A Master Class in FX Intraday Trading by F & Co
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Question
what prices would you have dropped your sell and bought prior to say 8 30 am?
Did you enter another sell under last low around the 5227 area ??
If not - why not ?
Did you sell again under 5200 and 5190 ??
Dont worry if you say no to all these questions - I am just wanting to get you planning and thinking of all your next moves - ideally a few mins before you carry them out
Remember - fluidity - no fixed rigid targets or price etc - adjust with the markets dynamics
Again Well Done - but please dont multi scalp enter again until you have cracked all the basics of the method - and yes you are getting there so have confidenece
Thank you Peter & this is the exact reply I was expecting. Cause I know I did a mistake & probably got lucky.
No I didn't sold around those levels because I thought I had enough.
So didn't wanted to re enter & lose profit.
Multi scalp is my bad habit specially on cent account with small lot size with high leverage. It doesn't occurs on standard account. I will try to control it.
My dollar to dollar approaches helps me to cope up with the losses. I generally get freaked out, Only when I lose money out of my mental limit (doesn't matter it has be in one day, it can be for a week). So i need to keep my losses always under that mental limit. If some how I lose 20 pips then, I try to hold trade or risk much to get that 20 pips back just in one trade or at least try to hold trade upto 10 pips. Even if market doesn't provide that much of pips opportunity, I try to push it.
This is my mindset. This is where I become freak out. In short my money management is not properly synchronized with my trading mindset.
So with dollar to dollar approach on standard account, I try to earn a dollar first & only think about a dollar. Not the 20 pips loss. I try to climb up balance in round numbers. Say I have a $500 account, I lost $50, then I try to think about making it from $450 to $460. Instead of planning to risk high to get $50 back just in one day. That would be gambling I guess.
Is this method is good?
Currently I found it useful.
Regards
SUN
MajorMagnuM
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No I am not making any automatic system, Can't think anything except manual
By the way, lost on EA trade, 1st I was selling from 5272. Stopped out.
Then again a sell from 5276 stopped out
Then last try buy from 5286 stopped out.
This 5278 line seems to be a BTTZ zone. I am sure when it will do the break out either up or down from that zone. I will not be here..like always. 3 consecutive losses. 60 minute break.
it does not seem that way.
Forexmospherian
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3 40 pm
Back now for approx 30 -40 mins
Had to go into Birmingham city centre to collect a few things - and it was a nightmare with all the road works and traffic diversions going on- ie you had to drive 2 mile out your way to get somewhere that would be normally just 200 yds further down the road
Guessed it would not be another big movement day after yesterday - but still looks as though there was loads of good set ups
ie - 3 00 pm scalp buys on GA / EA and GU for a start
Need to check out all the main pairs etc - but noticed EU stayed in a 25 -30 pip range last 5 -6 hrs
Hope you made some good pips - I can see NVP as been busy ;-)
Back now for approx 30 -40 mins
Had to go into Birmingham city centre to collect a few things - and it was a nightmare with all the road works and traffic diversions going on- ie you had to drive 2 mile out your way to get somewhere that would be normally just 200 yds further down the road
Guessed it would not be another big movement day after yesterday - but still looks as though there was loads of good set ups
ie - 3 00 pm scalp buys on GA / EA and GU for a start
Need to check out all the main pairs etc - but noticed EU stayed in a 25 -30 pip range last 5 -6 hrs
Hope you made some good pips - I can see NVP as been busy ;-)
Forexmospherian
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EU seems to have woken up after 3 30 and 3 39 pm
Now testing 1025 ish - after a 20 pip rise
Now testing 1025 ish - after a 20 pip rise
Forexmospherian
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GU
3 49pm
Can we sell it under 4115 / 20?
Hoping it might line up for hour time window
3 49pm
Can we sell it under 4115 / 20?
Hoping it might line up for hour time window
Forexmospherian
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Pullbacks on the GU have then 4100 and 4090 as supports - unless those get breached etc - then it would be more scalp buys again
Forexmospherian
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4121 - still cannot sell atm
Forexmospherian
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23 high and 21 sell now
Forexmospherian
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First bounce at 4104 - drop of 17 pips in 2 min - fairly quick ;-)
Forexmospherian
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3 56 / 3 57 pm seemed to be the Key time on a few scalp sell pullbacks
Forexmospherian
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GU
4 01 pm
still falling
If I had gone in without waiting at say 4115 or 17 - I would have needed a 10 pip stop as 5 pip would not have lasted
By waiting and finding the high - I only needed to risk 3 -4 pips maximum
Now at 4100 - so a 19 -20 pip fall in 5 mins - RR what 4 to 5
Forexmospherian
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Thank you Peter & this is the exact reply I was expecting. Cause I know I did a mistake & probably got lucky.
No I didn't sold around those levels because I thought I had enough.
So didn't wanted to re enter & lose profit.
Multi scalp is my bad habit specially on cent account with small lot size with high leverage. It doesn't occurs on standard account. I will try to control it.
My dollar to dollar approaches helps me to cope up with the losses. I generally get freaked out, Only when I lose money out of my mental limit (doesn't matter it has be in one day, it can be for a week). So i need to keep my losses always under that mental limit. If some how I lose 20 pips then, I try to hold trade or risk much to get that 20 pips back just in one trade or at least try to hold trade upto 10 pips. Even if market doesn't provide that much of pips opportunity, I try to push it.
This is my mindset. This is where I become freak out. In short my money management is not properly synchronized with my trading mindset.
So with dollar to dollar approach on standard account, I try to earn a dollar first & only think about a dollar. Not the 20 pips loss. I try to climb up balance in round numbers. Say I have a $500 account, I lost $50, then I try to think about making it from $450 to $460. Instead of planning to risk high to get $50 back just in one day. That would be gambling I guess.
Is this method is good?
Currently I found it useful.
Regards
SUN
Hi Sun
Really pleased you made your 70 pips - but also really pleased you realise the risk you took with 4 entries all within 10 pips - and I would not recommend that until you have say another 500 or 1000 scalps behind you with a good win ratio of over 65 - 70%
Maybe you need to spend more time learning advanced money management methods - and focusing on being more risk averse in terms of your first 5 to 7 scalps of the day.
When you are up say 40 pips or even 60+ pips - then you can take a few risks and say - if I lose 8 pips here on 2 entries - then still OK
But with confidence being important to get your runs going - build up slowly knowing from say 7 30 am to 9 am UK time is the time you should be peaking and in full stride - not out the game by 7 15 am UK time after 6 scalps and 4 losses and down 16 pips etc etc
Nobody maybe explains this in manuals or courses etc - but patience and pacing yourself every morning is important - you know by say 10 am it will slow down many mornings - and then it can be all mixed depending on the news releases etc
Also need you to think about the change prices prior to every new scalp trade
ie what price does you scalp sell turn into a positive scalp buy - or vice versa
I dont want you revenge trading on every bad scalp - but as we know some set ups will be false just moving 4 -8 pips and then turn around and become proper 15 -25+ pip moves - and those are the ones you want - not all just 3 to 8 pip moves
I think you are seeing so many small detailed points can be the difference between success and losing - the quicker you pick up good positive points and incorporate them into daily routine etc etc - the more consistency you will develop - and of course it will be a winning consistency ;-)
Regards
Peter
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