Ok
I'm a relative noob. I have been trading forex with FXDD for about six months with various EAs and some manual trading. The EAs I find to be lots of small trades and a Big loser wiping out most of my profits so I have switched to scalping. some people have asked that I reveal my scalping method.
Take it for what it is. Just a few things I have learned off the internet scrambled together.
tools
MT4 platform
broker with mulitple pairs with spreads <4
15m charts on all pairs
Helpful but not necessary
21SMA
default bollingers
RSI schotastics
I scan through the 15m charts looking for trending markets. Trends should be at least 30 degrees and minimum five candles in length. They do not have to be all bull or bear. just trending >30 degrees. I find this system works best in downtrends.
Once I find a chart I hit open order to open the trade box and tick chart
I look at the tick chart to see if it is matching the trend on the 15mchart if its in consolidation I wait five minutes for a move to begin with the trend. No move and I close and continue looking.
If tick trends in same direction I set up one lot (or whatever you wish to use. This is highly leveraged for me.) and a stop loss of five just above the last swing low of the tick chart. For a down trend I wait for tick chart to move past the last swing low and enter. I am looking for momentum also. It must move quickly. not just a tick down at a time. Looking for 3 to five pip move down.
Once I open I Immediately open trade box again and and do one of two things.
If Trade is still in spread I wait one minute. If it does not go into profit I close 100% for loss if stop loss is not hit.
If trade goes into profit immediately I FIRST close 50% Of the trade.
I move stoploss to break even Plus 1 or more depending on how much profit I have.
I Manually trail stop loss around five pips behind price until I am stopped out.
Take it for what it Is/ A noob with a naked system. I use the above indicators to help decide if I should open or not.
Any comments or suggetions are welcome.
This system takes nerves of steel and a commitment to consistency The times I lost big were the times I either made a mistake or did not follow these rules.
I'm a relative noob. I have been trading forex with FXDD for about six months with various EAs and some manual trading. The EAs I find to be lots of small trades and a Big loser wiping out most of my profits so I have switched to scalping. some people have asked that I reveal my scalping method.
Take it for what it is. Just a few things I have learned off the internet scrambled together.
tools
MT4 platform
broker with mulitple pairs with spreads <4
15m charts on all pairs
Helpful but not necessary
21SMA
default bollingers
RSI schotastics
I scan through the 15m charts looking for trending markets. Trends should be at least 30 degrees and minimum five candles in length. They do not have to be all bull or bear. just trending >30 degrees. I find this system works best in downtrends.
Once I find a chart I hit open order to open the trade box and tick chart
I look at the tick chart to see if it is matching the trend on the 15mchart if its in consolidation I wait five minutes for a move to begin with the trend. No move and I close and continue looking.
If tick trends in same direction I set up one lot (or whatever you wish to use. This is highly leveraged for me.) and a stop loss of five just above the last swing low of the tick chart. For a down trend I wait for tick chart to move past the last swing low and enter. I am looking for momentum also. It must move quickly. not just a tick down at a time. Looking for 3 to five pip move down.
Once I open I Immediately open trade box again and and do one of two things.
If Trade is still in spread I wait one minute. If it does not go into profit I close 100% for loss if stop loss is not hit.
If trade goes into profit immediately I FIRST close 50% Of the trade.
I move stoploss to break even Plus 1 or more depending on how much profit I have.
I Manually trail stop loss around five pips behind price until I am stopped out.
Take it for what it Is/ A noob with a naked system. I use the above indicators to help decide if I should open or not.
Any comments or suggetions are welcome.
This system takes nerves of steel and a commitment to consistency The times I lost big were the times I either made a mistake or did not follow these rules.
