Scalping: 3LZZ DSR

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Jhx
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Re: Scalping: 3LZZ DSR

Postby Jhx » Fri Aug 12, 2022 3:51 pm

Overall, I'm happy with how the challenge worked out, I've found something that makes me follow price and take action on the trades. I have my chart ready with what I think is useful and have a few notes for reminders right there, so I don't miss them.

To take it a step further and take it more seriously, I've decided to take the challenge starting next week. FTMO only starts off the 10k account, so I went with a cheaper alternative on MyFF with the 5K evaluation acc. I might only be paying for 'skin in the game' but I think it's necessary, for me at least, I know it will help me, even if I fail it.

Also, for adjusting risk and attempting to hit the profit target, I'll be toning down the risk to 0.4% per trade, down from 1%. That'll keep me in the game. Of course I can't go down to 0.1% because I have to attempt to hit the target. It's not like I have 20 trades a day anyway, so that way I'm good trading my session each day with peace of mind that I won't hit the daily drawdown, and also protected from the 12% acc total drawdown, so that'll also help.

I'll keep logging everything as I have. But looking forward to next week!
Last edited by Jhx on Fri Aug 12, 2022 5:31 pm, edited 1 time in total.

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Re: Scalping: 3LZZ DSR

Postby aliassmith » Fri Aug 12, 2022 4:08 pm

Jhx wrote:Overall, I'm happy with how the challenge worked out, I've found something that makes me follow price and take action on the trades. I have my chart ready with what I think is useful and have a few notes for reminders right there, so I don't miss them.

To take it a step further and take it more seriously, I've decided to take the challenge starting next week. FTMO only starts off the 10k account, so I went with a cheaper alternative on MyFF with the 5K evaluation acc. I'm might only be paying for 'skin in the game' but I think it's necessary, for me at least, I know it will help me, even if I fail it.

Also, for adjusting risk and attempting to hit the profit target, I'll be toning down the risk to 0.4% per trade, down from 1%. That'll keep me in the game. Of course I can't go down to 0.1% because I have to attempt to hit the target. It's not like I have 20 trades a day anyway, so that way I'm good trading my session each day with peace of mind that I won't hit the daily drawdown, and also protected from the 12% acc total drawdown, so that'll also help.

I'll keep logging everything as I have. But looking forward to next week!


Good plan
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Re: Scalping: 3LZZ DSR

Postby Yirbu » Fri Aug 12, 2022 4:34 pm

Jhx wrote:Overall, I'm happy with how the challenge worked out, I've found something that makes me follow price and take action on the trades. I have my chart ready with what I think is useful and have a few notes for reminders right there, so I don't miss them.

To take it a step further and take it more seriously, I've decided to take the challenge starting next week. FTMO only starts off the 10k account, so I went with a cheaper alternative on MyFF with the 5K evaluation acc. I'm might only be paying for 'skin in the game' but I think it's necessary, for me at least, I know it will help me, even if I fail it.

Also, for adjusting risk and attempting to hit the profit target, I'll be toning down the risk to 0.4% per trade, down from 1%. That'll keep me in the game. Of course I can't go down to 0.1% because I have to attempt to hit the target. It's not like I have 20 trades a day anyway, so that way I'm good trading my session each day with peace of mind that I won't hit the daily drawdown, and also protected from the 12% acc total drawdown, so that'll also help.

I'll keep logging everything as I have. But looking forward to next week!


Good!
You can do it!

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Re: Scalping: 3LZZ DSR

Postby Jhx » Fri Aug 12, 2022 6:18 pm

After looking at a bunch of my trades, I also noticed that when the work, they just work. More often than not it goes to profit instead of going back down and then to profit.

I'll add another stat to my list which is how much it did go against before hitting the target. Maybe there's something I can do about that to reduce the size of the loss. Maybe it's irrelevant but it's worth looking into.

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Re: Scalping: 3LZZ DSR

Postby Yirbu » Fri Aug 12, 2022 8:00 pm

Jhx wrote:After looking at a bunch of my trades, I also noticed that when the work, they just work. More often than not it goes to profit instead of going back down and then to profit.

I'll add another stat to my list which is how much it did go against before hitting the target. Maybe there's something I can do about that to reduce the size of the loss. Maybe it's irrelevant but it's worth looking into.



If I look at my stats I can still see that it's more profitable for me not to interfere with my trades.
So not closing the trade if I am in drawdown and let it run at least up to 1R
It might be interesting for you to also investigate what your stats show because when I look at GU (which I just track to learn but don't trade), I can see the results sometimes are way better than EU.

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Re: Scalping: 3LZZ DSR

Postby aliassmith » Sat Aug 13, 2022 2:35 am

Yirbu wrote:
Jhx wrote:After looking at a bunch of my trades, I also noticed that when the work, they just work. More often than not it goes to profit instead of going back down and then to profit.

I'll add another stat to my list which is how much it did go against before hitting the target. Maybe there's something I can do about that to reduce the size of the loss. Maybe it's irrelevant but it's worth looking into.



If I look at my stats I can still see that it's more profitable for me not to interfere with my trades.
So not closing the trade if I am in drawdown and let it run at least up to 1R
It might be interesting for you to also investigate what your stats show because when I look at GU (which I just track to learn but don't trade), I can see the results sometimes are way better than EU.


A lot of money can be made on just about any pair. There are times when GU is total crap compared to EU. If you master EU you can make a million $ a year or more. The same with many other pairs, index, futures, options, stocks.

If you manage your risk well enough you'll be able to access enough capital to hit those 7 figures, then the sky is the limit.

Its not all about profits. Management of drawdown is also important. I think EU is a good match on both ends.
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Re: Scalping: 3LZZ DSR

Postby Don_xyZ » Sun Aug 14, 2022 1:25 pm

aliassmith wrote:
Yirbu wrote:
Jhx wrote:After looking at a bunch of my trades, I also noticed that when the work, they just work. More often than not it goes to profit instead of going back down and then to profit.

I'll add another stat to my list which is how much it did go against before hitting the target. Maybe there's something I can do about that to reduce the size of the loss. Maybe it's irrelevant but it's worth looking into.



If I look at my stats I can still see that it's more profitable for me not to interfere with my trades.
So not closing the trade if I am in drawdown and let it run at least up to 1R
It might be interesting for you to also investigate what your stats show because when I look at GU (which I just track to learn but don't trade), I can see the results sometimes are way better than EU.


A lot of money can be made on just about any pair. There are times when GU is total crap compared to EU. If you master EU you can make a million $ a year or more. The same with many other pairs, index, futures, options, stocks.

If you manage your risk well enough you'll be able to access enough capital to hit those 7 figures, then the sky is the limit.

Its not all about profits. Management of drawdown is also important. I think EU is a good match on both ends.


Yes, and sometimes people forgot and need to be reminded that there's just too many reasons why EURUSD is the pair that has the highest volume bar none in the forex world.
Do you trade money for time or time for money?

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Re: Scalping: 3LZZ DSR

Postby Yirbu » Sun Aug 14, 2022 3:38 pm

Don_xyZ wrote:
aliassmith wrote:
Yirbu wrote:

If I look at my stats I can still see that it's more profitable for me not to interfere with my trades.
So not closing the trade if I am in drawdown and let it run at least up to 1R
It might be interesting for you to also investigate what your stats show because when I look at GU (which I just track to learn but don't trade), I can see the results sometimes are way better than EU.


A lot of money can be made on just about any pair. There are times when GU is total crap compared to EU. If you master EU you can make a million $ a year or more. The same with many other pairs, index, futures, options, stocks.

If you manage your risk well enough you'll be able to access enough capital to hit those 7 figures, then the sky is the limit.

Its not all about profits. Management of drawdown is also important. I think EU is a good match on both ends.


Yes, and sometimes people forgot and need to be reminded that there's just too many reasons why EURUSD is the pair that has the highest volume bar none in the forex world.



Oh...I am actually more than happy with my EU trading the deadhorse.
Thought it might be interesting for jhx to investigate if not interfering with the trade can also be something for GU.

Every day I learn more about EU and I do get a better understanding about how it moves and what might or might not happen.
I can only imagine how my knowledge will be about this pair in a year or so. Can't wait...

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Re: Scalping: 3LZZ DSR

Postby Jhx » Mon Aug 15, 2022 10:22 pm

Today was a red day; seems like everything went against :lol:. Some decent runs getting closer to target and then a sudden candle in the opposite direction. In hindsight there were 2 trades I wouldn't have taken (due to rules / something I missed). I reviewed them all and in all honestly they do look good even now. Unfortunately they didn't work. I'm not going to post them all because they were a few, but still managed to gather some good stats. Having reduced risk to 0.4% per trade was a great choice. Even in a crappy day like today, I'm no longer scared of red days, demoralizing yes, but no longer fearful of each trade's outcome. Still, a day like this seems like an outlier so I'll take it with a grain of salt.

Still, I managed to keep logging some good stats. I want to gather a larger sample but I'm noticing a few things:
- If the trade travels to 60-70% of the stop distance, it's living on borrowed time, it's very unlikely that it'll hit the 1R target and more likely to go to the stop.
- Not all the trades were awful entries were price just reversed. In some it traveled close to the target but then reversed.

Exit adjustments are:
- If price went against to 70% of the initial stop, look for an exit for a smaller loss. The goal is to reduce the size of the average loss in trades that are more likely to fail past a certain point. This is an addition to the stalling rule where I exit past 5 minutes.
- If it traveled to 70% of the 1R, move the SL to BE. You can never know when price can turn against violently. I'd much rather exit at BE and wait for the next opportunity than see the trade fall into drawdown to see if it'll go back up. This happened in 3 trades today. No reason to let them go into the negative past a certain point.

I think that'll help control risk a bit better.

I'm also logging, only to see how it could play out, a way to let trades run a bit with a trailing stop (with 0.5R steps), as some of the trades sometimes get carried nicely on an M1 spike. I'll see how those stats start playing out.

But overall the plan is the same, other than tightening up the risk a little bit :mrgreen: .

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Re: Scalping: 3LZZ DSR

Postby Jhx » Mon Aug 15, 2022 10:28 pm

Yirbu wrote:
Don_xyZ wrote:
aliassmith wrote:
A lot of money can be made on just about any pair. There are times when GU is total crap compared to EU. If you master EU you can make a million $ a year or more. The same with many other pairs, index, futures, options, stocks.

If you manage your risk well enough you'll be able to access enough capital to hit those 7 figures, then the sky is the limit.

Its not all about profits. Management of drawdown is also important. I think EU is a good match on both ends.


Yes, and sometimes people forgot and need to be reminded that there's just too many reasons why EURUSD is the pair that has the highest volume bar none in the forex world.



Oh...I am actually more than happy with my EU trading the deadhorse.
Thought it might be interesting for jhx to investigate if not interfering with the trade can also be something for GU.

Every day I learn more about EU and I do get a better understanding about how it moves and what might or might not happen.
I can only imagine how my knowledge will be about this pair in a year or so. Can't wait...


Thought it might be interesting for jhx to investigate if not interfering with the trade can also be something for GU.


In my case (GU with the way I'm trading) I've seen that 'interfering' with the trade was probably a good idea. After today, I'm even more sure. Most of my winning trades don't go past a certain % of the stop, and price stalling for more than a few minutes it's usually a bad sign. A set and forget would just bring the numbers down I think.

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