My Journal - Pathways to Improvement

[sun11]

Morning F,

Thank you keeping patience with me & same goes for the other reader too.

I understand I am having a blips time from Nov-Dec. I think I have 4 trading days left before Christmas..I will not push much that..i recover whole losses during days...but i'm setting a small target...Liking keeping positive net balance in these 4 days..

About EA broker commission. Spread is around 1.1-1.5. I have no major problem with my net connection...LAN connection pretty fast so as my terminal. 90% time it stays up. Sometimes i get bad connection..when i use mobile network & trade from a second location. But that is manageable.

About timing, yes you are righting i took many trades during early morning in UK time. Cause I try to pick good trades near to the lits zone. But as you suggested now...I will split it in mini session. I have two clock one is local & another one I follow is UK timing. So if I failed around a litz because of a bad movement..i will stop...try in next session...if i do this..obvious...i will miss that failed trade..cause that gonna move towards somewhere...ups/down..But will not greed much.

In this month..i noticed that..i'm picking trades on right zone...but still getting stopped out ....because market reacts a lot around those levels...

Need to think how I deal with it.
For pairs like EA market hitting 10 pip stop loss is very common thing...

Will be back around 7 am. I am available 24 hours..no problem...

Regards

 

[Forexmospherian]

Morning F,

Thank you keeping patience with me & same goes for the other reader too.

I understand I am having a blips time from Nov-Dec. I think I have 4 trading days left before Christmas..I will not push much that..i recover whole losses during days...but i'm setting a small target...Liking keeping positive net balance in these 4 days..

About EA broker commission. Spread is around 1.1-1.5. I have no major problem with my net connection...LAN connection pretty fast so as my terminal. 90% time it stays up. Sometimes i get bad connection..when i use mobile network & trade from a second location. But that is manageable.

About timing, yes you are righting i took many trades during early morning in UK time. Cause I try to pick good trades near to the lits zone. But as you suggested now...I will split it in mini session. I have two clock one is local & another one I follow is UK timing. So if I failed around a litz because of a bad movement..i will stop...try in next session...if i do this..obvious...i will miss that failed trade..cause that gonna move towards somewhere...ups/down..But will not greed much.

In this month..i noticed that..i'm picking trades on right zone...but still getting stopped out ....because market reacts a lot around those levels...

Need to think how I deal with it.
For pairs like EA market hitting 10 pip stop loss is very common thing...

Will be back around 7 am. I am available 24 hours..no problem...

Regards

Hi Sun

No problem

Actually at times even scalpers need loads of patience - ie its like being a sniper having to wait for the exact time to take your shot

Just 2 mins out with your timing can be the difference between a bull's eye or a complete miss - and sometimes just waiting an extra 2 or 5 mins can seem like an eternity.

Please just go at your own pace - ideally we need you looking at 10 -20 trades over a 3-5 hr session - but don't try and get 10 in in just an hour - sometimes I only take 2 scalps in one whole hour.

Main earner for me this morning up to now is the EA - the EU not even bothered with and EJ started well - but again very slow

Saying that just noticed after 7 09am EU woke up - can it get over 0960 next ?/

Out in 15 mins - but then around later

Relax - stay calm and have a good steady day

Regards

F

 

[sun11]

Started a new account...

No thinking any more about past losses...Leverage set to very low, So just one trade at a time.....

This is my last try...or until the God will keep funding me...I guess God has a patience level too...

My target is to survive at least for 30 days...

Lets see...

Last day I had 17 pips in my favour ....but i didn't closed it...& got only 3 pips...As i can have only one trade at a time...so i can't do part stake now...i got 10+ pips...& i am out..3 trades like this ..i reached my target...so..thinking to run like this...

 

[be-positive]

HELP REQUIRED was it ok to be short on EU from 9.10 AM and then 10.15

 

[sun11]

About Average pip gain on full stake

Hello Forexmospherian,

Sorry for my bad performance during these period...

I wish to know...what is your average pip gain on full stake...I know you peel out 70% of the stake size near to the area of the confusion...But in generally how long you keep your full stake on...upto how many pips in average...?

I am asking this because, some of my trades now moves 10+ ...I target 20/30+...But sometimes it fails to reach the target....& get 3-5 pips for it...so i feel bad...I don't know how far I should trail position.

Thank you
Regards

 

[sun11]

HELP REQUIRED was it ok to be short on EU from 9.10 AM and then 10.15

Yes really was a nice setup..

But too late for me now to enter...

 

[be-positive]

Yes really was a nice setup..
View attachment 210016
But too late for me now to enter...

:innocent: there should be another EU short coming along soon, leave the long plays to fred brumm

 

[be-positive]

sun are you getting ready for possible southward move

 

[be-positive]

jump on EU now 47 area

 

[sun11]

:innocent: there should be another EU short coming along soon, leave the long plays to fred brumm

Yes Be positive ...not too late i guess..
I sold & closed with 8 pips profit.



Good inauguration of this account...lol

 

[Forexmospherian]

Yes Be positive ...not too late i guess..
I sold & closed with 8 pips profit.

View attachment 210020

Good inauguration of this account...lol

WD Sun and BP

Just seen your question etc Sun - will try and answer in next 10 mins or so

Regards

F

PS - don't worry about time assisting you Sun - you are not even near 6 months on my method and even if we need to carry on assisting next 3+ months - its no problem - I want you to succeed as much as you do

 

[Forexmospherian]

Hello Forexmospherian,

Sorry for my bad performance during these period...

I wish to know...what is your average pip gain on full stake...I know you peel out 70% of the stake size near to the area of the confusion...But in generally how long you keep your full stake on...upto how many pips in average...?

I am asking this because, some of my trades now moves 10+ ...I target 20/30+...But sometimes it fails to reach the target....& get 3-5 pips for it...so i feel bad...I don't know how far I should trail position.

Thank you
Regards

Hi Sun

First point - don't worry - please realise you are only half way through the course really - I don't expect you to become an experienced scalper and intraday FX trader on my method in just 4 months.

Normally it will take years - but we are short cutting it and I am confident over the next 3 -4 months you will start to rectify all your small mistakes etc and start to have more confidence on your live account - and then start to become a lot more consistent.

OK - to answer you questions raised

1. My average pip count on full stakes is under 15 pips on average. I will have some nice scalps when I make 25 and 40 pips in 30 mins all on full 100% scalp stake.

But

That's less than 30% of all my scalp winners - the majority are just bread and butter 3 to 15 pips before I exit either completely or leave a partial 30% stake on

From my stats - based on over 8 years and approx 21k intraday trades - my win averages range on batches of 100 trades between a low 61% to a high 87% - so an average 72/73% seems on

So on say 20 trades in a busy day - I will have at least 2 bad scalps ( very very rare I have 20 consecutive wins ) to say max of 7 bad scalps

So out of my 13 to 18 winners - only 25-30% will make over 15+ pips. Ok I might have a few make 40 or 60 or even 100+ pips on a partial 30% stake - but if its just 2 trades out of total 20 - then that's just 10%.

The rest of my intraday trades will normally be in that 3 to 15 pip range

I do have visual soft targets - but I am totally flexible - and go with reading PA and LRs and time. If it moves up 11 pips - I will no way let it go to a negative and would be frustrated if I only got say 3 or 4 pips out of the trade

I don't have hard stops at 5 or 7 pips - I set mine anything from 20 -25 pips away to allow for spikes an baby sit scalps on one click in and out

If after entry we only go 2 or 4 pips into profit and back to minus 2 - I am out - I don't wait for minus 5 or minus 7.

It's intense for maybe 2 to 3 mins

When I exit with say 70% stake ideally over 7 or 10+ pips - I then relax with 30% and stop in profit.

No pressure no worry - what ever happen I have a win / win - either I just make 1 or 2 pips - or I might make 25 - or 30 - or even over 500 + pips over a longer period ( yes have had a 1000+ pip move off a 5 pip stop before over months )

Its all down to reading the PA along with time rules and LR's

It takes months to become half OK and over 2000live scalps to become good

You can do it - your are disciplined - and once you remap your mindset to say I do it on demo and I will now do it on a live account - it all get easier

Yes - you will still have 3 losses in a row or even more - but your winners will improve and be larger and we will get you out bad scalps under 3 pips - not 10 or 12 pip etc etc

Hope that helps a bit today

Step by step - more fine tuning etc etc - look at GU after 9 30 am news and the last 2+ hrs price as fallen - you will be catching 30 or 50 pips of that soon - but again its slowly understanding the relationship between price - time and LR structure

Regards


F

 

[sun11]

1. My average pip count on full stakes is under 15 pips on average. I will have some nice scalps when I make 25 and 40 pips in 30 mins all on full 100% scalp stake.

But

That's less than 30% of all my scalp winners - the majority are just bread and butter 3 to 15 pips before I exit either completely or leave a partial 30% stake on

From my stats - based on over 8 years and approx 21k intraday trades - my win averages range on batches of 100 trades between a low 61% to a high 87% - so an average 72/73% seems on

So on say 20 trades in a busy day - I will have at least 2 bad scalps ( very very rare I have 20 consecutive wins ) to say max of 7 bad scalps

So out of my 13 to 18 winners - only 25-30% will make over 15+ pips. Ok I might have a few make 40 or 60 or even 100+ pips on a partial 30% stake - but if its just 2 trades out of total 20 - then that's just 10%.

The rest of my intraday trades will normally be in that 3 to 15 pip range

I do have visual soft targets - but I am totally flexible - and go with reading PA and LRs and time. If it moves up 11 pips - I will no way let it go to a negative and would be frustrated if I only got say 3 or 4 pips out of the trade

I don't have hard stops at 5 or 7 pips - I set mine anything from 20 -25 pips away to allow for spikes an baby sit scalps on one click in and out

If after entry we only go 2 or 4 pips into profit and back to minus 2 - I am out - I don't wait for minus 5 or minus 7.

It's intense for maybe 2 to 3 mins

When I exit with say 70% stake ideally over 7 or 10+ pips - I then relax with 30% and stop in profit.

Thank you Forexmospherian,
I got the info which I required to map things...

Actually i was expecting 15 pips on average as you said...cause more than that on 1 min chart...in generally risky...price had to correct.

Now I know what to do...:smart:

Good day...
Regards

 

[sun11]

Back to my posting...I know I haven't posted for 2 days in here..I had losses...But today recovered some...I could have traded more..but currently its slow time...no good opportunity for me so closing the session here.

Today 100% win rate.
Total of trade 8
PL = 22

Feeling positive..

 

[sun11]

Regarding S/R levels

Hi F,

I have some thought regarding marking the S/R levels (Previous tops/bottoms). This approach has a similarities with Sam Seiden supply demand methods.

I like trading around this lits zone. If market is trendy then it provides good scalping opportunity. I mostly target fresh S/R levels...those works best..like today..

Now in case of marking S/R sometimes in 1min chart..if I can't find new levels...its not capped on my screen..so then i use longer TF like 5M-15M to find next possible S/R level..is it ok?

You do same? or your LRs are matched in such way that it automatically sync with those old tops & bottoms?

Just a thought.

Regards
S

 

[Forexmospherian]

Back to my posting...I know I haven't posted for 2 days in here..I had losses...But today recovered some...I could have traded more..but currently its slow time...no good opportunity for me so closing the session here.

Today 100% win rate.
Total of trade 8
PL = 22

Feeling positive..

Hi Sun

That's better - well done

You cannot argue with a 100% win record and what's nice it was not on just 2 or 3 trades - it was on 8 in a row

You will get a feeling when you know you are in the "trading zone" and all is working well - similar if you have 3 or 4 bad consecutive losses - never panic - just wait for another 30 mins or until pairs come out of their immediate ranges etc

Normally by the time you finished I would not have taken over 8 or 9 intraday trades - with me starting maybe later than you after 6 00 am UK time

I appreciate - traders living in the UK or Europe have such a choice of hours - whereas you might be limited to a smaller trading "window" and so feel the early session is so important to you success. However your daily trading target of just 25 pips is totally reasonable. You will have days when you could stop after just 2 or 3 trades and then other sessions when you do 11 trades and because you have 5 losses - only make 19 pips - that's why as your confidence grows you will then have 40 and 70+ pip days - with you already locked in say 30 pips - knowing on the additional trades you take - what ever happens you will still walk away net with at least 30 pips.

Please review every trade to spot you strengths and weaknesses on both entries and exits and then pat yourself on the back - you know you can do it

Regards


F

 

[Forexmospherian]

Hi F,

I have some thought regarding marking the S/R levels (Previous tops/bottoms). This approach has a similarities with Sam Seiden supply demand methods.

I like trading around this lits zone. If market is trendy then it provides good scalping opportunity. I mostly target fresh S/R levels...those works best..like today..

Now in case of marking S/R sometimes in 1min chart..if I can't find new levels...its not capped on my screen..so then i use longer TF like 5M-15M to find next possible S/R level..is it ok?

You do same? or your LRs are matched in such way that it automatically sync with those old tops & bottoms?

Just a thought.

Regards
S

I have posted on the other thread yesterday and will update again today a 5 min EU chart covering more than 3 or 4 trading days

Although I do check out a 30 and 60 min chart - as well as a monthly/weekly/ daily view at weekends or at new month dates - for intraday trading I rarely use over a 5 min chart for obtaining interim highs and lows for intraday trading.

My LR's settings do give me additional clues in say S & R area that might span 10 -20 pips - but so does time as well.

I don't trade off any chart higher than a 1min or tick chart though - as 5 min or 15 min I find to slow and not giving me enough immediate information within say 30 seconds and within a 3 - to 5 pip trading window. Maybe on a nice intraday swing trade of 50+ pips - the odd few pips are not crucial - but for scalping - getting in say 3 pips early can be worth an additional $100 on your P& L - and even if I get the trade wrong and it does not make 15+ pips - that extra 3 pips can be the difference between loss and profit

Regards


F

 

[MajorMagnuM]

I have posted on the other thread yesterday and will update again today a 5 min EU chart covering more than 3 or 4 trading days

Although I do check out a 30 and 60 min chart - as well as a monthly/weekly/ daily view at weekends or at new month dates - for intraday trading I rarely use over a 5 min chart for obtaining interim highs and lows for intraday trading.

My LR's settings do give me additional clues in say S & R area that might span 10 -20 pips - but so does time as well.

I don't trade off any chart higher than a 1min or tick chart though - as 5 min or 15 min I find to slow and not giving me enough immediate information within say 30 seconds and within a 3 - to 5 pip trading window. Maybe on a nice intraday swing trade of 50+ pips - the odd few pips are not crucial - but for scalping - getting in say 3 pips early can be worth an additional $100 on your P& L - and even if I get the trade wrong and it does not make 15+ pips - that extra 3 pips can be the difference between loss and profit

Regards


F

i find when working in the detail as we do, longer charts provide bigger structural clues obviously; one would think that almost goes without saying. I have rarely needed more than 24hrs lookback when scalping tho

 

[sun11]

Advance Merry Christmas to my friends!

May this holiday season sparkle and shine, may all of your wishes and dreams come true, and may you feel this happiness all year round.

Regards
Sun

 

[PipsterPipstoffelees]

merry xmas!

hi sun i have read your thread, thanks for writing it all, and thanks to other contributors especially Mr F, it seems like a really interesting method. I have been trading on and off for 5 years, been ok on demo but lost 30% on a small (1k) live account, then stopped trading for 2 years. I feel like its the right time to start again and give it some study, hence Fs method seems like great material for some study. I have read hundreds of pages of your material on this forum, so I think I understand the gist of it all, though I am sure I will make mistakes.

I will be following along with you guys, if thats OK, on mondays, tuesdays, and thursdays in 2016 on a demo. My LRs are lined up and ready to go, and as a first step over the next few weeks I will be working on timing my entries and reading the PA on the 1 min, and ignoring the more advanced bits like LITS and PPND until later on.

thanks again

Mike