Traderallen
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There's no such thing as easy trading. There is no method it's going to work hundred percent of the time. And no easy way out. Regardless of what method you decide to use, it's going to take lots of hard work and lots of screen time. The edge in this method is being able to watch the chart identified who is in control of the market at the current moment that's why you're being just the last couple hours of the chart. If the charts rising bulls are in control at the moment. So let's assume that were sitting there watching our charts and we recognize that the chart is rising from left to right. Now what do we do? We wait we watch for the proper set up to appear for an upside breakout of the near-term range. Why pullback within the trend. When we get the setup single candle fire off the trade. Lest we forget where scalping we want to lock in those first 10 pips. If we can get more great. If not we take our tanning get out and wait for the next set. That's how we gain advantage. We don't leave our money setting in the market. We buy only the bullish moves in a bullish market and a bearish move in a bearish market. If I were to guess and really it's not a guess, I know because I trade this method consistently. That most losers are going to come when the markets are ranging. You're asking for 10 pips which of course you really need 14 when the market swings are probably six or less. So to solve this problem when you're sitting down watching the charts in looking for the bullish and bearish moves keep an eye on the swings of the market. If the market swings. Recent highs to recent lows are not gaining 14 pips. Don't expect to get a full wining trade. There is no holy Grail and there is no easy way.
garageboyFUJI
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I can understand what you mean, mynaus, Pippi56. And Your advice is very helpful for me Traderallen.
Thanks a lot every time.
now I'm trading not 10 pips target. That's good idea. Because the performance is getting better so far this week. But I don't know total performance will be good or not now. I just do it.
At least I feel better. and I can go for 10 pips target anytime.
It is no easy way. I know. I just do it.
Thank you.
Thanks a lot every time.
now I'm trading not 10 pips target. That's good idea. Because the performance is getting better so far this week. But I don't know total performance will be good or not now. I just do it.
At least I feel better. and I can go for 10 pips target anytime.
It is no easy way. I know. I just do it.
Thank you.
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garageboyFUJI
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I'm sorry, that's my word.
GB is BB.
Japanese language is " Gakubari " what is reversal trade.
" Gyakubari "
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Traderallen
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garageboyFUJI I'm glad to see you're learning how to take only what the markets willing to give. That's important and scalping. It's fine to have hard fast rules to protect your account. But profit is totally different. If it's not willing to give up the pips you're looking for. Then take the 3,6, or 9 pips that it's willing to freely hand over to you. This gives you slow steady profits and eventually as the market psychology changes and is willing to give up 10 or more pips start grabbing them and sticking them in your pip basket. In the meantime not only the have constant winners that boost your confidence, it's also forcing you to better your chart reading.
BLS
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Week 50 charts from Volman:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
Yorkshire Terrier
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Would like to introduce myself to this forum. I finally got through Bob's book & then reread it. I am now starting to look around for suitable forex brokers that are mainly compliant with Bob's recommendations. I would really appreciate anybody's recommendations in this regards.
cheers
Andrew
cheers
Andrew
For your first trade it seems that the risk is about 9 pips. A bit too much for me.
Traderallen
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Not much time to trade this month
Still not a bad month though. With smart money already on Christmas break till next year I'll go on break to and spend some time with the family. With all the windowdressing going on the remainder of the year will be to unpredictable for retail traders.
DAY TRADE # TYPE WIN OR LOSE # PIPS
4 1 RB Win 32.9
5 2 SB Win 10
5 3 RB Win 7
6 4 News Win 16.6
9 5 BB Win 14
10 6 RB Win 12
11 7 SB Win 5
12 8 RB Win 6
12 9 News LOSS 10
16 10 RB Win 12
total pips 125.5
average 12.6
I'm ending the year with just under 100% return. One more good trade and I would be at the 100% mark, so I might try to sneak one last trade in.
Still not a bad month though. With smart money already on Christmas break till next year I'll go on break to and spend some time with the family. With all the windowdressing going on the remainder of the year will be to unpredictable for retail traders.
DAY TRADE # TYPE WIN OR LOSE # PIPS
4 1 RB Win 32.9
5 2 SB Win 10
5 3 RB Win 7
6 4 News Win 16.6
9 5 BB Win 14
10 6 RB Win 12
11 7 SB Win 5
12 8 RB Win 6
12 9 News LOSS 10
16 10 RB Win 12
total pips 125.5
average 12.6
I'm ending the year with just under 100% return. One more good trade and I would be at the 100% mark, so I might try to sneak one last trade in.
matty_dunn
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Yorkshire Terrier
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HI mynaus
The Tipping Point was 8 at the last swing low and not one that i would have excepted, so i intended on closing out if price past through the
first red line and the MA for a total of 5 pips, with a tight trailing stop.
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Yorkshire Terrier
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Hi Mordizen
Welcome to the forum as for your question i personally have not dealt trough a broker, I've been using the demo account with the ProRealTime charting software.
Recently through i have singed up this week to a demo account with Lmax not a broker as such but an exchange, dealing directly into there liquidity pool vier there web based dealing tickets.
Traderallen
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Hello Mordizen, in your search for a broker the first thing you need to look for is one its trustworthy but really that's a given. What most traders overlook is what second most important and that's order fill and execution. You want orders to be filled quickly and accurately, not requited. Regardless of the method you use if you can't get your orders filled at the price you asking. Then you're fighting a losing battle. Don't focus on all the fancy bells and whistles they look good but they don't make you money. Most of the people in this thread use Prorealtime for their charting needs. I use ninjatrader because I don't pay anything for it I get it through my broker MBtrading. If you get a be scalping the Eurodollar you need spreads of one PIP or less during the European and US sessions.
Traderallen
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OK, I could not help it being so close and not hitting the goal. I had to sneak in one last trade to make it official. I started an account dedicated to the FPAS method (with a hint of my spin) on August 1,2013 and now on December 20,2013 I have doubled the account value. Next year can only be better.
Well done. That makes for a nice Christmas present.
Thanks for the advice re brokers - much appreciated.
I was reviewing some of Bobs analysis from the drop box and on Week 5 Jpeg 2 he advised not to trade the short. I have attached a copy of this chart.
Was hoping somebody could tell me why the trade was rejected as it looked like a RB break to me - any feedback would be appreciated.
I was reviewing some of Bobs analysis from the drop box and on Week 5 Jpeg 2 he advised not to trade the short. I have attached a copy of this chart.
Was hoping somebody could tell me why the trade was rejected as it looked like a RB break to me - any feedback would be appreciated.