Ok so the commission equates to an equivalent 0.5 pips = thus your effective spread is 0.8-1.2 pips incl the commission?
I find it amazing how you (and the other posters on this thread such as Forexmospherian or MM) are able to trade profitably when having losses of a few pips and gains of a few pips, with the odd bigger win thrown in. I just can't fathom how that's possible because it requires one to be really hot with getting the direction right, unless I am missing something.
But then, you guys are actually doing it. Respect :clap:
Hi og
Yes Sun is doing very good on just stage 2 of approx 5 stages - maybe 6 if we count a total recap and rinse & repeat stage.
I will try and explain the reason
1. You need a method that can offer over 30+ trades in a day over a minimum 4 hrs plus. Therefore it as to be short term intraday trading.
2. If you live in the far West or far East of the World than its going to be more difficult than in Europe and 3 hrs away from GMT - simply because the busiest FX session is from 6 am UK time to 6 pm .
3. You must start the session as near to 6 00 am as possible - preferably - if you start 7 or 8 am - no problem but after 10 am you have missed the most important first part. If you do well in the first part of the day - you not do anymore after 2 pm
4. For example today - Sun has finished in approx 2 hrs after a busy AM session. She has done a lot of scalps because it important whilst she is learning timing and working with tight stops . The more scalps she takes in first 2 months of the training - the more she will learn
5. Normally after she has completed the whole course - ie 4 to 8 months approx - then if for example her target is 25 or 30 pips a day and she completes it on say 7 trades - she can finish.
6. However - as you know og - not every day is the same - some are easy - some are Ok and some are real bar stewards etc. So some days she might have to take 20+ trades to make her target due to having say 4 or even 7 bad scalp losses of ideally all under 5 pips.
7. The next key is a win ratio of over 65% - ideally good scalpers can maintain 70 to 85% on batches of 100 trades.
8 Therefore if she had 7 random losses in her trading morning - ideally she needs then 20 + winners to balance out - ideally over 3+ pips.
9. As she improves and takes on more LR's with more knowledge and experience - she will end up getting a few winning scalps over 10 and 15 pips. In fact by stage 4 she should get at least one over 15 pips every day.
10 Suddenly this all then tips the equation and the results ideally we will look for will be 15 to 20 trades - less than 4 losing at 5 pips - ie minus 20 and the say 13 winning trades averaging over 7 pips net - equals 91 - minus 20 - so 70 pip day
11. It took Major M over 6 /7 months to get there and he was dedicated and really excellent studious trader. I am sure some traders might take only 5 months and others might need 9 + months - we are all different and depends on your trading history and mindset.
12. The cream on the cake is then partial stakes with stops left in profit. Last year I had a few make over 300 + pips and 1 trade make over 1000 pips over several months - all of a 5 pip stop.
13. A trader need to be totally disciplined with a clear mindset and in control. If they can maintain that - they will then carry on improving every year
Hope that helps og and also for Sun as well
Good Trading
Regards
F
