My Journal - Pathways to Improvement

[sun11]

Please tell me your spreads on the 4 pairs you are working on??

Also what was total number of trades yesterday and then today ??

Regards

F

Hi,
Thank you for keeping your patience with me.
I understood what you said. From now on, I will not go with fixed SL & TP , except hard stops as you mentioned.

Average spreads for 4 pairs is : 2
Lowest 1, mostly stays around 1.5 to 2. Sometimes 2.8, that's the highest I observed till date.

Last day total number of trades was 35, last day win rate was around 49%.
Today its 26. Today win rate is around 35%. I think i did some over trade today & last day.
From tomorrow, I will sit on for 1-15 minutes after giving trades.

 

[sun11]

Lastly,

come out over 3 or 5 or 7 or 10 pips - you chose by reading the price action on a 1 min candle/ bar chart - but let it remain fluid - not a fixed number

About PA,

Is following approach is ok ?

Idea taken from here


Regards
Gn

 

[Forexmospherian]

Lastly,



About PA,
View attachment 195914
Is following approach is ok ?

Idea taken from here
View attachment 195916

Regards
Gn

Will explain in more detail a bit later on after tea time UK

No problem Sun

Regards

F

 

[sun11]

Sure...Take you time...
Good night from me...
See you tomorrow...

 

[Forexmospherian]

Sure...Take you time...
Good night from me...
See you tomorrow...

Hi Sun

Ok back to the points on price action and reading price and candles or bars etc.

First of all with regards to exits - for now - when iN doubt and up in profit - take it

So if you are up 8 pips dont let it go back to 1 or 3 pips to exit.

As you develop i will show you how you stay in trades longer via whats know as pyramiding and peeling - but thats a bit away from.

Reading price action on a 1 min chart is all down the HH's and HL's or opposite on moves and then interim S & R levels

Your example is fine but to add to its useful to always know both the level to look for for a reversal and the level that keeps you in the trade ongoing

I am going to give you an example on the UCad this afternoon as a daily low

Yes I caught it and also called it in my thread along with the scalp buy

But lets look at both the PA and the LRs and the time clues to assist us on the move that then took place

Look at the clues you will start to understand more

1 Ucad had fallen after news

2. It was trying to do a falling knife - false sentiment set up to get more bears in on sells before frying them

3. We had entered an hour TW - ie 1 51 pm to 2 09 pm - and important one as Europe coming back off lunch breaks and the US starting their day - so a big audience to trap or catch out

4. We had one low and stopped - during those few minutes price stalled and the LRs started to go under

5, the next pa gave us a sell again with a new low - just a few pips lower - but at a strong support area.

6. the candle gave us the bull signs - ie long wick and then the next 2 candles after 1 56 pm were strongly bullish

7. Lrs under time coming to hr change at 2 00 pm and PA reading on 2 or 5 candles - HH and HL's

8 2 00 pm confirmation we should be scalp buying although when you increase you skill levels you would buy at 1 57 pm prior to hr change as still would make you over 10 pips in those 2 or 3 mins

9. More Lrs under PA bullish and then after 30 mins from 1 56 pm with no breach of low - more clues for it trying up higher.

10. To try and do this naked without KT's and no LRs is more difficult - they are our aides / clues etc - as well as pure PA on the 1 min chart

12. When would I have pulled a scalp buy? - under 3113 after it made over 3114 - yes that close - that down to the momentum and the power of the change

13. When would I have sold again ? under the 3110 low at maybe 8 or 7 - I do think about both directions - I am fluid and dynamic - no fixed views or blinkers

To read PA and understand price movements on a 1 min chart is the same as on a 15 or 30 min chart -except quicker and more accurate allowing better RR wins

Trouble is - it's not easy or encouraged - like most things in life. You dont need 5000 or 10000 hrs to do what I am going to show you - but you will need over a thousand hrs at the coalface in the noise - that could take at just say 25 hrs a week nearly a year - but every month you will learn more and improve your skill level

We do need you with an ECN / STP broker - even on demo

If after a year or two you was not scalping for 3 -10 pips - then not so bad on 2 pip spreads if average wins were 12 - 20 + pips - its your choice etc

2 more days of this first week left - and all going to plan - so no worries from my side

Regards


F

 

[sun11]

Hi F,
Good morning. Thank you for the detail explanation.
Today I started new ECN demo account. Though its not much difference with other pairs. Expect EU, it has spreads around 0.5.

Fact is, I have an existing standard real account with them. But I understood what you said. After I improved my skills in demo. Perhaps then I can use 2 pip spreads.

Regards

 

[Forexmospherian]

Hi F,
Good morning. Thank you for the detail explanation.
Today I started new ECN demo account. Though its not much difference with other pairs. Expect EU, it has spreads around 0.5.

Fact is, I have an existing standard real account with them. But I understood what you said. After I improved my skills in demo. Perhaps then I can use 2 pip spreads.

Regards

Good Morning Sun

Get used to your new ECN demo account for a start and then after you have taken say your first 5 or 7 scalps - lets have a review of them again

All the best and catch up a bit later

Have a good day and any queries / questions etc - please just fire away and i will try and answer them

Regards

F

 

[sun11]

today some examples of trade closing:



Today following the time limits as you mentioned earlier. No fixed TP. Only 20 pips hard stops.

 

[sun11]

I want to say something about hard stops. Today experienced, last trade on GU.
I was about make 4 pips profit but suddenly net connection gone for a few mins. When login using alternative, saw it moved against -6 pips. Closed immediately.

As long as using ECN account now. Should I keep hard stop more lower?
Should I use hard tp also. If in case?

 

[Forexmospherian]

I want to say something about hard stops. Today experienced, last trade on GU.
I was about make 4 pips profit but suddenly net connection gone for a few mins. When login using alternative, saw it moved against -6 pips. Closed immediately.

As long as using ECN account now. Should I keep hard stop more lower?
Should I use hard tp also. If in case?

Hard set in stone stops are hopefully never used or needed

Set them over 20 pips or so a away if you can - because if set at say 7 -10 pips - the odd spike might just take you out - but with ECN brokers they will not be playing against you etc

99% of time - I never need or use a hard stop - its just a safety net

Also when baby sitting a scalp I might even exit at 1 pip or minus 1 pip if the PA or the trade after entry does not seem right

I am trying to get you into a dynamic / fluid system of reading price at the coalface in the noise at important levels

in many cases just 2 pip move in price either way can be the start of another scalp or direction.

Over time you will get into this and then be fluid and going with the flow etc

Also use 1 click for entries and exits

With regards to fixed targets I dont advise - if you miss a 8 pip spike in your direction - dont worry - it would be fairly rare

Not going be be around until after Lunch now after 1 00 pm UK time

Had a very busy last 3 hrs and so done well

Will be around later so good luck and need to see more of your results etc whether on say 3 scalps or 10 dont mind - just so I can understand more your strength/ weaknesses and PA reading etc

GL


Regards

F

 

[sun11]

Day 4

Hi F,

Also use 1 click for entries and exits

What do you mean by this, fast in fast out? Not waiting for the candle to finish. Just go with the price?

Today result is bad -39. I was practising to pick up the trades.
Total trade : 39
Win rate: 56%. I will practice more tomorrow.



Highest loss 6.1
highest profit 11.1 pips.

Last trade on GU made 23 pips profit in 4 trades.


Statement




Regards
I think I can feel the coal face now..
Hope you are not getting tired with me.

 

[Forexmospherian]

Hi F,


What do you mean by this, fast in fast out? Not waiting for the candle to finish. Just go with the price?

Today result is bad -39. I was practising to pick up the trades.
Total trade : 39
Win rate: 56%. I will practice more tomorrow.

View attachment 196028

Highest loss 6.1
highest profit 11.1 pips.

Last trade on GU made 23 pips profit in 4 trades.
View attachment 196040

Statement

View attachment 196032
View attachment 196034

Regards
I think I can feel the coal face now..
Hope you are not getting tired with me.

Hi Sun

Not at all - I have got anything from 2 months to 12 months to assist you more - no problem

Just busy over next few hrs on US session - but will go though you latest results and answer all points later on

You will start to see and know you are getting in tune and in the "zone" more after maybe a few weeks of going through what you are presently doing

Back a bit later


Regards

F

 

[Forexmospherian]

Hi F,


What do you mean by this, fast in fast out? Not waiting for the candle to finish. Just go with the price?

Today result is bad -39. I was practising to pick up the trades.
Total trade : 39
Win rate: 56%. I will practice more tomorrow.

View attachment 196028

Highest loss 6.1
highest profit 11.1 pips.

Last trade on GU made 23 pips profit in 4 trades.
View attachment 196040

Statement

View attachment 196032
View attachment 196034

Regards
I think I can feel the coal face now..
Hope you are not getting tired with me.

Hi Sun

First point re one click in and out

What I mean is all you have to do to enter any buy or sell scalp trade is press your mouse just once. - ie not having to spend setting up stops and second click to confirm etc. You want to be able to enter and be in the trade within 5 seconds of you making a decision - not like swing trading when you have a few minutes or even 10 mins or more to decide when to enter. Speed is essential - confirmation is time and quick LRs over/under not waiting for 2 or 3 bars/ candles

With regards to your performance - its looks good that you highest loss of 6 1 pip was lower than your highest win of 11.1 pips - but when you go into detail - with a 56% win ratio which is not too bad - your wins are on average a lot less pips than your losses - ie average win might be just 3 pips - average loss 4.5 pips or so

So how do we improve ?

1. 39 trades would not be your normal end game . it might only be 10 to 25 trades over 4 -7 hrs when are you are further down the line - but for now its getting you to focus and try and match price with interim levels with time and LR's - thats important. Maybe only focus on 3 scalps an hr maximum in non busy times and in the odd busy 30 -60 min slots - then maybe try 5 or 6 scalps - like how you did with the runner on the GU.

2. next point - how many winning trades made over 7 or even 10 pips and you only ended up with say a 3 or 4 pip win ??

3. How many scalps never even made 1 pip of profit before you exited ? this is important on timing - when you have it correct 80% + of your new scalps will go into a minimum 2 pips of profit - maybe 65% will make over 5+ pips and of course 20% will make over 10+ pips.

4. The more feedback i can gather - the more I can fine tune your entries - and timing and entries are key - get your entries spot on and then 80% of your trades will make you money

5. keep your losses down to under 6 pip - when you start averaging losses of only 3 pips that will be really good.

6. So far you are no way near doing 500+ trades - and I did not expect you to do more 100 the first week so we need 3 or 4 more weeks like this. By 500 scalps all what I have been saying will start to make more sense and your performance levels will start to improve etc

7 split your sessions in too one hour parts - so that we can see whether any part sessions have really good or bad results etc

8, If you are finding any pair easier than the other 2 or 3 - no problem - do more trades on the pairs that are flavours of the session - like yesterday and today - the GU and UCad.

Hope that all makes sense and remember every trading day might be different etc - but there are always key times and time windows

Regards

F

 

[sun11]

Hi F Good morning,
Thank you for your feedback.
I understood its bit over trading I did in last days.
I do split session hourly ..now keeping track of the hourly limits as you described.

About your questions:

2. next point - how many winning trades made over 7 or even 10 pips and you only ended up with say a 3 or 4 pip win ??

10% trades are like that. It moved 7-10 pips, I delay closing, so it ended up with 4 pips wining or less. Generally if any thing moves 8+ pips, I get very cautions so close it as soon as possible if I am previously in losses.

But 40% trades are like, it moved 3-5 pips. I keep waited, so it ended up with 1 pips or less/ break even wining. I do this generally, only if I am already say -10 pips losses. My psychology plays in this way ,that what if I gather more pips then i can recover the losses.

3. How many scalps never even made 1 pip of profit before you exited ? this is important on timing - when you have it correct 80% + of your new scalps will go into a minimum 2 pips of profit - maybe 65% will make over 5+ pips and of course 20% will make over 10+ pips.

This percentage is around 35% time. It never made 1 pips before I exited.
Most of the time it moves at least in 1 pip favour.

About the one click approach, I already did that since first day. Make trade with a click first. But added hard SL after that. Whole process done in a second.

Regards

 

[Forexmospherian]

Hi F Good morning,
Thank you for your feedback.
I understood its bit over trading I did in last days.
I do split session hourly ..now keeping track of the hourly limits as you described.

About your questions:



10% trades are like that. It moved 7-10 pips, I delay closing, so it ended up with 4 pips wining or less. Generally if any thing moves 8+ pips, I get very cautions so close it as soon as possible if I am previously in losses.

But 40% trades are like, it moved 3-5 pips. I keep waited, so it ended up with 1 pips or less/ break even wining. I do this generally, only if I am already say -10 pips losses. My psychology plays in this way ,that what if I gather more pips then i can recover the losses.



This percentage is around 35% time. It never made 1 pips before I exited.
Most of the time it moves at least in 1 pip favour.

About the one click approach, I already did that since first day. Make trade with a click first. But added hard SL after that. Whole process done in a second.

Regards

Hi Sun

Dont know whether you have finished for day etc

Will check out more of your stats this weekend

the more info etc the better

Regards


F

 

[sun11]

Day 5

Hi Sun

Dont know whether you have finished for day etc

Will check out more of your stats this weekend

the more info etc the better

Regards


F

Hi F,
Just finished now. Today is better than last day. I have taken 29 trades. Among 2 trade is closed by mistake. So total actually 27 trades. Taken 2 trades extra, EU was in very good mode.

Today total loss around 13 pips (omitting those trade 9 pips)
Highest loss 3.3 pips
Highest profit 4.4 pips.
Win rate: 53%

Statement:


Last EU Trade:


I will study past charts this weekend. Honestly I have hold some trades today, If I closed them at 3 pips. Then today would be in profit. So need to improve more in there.

Have a wonderful weekend..

 

[Forexmospherian]

Hi F,
Just finished now. Today is better than last day. I have taken 29 trades. Among 2 trade is closed by mistake. So total actually 27 trades. Taken 2 trades extra, EU was in very good mode.

Today total loss around 13 pips (omitting those trade 9 pips)
Highest loss 3.3 pips
Highest profit 4.4 pips.
Win rate: 53%

Statement:
View attachment 196126

Last EU Trade:
View attachment 196128

I will study past charts this weekend. Honestly I have hold some trades today, If I closed them at 3 pips. Then today would be in profit. So need to improve more in there.

Have a wonderful weekend..

Hi Sun

Thank you for all your stats etc - thats good - this experience will assist you on your timing and many of the trades that go on you will be able to take advantage on as you progress

I will study all the stats over weekend and comment before we start again on Monday am

Day 5 is still early days as you know - but I am sure you have learnt more of how important entry timing is and how we can work on very tight stops allowing you to gain more as you progress.

Many traders are delighted with a trade making say 50 pips with a 25 or 30 pip stop - ie RR of say of nearly 2. Trouble is they might have just 2 a day or session if good

You will end up doing say 10 trades with 7 / 8 winners with RR's over 2 + all in the same session or day - giving you a lot better return on your capital simply down to tight stops and great entry timing

Its a skill - it takes time - and its all possible as you will find out

Have a great weekend

Regards


F

 

[sun11]

You will end up doing say 10 trades with 7 / 8 winners with RR's over 2 + all in the same session or day - giving you a lot better return on your capital simply down to tight stops and great entry timing

This is exactly what I needed...

 

[NVP]

This is exactly what I needed...

Hi S

how long have you been scalping now ?...........I say this because I have worked with a lot of inexperienced traders over the years and I have to say you are improving rapidly............

seriously - I mean it

F is there to coach you so hang in there ............try to get those losing pip levels down below 5 as soon as possible - pref 3 tops once you are really rolling

the point is in scalping............when you are wrong you are wrong..........................things rarely get better if you wait .........the market will eat up your losses quickly ............if you are going 6 pips down on a defined entry you are REALLY wrong !

this is all just about practice....:smart:.......if you see my (many ) comments here at F's thread when I am live trade calling you will see I rarely let my losses get beyond 2-3 pips..........why ?.............because I am seeing ive timed the entry wrong or something has changed in my signals after entry.......

its impossible to be right all the time in trading ............but getting out as quickly as possible on losing trades is just as important as letting the winners run up

respect

N

 

[sun11]

Hi S

how long have you been scalping now ?...........I say this because I have worked with a lot of inexperienced traders over the years and I have to say you are improving rapidly............

seriously - I mean it

F is there to coach you so hang in there ............try to get those losing pip levels down below 5 as soon as possible - pref 3 tops once you are really rolling

the point is in scalping............when you are wrong you are wrong..........................things rarely get better if you wait .........the market will eat up your losses quickly ............if you are going 6 pips down on a defined entry you are REALLY wrong !

this is all just about practice....:smart:.......if you see my (many ) comments here at F's thread when I am live trade calling you will see I rarely let my losses get beyond 2-3 pips..........why ?.............because I am seeing ive timed the entry wrong or something has changed in my signals after entry.......

its impossible to be right all the time in trading ............but getting out as quickly as possible on losing trades is just as important as letting the winners run up

respect

N

Thank you NVP for your input. You just answered one of my question & cleared a confusion.

Its just 5 days in scalping since the training. I know lots of bad days is going to come in future along with good days too (hopefully).
I will try my best to keep losses lower.

Best regards
S