mook wrote: adaseb wrote:
mook wrote:Thanks Ad,
1st trade today. Shorted at top fib. Funny thing however, that the blue fib is from a 4hr more than 1/2 mth ago ~ and yet it still seems to be relevent. I've come to realize that fibs give me a general idea of where to enter and exit, but identifying the actual SR levels will have to be part of the game plan. I will experiment with whether or not the more recent 4hr fibs take precedent.
Ad, when you say you trade over 100 times a wee ~ Do you trade in one direction, on multiple pairs, or are you long/short on a single pair? I only trade EU, as I'm comfortable with it.
They are only scalp trades on the EU. I trade both directions but if I have a good feeling that the overall daily trend is one way I might hold those trades longer.
But typically I always close out 80% of my position once the trade reaches around 15 pips.
My hard stop is around 3.5 pips but I usually always close the trade manually if its not going my way and lose 1-2 pips.
Its not a lot of pips but I use very large position sizes and usually double my account every 40-50 days using very small risks for each trade.
Here is an example of yesterday.
Normally I don't hold trades this long but starting from the far left I got stopped out at 0, -2, -3, and caught the bottom at around 1.4005 and scaled out most of my position after 10-15 pips but held some of it till the break 50 pips later. Then tried catching a long again and due to slippage I got a bad -4 loss on that one.
I only do this on the euro because its takes too much concentration to do it on multiple pairs and euro has the best spread/liquidity and volatility at times. Trading like this is a real pain though and you really gotta work for it that's why I prefer trading long term.
Today I only traded the NY session and im flat pretty much waiting for the Fed Rate in about an hour.
I'm just looking at the chart you posted.
1. How are you making your entries and exits. From what I can tell ~ are you are using SR on 5 min?
2.When you say you don't hold trades too long, how do you determine exits? (15pip min?) I have alot more indicators than you, and I can barely scrape out 10-15 pips at a time. I wish I could make more frequent trades that would net me the same.
Where is Canada are you from?
1) What I use varies what session I trade. Typically during London and NY I use SR and Fibonacci Retracement/Projection. During Asian I sometimes use Trendlines. That's it, no other indicators.
2) Typically I scale out when I can. Its very hard in the first few seconds or minutes of a trade to figure out how far it can go, so I always scale out. Sometimes I see a trigger in the opposite direction and I wait till price reaches that area and get out and reverse my position. Same for getting out of loses.
You got to use judgement, if you are out -2 and it doesn't look like the trade is going to work, just get out. Better getting -2 than -4. Most of the time your judgement will be correct.
The amount of trades I take depends on market conditions. Sometimes I can do over 50 trades in a day.
Scalping is the best way to grow your account because you use small stops but its one of the toughest ways to trade.
I typically risk 20 pips per 2% of my account. If I lose more than 20 pips in any given day, I stop trading.
For example with a $50000 account I would risk, $1000 per 20 pips which is $50/pip. So at the end of the week if I am up 100 pips its a nice gain, and I can typically double my account every 45 days or so.