to get the feel on the live thread around those times
Hope this is some help for you and you are welcome to bring up other queries and questions as you progress on your trading journey
Regards
F
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Forexmospherian
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Friday 22nd August and just a message to say I am away again next week and so will not be able to answer any questions or queries.
Looking forward to the markets getting back to normal after the holiday periods are over and normally Sept to Dec in previous years have been good to me - and busy with proper volumes - not like we have witnessed this last quarter.
If you have been trying any of my methods or tips over the last 8 months - i hope they have been of good use to you and helped you gain some pips.
Major Magnum has proven in approx 6 -8 months that is is possible to learn to scalp and copy many of my ways. OK he had already 2 yrs of general FX experience - but had no real experience of scalping as previous he was a swing trader used to Harmonics and more traditional ways.
I will say he spent a lot of time and effort to get there - easy 40+ hrs a week demo trading and watching the "coalface" on the small frames - but now after going live with the methods over 2 months ago he has made good progress - he will probably end up better than me as I understand he's at least 20+ yrs younger ;-)
See you again soon
Regards
F
Looking forward to the markets getting back to normal after the holiday periods are over and normally Sept to Dec in previous years have been good to me - and busy with proper volumes - not like we have witnessed this last quarter.
If you have been trying any of my methods or tips over the last 8 months - i hope they have been of good use to you and helped you gain some pips.
Major Magnum has proven in approx 6 -8 months that is is possible to learn to scalp and copy many of my ways. OK he had already 2 yrs of general FX experience - but had no real experience of scalping as previous he was a swing trader used to Harmonics and more traditional ways.
I will say he spent a lot of time and effort to get there - easy 40+ hrs a week demo trading and watching the "coalface" on the small frames - but now after going live with the methods over 2 months ago he has made good progress - he will probably end up better than me as I understand he's at least 20+ yrs younger ;-)
See you again soon
Regards
F
NVP
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the study / research time is needed to understand the key elements of successful trading.......................
you will not (I repeat) will not find a holy grail system that generates consistent 100% profits out of a robot black box system.......................
the multiple skills required to generate consistent profit are based on optimising outcomes in what at best can be significantly poor % game at times......
you don't see that overnight...or ever for most people......i'm 14 years into forex and learning every day .......the hell I might even trade full time one day if people like F show me it can be done :smart:
N
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tar
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Warning about Forexmospherian :
He was banned and kicked out from fxstreet , he keeps mentioning Major Magnum in nearly most of his posts i wonder why ?!
He keeps repeating the same stuff in his posts over and over again . He was caught lying and manipulating screenshots ... etc .
He never taught Major Magnum anything , when he taught him ?!
Avoid like the plague !
He was banned and kicked out from fxstreet , he keeps mentioning Major Magnum in nearly most of his posts i wonder why ?!
He keeps repeating the same stuff in his posts over and over again . He was caught lying and manipulating screenshots ... etc .
He never taught Major Magnum anything , when he taught him ?!
Avoid like the plague !
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MajorMagnuM
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MajorMagnuM
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I have followed the thread, asked questions, tried to understand answers, and apply what ive gleaned from the thread. My own application and F's willingness to share his discretionary approach in its conceptual and applied forms, without showing frustration at my slow pace and with i must say outstanding patience in dealing with detraction from the learning process from you and others, is teaching and learning. If you know of any other thread on this site that offers as much for free, without strings, please let me know as that would be doubly good.
Please feel free to compare the calls i was making at the start of the thread to more recent ones. I think BP has witnessed some live ones.
