stats:
11 trades
3 winners +8.8
8 LOSSES -37.5
Morning gft32
I know whats its like when you have a few bad sessions and nothing goes right for you and you can see no light at the end of the tunnel - I know because both Major M had a really bad few weeks after going live and even going back to when I started scalping - my first year live was hardly that encouraging.
I can relate more to Major Magnum's learning curve because its all happened in the last year - whereas my learning curve lasted over 3 yrs before I got consistent after the first year of going full time approx 7 yrs ago.
MM had taken several weeks and months on demo before he was getting consistently over 60% win ratios. Before he went on to a live account - he was then flying - ie having consistent 75 -85% win ratios on batches of 100 trades and he must have been thinking - this will be easy - ie like having your own money printer to churn out as much money as you want.
He then went live on small stakes - and was still fine and progressing well.
Then the kick in the teeth - ie he got too confident - moved up the stake size quickly and of course had a few bad losses and his confidence was shattered as he saw all his gains being wiped out.
So he went back to demo for a bit to build up confidence - BUT - it did not work right away . He changed brokers and platforms and his previous great form went out the window. Suddenly he could not get his timings or his levels correct - the LR's setting were all out of sync and he was having 7 and 10 and even more consecutive losses.
Whilst this was going on - the FX markets were not being that kind and even I was struggling some days to make my daily targets . Major Magnum was on the point of thinking - I cannot do it - it will not work for me - my previous trading results must have been luck - etc etc .
Luckily - I was able to prove and explain to him - NO - your previous results were not fluke etc - but you still have not come out the continual learning curve - keep judging yourself on the on-going performances - get back live - keep stakes small and get to 2000 live trades. Even if you drop to just 50p a pip and lose £25 per day - stick with it etc.
We then sorted out his latest platform - got his timing back ( its probably better than mine now) built his confidence up and over the next few months he went from strength to strength.
During that time he took up his demo over 3000% in 10 days and was easily back up to 75% win ratios using stops under 5 pips.
When he went live on just £1 a pip level - he we easily putting on 25- 30% a day on his £1k live account ( on under 2% stake size ) - with anything from 20 to 40 trades.
He knows all the tricks now and if he has 3 consecutive losses - he will stop and chill out for 30 -60 mins and make sure his next scalp he makes a profit - even if ts just 1 pip rather than have a loss- so to break the sequence etc.
Touch wood - he will never martingale or compound to fast etc and he is using advanced time and money management to continually improve.
I think he his away on a holiday break next week and I should have asked him to sort out some of his past really bad performances before he left - just to show how far he has come.
He still is happy to post his live results on a his small live account etc - but maybe like me - when he is on a few large accounts and might get some special incentive deals - he will not want to share all his private and confidential info.
If you look at yesterday - which was not a full day for him -(i was up over 70 pips before he started I think ) - he still managed 18 trades - only had 2 small losses - so a 90% win ratio and over 120 pips net. His results are in the other thread and you can see some small pip wins - but also a few over 20 and 30 pips as well.
Before you can progress to that stage - we just need you to be able to scalp in both directions - understand PA and the so called "coalface" more - and then we can fine tune your entries via timing and improve your decision making so that you ignore many scalps that might only make you a few pips - but be ready for the larger moves.
You can do it - like 90% of all FX traders - but it does require commitment - focus - control over your mindset - lots of study and a positive out look that says - when I have a bad period - I just say - it will not beat me - there is a way forward.
You must be happy to accept losses. Nobody like them - but they will happen - in fact some of my best days I have had 4 or more small losses - but then 20+ great wins. Other times - I can have 8 wins in a row - but still not made my daily target - that's trading.
I suggest if you have time over the weekend - you check out the EU over latter part of the last week to see when you would have made a buy - not for just 5 pips - but buys that would have made you 10 - 30 + pips - you might be surprised how many there are.
Also start this week with checking out one other pair - like the UJ or the AU - so that you still remain focused on the EU - but you start to notice the movements of other pairs more.
All your trades can be done off a 1 min LR chart with the 9 LRs on it. For scalping - only have the chart showing last 1 hr or so - but for levels etc - zoom out to see last 6 -10 hrs .
I need to make sure your LRs are set up correctly and how you then see interim levels etc
I should be around most of next week - but then I am off for a bit in April - but I hope I can set you up before I go away. Its then up to you doing say 150 -200 + trades over April on demo - ideally in both directions with say at least 80% on the EU and then the rest on another FX pair that as a low spread and moves nicely - such as UJ or AU / NU.
The idea is that your losses will never be over 7 pips maximum and most are pulled by minus 2 to 4 pips. Your wins should be over 5 pips - only accept 2 -4 pips if you have to bail - and than 30% of your wins are over 10 and 15 pips.
So say on 10 trades - accept 3 or 4 losses maximum - so minus 12 to 20 on average
7 wins - say 3 at 4 pips - 2 at 8 pips and 2 at 14 pips - making 56 pips minus your losses - ending up between 36 and 46 pips on every 10 trades
Currently MM is on with 10 trades about 8 pips of losses and 100+ pips of wins - yes that high - because he is also pyramiding and peeling - but that's maybe 3 -6 + months away still
See you Monday sometime
Regards
F
