Long Term vs Short term (scalping) discussion
Results 1 to 8 of 8

Thread: Long Term vs Short term (scalping) discussion

  1. #1
    This is probably the one main thought I cant seem to get a deal on.

    I'm new to this, doing a 50 dollar live account instead of demonion, to account to the psych side of losing/gaining cash.

    I have been placing SL about 10 pips off. And TP about 10-15. But I only ever seem to strike 5 pips max. .
    Today im scalping these 1-2 dollar profits when I can, but. How often do most people exchange.
    Ive had an account for about a week and im on nearly 100 trades. profits of .20-.40 and losses of more like $1-$2. . I envision what im doing is only trading the upward and down swing and not the longer term trend.
    When investing that longer term trend, what kind of TP/SL are you guys allowing for fluctuation.
    Instance in point EUR/AUD is really on a upward movement weekly. But these dips would have normally induce me to strike SL.
    Im currently long at 1.45047 using a -50 SL/TP
    hoping to introduce myself to the longer term trending. is 50 enough? Do the days determine your threshold. ?
    I dont even have a method per se. I'm self teaching and will either fail the first time or remain afloat long enough to understand. So far ive remained afloat a week and only lost $14
    my transactions are public etc. with dollar number and all.

  2. #2
    Thanks for the Information.
    I had intended long term vs scalping generally. Guys trading 5 min 15 minute charts vs 1 hr charts. Doing a bunch of breakout transactions vs longer term trend trading.

    I hear alot of men saying 50-60-100 pip gains. Are these men mainly just doing a few trades a day. Vs the men that are becoming mabye 10-20 pips and performing this 10 times per day. I've definately beginning looking at the SR stuff. I had no idea. Watched a couple of webinars and began setting up the lines. Also using stoch. indior. 'urbanforex youtube videos.
    Looking to it seem to feel more comfortable (identifying proper sR) in the 1 hr charts...

    As I said I am very new to it and find out every minute I watch/read/interpret.

  3. #3
    Quote Originally Posted by ;
    I hear alot of men saying 50-60-100 pip gains. Are these men mainly only doing a few trades daily. Vs the men who are getting mabye 10-20 pips and doing that 10 times per day.
    The huge majority shed. Never forget that. There are individuals who make shitloads (according to themselves) but frankly I believe none of these, because where is the proof? Until I see proof I believe nobody.
    Everything you can view, is a massive number offorexintuitiveaccounts that are new, and some that aren't. The huge majority just sell things since it's gone up a lot and buy stuff since it's gone down a lot. You are competing against really talented and smart people working for the major banks, with many many years of experience and access to much superior information sources. Never forget that.
    Truly, this game is a hell of a lot tougher than most people expect. I really think that it's simpler to become a physician, or attorney (lawyer), whatever, than it is to become an effective trader.
    Bear that in mind if you are considering committing real chunks of capital and time to this particular endeavour.
    Yes, 1hr is great, keep it simple, 200MAs, 100MAs are great on all timeframes.

  4. #4
    In the moment I wont be committing large amounts of funds. 100 per month is that the most I feel as though'squandering if I need to.
    I've more than enough time. My job requires me to work around 10-15 minutes every hour lol. So I see alot of charts/videos/read alot.

    Largely im attempting to be familiar with the market. Mabye in a year or two time ill be able to have a profitable(if by .01) system figured out.
    Throughout the next 2 decades ill be completing my BBA-Finance. As the goal is to get to some type of banking/corporate finance. And I feel having years of work in studying the market would be quite beneficial. If not only for the knowledge, then for the resume spruce. Nothing better to get a trading style job then a portfolio that says you could exchange.

    If I figure out a system and make money earlier, so be it, but for now I am not using that 100 bucks a month anyplace else and definately feel a difference from demo/live. The demonion has no emotional value to it for me. Its not my money. Its not my profit or loss. But with my 50 buck live account. I start questioning myself every trade. Making sure its the one I need (which just how am I supposed to know if I hardly know what's great lol).

  5. #5
    wow. Simply putting in SR lines. and stoch. And also my first trade turned 16 pips. 1 day trade. I bought it before I did the lines (would have been almsot 100 pips when I entered correctly. But I had blind entered lol. So I needed to await the support to bump it up and then it pushed through the resistance(which was just 20 pips higher than my entrance ). It hit 19 pips profit. Then (work distracted me) and I looked down and saw it turning down. And sold at 16 I believe.
    Feels good to trade correctly and earn a profit particularly since normally that trade I might have gotten outside down 10 pips once I got scared. But I held in trusting the system would maintain true and it did. . Definately a better sense then trading blind and getting blessed.

  6. #6
    Long term vs scalping I'd say to each their own BUT I'd begin to doubt trading of of 1H and 4H charts like most day and swingtraders do (which can be most traders anyway).
    Why? Since one needs to ch much more pips trading on those time frames that is harder than ching small pips.

    Watching 4 and 1H yes but trading on those charts, well you are competing against large guys. .

    With little account maybe you wish to leverage it to the fullest? Use this formula to figure out your positions size: balance/req margin for 1 lot risk in pips

  7. #7
    100 trades in a week . Seems like you want to slow down. There is no such thing as long term scalping btw. You're looking at position trading or swing trading. Or if you want to get into FX etfs, investing perhaps.
    Here is an idea for you. Look at a lot of pairs on the daily chart only. Support and resistance on each pair. Place on. Decide on a pair which you feel confident going short or long.
    Then place the trade. One trade short or long. Very position. Don't examine the chart for a week (yeah that is gonna be challenging. . .like cold turkey). When you look at it, try to set this up so you're considering it as of when you put the transaction. The show each daily bar one by one, and think, what could I've done daily, if I had seen the chart. Can I've closed (for profit or for loss)?
    It's a excellent way to observe how the market outfoxes youpersonally, or at least, doesn't do what you expect it to all the time.
    Besides this, sounds like you have got a lot of reading to do. There are tons of good books on TA and trading more generally, FX trading, whatever.
    Best of luck.

  8. #8
    Committing large capital isn't a good idea until you are absolutely sure about your success rate and functionality. Granted trading on the market can, occasionally, be like getting to a rollercoaster and as for demo/live, no arguments there. .

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
This website uses cookies
We use cookies to store session information to facilitate remembering your login information, to allow you to save website preferences, to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners more information