5% - 10% profit per day trading

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Well said Spanish!

And what you said about scalping is right on the money too. Scalping is a waste of time!

Last week, I decided to stop scalping after analyzing my P/L journal and noticing that 90% of my profits came from %10 of my trades. The hundreds of little scalp trades that I had done every month (mostly in currencies) had very little effect on my overall profitability, other than wasting my time and making my broker richer.
 
http://www.channelnewsasia.com/stories/afp_world_business/view/410005/1/.html

The US Department of Energy will publish its weekly report on American energy inventories on Thursday, one day later than normal because of a public holiday in the United States last Monday.

The report, keenly awaited by traders, is expected to show that inventories had risen for an eighth week in the United States, the world's biggest energy consuming nation.

"After increasing at a rate of five million barrels per week since end-November, the increase in US oil and oil product stockpiles for the last two weeks has been a far more muted two to three million barrels per week," said Thierry Lefrancois of Natixis.

"With refinery utilisation rates surprising on the downside, crude oil stocks have kept increasing while stocks of oil products have begun to fall," Lefrancois said.

Amid deepening recession in the United States, crude oil inventories over the last seven weeks have risen to more than 350 million barrels as of the week of February 6.
 
Quote from lemeeeplay:

Well said Spanish!

And what you said about scalping is right on the money too. Scalping is a waste of time!

Last week, I decided to stop scalping after analyzing my P/L journal and noticing that 90% of my profits came from %10 of my trades. The hundreds of little scalp trades that I had done every month (mostly in currencies) had very little effect on my overall profitability, other than wasting my time and making my broker richer.
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I must say that I disagree with what you and Spanish say about scalping. I might be mistaken but a few of the posters on this thread were complaining a few days ago about how they were staying out of the market because it wasn't trending much and was locked in a tight range.

As a trader who is serious about making a living from the markets, I think both swing and scalp trading should be mastered.

I do both; often simultaneously. If I happen to get in the market before a big drop or rise, then I let it run...otherwise I get once there is a change in momentum.

Anyway, to each his own I guess. Thousand ways to make money in the market (and ten thousand ways to get burned :D )

Haven't posted any screenshots in a while, but just took two trades today...Both at 10 per tick. Not happy about not being around to catch the moves on the Eur/Usd today....was ranging like a dream today on the 5 min charts!
 

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Quote from lemeeeplay:

Well said Spanish!

And what you said about scalping is right on the money too. Scalping is a waste of time!
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BTW, i should add that the best traders in the world are actually scalpers.. Example: Paul Rotter, Steve Cohen etc There are more examples of course...just dont want to post wrong names...i'll post them if i remember.
 
lol

I dont mean all scalpers are fools mate, my post sorta gave the wrong impression.

Technically even what i do could be called a form of scalping i guess. :cool:


Although i call my trading profile 'an opportunist'. :)

Since i dont scalp throughout each minute n hour of the day doing a few hundred trades per day, all just using strict R:R ratios to make myself feel like im doing it correct and then make trades that are there to 'test' the market, and the end result is just the hope of ending up with more money than you lose each day.


I instead wait hours/days before making my 1trade at the crucial extreme levels.
 
Quote from spanish89:


A ''stoploss'' is simply a word that was created by spreadbetting companies and is just a synonym for 'order to end trade in losing money'.
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Quote from spanish89:

And in relation to the discussion earlier about stoplosses-

Yes stoplosses are important as they 1 of the ways you can exit a trade that you dont want to hold for longer than the time that you choose to let it get stopped out.


However you dont go on your computer every morning and sit there for 16hours per day staring at a chart just to ''workout how to only lose a medium size amount of your money ''!! :D


YOU TRADE COS YOU WANT TO MAKE TRADES TO MAKE MONEY, AND DONT WANT ANYTHING ELSE! :cool: :p


This is why i never ever do 'scalping', since people who trade like that are just comulsive gamblers, who have to much money so 'test' the market with small stoplosses, and so lose small amounts of money alot of times per day! :D




If you want to waste your money 'testing' market levels and getting stopped out regularly then please do, as its those peoples money that paid for my extravagent lifestyle for the last 9months! :)


However i would STRONGLY ADVISE everyone to stop worrying so much about what size your stoploss is....

And instead start focusing on-
WAITING, WAITING, WAITING,
SEEING WHAT LOOKS LIKE A GREAT ENTERY,
THEN TELL YOUR BRAIN TO SHUT THE FUCK UP AND WAITING LONGER AND LONGER,
AND THEN WHEN YOU SEE THE MARKET HAS COMPLETELY FUCKED ITSELF OVER AND SIMPLY CANT GET ITSELF ANY LOWER,
THEN WAIT EVEN MORE TILL IT COMPLETELY EXHAUSTS ITSELF TRYING TO GO LOWER...

And then you nail that trade and enter then as it starts to rise back up! :cool:

And then you just have to focus trying to hold as it shoots steeply and fast into profit, and resist the urge to cash in too soon! ;)




Its nothing to do with 'picking tops and bottoms', since that phrase doenst even make any sense since theres 1000s of different timeframes of which every level is the top as bottom of that certain timeframe...,

Its simply-
Not being a twat or fool and jumping into trades just cos they look like they have a fair chance of moving in the direction that your betting in, but using a nice stoploss to protect yourself from too big a loss! :D



A ''stoploss'' is simply a word that was created by spreadbetting companies and is just a synonym for 'order to end trade in losing money'.

And while lots of people do like taking losses through this type of present automatic order instead of manually,
it is just 1 TINY part of trading ffs! :D

Its not what trading is about though! lol



Trading is about making money consistently.

It dont matter how you do it, where you do it, when you do it, dont even matter what you wear while doing it! :p

As long as you do consistently rake in the cash though thats all that matters.



And the best most effective way of doing that is 'Having extreme patience, waiting for ridiculously overdone moves, wait even longer till the reversal movement starts,
smash the market hard and fast with your trade the and only then,
and rake in the cash. :)
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I see that your over-confidence has returned. It's a pity that almost getting wiped out didn't teach you what usually follows trading exuberance.
 
Funny isnt it. I guess we must be jealous of his 'luxurious' lifestyle! :D :D

Scraping by month to month, having to fraud your way through life....

More popcorn?
 
Quote from porph:

Funny isnt it. I guess we must be jealous of his 'luxurious' lifestyle! :D :D

Scraping by month to month, having to fraud your way through life....

More popcorn?
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It's interesting to note that he is now a strong advocate of 'PATIENCE' in trading.

Would this strict view have anything to do with the fact that he hasn't funded his trading account, yet...
 
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