Intraday Live short term trading calls from an Expert Retail Forex Trader

[Forexmospherian]

2 35 pm


GU

Topped again at 1 40 pm time at 5504/5 area

Stayed 30 mins with no breach and now dropped to 5772 area - approx 30 pips

Price structure for day session is still bullish - with supports now at 5760 -65 area and under there at at 5735 /40

Will be looking for more scalp buys above either support - but for now need back above 5792 to hold scalp buys on longer for higher rises again

 

[Forexmospherian]

2 43 pm

EJ

Will post a chart of this pair as well as update Ucad chart later

EJ dropped approx 75 pips or so - then rose back up approx 60 pips

Chart explains it better - to follow

Still bullish above 146 75 area - but we need now above 147 20 and 37 to hold on to scalp buys longer

 

[Forexmospherian]

EJ - 1 MIN LR chart from 7 00 am to 3 00 pm today

EJ chart

Main level marked along with longer LRs showing price structure

Up - then Down - and then Up again after 11 39pm

 

[Forexmospherian]

2 58pm

Red Dollar news in 2 mins

 

[Forexmospherian]

Come on EU - above 2510 next

 

[Forexmospherian]

3 04 pm

More new daily lows on UCad / UChf and UJ

Not in all of them on scalps - but on 30% trades with stops in profits - then no sweat

Out in 10 mins - back after 4 00 pm


See you later and expect pullbacks at some point

 

[MajorMagnuM]

Hi MM

Back now for an hour or so

I dont use hard stops as you know - one click in and out with mental soft stops at 3-7 pips max - under 5 pips normally and if need be a hard stop 25 pips away

I trade normally under 1 % - with a lot of scalps on 0 3 - 0 6 % stake of capital and so a great day for me with loads of wins etc might still only be under 4% in pure capital stake - not like say 10 -20% gain - if I was using 2% etc

I would use over 1% on accounts under 10k - but not over $50k + capital - as even half a percent on a 5 pip stop is still worth $50 a pip or 5 lots

So even with 4 bad scalps in a row - only lose from 1- 2% of capital - and thats if everyone went at least 5 pips in the red

I know you did a 27% increase on live money one day recently from what you posted on a $1k account - but really - dont look for more than 5% per day if you expect to trade 15 -20 times a month - as that is still a great return - without compounding

Interesting now though - even if you lost say 40 pips in total - I bet you can get that back between now and 5 00 pm ??

Dont try it if in revenge mode - relax as N mentioned - step by step and of course

DISCIPLINE

Stay focused


F

about 50 percent of my account gone.
yes discipline etc. but my read was short and that was incorrect, let alone management et al

 

[Forexmospherian]

UCad - updated chart as at 4 00 pm

Ucad chart

Lovely rise this morning then after 10 30 TW and after 10 51am - start of next TW - nice fall

Now looking for supports to hold on a scalp buy

Under supports and then under 1250 would be more scalp sells

Updated UCad chart after supports went

 

[Forexmospherian]

about 50 percent of my account gone.
yes discipline etc. but my read was short and that was incorrect, let alone management et al

Hi MM

Well - I feel for you - as we all make mistakes and at least you know you can recover it -

BUT

What the hell was you doing ??????

Did you think you were on demo and after 1000% in a week using large stakes or something???

I would need between 50 and 120 losses - consecutively - in a row - to lose 50% of my account - all depending on whether I waited for at least 5 or 7 pip losses before exiting

I know you are well aware of money management and size of stakes and stops in profits when possible - etc etc - but that is like martingale gambling stuff

Even if this method had 95% win ratios - you just cannot afford on a real account to loss more than 2 -3 % absolute maximum on one loss - allowing you up to say 20 losses in a row to foot up

In last 5 years plus - never had more than 7 losses in a row - but many days have 2 or 3 losses in a row - and then - I break the habit and change with a break and a different session period

I am sure you know that money management is KING - its 100% in your control as long as its not major broker problem or Black Swan day.

Your win ratios and getting it correct are only between 60 and 80% normally - and thats if you are reading everything correctly and are in the zone

Dont let this be a weakness in your trading toolbox - ie Discipline and control

It might not be a big worry on an account under say $10k - but on a $100k+ account then if that happened it could be 3+ months work down the pan, - ie very costly

Never ever forget this incident for as long as you are trading - but dust yourself down and get back on the way to success again

Regards


F

 

[MajorMagnuM]

ty. yep. need to devise some way of keeping discipline as was using inappropriate stakes etc.
still, whatever the stakes were, i was mistaken at entry point, during and finally exit points, which is the complete suite of errors which i must work on or give up

 

[Forexmospherian]

EU - 1 Min LR Chart of the day from approx LO to 5 00 pm

EU chart with arrows on possible scalps etc

 

[Forexmospherian]

ty. yep. need to devise some way of keeping discipline as was using inappropriate stakes etc.
still, whatever the stakes were, i was mistaken at entry point, during and finally exit points, which is the complete suite of errors which i must work on or give up

I think the error of trade is a small matter

Every trader has losses - whether on 15 - 20 - 30 or even 50% of their trades

The big worry is not having the correct money management

There is a reason I have never had more than 7 consecutive losses in 5 years and rarely have more than 4 or 5

Its called discipline - patience - sitting on hands - not chasing every scalp etc etc etc

You will get there - for sure - but please learn the main issue - which is not having a few losses - its bad money management on a live account

Regards


F

 

[MajorMagnuM]

I think the error of trade is a small matter

Every trader has losses - whether on 15 - 20 - 30 or even 50% of their trades

The big worry is not having the correct money management

There is a reason I have never had more than 7 consecutive losses in 5 years and rarely have more than 4 or 5

Its called discipline - patience - sitting on hands - not chasing every scalp etc etc etc

You will get there - for sure - but please learn the main issue - which is not having a few losses - its bad money management on a live account

Regards


F

yes agreed, terrible money management compounded though by not reassessing and pulling the plug at a good time.

 

[Fugazsy]

F

How was you trading day? Mine was ok, made 0.45% on my account. Traded only Dax and got 2 trades in 4h. After the initial swing up and down she sent sideway, not easy to trade.

Seems EU trapped the shorts just to finish upwards.

Fzsy

 

[sunwest3d]

ty. yep. need to devise some way of keeping discipline as was using inappropriate stakes etc.
still, whatever the stakes were, i was mistaken at entry point, during and finally exit points, which is the complete suite of errors which i must work on or give up

I feel for you MM, at least you are honest to share this bad experience with us, which may benefit the whole group.
Resisting the urge to revenge trade and/or accept a bad loss is no easy thing. In fact it is probably harder than having a naked lady or a delicious chocolatey moist piece of cake in front of you and not eat any of it ha ha.
But this experience could be the best lesson you ever had. Yes I had a few of them in the past too.
What I find it difficult is to not overtrade and accept a few losses in a row. This is because it can have the effect (on people) to lower their %rate and make them believe that they are on a losing strategy while grinding their confidence.
As F. said, the key here is to accept losses knowing that your average winning % is on your side 60%+ and the win will take care of the loss and more.

Also I would say that for example with an account of 1K I would not trade more than 0.5 lot as it is 3.5 Pound per pip * 5 = 17.5 pounds for a 5 pip loss which is already 1.75% of the account etc...
As you know even 4 losses in a row of 5 pip will make you lose 9% but then the day of the week you ride that 100 pips move (even at 30%) you make 30 pips or 14% of your account etc...

The question is, was it at a news announcement time? because it took only 1 minute to go -20 ...
I am with you and I can say that you have impressed me so many times with result and even if some of them were demos and some live, it is a clear achievement

 

[itspossible]

ty. yep. need to devise some way of keeping discipline as was using inappropriate stakes etc.
still, whatever the stakes were, i was mistaken at entry point, during and finally exit points, which is the complete suite of errors which i must work on or give up

It may be better to put 500 hundred into your account and make it whole again.Then trade really small till you make back your loss.

 

[Forexmospherian]

F

How was you trading day? Mine was ok, made 0.45% on my account. Traded only Dax and got 2 trades in 4h. After the initial swing up and down she sent sideway, not easy to trade.

Seems EU trapped the shorts just to finish upwards.

Fzsy

Hi Fugazsy

I am pleased you at least made a profit on the Dax - 0.45 % for the day would be great in the commercial world if you were using a multi million dollar account were 3 - 5 % per month is looked upon as very good

For retail traders with accounts under say $100 -150k - its a different ball game.

I target over 25% per month knowing good months - with no compounding will be in the 40 -50% level.

First and most important target - not to have a loss at the end of the day.

It does not matter whether you do just 1 trade or 50 trades over the day - as long as you don't end up with a net loss - that's half the battle won

For me knowing I will do on average between 10 and 20 trades over say a 10 hr session window - my target is 50 pips - which is approx if on all full stakes approx 3% per day - mixed with 30% trades - it can be as low as 1 to 2%.

Good days will be 4 to 5% increases and super days maybe 7 % + .

Bad days are 1/2 to just 1 %- ie no 50 pip target achieved and 3 to 6 losses.

Remember if I was trading on a smaller account - I would be using 1- 2%+ on all trades - and so would achieve more

Today was not the easiest of days - as missed good movements between 7 45 am and 8 30 am - whilst on a school run - but still ended up with approx 2% addition to my capital account - so cannot complain

Being a scalper - I rarely get caught being stuck in the wrong direction - and even if I do - I am out 5 -7 pips maximum on scalps and other trades with stops in profit already - its no real sweat - ie what ever happens - still have a profit.

Good Luck for tomorrow and hope to see you in the morning

Regards

F

PS - done a EU chart of the day earlier on- showing areas of scalps and directions etc etc

 

[Fugazsy]

Trading is like therapy, it will reveal to us our hidden strength/weakness, but only if we want to see it.

Trading is also very addictive, despite what anybody says, actually it is highly addictive, not accepting a loss is normal, reacting to it in non business way confirm the addiction.

Going deeper can be a solution, it works for me: when I have a few losses in a row (or only one loss), I pause, I feel the emotion, I stay with it, I do not let my mind take over, I do not rationalise it (why and how), I only stay with the sensation, I feel it, sometime it is very strong, not easy, but after a while the emotion dissolves, emotions and mind became powerless when your bring your essence forward.

Then I go back to my trading, my last trade has not any power on my next.

Many may think this is BS, well I do not care. I shared.

Fzsy

 

[Fugazsy]

Hi Fugazsy

I am pleased you at least made a profit on the Dax - 0.45 % for the day would be great in the commercial world if you were using a multi million dollar account were 3 - 5 % per month is looked upon as very good

For retail traders with accounts under say $100 -150k - its a different ball game.

I target over 25% per month knowing good months - with no compounding will be in the 40 -50% level.

First and most important target - not to have a loss at the end of the day.

It does not matter whether you do just 1 trade or 50 trades over the day - as long as you don't end up with a net loss - that's half the battle won

For me knowing I will do on average between 10 and 20 trades over say a 10 hr session window - my target is 50 pips - which is approx if on all full stakes approx 3% per day - mixed with 30% trades - it can be as low as 1 to 2%.

Good days will be 4 to 5% increases and super days maybe 7 % + .

Bad days are 1/2 to just 1 %- ie no 50 pip target achieved and 3 to 6 losses.

Remember if I was trading on a smaller account - I would be using 1- 2%+ on all trades - and so would achieve more

Today was not the easiest of days - as missed good movements between 7 45 am and 8 30 am - whilst on a school run - but still ended up with approx 2% addition to my capital account - so cannot complain

Being a scalper - I rarely get caught being stuck in the wrong direction - and even if I do - I am out 5 -7 pips maximum on scalps and other trades with stops in profit already - its no real sweat - ie what ever happens - still have a profit.

Good Luck for tomorrow and hope to see you in the morning

Regards

F

PS - done a EU chart of the day earlier on- showing areas of scalps and directions etc etc

F

Thank you.

I agree 100% with you.

My goal is also 4-5% a day, but not every day can be that good.

The dax ended up with a daily range bar and I only can trade 4 hours a day.

When I am not doing that well, I only take what I consider high probability trades which can be about one or two trades per day (I risk between 1 and 2%), when I get into the zone and doing well I will push a bit further and I will be looking to take more trades adding to about 5 to 10 trades per my session.

I do not like to take many trades if I feel I am not doing well, it only shows that I have not grasped the essence of trading ,day trading of scalping.

Yes I chat with you in the morning

Fzsy

I will look at the post you sent earlier on eu, thank you once again.

 

[Forexmospherian]

I feel for you MM, at least you are honest to share this bad experience with us, which may benefit the whole group.
Resisting the urge to revenge trade and/or accept a bad loss is no easy thing. In fact it is probably harder than having a naked lady or a delicious chocolatey moist piece of cake in front of you and not eat any of it ha ha.
But this experience could be the best lesson you ever had. Yes I had a few of them in the past too.
What I find it difficult is to not overtrade and accept a few losses in a row. This is because it can have the effect (on people) to lower their %rate and make them believe that they are on a losing strategy while grinding their confidence.
As F. said, the key here is to accept losses knowing that your average winning % is on your side 60%+ and the win will take care of the loss and more.

Also I would say that for example with an account of 1K I would not trade more than 0.5 lot as it is 3.5 Pound per pip * 5 = 17.5 pounds for a 5 pip loss which is already 1.75% of the account etc...
As you know even 4 losses in a row of 5 pip will make you lose 9% but then the day of the week you ride that 100 pips move (even at 30%) you make 30 pips or 14% of your account etc...

The question is, was it at a news announcement time? because it took only 1 minute to go -20 ...
I am with you and I can say that you have impressed me so many times with result and even if some of them were demos and some live, it is a clear achievement

Hi Sun West

Yes agree with you - and I am also feeling bad for MM - even though its a good lesson to learn on a small live account - rather than being on a proper larger account etc

I have always found MM very open and honest and he even admitted early on in the journey he had ended up martingaling after a few losses etc - so this last lesson will hurt even more.

I have certainly made many mistake on my journey - just like MM - and I am sure I will make some more in the future - in fact its been a long time since I have been spiked for say 25 -35 pips in a normal none news session - but things like this do happen - and they do knock you back.

Some days can be so easy and satifying - that you let your guard down - and of course - thats when you get caught out on another similar day.

I have told MM every 500 live trades he makes - and of course every 1000 - he will get better - and it gets easier - but good money management can be a life saver - when things go wrong

Last thing I want to do - is kick a trader when he is down after a bad session - but hopefully it will never happen again now as a valuable lesson learnt - and its one we all need to be reminded about

See you tomorrow

Regards


F