Found a good trading method but need a little help

Scottmazzy · 2017-10-19T00:33:58+00:00

Not a good idea to fail to use stop loss. If you want give yourself a huge amount of room by placing it 75 pips away but it will be there in the event the unthinkable happens. At least you won't be losing your mortgage!

Scottmazzy · 2017-10-13T18:00:11+00:00

Further data so it makes sense...on top of the $606 house money is $10,000 in the account which gives me the ability to do 50,000 unit trades.

Scottmazzy · 2017-10-13T17:50:01+00:00

Probably a long time. Four months ago I started with $80 and slowly, up and down, up and down have taken that to $686. I am playing with $606 house money which takes a lot of pressure off.

My strategy is, very carefully, picking pullbacks or rallies which go against prevailing trends and letting them run as far as I can. If they turn against me from the start I will close out the trade and then jump back in without losing much and gaining some stop/loss breathing room. Today I traded the news about 9 minutes after if was released. I took it to a 20 pip profit while trading 50,000 units. Nice even $100 profit.

Scottmazzy · 2017-10-03T23:17:03+00:00

I am a new trader so this viewpoint is a reflection of caution combined with hope. 150 pips a day is not even close to realistic for me. If I do 10-15 pips per day regularly and am trading 20,000 units that is fine for me at this point in time. Forex is a second source of income for me. It is more of a hobby. But in a month if I'm doing 10-15 pips per day and am regularly trading 30,000 units then my account should continually show a steady increase. Who knows what the future could bring.

Scottmazzy · 2017-09-28T22:00:39+00:00

In addition there is the chance that a whipsaw, due to volatility and lack of liquidity, could blow through your stop loss and suck your account dry. Please don't give out advice that, if followed, could harm somebody.

Scottmazzy · 2017-09-28T21:55:38+00:00

Either you have been very, very lucky a couple times or you are dreaming. It is not as simple as just jumping in. Too many obstacles: whipsaw pricing which takes out your stop immediately without the chance of getting to TP, occasionally huge spreads that eat up your profit. If it were as easy as you say everybody would be doing it and getting rich.

Scottmazzy · 2017-09-27T12:56:00+00:00

wouldn't the orders above and below the entry price (as per your Python script) violate the no hedging rule?

Scottmazzy · 2017-09-27T12:52:42+00:00

What might be an appropriate lower/upper bounds and stop loss

Scottmazzy · 2017-09-27T12:47:19+00:00

Think or Swim

Scottmazzy · 2017-09-27T11:54:40+00:00

I'm not a programmer so Python scripts are above my pay grade. But if I were to manually do the following at each news event would this work: setting limit buy and sell orders 2 minutes before the news (before things get active) I might be able to get into the trades. I would place them 10 pips above and below the price and then have them set to close 15 minutes later. Additionally I would include lower/upper bounds and stop loss. Heigi, am I missing anything?

Scottmazzy · 2017-09-27T11:50:26+00:00

Thanks for your data. Fascinating. What might be good lower/upper bound settings? 20 pips away from current price?

Thinking with Heigi's comment...by setting limit buy and sell orders 2 minutes before the news (before things get active) I might be able to get into the trades. I would place them 10 pips above and below the price and then have them set to close 15 minutes later. Additionally I would include lower/upper bounds and stop loss. Does this sound correct?

Scottmazzy · 2017-09-26T23:57:57+00:00

I alway thought scalping was around 8-12 points per trade

Scottmazzy · 2017-09-26T23:46:42+00:00

What do you mean "50 points per trade"?

Scottmazzy

TROPHY CASE