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  • #14,301
  • Mar 5, 2023 11:28am Mar 5, 2023 11:28am
Ok I will make some test on a short I have seen on USDJPY in the past days.

The pivots you use are the classic, traditional which?

and what is that ADR? and additional pivot type?
in holiday till end of November
  • #14,302
  • Mar 5, 2023 11:33am Mar 5, 2023 11:33am
This was my previous week scalping test on a demo. I decided to start again because I still push too much on sizes and I had a drawdown of 7.6% that doesn't help me to train for challenge. So I decided to start again till I keep myself calm for a max 2.5/5% range profit per week keeping the drawdown to max -2.5% range.

As you feel too much secure as scalper you start to push, perhaps I was testing this week equity guard EA that create me even more problems because I get stopped and I needed to reopen position losing control of 3-4 pairs I was in. So this weak I will try yes to use the guard EA but to reduce the sizes and think just to train for the challenge and funded account, always if will be possible to work as scalper there..., and that's it.

Perhaps my past week was one of the worst as winning ratio. Usually i have a 75-80% range winning ratio in scalping, and even if I was so good feeling the market and entries with pin bar etc.. I don't know for which reason i had to many trades in red. So I have to work on this too, it seem that because I can see better the market I enter more oftern in crazy points anticipating the market, so I have to close more loss positions and this impact the winning rate. That is not bad for the profit at the end, but have to have his reason then for something, so I will try next week to trade only quality signals. Perhaps I have to start with swings, so I don't know if I will have time for scalping... or may be this will be much better because I will focus on scalping only when I see the real bargain entry.

I was looking in youtube for magic keys

and I found this nice video! it says all what I understood in the past weeks and I'm studying write now.

Inserted Video


very usefull concepts! please watch the video and tell me in what you are agree or disagree, or if you are agree at 100%

the video is very well done on my view!
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in holiday till end of November
  • #14,303
  • Mar 5, 2023 12:01pm Mar 5, 2023 12:01pm
Quoting forexbali
Ok I will make some test on a short I have seen on USDJPY in the past days. The pivots you use are the classic, traditional which? and what is that ADR? and additional pivot type?
ADR is average daily range. Pivots are weekly fibs.
  • #14,304
  • Edited 12:23pm Mar 5, 2023 12:02pm | Edited 12:23pm
Quoting pipmaster77
{quote} ADR is average daily range. Pivots are weekly fibs.
Ok fibs, that's why that numbers, I will test now

Inserted Video


interesting video that remind me to add this on my spreadsheet

FTMO daily drawdown is based on balance, while on MFF is based on your equity.

So 100K account, if you are in profit 5K on FTMO today and you lose than 6K you are still good. With MFF you breach the challange or funded account and you
are out.

Correct?

Another great video! this guy is amazing, everything very helpful to have a good strategy

Inserted Video
in holiday till end of November
  • #14,305
  • Mar 5, 2023 12:29pm Mar 5, 2023 12:29pm
Quoting forexbali
This was my previous week scalping test on a demo. I decided to start again because I still push too much on sizes and I had a drawdown of 7.6% that doesn't help me to train for challenge. So I decided to start again till I keep myself calm for a max 2.5/5% range profit per week keeping the drawdown to max -2.5% range. As you feel too much secure as scalper you start to push, perhaps I was testing this week equity guard EA that create me even more problems because I get stopped and I needed to reopen position losing control of 3-4 pairs I was in....
Dear friend I have traded many years scalping. Always thinking that I have found the winning formula. Problem is that the winning formula is not to be found on the chart. It is in your mind. In my view, scalping is a product of fear. Mainly it is a fear of loss. So you close the trade quickly for 2 or 3 pips profit which trade could probably have netted you 30 to 40 pips profit if you had held on to it. That affects you mentally because you know you've left money on the table but you think well I can't lose if I've made a small profit! Problem is that now you have subtly switched in your mental state to revenge trading. You start opening bad trades and losing and even worse and start over-leveraging. The reason for all this? Because due to the fear factor you are trying to scalp a few pips out of the market by opening numerous trades. What is forgotten is that each and every new trade carries a new risk. Especially if one is trying to scalp very volatile instruments. The cut-backs, algos and aggressive stop-hunting just love to eat up the scalpers.

Does this sound familier? Yes because most of us prefer to scalp. But bottom line is that sooner or lster you lose your shirt. You cannot stop or smother your emotions. They will invariably get the better of you eventually.

The solution? Switch to a swing trading strategy using higher time frame. M15 or higher. When you open a trade, especially on a fast moving instrument like Nasdaq or Dow, and you find you find yourself 10 - 20 pips in profit, Do NOT close it! Keep it open as long as you possibly can. If necessary do not watch the trade. Use trailing stop or put your computer in standby mode for 5 - 10 minutes. More often then not when you reopen.your platform, you could be 50 pips+ ahead. Instead of opening 100 trades you've only needed one for your daily target.
  • #14,306
  • Mar 5, 2023 12:30pm Mar 5, 2023 12:30pm
Quoting forexbali
This was my previous week scalping test on a demo. I decided to start again because I still push too much on sizes and I had a drawdown of 7.6% that doesn't help me to train for challenge. So I decided to start again till I keep myself calm for a max 2.5/5% range profit per week keeping the drawdown to max -2.5% range. As you feel too much secure as scalper you start to push, perhaps I was testing this week equity guard EA that create me even more problems because I get stopped and I needed to reopen position losing control of 3-4 pairs I was in....
I'm not a scalper. I look for intraday swings that may take several hours, and sometimes, I even let them run to the next day. It depends. I open a new trade with a size that depends on my phase situation (in profit = higher risk, or in loss = lower risk). It is mostly one of the few lot sizes I'm used to (I only trade indices and XAU so easy to remember) so I don't need to calculate anything. I can instantly "see" on the chart how much I can afford. Moreover, i always start rather small and scale in gradually. I scale by adding new positions rather than modifying the open one. I may end up running 10-20 open positions for the one instrument I trade. I have a simple bot which "synchronizes" all the SL's and TP's on the "nearly" same level on a click of a button.

I'm not a typical trader and I know it. When trading prop accounts I even don't use MT so I have to do things I would never do with my cTrader account just because I must copy all my actions from cTrader over to MT and the actions need to be simple otherwise MT would mess it up (which it does anyways). I trade my "master" account which has very different balance size to all the others prop accounts I have (which are different to each other) and which I'm used to. It also helps me manage the risk without calculating anything. But it means I have to maintain multiplication factors among all the prop accounts I trade, make sure the calculated lot sizes (op the copied trades) are within the limits of each broker etc. etc. So my "master" positions need to be simple and always the same so that I can check everything up quickly. If I calculated different risk and position size for each trade I would get completely lost and would never know if all the copied trades are correct or not. So I'm much like the noob trader from the video
Money is made by sitting, not trading
  • #14,307
  • Mar 5, 2023 12:55pm Mar 5, 2023 12:55pm
Quoting Bizziebee
{quote} Dear friend I have traded many years scalping. Always thinking that I have found the winning formula. Problem is that the winning formula is not to be found on the chart. It is in your mind. In my view, scalping is a product of fear. Mainly it is a fear of loss. So you close the trade quickly for 2 or 3 pips profit which trade could probably have netted you 30 to 40 pips profit if you had held on to it. That affects you mentally because you know you've left money on the table but you think well I can't lose if I've made a small profit! Problem...
I know that it's difficult the scalping, the success rate is very low, I don't know the statistics but on 100 scalpers will get over the long run just 1-5 winning, while on swing the rate can increase to don't know what, and long term higher and higher almost impossible to fail :-))

In fact, the scalper is the most tired trader in the earth, because to get success you have to pay a price.

I'm not ready for the swing, not because I'm not good already, but because I have to calculate all this maths to respect in 30 days this target of 10%.

The video I watched today gave me a good idea on what I need to focus to change my trading style, A set ups, have clean in mind of different risk in phase 1, 2 etc..

I have to digest all this and think what to do.
in holiday till end of November
  • #14,308
  • Mar 5, 2023 12:56pm Mar 5, 2023 12:56pm
Quoting Vitore
{quote} I'm not a scalper. I look for intraday swings that may take several hours, and sometimes, I even let them run to the next day. It depends. I open a new trade with a size that depends on my phase situation (in profit = higher risk, or in loss = lower risk). It is mostly one of the few lot sizes I'm used to (I only trade indices and XAU so easy to remember) so I don't need to calculate anything. I can instantly "see" on the chart how much I can afford. Moreover, i always start rather small and scale in gradually. I scale by adding new positions...
Yes your method may be can have some limit, then I remember you love ctrader, but may be that the "risk per trade" should not be a problem for your copies because you know exactly on the master which is the % of risk. But may be I'm wrong in something.
in holiday till end of November
  • #14,309
  • Mar 5, 2023 1:22pm Mar 5, 2023 1:22pm
Quoting forexbali
{quote} Yes your method may be can have some limit, then I remember you love ctrader, but may be that the "risk per trade" should not be a problem for your copies because you know exactly on the master which is the % of risk. But may be I'm wrong in something.
Risk per trade is not a problem, only that I achieve it by the number of open (small) positions rather then by calculated lot size of one position. By doing it this way I either lose less when the price goes against me and reaches the SL, or I can chose to DCA, or I can let the market go much farther against me for the same risk amount. And I don't need to spend time calculating the correct size every time. (Btw. I don't use stops or limits, I always enter on market)
Money is made by sitting, not trading
  • #14,310
  • Mar 5, 2023 1:56pm Mar 5, 2023 1:56pm
Quoting Vitore
{quote} Risk per trade is not a problem, only that I achieve it by the number of open (small) positions rather then by calculated lot size of one position. By doing it this way I either lose less when the price goes against me and reaches the SL, or I can chose to DCA, or I can let the market go much farther against me for the same risk amount. And I don't need to spend time calculating the correct size every time. (Btw. I don't use stops or limits, I always enter on market)
Ok quite difficult to manage, agree.
in holiday till end of November
  • #14,311
  • Edited 3:03pm Mar 5, 2023 2:46pm | Edited 3:03pm
Quoting Takisd
People seem to have not quite grasped my point about the "I am a scalper comment". The reason you may be able to say "I'm a scalper" on cfd's is purely because the conditions are lala land conditions.
-I understand. But it just does not matter in most cases, especially when you consider the fact that prop firms are using simulated demo accounts. It only makes sense to leverage that opportunity.

But even if it did matter, it would not change much. I would assume that this is true for most traders that have invested enough time into trading.

I saw a documentary a few years back where a large broker was being interviewed and was asked whether or not, on average, scalpers or swing traders make more profit. He said that it was about the same. The amount of trades taken is significantly different, but the result is relatively similar.

It is an interesting thing to think about, especially when you consider all of the varying factors at play for each approach.
  • #14,312
  • Mar 5, 2023 6:02pm Mar 5, 2023 6:02pm
I have some sad news to start the week off

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Pride always comes before destruction.... -Proverbs 16:18
  • #14,313
  • Mar 6, 2023 1:25am Mar 6, 2023 1:25am
Quoting Expo33
I have some sad news to start the week off {image}
what, please explain
in holiday till end of November
  • #14,314
  • Mar 6, 2023 2:22am Mar 6, 2023 2:22am
Quoting forexbali
{quote} what, please explain
probably went bust
https://www.forexfactory.com/thread/...1#post14338011
It was only 1K from max loss, I think
  • #14,315
  • Mar 6, 2023 4:51am Mar 6, 2023 4:51am
Quoting Masterrmind
In my major trading account I use Interactive Brokers. FX spot quite often use IC Markets, Pepperstone or Fusion. However, there is much more to think about than just the spread of the retail broker. Unfortunately, quite often we have to make a sub-optimal broker choice based on what the Prop Firm is offering. Due diligence required. Masterrmind .......
Do you know of any prop firms that offer fx spot trading and not CFDs?
  • #14,316
  • Mar 6, 2023 4:59am Mar 6, 2023 4:59am
Quoting Nsak3y
{quote}-I understand. But it just does not matter in most cases, especially when you consider the fact that prop firms are using simulated demo accounts. It only makes sense to leverage that opportunity. But even if it did matter, it would not change much. I would assume that this is true for most traders that have invested enough time into trading. I saw a documentary a few years back where a large broker was being interviewed and was asked whether or not, on average, scalpers or swing traders make more profit. He said that it was about the same....
I can tell you with 100% certainty, not all prop firms are demo accounts when live.

Scalpers generally are considered toxic flow on retail feeds, so when your eurusd spread is 0.0-0.4 that is retail liquidity, the tickets are small. If you get to 0.5 on the spread and add the commission, the scalpers generally start to lose. At 0.5 spread you can actually fill larger tickets around 20-30m but below that maybe its 1m or less. Funnily enough, this is why the smart money concept stuff is complete bullshit. Because you can't stick a 3 pip stop on eur/usd with a large ticket, you will slip because the first layer of liquidity is small and it will blow out the R:R.

The reason I think retail traders lose, is because everything we do and know is a pipe dream. So if you are practicing on something that is not real, you adjust to that thing. If you were practicing on real conditions, even if demo, most likely more traders would have success as they would be able to fit their strategy to conditions.

I learned trading on futures, there are reasons that futures traders think spot FX and CFD's markets are complete bullshit.
  • #14,317
  • Mar 6, 2023 6:55am Mar 6, 2023 6:55am
https://docs.google.com/spreadsheets...it?usp=sharing

added on the spreadsheet the discount codes:

ECN10 for Funded Trading Plus -10%

While for The Funded Trader Program only -5%

against 7.5% promoted in their site, I will try to email them to get better discount of 10%.
in holiday till end of November
  • #14,318
  • Mar 6, 2023 7:48am Mar 6, 2023 7:48am
Finotive Markets

I have tested out at least 8 live challenge accounts and currently use FTMO but looking for a faster funding process.

I was hopeful about Finotive but this is sketchy as hell.

Their price on the US500 is not even close to the real price its miles away see picture 1 and they are alos miles away from FTMO which is much closer then them to the real price.

Customer support was useless and rude as well so I think I will pass unless they explain to me (and to you Why) this is so sketchy and different by this wide margin.
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  • #14,319
  • Mar 6, 2023 8:03am Mar 6, 2023 8:03am
Quoting fxValue
Finotive Markets I have tested out at least 8 live challenge accounts and currently use FTMO but looking for a faster funding process. I was hopeful about Finotive but this is sketchy as hell. Their price on the US500 is not even close to the real price its miles away see picture 1 and they are alos miles away from FTMO which is much closer then them to the real price. Customer support was useless and rude as well so I think I will pass unless they explain to me (and to you Why) this is so sketchy and different by this wide margin. {image} {image}...
you need to tell us which is the chart on left and who on the right
in holiday till end of November
  • #14,320
  • Mar 6, 2023 8:46am Mar 6, 2023 8:46am
For those that still believe instant funding is the way to go.........the 5ers has finally given in and realized they must have a 2 step challenge or lose all of their market share

https://the5ers.com/high-stakes

Some added twists, salary at the top end of the program. This actually looks good. Will dive deeper later.
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