sixcapital?
- Thread starter stevetan2010
- Start date
how come this thread is still up? so did anyone went in and made a hell of a fortune yet?
heheh i heard they teach price action and won't take you in even if you already can trade price action. looks like they just want your sch fees for building their fund.
heheh i heard they teach price action and won't take you in even if you already can trade price action. looks like they just want your sch fees for building their fund.
Nah ... don't be so negative. Sorry bout the late response. Wasn't tracking these lines here. And wasn't expecting a response
No. I dun scalp. Nor do i hold my trades. Losses must be less than 12 pips. But usual losses is around 6-8pips. Average pip profit per trade has since increased from 3 to 4pips. Win rate is always above 70%. 84% win rate that i mentioned is not too far off from where i stand right now. Certain days are absolute 100% win rate. But i don't bank on winning everytime ....
Technique is important here. But money management is equally important.
Don't worry about the cold water that is being splashed around
And cheers to you that you are seeing results finally
Most importantly, keep to a method of trading. Refine on it, improve it. Don't keep changing method. It is very hard to maintain profit consistency when the method of trading keeps changing.
You have to see the issues on your entries, and your take profits. Stop loss is a must always. Review thru all your trading sessions everyday, and see how you can improve on it. It is hindsight though with the review after the actual trade ... but it helps.
One more thing: Money management is very important. If your analysis is based on long-term, but you get wiped out in the short-run, either your stop loss is poorly placed, you are not properly equitized (i.e. trade size too large for your equity size), or your entry is not refined. It could also be all of the following.
I like this quote from somewhere: "Perfect Practice, makes Perfect Trading" .... in other words, in order to improve your trading, one's practice session (whether live or demo) must be perfect. Practising alot, but full of "craps", doesn't make a perfect practice, doesn't make a good trading session, therefore doesn't make good profitability. Most importantly, shows that one doesn't learn from one's mistake .... and is likely condemned to making more of the same mistakes.
I am also trying scalping tactic
However on demo
Profits are usually quite high chance of rate if you have analysis the pattern, covered the economic event, set your entry and exit position and set take profit higher than stop loss and consistent monitoring to let profit run in the case of stronger trend then expect.
However its really a lot a lot of mental work there. The psychological factor comes in very often when the market go against you. Or when it goes sideway.. gets frustrated.
however when you ride along a strong trend of example 50 pips - 100 pips, with high enough leverage.. the profit should be enough for the day.
From scalping .. i also learn, dont over trade.. if you spent an hour trading and earned $300, maybe you take a rest for the day. And dont trade for the sake of trading. If the market is consolidating or waiting for a breakdown.
However on demo
Profits are usually quite high chance of rate if you have analysis the pattern, covered the economic event, set your entry and exit position and set take profit higher than stop loss and consistent monitoring to let profit run in the case of stronger trend then expect.
However its really a lot a lot of mental work there. The psychological factor comes in very often when the market go against you. Or when it goes sideway.. gets frustrated.
however when you ride along a strong trend of example 50 pips - 100 pips, with high enough leverage.. the profit should be enough for the day.
From scalping .. i also learn, dont over trade.. if you spent an hour trading and earned $300, maybe you take a rest for the day. And dont trade for the sake of trading. If the market is consolidating or waiting for a breakdown.
Quite Right you are
Large timeframe price movements (Hrs, Days, Weeks) are formed due to price action from smaller time frames (ticks, 10Sec, 1M, 10Min). It is the trends on small timeframe here that set the pattern on the larger picture, and it is also the trend of the larger picture, that guides our trade on a smaller timeframe. Controversial isn't it
So there is absolutely nothing wrong with trading the smaller timeframe, which some call scalping .... whatever. I call it spot trading.
Anyway, always trade the trend (there is a trend even in 10Sec ...hahah ..., i don't know if there is any if it is smaller than 10sec timeframe .... i have not tried yet ...hahaha). Lookout for strong support and resistance level, And remember that the market is always right, don't try to fight it.
My personal opinion: if possible, don't trade with indicators. All types of indicators are lagging. The price movement in the charts are driven by capital flows from banks, institutes, and they make the market, that's why they don't use indicators. This capital flows react to news. Indicators don't. Indicators react to the flow, that's why it is always lagging.
Large timeframe price movements (Hrs, Days, Weeks) are formed due to price action from smaller time frames (ticks, 10Sec, 1M, 10Min). It is the trends on small timeframe here that set the pattern on the larger picture, and it is also the trend of the larger picture, that guides our trade on a smaller timeframe. Controversial isn't it
So there is absolutely nothing wrong with trading the smaller timeframe, which some call scalping .... whatever. I call it spot trading.
Anyway, always trade the trend (there is a trend even in 10Sec ...hahah ..., i don't know if there is any if it is smaller than 10sec timeframe .... i have not tried yet ...hahaha). Lookout for strong support and resistance level, And remember that the market is always right, don't try to fight it.
My personal opinion: if possible, don't trade with indicators. All types of indicators are lagging. The price movement in the charts are driven by capital flows from banks, institutes, and they make the market, that's why they don't use indicators. This capital flows react to news. Indicators don't. Indicators react to the flow, that's why it is always lagging.
how hard you need to work for those few pips?
i spend 5-10 minutes a day
to capture few hundred pips on long term trend basis
i don't believe in such short term scalping because there is no trend in the short term.
saying there is a trend in the short term (5-10mins) is like saying you know what everyone is going to do today.
saying you can scalp with 90% accuracy is like saying you know when a big buyer is coming back from the toilet to fill his order.
with the exception of high frequency trading i don't think there is ever a record of successful scalpers.
if you expose to short term market movements i would say luck is more important than anything else.
i am opposite of u.
sadly i lose most of the time.
but a single trade can cover my losses for 3-4 losing trades and even make a profit.
i spend 5-10 minutes a day
to capture few hundred pips on long term trend basis
i don't believe in such short term scalping because there is no trend in the short term.
saying there is a trend in the short term (5-10mins) is like saying you know what everyone is going to do today.
saying you can scalp with 90% accuracy is like saying you know when a big buyer is coming back from the toilet to fill his order.
with the exception of high frequency trading i don't think there is ever a record of successful scalpers.
if you expose to short term market movements i would say luck is more important than anything else.
i am opposite of u.
sadly i lose most of the time.
but a single trade can cover my losses for 3-4 losing trades and even make a profit.
Let me ask a simple question here ....
Which would be simpler to do: Catching 100pips 100% of the time, or catching 5 pips 100% of the time?
The answer is obvious isn't it, if you have been trading forex long enough.
The idea is to first train consistency by identifying price actions with good profit pattern, always..... there is definitely more patterns (call it trends, head & shoulders, double tops, consolidation, anything that you like ....) to identify in 10sec charts than 1hr charts isn't it? For one, hourly, daily charts, will take many hours to form a good pattern, not to mention days .... and good trends .... only occur 30% of the time. Which means 70% of the time is basically price action trading between support and resistance levels, .... no trend that is.
2nd, with consistency, the trading volume via leverage can be increased.
10K lot - 1pip = 1dollar profit (before commission cost)
100K lot - 1pip = 10dollar profit
200K lot - 1pip = 20dollar profit.
5pip per trade = 100dollar profit.
Just some basic maths here using leverage.
I believe you should catch the geise of what i m saying here. Low pip profit, high consistency versus what you do now, high pip profit, low consistency. To increase the profit, increase the trading volume proportionally.
Which would be simpler to do: Catching 100pips 100% of the time, or catching 5 pips 100% of the time?
The answer is obvious isn't it, if you have been trading forex long enough.
The idea is to first train consistency by identifying price actions with good profit pattern, always..... there is definitely more patterns (call it trends, head & shoulders, double tops, consolidation, anything that you like ....) to identify in 10sec charts than 1hr charts isn't it? For one, hourly, daily charts, will take many hours to form a good pattern, not to mention days .... and good trends .... only occur 30% of the time. Which means 70% of the time is basically price action trading between support and resistance levels, .... no trend that is.
2nd, with consistency, the trading volume via leverage can be increased.
10K lot - 1pip = 1dollar profit (before commission cost)
100K lot - 1pip = 10dollar profit
200K lot - 1pip = 20dollar profit.
5pip per trade = 100dollar profit.
Just some basic maths here using leverage.
I believe you should catch the geise of what i m saying here. Low pip profit, high consistency versus what you do now, high pip profit, low consistency. To increase the profit, increase the trading volume proportionally.
Hmmm .... it is a pleasure actually to get numerous trades won consistently with a few pips. Confidence level go up. And it helps alot on improving my trades. To me, getting 100% win rate means I have refined my trading for this type of forex condition. Pretty sure i can't get 100% all the time .... for those time i get less than 100%, I would ask myself how to improve further ....
Yes you are right. I would call that reading the market sentiment correctly, and knowing where the key support and resistance levels, where turns are possible.
Let's look at the EUR/USD (i only trade this pair mostly) now....
at GMT+8 (2429) ....
EUR/USD is on a temporary uptrend if support at 1.3575 holds, and it seems to be holding well now. Likely to 1.3669 - 1.3680. Reversal should occur around here. It would then try downside .
Support should be met at 1.3645 to 1.3624. If it beats the support, it would try 1.3575. Beat it again, it would succeed it forming the head and shoulder pattern at this lower part of the neck, and minimally, it should reach 1.3500 before a slight upside bounce. Target would be somewhere around 1.3470.....
The flip side is, if the price doesn't turn at 1.3669 - 1.3680, then it would push up past 1.3743.
What happen next ... dun care. I would trade within this scenario, and close off for the nite after it has materialize, or stop if my market sentiment is off-aligned with the real market sentiment.
Last edited:
If you been trading long enough
you will know that there is no certainty in the market.
Experienced traders will know there is no 90% 80% 20%.
You are either 100% wrong or 100% right.
To say you can catch 100% of 5 pips is really untrue.
Please don't mislead people into thinking that forex is easy money.
You might THINK it is easier to catch 5 pips than 100
but what is your risk reward ratio?
As i said the magic of trading is not in the science
its in the math.
Your leverage assumption is so high. how are your money management parameters?
this is my trade as of now.
high pip low consistency doesn't = low profitability.
just 1 of my trades like AUD/JPY is = 63 times of ur 5 pips trade.
At least there are several things we agree on
No, Forex is not easy money. This is a misconception. Neither is getting 100% win rate for 5pips easy. Needs long period of training, improvements,etc. I started off from less than 70% win rate to currently ~80%, sometimes hitting 100%. Took me close to a year to handle the consistency. Honestly, there is no sitting on the laurel to say i am there. To say that, would be to risk dropping off the cliff.
Trader's psychology is very important. If one has money stress, or time-stressed to perform, one will not perform almost magically.
It is a maths game which you are right. Money management is key. Win rate, versus risk reward ratio. The system that i work with has a win rate of at least 70%, 80% and above would be good. Risk reward ratio is ave loss of 6-8pip, ave win of 3-6pip. That would be abt 1:2 roughly. However the ave pip win (including losses) must always be above 1.5 Max loss per trade is 12 pip, per day is 24pip. And the emphasis here is consistency (i.e. win rate), not win qty (how many pips). This is practically very achievable.
However in taking positions, whether carry trade or day trades, i agree with you. My win rate is much lower. 65% at current count. Risk Reward ratio is ~ 1:1 (i.e. the ave win and ave loss is the same). I don't think anything above 80% is possible, unless i have a crystal ball
Well .... there are certain points which we agree upon and not .... but let's leave it as that.
I believe this forum was not meant to trash out disagreements between our core values .... rather it is to see where one trader's system can complement the other, or where one could help out the other. How is that? Otherwise this thread would go on and on .... unproductively.
No, Forex is not easy money. This is a misconception. Neither is getting 100% win rate for 5pips easy. Needs long period of training, improvements,etc. I started off from less than 70% win rate to currently ~80%, sometimes hitting 100%. Took me close to a year to handle the consistency. Honestly, there is no sitting on the laurel to say i am there. To say that, would be to risk dropping off the cliff.
Trader's psychology is very important. If one has money stress, or time-stressed to perform, one will not perform almost magically.
It is a maths game which you are right. Money management is key. Win rate, versus risk reward ratio. The system that i work with has a win rate of at least 70%, 80% and above would be good. Risk reward ratio is ave loss of 6-8pip, ave win of 3-6pip. That would be abt 1:2 roughly. However the ave pip win (including losses) must always be above 1.5 Max loss per trade is 12 pip, per day is 24pip. And the emphasis here is consistency (i.e. win rate), not win qty (how many pips). This is practically very achievable.
However in taking positions, whether carry trade or day trades, i agree with you. My win rate is much lower. 65% at current count. Risk Reward ratio is ~ 1:1 (i.e. the ave win and ave loss is the same). I don't think anything above 80% is possible, unless i have a crystal ball
Well .... there are certain points which we agree upon and not .... but let's leave it as that.
I believe this forum was not meant to trash out disagreements between our core values .... rather it is to see where one trader's system can complement the other, or where one could help out the other. How is that? Otherwise this thread would go on and on .... unproductively.
Last edited:
yes
i will always emphasis forex is not easy money.
yup
we think too differently.
as i said before
my focus is on risk reward
not on win rate.
because i always assume every trade i take is wrong.
so i need to manage my losses.
i will always emphasis forex is not easy money.
yup
we think too differently.
as i said before
my focus is on risk reward
not on win rate.
because i always assume every trade i take is wrong.
so i need to manage my losses.
AgoothiLee
Junior Member
- Joined
- Dec 29, 2009
- Messages
- 22
- Reaction score
- 0
Six Capital ? Scam?
This company has been advertising on Recruit section for the past 1-2 years hiring "trainee dealerS"
According to online discussions, this could be a Scam.
Once u send your resume in, you'll definitely get a chance for the "interview"
When u arrive, they will deliver a speech on why u should join them, and how to become a successful trader.
and u need to pay $3,000 + for several courses. Thats insane.
Ain't sure if the "Patrick Teng" is trustworthy as I have come across several articles which contains his name:
http://www.asiaone.com/Business/News/SME+Central/Story/A1Story20080306-52966.html
http://cache.zoominfo.com/CachedPag...5+11:17:28+AM&firstName=Patrick&lastName=Teng
This company has been advertising on Recruit section for the past 1-2 years hiring "trainee dealerS"
According to online discussions, this could be a Scam.
Once u send your resume in, you'll definitely get a chance for the "interview"
When u arrive, they will deliver a speech on why u should join them, and how to become a successful trader.
and u need to pay $3,000 + for several courses. Thats insane.
Ain't sure if the "Patrick Teng" is trustworthy as I have come across several articles which contains his name:
http://www.asiaone.com/Business/News/SME+Central/Story/A1Story20080306-52966.html
http://cache.zoominfo.com/CachedPag...5+11:17:28+AM&firstName=Patrick&lastName=Teng
daryltan1988
Banned
- Joined
- Dec 5, 2010
- Messages
- 112
- Reaction score
- 0
re
interesting, i am using a lower winning rate but lower risk ratio , so even if i were to lose 70% of trade i might still be in a winning position. i am using very precise SL .
interesting, i am using a lower winning rate but lower risk ratio , so even if i were to lose 70% of trade i might still be in a winning position. i am using very precise SL .
At least there are several things we agree on
No, Forex is not easy money. This is a misconception. Neither is getting 100% win rate for 5pips easy. Needs long period of training, improvements,etc. I started off from less than 70% win rate to currently ~80%, sometimes hitting 100%. Took me close to a year to handle the consistency. Honestly, there is no sitting on the laurel to say i am there. To say that, would be to risk dropping off the cliff.
Trader's psychology is very important. If one has money stress, or time-stressed to perform, one will not perform almost magically.
It is a maths game which you are right. Money management is key. Win rate, versus risk reward ratio. The system that i work with has a win rate of at least 70%, 80% and above would be good. Risk reward ratio is ave loss of 6-8pip, ave win of 3-6pip. That would be abt 1:2 roughly. However the ave pip win (including losses) must always be above 1.5 Max loss per trade is 12 pip, per day is 24pip. And the emphasis here is consistency (i.e. win rate), not win qty (how many pips). This is practically very achievable.
However in taking positions, whether carry trade or day trades, i agree with you. My win rate is much lower. 65% at current count. Risk Reward ratio is ~ 1:1 (i.e. the ave win and ave loss is the same). I don't think anything above 80% is possible, unless i have a crystal ball
Well .... there are certain points which we agree upon and not .... but let's leave it as that.
I believe this forum was not meant to trash out disagreements between our core values .... rather it is to see where one trader's system can complement the other, or where one could help out the other. How is that? Otherwise this thread would go on and on .... unproductively.
icelemontea
Supremacy Member
- Joined
- Jul 6, 2001
- Messages
- 5,515
- Reaction score
- 0
It's not the frequency of wins but the magnitude.
roytan1111
Senior Member
- Joined
- Jun 13, 2011
- Messages
- 1,117
- Reaction score
- 0
ever heard of a pamm account
have u guys heard of a pamm account.
have u guys heard of a pamm account.
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.
Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
