Weekly Stats

Due to the fact that I can't trade every day like I like to, I'll be posting "weekly" stats for every 5 trading sessions that I have, and monthly for every 20.  This would simulate what my gains would be like were I trading 5 days a week and 20 days a month.

This first set is obviously the exception.

All in all, pretty good for having just started scalping.  7 out of 8 winning nights, and overall very profitable with 76 pips.  However, my hit rate (win %) is still very  low hovering at about 50%.  A good scalper can average 80-90% win rates, but this shall come with time.

You can also probably notice that the sessions really vary.  This is far less than ideal, it's best to learn one session and stick to it, but for now I'm just trading whenever I can.  I'm thinking about giving up trading in Asia all together because of the lack of volatility.  The first two nights were flukes and just happened to be good volatility.

I'm thinking about adjusting my sleep schedule to trade the London open.  Haven't traded it yet, so we'll have to see.  This is what demo accounts are made for!

July 5th, 2011

Had tuesday off, so I was able to trade the NYC AM session.

Noticed pretty early on that it was a slow and ranging market, not optimal for scalping, but I came out alright.

I've been experimenting lately with using a combination of stoch/laguerre indicators to help me determine the likely-hood of a price bouncing off a level or busting through it. Had decent success so far.

I'm starting to get pretty good at noticing when a trade is about to go bad and cutting my losses early. Worst loss today was -3.5 pips, though most were -1 to -2.

I also started today trading the news. With mid to high importance news events I've noticed there's usually a lull right before it, then a breakout when the news hits. So i'll sit and wait for a breakout either direction to happen, then get out as soon as it starts to lose steam. I'd consider these low risk, because my stop is going to be break even, if it were to reverse at the beginning of a big push, then it isn't really a big push at all.

Pic attached below.

All in all, stats for today were great. Hit rate still sucks.

Net pips: 18.8
Trades: 8
Winning trades: 4
Win %: 50

On a secondary note, after having several 1-3 pip nights on the asian session, I'm officially giving it up, it's just not worth it. I'm thinking about adjusting my sleep schedule and hitting the London open.

June 24th, 2011

Had a half day today, so was able to catch the afternoon session of NYC.

All in all, GREAT day! Been putting into effect a lot of the things James has been saying.

Used the known levels and rainbow indicator with the "Jaeger Crossover Method" as I described in the last post. Nabbed me 18 and 12 pips. Had a few -5 pip fakeouts, but that comes with the territory.

Took a bounce off the M2 line and used the Fib extension tool and surge/pullback wave nature to nab pips here and there.

Today's stats:
Net pips: 26.5
Trades: 12
Winning trades: 7
Win %: 58.3%

June 23rd, 2011

Started off tonight very frustrated. Had a lot of poor trades throughout the day experimenting with things. I put in a 15 hour day doing nothing but trading, but this is the kind of crucible that will forge my trading skills into refined weapons of fear. For the asian open I put my game face on and traded like it was the real deal.

I posted the 5 min and 1 tick charts.

The trade on the 1tick I ended up nabbing 11 pips. I had three indicators:
1. It was bouncing off the daily pivot level
2. it was a continuation trade
3. Spine crossed 330 WMA

I spent a few hours today back testing an idea, and it continually seemed to have pretty good results:
When the spine makes a good cross of the 330 wma, wait for the initial surge, then the pull back. Long or short the pullback and let it run from there. Obviously only do this when there's no SR, Fib, or Pivots in the way. For exit, I've been doing this:
- If it surges <5 pips in my favor then comes back, I'll hold it until my stop unless I have a good indicator to stop early.
- If it surges 5 -9, i move my stop to break even.
- If it surges 10+, I'll either take it on the spot, or wait for a cross back into the blue stripe of the rainbow.
This led to me taking advantage of a lot of the 20 pip surges when backtesting. We'll see how it holds up.
Comments?

All in all stats for today are:
Net pips: 13.5
Trades: 10
Winning trades: 4
Win %: 40

Introductory Post

Hello everyone,
         I've been trading forex for just about a year now, and have just started scalping, which is a term for extremely short term day trading (typically a few seconds to a few minutes at the most per trade). Thanks to FXRichard from EliteScalper.com and Throw from APipThrowingParty.Blogspot.com for all of the help so far getting me started. Won't be trading live until I get my methods refined, then going to slowly scale it up. 

Current Setup:
- NT w/ Gain feed for rainbow tick chart
- InterbankFX demo on MT4 for 1 and 5 min charts- FXDD Demo on Currenex for placing trades (Will be moving to LCG for live)


The Pillars of my methods:
- Never risk more than %1 of account on any trade
- Be patient and wait for the high probability trades (like a sniper waiting for his one shot)
- Don't be greedy, a few pips are far better than no pips, or negative pips.


My short term goal is to completely replace my current income level (~1 year)
My long term goal is complete financial freedom (~2-3 years)


Unfortunately I'm in the Army and can't quit or arrange my schedule to trade, so I'll be trading EUR/USD in the asian market. I know it's not optimal, but you gotta make due, right?


Ignore the post dates from the first few posts, I'm updating here from my trading blog on a private forum.