Intraday Trading the Forex market to make consistent profit

[Forexmospherian]

Pete be pleased that Tar has taken the time to post on thread ---- I think I will call you (F)errari trader and Tar the Steamroller ------ at the end of the day does it matter how many pips we make as long as its on the £+++ side

Cheers BP

You are correct - in the end - its all about positive pips and pound notes

Good Trading to you


Regards

F

 

[Forexmospherian]

thanks mate ................in other words the old 80/20 principle...........important in all things

ok will look later ......getting washed, suited and booted for agency fashion roadshow..........sigh

N

ps 80/20 principle ......... is a good book by Richard Koch if anyone interested

I think you saw what happened at exactly 9 00 am today N

The hr change is one of 6 important scalp times

 

[flipya4it]

I think you saw what happened at exactly 9 00 am today N

The hr change is one of 6 important scalp times

Game changer.

 

[Forexmospherian]

Game changer.

Any chart over 60 mins ( 1 hour) is never viewed the same by all traders around the world - simply because of the time differences of when is the end of the day etc and what close brokers use.

So say a 3 hr or 4 hr chart supplied by an Australian Broker will change candles at a different time to a brokers platform in Europe or even to a New York brokers and so the candle patterns and doji's - inside bars etc - will all be different - therefore everybody gets a different view and maybe a different technical bias

All time frames under 60 mins - ie from tick to 15 mins to 30 /45 mins will always be the same on every chart and trading platform - where ever you trade from and with what ever open or close time you use.

Personally I prefer to look at say a 24 hr period or even 2 or 4 days always on a 1 min chart or maximum 30 mins .

Yes I do use occasionally the 1 hr and 4 hr and 8 hr - and even the daily / weekly / monthly to get the real big picture - to find year highs/ lows and very important levels - but normally for intraday trading I use a tick / 1 min and occasionally 10 mins and 30 mins for dynamic S & R's and to see stronger levels.

Also a tip I have not mentioned before is many traders say they don't use under 15 mins or under 5 mins - as the movements are too quick / spiky / and therefore too difficult to follow comfortably.

Well - you will know when you are there - because even a 30 second tick chart and a one minute chart will start to look slow - like viewing 30 mins or higher frames

You are then in the "now" - right at the coalface with movements appearing in slow motion.

I remember a friend of mine who was into big motor bikes and had a Honda super 1100 cc Blackbird.

He lived in Harrogate and used to be test and development driver for TVR cars at Blackpool as well as a part time racing driver. He would regularly travel down the M1 from Leeds to Birmingham area and cruise at total illegal speeds of between 130 and 145 mph ( not recommended ) - but used to say - when he had to slow right down in heavy traffic to 70 -80 mph - it felt that slow - he could have stepped off the bike and run along side

Obviously - its all relative - if you concentration and mindset was used to 130 mph cruising for 10 -20 mins - 75 mph seemed then so slow .

That's exactly the same with trading - get the tick and one min charts to look and feel slow and boring - and then you will be all set up to catch all quick intraday moves - rather than ending up like a rabbit caught in headlights.

Remember the 6 key time every hour and be ready within thirty seconds either side

Good Trading

Regards


F

 

[NVP]

couldn't agree more with f above .............most people will have gone to track days and had the instructor falling asleep next to you as you were terrified driving around the track at speeds you felt were out of control and uncomfortable..........

until they took the wheel and showed you real speed ..............in those situation I don't feel scared**............I just laugh uncontrollably..........superb fun !

the crazy thing is they will usually be whistling, talking and joking as they do it .........its nothing to them .....another day at the office ........so find your speed for trading and stick with it .....

N

** in another life I ran adventure sports businesses in AUS and NZ..... so sitting in a fast car is not too bad on the sphincter scale.........

 

[Forexmospherian]

couldn't agree more with f above .............most people will have gone to track days and had the instructor falling asleep next to you as you were terrified driving around the track at speeds you felt were out of control and uncomfortable..........

until they took the wheel and showed you real speed ..............in those situation I don't feel scared**............I just laugh uncontrollably..........superb fun !

the crazy thing is they will usually be whistling, talking and joking as they do it .........its nothing to them .....another day at the office ........so find your speed for trading and stick with it .....

N

** in another life I ran adventure sports businesses in AUS and NZ..... so sitting in a fast car is not too bad on the sphincter scale.........

Morning N

Exactly - agree with you

I have had many fun corporate days at Jonathan Palmers Motor racing experience fun days at Bruntingthorpe nr Leicester and even attended one day when David Couthard was there. I think I went over 7 times in the nineties and on three occasions won the driver of the day trophy competing against 50 -70 other ( nutters)

One of my favourite wind ups was at Millbrook Proving Ground complex for a company car day. They had some well know drivers there taking passengers around the High speed oval at 150+ mph and also a few rally drivers going through a special stage

I was along with the TVR test driver and we managed to get a ride with a female instructor in a Subaru Impreza - full roll bars and harnesses and also helmets with communications etc etc

The lady driver was really hot - and very fast and was doing 4 wheel drifts at 80 mph and scandinavian flicks and a few previous passengers had been scared stiff.

With us knowing this - we got in with her and after a few minutes started talking about the lastest East Ender episode and what we would be having for tea etc etc - and tried to remain totally "unmiffed" during the 10 min scary ride

When we got out and shock hands with her - she commented - you blooming bast**rds - you put me off my rhythm and made me laugh - she knew we had been winding her up - all good fun

A normal day at the office for her - but 90% of all passengers would have been feeling physically sick and even dizzy = bit like FX trading lol

Enjoy your Sunday


Regards

F

 

[NVP]

Morning N

Exactly - agree with you

I have had many fun corporate days at Jonathan Palmers Motor racing experience fun days at Bruntingthorpe nr Leicester and even attended one day when David Couthard was there. I think I went over 7 times in the nineties and on three occasions won the driver of the day trophy competing against 50 -70 other ( nutters)

One of my favourite wind ups was at Millbrook Proving Ground complex for a company car day. They had some well know drivers there taking passengers around the High speed oval at 150+ mph and also a few rally drivers going through a special stage

I was along with the TVR test driver and we managed to get a ride with a female instructor in a Subaru Impreza - full roll bars and harnesses and also helmets with communications etc etc

The lady driver was really hot - and very fast and was doing 4 wheel drifts at 80 mph and scandinavian flicks and a few previous passengers had been scared stiff.

With us knowing this - we got in with her and after a few minutes started talking about the lastest East Ender episode and what we would be having for tea etc etc - and tried to remain totally "unmiffed" during the 10 min scary ride

When we got out and shock hands with her - she commented - you blooming bast**rds - you put me off my rhythm and made me laugh - she knew we had been winding her up - all good fun

A normal day at the office for her - but 90% of all passengers would have been feeling physically sick and even dizzy = bit like FX trading lol

Enjoy your Sunday


Regards

F

one still on my bucket list (aside from managing to trade less than 400 times in a day) is to fly in a jet fighter..........if Clarkson throws chunks it must be fun .............hahahahaha

 

[Forexmospherian]

More Results from the Major - Tuesday 28th October 2014 - ( live £1k account )

 

[TheRumpledOne]

What happened on that 100 000 EUR volume loss?

 

[Forexmospherian]

Hi TRO

Maybe the live psycho effect of trading live ;-)

One for MM to answer - but I thinks its normal - until you have a few thousand live trades under your belt

Hope you are well and all OK

Regards


F

 

[TheRumpledOne]

Hey F:

Still alive and swell.

I was asking about the details of that loss. Wondering why the size was so large. Thinking it may have been a rescue attempt.

Did you catch the 300 pip or more move in the EURJPY?

 

[NVP]

hey TRO...hope you are well.........

F.........wow...... i'll take a look at that MM account through my charts ..............jees that boy can trade !

N

 

[Forexmospherian]

Hey F:

Still alive and swell.

I was asking about the details of that loss. Wondering why the size was so large. Thinking it may have been a rescue attempt.

Did you catch the 300 pip or more move in the EURJPY?

Hi Tro

Although I had another great week - I left loads of pips on the table - due to so many things going on at the same time and with me never scalping more than 3 pairs at the same time.

I did have many 30% trades on with stops already in profit over the week - but was not fortunate enough to catch any large multi hundred pip runs - mainly due to me moving up the stops more into profit - than just leaving alone.

If you have been a PPND master trader over the last 6 months or so - like my fellow forexmospherian - Sir Gissachance - you will have made very numbers of green pips on many pairs

Have a great last 2 trading months of the year

Regards

F

 

[Forexmospherian]

hey TRO...hope you are well.........

F.........wow...... i'll take a look at that MM account through my charts ..............jees that boy can trade !

N

Morning N

The thing is with Major Magnum - he will get better now on ever additional 1000 live trades he takes

I am not saying his win ratios will improve - anything over 75 -80% continual is exceptional anyway on retail monies - but what will happen is that his RR ratios will slowly improve and he will end up with additional trades on already in profit and just need managing every few hrs etc.

In the end - the real objective is to optimise his monthly returns against his risk he his happy to play with

You do not need 100k capital account to make a decent return in this game - even 30k or 50k and 30% per month returns consistently with no compounding ( or not compounding above your financial wall) with make you a very decent income.

My worry is MM will want to make 20% return every day even on his live account ;-))

Look forward to some more pip hunting with you next week N and enjoy your weekend

Regards

F

 

[montmorencyt2w]

Hi Forexmospherian,

As it seems to have gone quiet here for the moment (though I see you've been busy in the live thread), perhaps I can add some not quite on-topic comments.

I've just finished reading this entire fascinating thread from the beginning (not all in one sitting though!).

I must admit that the initial reason I kept going with it, in the face of the odious hating you were receiving at the beginning, was that it seemed to have the support of NVP for whom I have great respect (Hi, N....sorry I never got back to you about two years ago...life got in the way, like it does...), and then I just got fascinated by the subject matter and carried on (even if I have never been a pure scalper - I'm a spread-better, and the SB firms don't like it up 'em, oh no...).

Still getting my head around it (or maybe not), but I hope you are going to continue at some point, and also that TRO manages to make further progress on indicator-ising it. I'd heard of TRO ages ago, but confess I didn't know much about him, but after I noticed (in retrospect of course) him joining the thread, I found his videos, and posts elsewhere (e.g. where he posts his indicators), and have developed a healthy respect for him as well. Of course, his methods highlight simplicity (at least on the surface, because I'm sure a lot of research and thought has gone into them), and yours is complex, so it will be fascinating if a merge of your complexity and his simplicity emerges.

What I really want to ask is: I think at some early part of this year, you posted something implying you were only planning to stick around here about a year (apologies if I misread or misunderstood it). I'd just like to say I hope you don't disappear too soon, just as I've made a much delayed return to T2W! (and soon, to trading, though probably not till early next year).

When I was last actively trading about 2 years ago, I discovered or stumbled upon one or two "edges" that seemed to be valuable, but I wasn't really happy with my actual trading methods I was using then. I've been itching on and off for two years to try them. But whereas one normally applies an edge to an existing trading method, I had an edge (or two) in search of a trading method to apply it to, since I was no longer happy with my old (mostly longish term) methods.

Since deciding to get back into it, and having done a fair bit of research, I was pretty clear how I was going to proceed, and then stumbled on this thread, and it's made me think again. To be honest, it's a little too complex for me at the moment, given that I'm a bit rusty, but maybe I could try a simplified version (in the conscious knowledge that simplicity will reduce win rate. Don't worry, this will all be on demo for a good long time (or until I decide it's not for me).

I'll also be trying some of TRO's methods, now I've discovered them. Speaking of TRO, I hope he comes back soon as well.


I'm really glad you managed to continue with this thread F, in spite of the early negativity inflicted on you. The Über-cynicism of some of its members has always been T2W's least attractive feature IMHO. I was brought up to believe the best in everyone, until proved otherwise, and even if trading is a cut-throat business, our enemies should not be our fellow retail-traders, but, well, e.g. the banking industry... (I think we see eye to eye on that one, from what I've seen).

 

[tar]

Hot air

 

[Forexmospherian]

Hi Forexmospherian,

As it seems to have gone quiet here for the moment (though I see you've been busy in the live thread), perhaps I can add some not quite on-topic comments.

I've just finished reading this entire fascinating thread from the beginning (not all in one sitting though!).

I must admit that the initial reason I kept going with it, in the face of the odious hating you were receiving at the beginning, was that it seemed to have the support of NVP for whom I have great respect (Hi, N....sorry I never got back to you about two years ago...life got in the way, like it does...), and ........................

Still getting my head around it (or maybe not), but I hope you are going to continue at some point, and also that TRO manages to make further progress on indicator-ising it..............................

What I really want to ask is: I think at some early part of this year, you posted something implying you were only planning to stick around here about a year (apologies if I misread or misunderstood it). I'd just like to say I hope you don't disappear too soon, just as I've made a much delayed return to T2W! (and soon, to trading, though probably not till early next year).

When I was last actively trading about 2 years ago, I discovered or stumbled upon one or two "edges" that seemed to be valuable, but I wasn't really happy with my actual trading methods I was using then. I've been itching on and off for two years to try them..................


I'm really glad you managed to continue with this thread F, in spite of the early negativity inflicted on you. The Über-cynicism of some of its members has always been T2W's least attractive feature IMHO. I was brought up to believe the best in everyone, until proved otherwise, and even if trading is a cut-throat business, our enemies should not be our fellow retail-traders, but, well, e.g. the banking industry... (I think we see eye to eye on that one, from what I've seen).

Hi Montmorencyt2w


Thank you for some positive comments and really pleased you managed to read all through this thread and find it interesting.

Yes I have finished my year on the live intraday thread now ( last week ) and will be away on a short break this month.

Not fully decided on my next plan - as what ever I do I would still be doing my own notes during my trading sessions on levels and bias etc on 6 to 9 pairs - even if I only trade normally 3 to 5 pairs

I got a lot of stick at the start simply because I was trying to call live scalps that might only last 1-5 mins ( ie 1 -7 pip) and not realising many followers would only see the call - after it finished and I was out the trade.

This was due to the normal delay of me posting and the thread updating - that could be anything from 30 secs to 5 mins in busy periods.

So in busy times I asked all follower to update and refresh browser every 30 secs to catch the comments and then gave out my chart with time windows and linear regression settings - so that all could see what I was actually doing.

After a few months I do think many then realised I was not a fraudster / con artist - selling rubbish - ( all my advice is totally free) but I proper full time intraday trader. I improved the other thread by including times on posts along with levels in advance of next moves with prices I would be looking for retraces and break outs etc.

Then with the progress of one student - Major Magnum - many members then realised it was possible to learn and copy and become successful etc. It took MM over 8 months to fully get there ( he had over 18 months of basic FX knowledge beforehand he started with me ) and just recently MM took a 3k demo account up to $100+ within 8 days - ie 3300+ % increase.

He's been trading the method live for over 4 months - but maybe ran too quickly before walking for a start ( on initial compounding ) and so needed to go back to small stake size of under $5 a pip rather progress at $20 + until he has 1000 live trades under his belt

Saying that he took a live £1k account up 27% in one trading day - with over 20 trades - all stops under 5 pips - all small stakes size - low drawdown and over 80% win rate - AND POSTED THE GENUINE RESULTS ON THIS THREAD

That must really get up the noses of all "dissers" / haters and traders who think - f**k all new traders - let them spend 5 years and lose 4 accounts etc - because thats where my winning come from.- Yes lovely people - ie the caring sharing type ;-)

Well I had help on my journey over 9 years ago - that got me looking at everything differently.

Trading is simple - ie buy low - sell high - make money.

Trouble is you get simple results - ie 2% per month - 4% and traders think they are good

We all know 85-90% of all FX traders will lose and give up at some time - so surely it cannot be that easy ??

The truth is the Industry is totally corrupt - and is brilliant at deceiving all and sundry - proved by all what's been happening recently with massive fines on banks

Super computers want your money - they are not going to let you have loads of wins and hardly any losses without you having a few edges that can keep you in the 10% winners corner.

I have many - simply because of the time and study I have devoted getting there.

My trouble is - I discovered FX trading maybe 10 years to late in my life

I fully retire within next few years ( Ok might do the odd 5 days a month if I am still well and fit) but don't want to spend 30 -50 hrs a week trading.

My Father in Law is 94 and still does 2 new crosswords every day. Maybe at 75 or 80 - I will still be scalping now and again - but hope to be sailing in the Med instead ;-)

I will have to decide in the new year what my next course of action will be - so at least for 3 - 5 weeks I will still be around

I have not updated my years performance so far but can confirm on over 190 trading days I traded - I did not have one losing day.

That says something - ie I have a special way .......... and it works.

Maybe only 7 out of every 10 traders who try and learn it over say 6 -9 months will be successful with it ( every 1000 live trades - you should get better ) - but I will be delighted if I find another 9 like Major Magnum before I sail off into the distance

Hope that helps - and all the best on your new trading journey

Regards


F

 

[itspossible]

^Ill pick your brains later mate about a few things.i dont think i will ever get into the fx market as it seems bloody complicated.do you scale into your positions or just go in as whole. eg in the ftse you can go in at 50 pence per point and scale in for say 10 positions.so you have technically £5 per point .you can then scale out if need be.i have been glancing at the thread from time to time but ive been a little busy and i will read it over the weekend.MM has done well but he has done right to switch back to the demo if he has lost a little confidence and needs to get the momentum swinging his way again.there was a comment from the rumpled one about one of his trades been a recovery trade which got me thinking.im sure the major will be fine if he just takes it easy and keeps his stakes low,slow and steady.Also F is nvp following your method or is he doing some sort of hybrid system

 

[Forexmospherian]

^Ill pick your brains later mate about a few things.i dont think i will ever get into the fx market as it seems bloody complicated.do you scale into your positions or just go in as whole. eg in the ftse you can go in at 50 pence per point and scale in for say 10 positions.so you have technically £5 per point .you can then scale out if need be.i have been glancing at the thread from time to time but ive been a little busy and i will read it over the weekend.MM has done well but he has done right to switch back to the demo if he has lost a little confidence and needs to get the momentum swinging his way again.there was a comment from the rumpled one about one of his trades been a recovery trade which got me thinking.im sure the major will be fine if he just takes it easy and keeps his stakes low,slow and steady.Also F is nvp following your method or is he doing some sort of hybrid system

Hi IP

Sorry had not come back to you yesterday and now too late and looking forward to my beauty sleep

Will hopefully answer all your questions sometimes later to day ( Sunday )


Regards

F

 

[Forexmospherian]

^Ill pick your brains later mate about a few things.i dont think i will ever get into the fx market as it seems bloody complicated.do you scale into your positions or just go in as whole. eg in the ftse you can go in at 50 pence per point and scale in for say 10 positions.so you have technically £5 per point .you can then scale out if need be.i have been glancing at the thread from time to time but ive been a little busy and i will read it over the weekend.MM has done well but he has done right to switch back to the demo if he has lost a little confidence and needs to get the momentum swinging his way again.there was a comment from the rumpled one about one of his trades been a recovery trade which got me thinking.im sure the major will be fine if he just takes it easy and keeps his stakes low,slow and steady.Also F is nvp following your method or is he doing some sort of hybrid system

Morning IP

Yes I do scale in and scale out of positions - but not in the normal way maybe associated with pyramiding and peeling.

Entries and timing are paramount for me - absolute key down to the second on a tick chart

So I load heavy from 1 to 5 pips if I can - and then scale out more from 7 -12 pips keeping 30% on with a stop in a few pips profit if I can.

I maybe not do this on one pair - but try and pick directly correlated pairs that are in tandem - ie if the dollar is strong and the EU / GU / AU are all seeing price falls over say 30 mins - I might have 100% stake size in 2 or 3 pairs - that I then drop to 30% stakes as the move progresses. I then add further 100% stake size scalps on pullbacks if they stay in the scalp down bias and last no more than 12 mins.

My normal target are 7 to 25 pip moves within a maximum of 30 mins

When I enter - i have no clue if i will make just 5 pips or 9 pips or just 1 pip

But every 30 seconds I have more clues to work on . My stops are normally under 5 pips and I dont like to have to use them - if its not working and I dont see over 3-5 pip gains - I exit rather than wait have a 3 pip drawdown and not know if the scalp will still work.

With spreads being normally under 0 5 of a pip on main key pairs - anything over 3 pips is positive for me - although I dont want to chase just 3 and 5 pip moves

For example rather than have 13 good winning scalps all within 4 hrs all getting me say 3-5 pips - with no losses - say in the 35 - 50 pips net ball park - I would prefer to have 3 losses of say 4 pips and then 4 wins of 5 pips - 4 wins of 8 or 9 pips and two wins of 15 and 18 pips

So my win ratio is down - ie 100% on first way but 77% on second way

But results - somewhere between 35 -50 pips on first way and between 75 - 85 pips with the 3 losses

Positive pips are money - keep losses as small as possible - but accept them if need be

Every retail trader has a financial wall - comfort zone - that is acceptable

ie I dont mind having $300 or $500 losses on scalp or single intraday trades

I would be uncomfortable on say $1k - $1 5k losses per trade - and I would flip on $3k - $5k losses - even though my gains would be higher -simply because you will always have more black swan events and losses when you are trading with higher risk - its a "sod law" thing that you emotions allow your brain to not stay rational.

Yes you can override and overcome it over time - but step by step - that's what Major Magnum needs to do . You can still make very good money on 1 lot per pip - without having to go immediately to 5 or 10 lots and suffer problems.

With regards to NVP - I think he is putting together his own bespoke method still based more on correlations etc but with short term trades etc

I am sure has he progresses - he will then explain more of what he is after - whether its 40 -50 trades a day - or just 10 trades etc etc.

I personally think in dynamic day markets - you have to stay fluid - ie next week one day I might only take 9 trades and be happy with a good result - and then could another say take 24 trades - because the volumes and movements are there to take

Hope that helps Its Possible

Regards


F