30 Days to Profitable EUR/USD Scalping....

Now, was about 8 pips profit from 12:30pm to 1:30pm EST.. No news now, it was quiet and slow this day.

So... 20 trading days have passed. That's approximately one month's worth of attempts. Where does my account stand? As of the end of now, up roughly 0.5 percent, 181 trades, 52% winning trades.

Perhaps you will do better? Or perhaps you will fall prey to the 95% losers in Forex theory.

I've made many mistakes and managed to break-even. I'm very blessed. There is a ton of risk on the market as I hope I've shown.

My biggest problem at the moment, is the absence of discipline and switching styles every other day based upon outcomes. This is the most concentrated effort I have put in since finding forex. Before... I'd trade a few days, then miss a few. I have now strung together without missing one. That's a beginning, but I need the display time that is consistent also, a certain schedule. Frankly, I'm having difficulty waking up by 8 or 9AM EST..

Hopefully, others will see the possible pitfalls here, and prepare for them in their own trading.

I shut the EUR/USD exchange for approximately 14 pips profit. There is a lot of debate about the possible weakness of the dollar, oil greater, possible greater U.S. stock market (lower dollar) but. . .if there was a substantial consensus... I'd think I'd see it at the AUD/USD. As of those open at Australia, I do not see it.
The trade was bothering me frankly, I think we will range this week EUR/USD. I didn't wish to take any drawdown.

When I was up late one day this was my article from last week.
Feb 28 12:44am EST

:

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from my very straightforward viewpoint...

1. Supposedly hedge funds are as brief as they have been....
2. Every second-rate analyst this week-end and final week-end has written an article about their long-term bearish position on the euro

We're likely close to the ground.
Just my opinion, be mild.

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Price had closed around the 1.605 amount that week-end (past week-end).
Perhaps I sub-consciously wished to have a position and it's led me to the trade...

Given my revenge trading astrophe, I've decided to NOT add more funds to this account. I like my new entry, it takes stress and fatigue away. I don't need to sit with my finger.
Perhaps it will be profitable.

Unfortunately, the time I spend trading together with the account at this degree will not be a very lucrative proposition even if I produce greater yields.

I'm going to put in the time , and maintain the track record that I have started in February.

Revenge trading has given me problems before. See article.

Honestly though, I was fatigued from viewing the markets so much. Seeing motion and being unable to capitalize on it.

Viewing PA, looking for fatigue patterns for 5 hours, isn't pleasant.
It is very demanding. I knew this was a part of the problem.

I was tinkering with....shhh....wait....don't say it....indiors, there I said , Indiors. I stumbled upon something which appeared to present transactions which were similar in PA to mine. It highlights transactions which behave the same approach, although it will not give me the exact transactions.

I did some visual backtesting with the small bit of data I had. I have traded it now. Tweaking and adjusting for volatility since these past days have been ridiculous. It's an entirely mechanical entry, with a discretionary exit (momentum largely ). That makes it hard to tell whether the entry has an advantage. Time will tell, just 47 transactions up to now.

For now my approaches are still counter-trend, brief scalps, 4 minutes or not. Standing size is based on volatility, although stop-losses aren't assumed to be variable. I will confess I have made some errors , but those are days. I truly am trying to err on the side of caution.

These current systematic entry trades are available here.
http://www.myfxbook.com/members/KJKr...lp-trial/31412

The volatility of today is high and I have ceased trading this day.

Let us discuss my big drawdown in May.
The first and second trading times of this month I set up nearly full days.
Same ideas, looking for fatigue patterns around the 1 min TF to trade for quick scalps. My exact profits for May 3 and May 4 were 1.00 and $1.92 exactly. Halfway through the third day, I had been fairly near P/L that is apartment also.

Around 12:45pm in the day with some volatility, I had been short the Euro and had to take nearly a 15 pip reduction on a solid, quick spike (approximately $30).

I was upset and angered over this inexplicable spike. I'd worked for half and two a year, and in minutes I'd dropped 10 times what I left on Tuesday and Monday.

The market looked so strong now, so I turned and turned long. No more stop-loss....watched it for a couple of minutes. Basically, I'd determined that if this market has been so strong that it wasn't going down, and that I had been planning to hold this particular trade. I literally turned off the computer and let it ride.

Checking in about 35 min later, I'd purchased the previous peak of the afternoon, the US equities markets reversed and was outside 60 pips.

After that night, about 1:00am, pre - London, I made a bet for a kind of European Central Bank intervention, we had seen the Euro decline so much these prior weeks. That trade was a 100 pip loser about 7 hours later at. Trading ceased . The Flash Crash happened later where the markets were crazy and made headlines. Basically, a 35% hit for the month, bringing the entire account value to 50% of its value.

The goals for May are pretty clear. Be open to take trades from 9AM-2PM EST.. Smaller position size for 9AM-12:30pm, bigger place size for 12:30-2PM (or after).

I can't loe the post from Dialist years ago. It was a 30 percent or 40% after he set up. He spoke of how much time he spent living and breathing Forex that month, and of the way that it would be difficult to replie.

My target is approximately 5 hours per day with 15 minutes prep time the evening before.
It stinks about 26 hours per week. For the small scalp account tied to this particular thread, even at 40% (~$400), it equates to about $4 per hour.
Why go through that grind? Because trading scales nicely as your account grows. You may give yourself a boost next month if profitable.

Individuals here oncliqforexhave put up amazing monthly yields. , M.A.C.Doug, and many others have had some rather high profit weeks. They have had a few difficulties.

I'd like to grow this small account. Hopefully profitable through a six month period. I would also like withdrawals, possibly 1/2 the profits. I think it's important to take out something. It's some protection against difficult times, to protect your gains. Any people is vulnerable to some drawdown, it is part of trading.

I have not traded since Tuesday of this week (skipped Wednesday and now ). I'm going to take tomorrow off as well, seeing as it's the last trading day of the month and Friday. Having some difficulty sleeping, I'm going to use this time.

So, let#8217;s look at the results for April#8230;

113 Trades
62% winning trades
10.10% monthly profit

avg win 3.45 pips -- avg loss 4.43 pips
best trade 39 pips -- worst trade -18 pips

favorable $ days 11 -- negative $ times 7
avg favorable day 7.25 pips -- avg negative day -4.2 pips

My return is favorable and also the finest I#8217;t achieved to a Forex account over a period of one month. I had a few of 10% per month yields scalping larger Futures accounts . These were not currency related but mainly e-mini contracts of their SP, Dow, and Nasdaq. I prefer to put in 5 hours a day # 8221; scalping was led by level. Thus far, it#8217;s been largely the US day sessions for me.

I think I could create greater returns maybe in the range of 40-50percent each month scalping. I'd want to be in the computer keyboard active 4-5 hours each day. That is where it becomes a word - #8220;WORK#8221;. I#8217;t said it before, but still cautious of the morning #8217;s volatility, I want to exchange from around 9am till about 2pm EST.. I just need to put in the time after adjusting my place size and stops for the volatility.

I've my basic setups and practice that can help keep my plogical state positive and healthy.

Since March of this past year, I've made over 1100 Forex transactions (over 70% EUR/USD) across multiple accounts, nearly all on short time frames.

Having a day job which allows me to trade throughout the daytime all week, I want to wake-up sooner and make the commnt to use my free time to WORK in Forex. Being a trader requires discipline, and being your own boss requires more.

#12288;

As a scalper, try NOT to read the news throughout the day. You do not require the prejudice in your thinking. After the close, take a look. It could reveal why price acted the way it did.

I would place my money on a trader on forum that has been trading for 6 months versus most Forex Analysts/Writers.

So many stop levels have been dismissed this week using this news, followed closely by price reversals.

Read news/analysis following the near, they may introduce support levels or areas of price interest you haven't seen. That is about all I search for.

I spend much time on the internet, browsing and studying. Watching very little TV, it's often my day entertainment. I also trade from the exact same desk. Is it likely that my mindset is overly relaxed and I could be diverted because so much of my free time is spent at precisely the exact same place? Perhaps.
In May I hope to spend additional time daily scalping normally. The objective is obviously a bigger percentage advantage for this account. To be new, awake, and at the”job” mindset in the computer, I mean to limit my recreational online time. Hopefully, maybe even some TV time and a bit more exercise will take it's place.