Do any of you do this?

king156

Junior member
41 1
I don't know if this is classed as a strategy or not? But I use a 1 min chart on eur/usd then just trend the trend. So when I see a downward / upward trend I only enter when the trend is clearly in place and will usually exit with 1 to 3 pip profit.

Is this any good of an idea? Sorry for noob question.
 

Fugazsy

Veteren member
3,661 677
I don't know if this is classed as a strategy or not? But I use a 1 min chart on eur/usd then just trend the trend. So when I see a downward / upward trend I only enter when the trend is clearly in place and will usually exit with 1 to 3 pip profit.

Is this any good of an idea? Sorry for noob question.

We are all nobody here...

you mean trade the trend? If that is the case I guess it is a strategy....also trade against the trend is a strategy.....staying aside is a strategy....

But how do you define a trend? and what is your risk in pips on a 1-3 pips gain? Do you have percentage of your winning trades and how many trades did you make on this strategy.....I also suggest you have a look at expectancy, just google it and while you there also look at profit factor and while you there have a look at Van Tharp work......chat later
 

king156

Junior member
41 1
Yeah basically trading the trend you could say.

Well I have £1k and my results doing this are as followed:

Day 1- £1000 ended the day on £1042
Day 2- £1042 - £1070
Day 3 - £1070 - £1095
Day 4 - £1095 - £1224
Day 5 - £1224 - £1146

So always ended in profit. So kind of averaging 2% return each day on £1000. I trade 1 pp usually although sometimes 0.50 pp. Risking no more than 3% per trade.
Thx any thoughts...
 

Fugazsy

Veteren member
3,661 677
Yeah basically trading the trend you could say.

Well I have £1k and my results doing this are as followed:

Day 1- £1000 ended the day on £1042
Day 2- £1042 - £1070
Day 3 - £1070 - £1095
Day 4 - £1095 - £1224
Day 5 - £1224 - £1146

So always ended in profit. So kind of averaging 2% return each day on £1000. I trade 1 pp usually although sometimes 0.50 pp. Risking no more than 3% per trade.
Thx any thoughts...

Looks good mate....but early days in my view...but keep at it....if it works...do it....if is it does not more....keep adjusting it till it does..... at one point you will find your balance.....personally I think is a good idea, trade with strength and against weakness.....it is also my favourite way......the point is how you define strength and weakness......well I leave that to you, I am sure you will weight it up.....
 
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king156

Junior member
41 1
Looks good mate....but early days in my view...but keep at it....if it works...do it....if is it does not more....keep adjusting it till it does..... at one point you will find your balance.....personally I think is a good idea, trade with strength and against weakness.....it is also my favourite way......the point is how you define strength and weakness......well I leave that to you, I am sure you will weight it up.....

Thanks mate for the feedback really appreciate it. Happy trading!
 

gerryg

Established member
900 7
I don't know if this is classed as a strategy or not? But I use a 1 min chart on eur/usd then just trend the trend. So when I see a downward / upward trend I only enter when the trend is clearly in place and will usually exit with 1 to 3 pip profit.

Is this any good of an idea? Sorry for noob question.

If it is consistent result then nothing to worry about. Sometimes your strategy may not fit general concepts of trading system, looks stupid or ridiculous, but this market requires working strategies and not widely adopted. It's not about fashion but making money, after all :)
 

king156

Junior member
41 1
If it is consistent result then nothing to worry about. Sometimes your strategy may not fit general concepts of trading system, looks stupid or ridiculous, but this market requires working strategies and not widely adopted. It's not about fashion but making money, after all :)

yeah thanks that's very true seems to be averaging 2% a day return rn. So im happy with that :)
 

alexaherself

Established member
560 149
I don't know if this is classed as a strategy or not? But I use a 1 min chart on eur/usd then just trend the trend.

It's certainly a "strategy", but it isn't in itself a "system".

One of the downsides is that your dealing costs (spread, or whatever) will take away a hugely significant proportion of your potential profits. That's not to say that it can't still be done profitably, of course.

Some comments based on my own experiences of playing with this, a few years ago ...

(i) It may help you to have your exits very clearly defined;

(ii) It may also help to define the "longer-term" trend from 5-minute or 10-minute charts and take only trades on the 1-minute chart in accordance with that pre-specified direction;

(iii) It may also help to add an ADX indicator (10 periods will do) and take trades - in either direction - only when the ADX is rising (but without reference to its actual number);

(iv) I strongly suspect that you may be able to achieve the same profit with far fewer trades (a good thing, in principle) by using two-minute or three-minute charts, instead of one-minute.
 
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Forexmospherian

Legendary member
39,928 3,301
I don't know if this is classed as a strategy or not? But I use a 1 min chart on eur/usd then just trend the trend. So when I see a downward / upward trend I only enter when the trend is clearly in place and will usually exit with 1 to 3 pip profit.

Is this any good of an idea? Sorry for noob question.

As Fugazsy as mentioned -

What's your stop size ???

Regards


F
 

alexaherself

Established member
560 149
Further observations ...

Day 1- £1000 ended the day on £1042
Day 2- £1042 - £1070
Day 3 - £1070 - £1095
Day 4 - £1095 - £1224
Day 5 - £1224 - £1146

So always ended in profit.

That's "always" in the same way that someone standing next to a roulette table on which five black numbers have just come up might announce "Black always comes up at this table". When you have forty days' results, of which twenty-five or more have been profitable, and a positive net result, that would be a good time to start analysing the results. No disparagement intended, but I suspect you're "over-trading" at the moment. ;)

Risking no more than 3% per trade.

You're an "aggressive young gunslinger". :p

I would risk no more than 1% per trade, myself. :)
 

Forexmospherian

Legendary member
39,928 3,301
It's certainly a "strategy", but it isn't in itself a "system".

One of the downsides is that your dealing costs (spread, or whatever) will take away a hugely significant proportion of your potential profits. That's not to say that it can't still be done profitably, of course.

Some comments based on my own experiences of playing with this, a few years ago ...

(i) It may help you to have your exits very clearly defined;

(ii) It may also help to define the "longer-term" trend from 5-minute or 10-minute charts and take only trades on the 1-minute chart in accordance with that pre-specified direction;

(iii) It may also help to add an ADX indicator (10 periods will do) and take trades - in either direction - only when the ADX is rising (but without reference to its actual number);

(iv) I strongly suspect that you may be able to achieve the same profit with far fewer trades (a good thing, in principle) by using two-minute or three-minute charts, instead of one-minute.

Hi alexaherself

I would agree with your comments - but keen to know the size of his stops

Also i think a 2 or 3 min would be OK for a newbie - but I found once you get used to a 1 minute - or even any tick chart - after a few months ( or years) its all so slow anyway 90% of the time

An experienced scalper on a tick or 1 min chart would average 1-3 pip earlier entries than a 3 or 5 min chart and so on 100 trades - even at a low 60% win ratio - it can make you an extra 50+ pips and maybe an extra 200+ pips per month

I also agree costs are important - but if you can work on pairs with spreads of 0 3 to 2 pips - then its not too bad - on spreads of 3 -6 pips - forget scalping etc.

I would prefer to pay my broker say $2k commission per month and make a net $5k or more - than pay my broker only $500 a month but only make $3k net

As an old accountant friend used to say to me -" its not just what you can save - its more important what you can make"

Regards


F
 

king156

Junior member
41 1
What is the dealing costs btw? Im still very new to this I don't wuite understand that. Anyone explain...
 

king156

Junior member
41 1
As Fugazsy as mentioned -

What's your stop size ???

Regards


F

I generally put a stop loss 10 to 15% under where I open. But im more of a scalper aiming for a few pips then out within a minute or so. Its early days I realise I could loose all my profit on one trade.... not really sure where to progress from here guys :confused:
 

king156

Junior member
41 1
Further observations ...



That's "always" in the same way that someone standing next to a roulette table on which five black numbers have just come up might announce "Black always comes up at this table". When you have forty days' results, of which twenty-five or more have been profitable, and a positive net result, that would be a good time to start analysing the results. No disparagement intended, but I suspect you're "over-trading" at the moment. ;)



You're an "aggressive young gunslinger". :p

I would risk no more than 1% per trade, myself. :)

Appreciate the feedback I will get back after the 40 days and post some results in! :)
 
 
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