Trading What I see !?

[goat68]

Judging by his most recent output I think Caan means click here to unlock the secret of eternal passive second income generation through betting.

But seriously...

Your role as a trader is to anticipate price action, not follow it. Does the set up you have to allow you to get in at a point where the market will move in your favour? Does the market confirm your setup? If you are just following the market you will get beaten up by it. Especially as a newbie.

Watch this video: -

https://youtu.be/wLaSp5a-LqU

Thank you for the feedback Euler
I've watched that video before, and i've just watched it again!
"Anticipating price" action I am not very good at it would seem!

I must say in this video Peter talks about being pushed around by the market during a trade, and I am fairly happy I don't let it do that. I target 2-3 ticks, and have a rough stop I get out at roughly 10 ticks. Interesting Peter in this video trading the 3rd fav had a 1 tick target, and actually let it go 6 ticks against him, as he was confident it would come back!! (and it did!) He eludes from what he says and his cursor that he would have let it go about down here (3.1), 8ticks. So that's a 8:1 risk reward. So you need a very high hit rate for that to be profitable.

What I found today, I entered, and the trade fairly quickly went against me 10+ticks for a loss! so my risk:reward of 4:1, and I lost all 7 trades for a net loss of 70ticks ! But I think my price action anticipation is rubbish! I have no "edge". I entered the trade based on what I anticipated would happen, and managed it's exit, for a loss each time!
Maybe my next 28 trades will all be winners to get me back to breakeven!!

Regards
Mr.Goat!

[Kai]

Thank you for the feedback Euler

Euler = Peter = Pete = PeteW

Enjoy the Keyser Söze moment

[goat68]

Thank you for the feedback Euler

Euler = Peter = Pete = PeteW

Enjoy the Keyser Söze moment

Oh! I feel embarrassed now
God damn these fake names!
Cheers
Mr.Goat !

[Kai]

Thank you for the feedback Euler

Euler = Peter = Pete = PeteW

Enjoy the Keyser Söze moment

Oh! I feel embarrassed now
God damn these fake names!
Cheers
Mr.Goat !

No worries, it took Derek over 4000 posts to figure that one out. Not that he would ever publicly admit it!

Best of luck Mr. Goat and watch out for those zig-zag wavelike movement patterns, that is sort of by design to punish the greediest of us if that makes sense, otherwise I'm sure you agree that trading these markets would be ridiculously easy!

Maybe this Peter's video can help explain more about that and how you can lose 7 in a row : https://www.youtube.com/watch?v=v7VIxbvrmfY

Btw, the other Youtube trader you mentioned earlier doesn't seem to actively trade anymore so his older stuff may not be of much use to you by now because markets have changed since then, I'd stick to the Bet Angel channel only.

[goat68]

Better start today was trading a single "setup", 7 wins in a row, but only 1 tick scalps, however then my last 8th scalp rushed in the wrong direction for a 9 tick loss,

[goat68]

9th scalp, -6ticks, **** !!

[jamesg46]

Better start today was trading a single "setup", 7 wins in a row, but only 1 tick scalps, however then my last 8th scalp rushed in the wrong direction for a 9 tick loss,

What markets are you attempting to scalp? Hcaps, Grp, Mdn, Nvc etc & what sort of scalping? Is it directional scalping, stable scalping, crossover scalping?

[goat68]

Hcap's, directional bottom/top of range

[jamesg46]

My advice is to go through the shared automation files, see the files that Dallas has built, dig inside them and take a look at the rules then try and match them to specific scenarios. You can then manually put yourself in to them scenarios.

Dallas sometimes links YouTube videos to those files where Peter gives an explanation... there is plenty to go at & imo its better than just chucking a few quid at the market blindly.

They haven't built these files because they have nothing better to do on Saturday nights so imo its like a free look inside the minds of professionals.

[jamesg46]

Hcap's, directional bottom/top of range

im not really a fan of scalping tops and bottoms of ranges, for one I think its a waste of the traded range, surely when it gets to the top, if it was to reverse and match your scalp then it has a chance of moving back down towards the bottom of the range, if it breaks out then every man and his dog is going to want to exit so it can lead to a bit of a rush. I can't tell you the perfect place to take a scalp, there is more than one way but if you're looking for a decent place then when you look at the traded volume column if you can picture it as a bell curve then the centre is a pretty decent place.

Anyway, we all have our preferred places but just my 2 pence worth.

[goat68]

Hcap's, directional bottom/top of range

im not really a fan of scalping tops and bottoms of ranges, for one I think its a waste of the traded range, surely when it gets to the top, if it was to reverse and match your scalp then it has a chance of moving back down towards the bottom of the range, if it breaks out then every man and his dog is going to want to exit so it can lead to a bit of a rush. I can't tell you the perfect place to take a scalp, there is more than one way but if you're looking for a decent place then when you look at the traded volume column if you can picture it as a bell curve then the centre is a pretty decent place.

Anyway, we all have our preferred places but just my 2 pence worth.

Not sure I've got the patience for this any more, maybe I'll just stick to my day job!
I might sound like a newbie, but I've actually been dabbling in trading in one form or another since 2005, consistently lose then give up again, then get the 'bug' again, "rinse & repeat" ...!

[jamesg46]

Hcap's, directional bottom/top of range

im not really a fan of scalping tops and bottoms of ranges, for one I think its a waste of the traded range, surely when it gets to the top, if it was to reverse and match your scalp then it has a chance of moving back down towards the bottom of the range, if it breaks out then every man and his dog is going to want to exit so it can lead to a bit of a rush. I can't tell you the perfect place to take a scalp, there is more than one way but if you're looking for a decent place then when you look at the traded volume column if you can picture it as a bell curve then the centre is a pretty decent place.

Anyway, we all have our preferred places but just my 2 pence worth.

Not sure I've got the patience for this any more, maybe I'll just stick to my day job!
I might sound like a newbie, but I've actually been dabbling in trading in one form or another since 2005, consistently lose then give up again, then get the 'bug' again, "rinse & repeat" ...!

There isn't & never will be any consistency when dabbling, if you give up when you lose then you'll never see success, we all lose, the difference is sticking around long enough because you know you're going to win more than you lose.

[alexmr2]

no, I SAW that the market was going lower, so I traded that momentum, it wasn't "feel". However, it seems I am always late on the momentum, and it turns by the time I get in!

Not all markets have enough momentum to be forgiving enough to jump on "too late" and still make a profit

Just think of this, the traders who anticipated the move and got in at the beginning of the swing are now taking their profits (against you just as you are entering). It may surprise you that not everyone is taking 10 ticks every trade, they may only be taking a few at a time

Just my two cents as I found myself failing miserably whenever I try to get unrealistically big swings on every trade

[iambic_pentameter]

Hcap's, directional bottom/top of range

Scalping at these points in the market is very dangerous.

The markets are more volatile generally these days as well, so you need to pick your scalping battles carefully.

Iambic

[Kai]

Hcap's, directional bottom/top of range

Scalping at these points in the market is very dangerous.

The markets are more volatile generally these days as well, so you need to pick your scalping battles carefully.

Iambic

+1 Although probably scalping everywhere is dangerous at that phase.

Sorry to hear you're giving up so soon Mr Goat.

Scalping may look simple in videos but it's an advanced skill imho. Because not only do you need to know how to scalp (which everyone more or less knows), but also when and where as well which is far more important, like you've probably experienced firsthand