Strategies to trade forex

forex expert · #1 29th November 2007, 09:03 AM

I have been trading currency since last four years as a full time trader.Since i opend my trading account,i do not remember even a single trading day that i did not trade.
I followed many technicals and all like elliotwave theory, fibb. and studied technicals very deeply but all failed.

Then i started my own trading style with different type of market movements.

I found the scalping best system to trade and doing well. But it requires good expertise.

So now i am starting this thread to discuss scalping system.
Scalping:-
Scalping is a trading style specializing in taking profits on small price changes, generally soon after a trade has been entered and has become profitable. It requires a trader to have a strict exit strategy because one large loss could eliminate the many small gains that the trader has worked to obtain. Having the right tools such as a live feed, a direct-access broker and the stamina to place many trades is required for this strategy to be successful.

umakantadash · #2 29th November 2007, 09:24 AM

Your further movement and research tips will help. thanking you

umakantadash · #3 29th November 2007, 09:26 AM

good research

umakantadash · #4 29th November 2007, 09:28 AM

Go ahead and study the market value and time based manner and bring some output. thanking

forex expert · #5 29th November 2007, 10:55 AM

first and formost thing to be successful in speculative trading is being Disciplined.
So first step is to decide which type of trader you are
Intraday
Weekly
Or a Invester for long term trading like monthly or yearly.
The scalping system suits only for Intraday and weekly traders.

Most Important thing is to decide how much hungry you are for PIPs. and how much you can afford to lose.
Means very strict entry and exit policy
The strategy i have developed is to gain everege 300 pips per month

Shantanu005 · #6 5th December 2007, 09:01 AM

Hello,

Is your strategy a break-out or trend following?
Can you tell me what triggers & confirms your trades?

Thank you,

bhatiaashish007 · #7 8th December 2007, 07:34 PM

Quote:

Originally Posted by forex expert

first and formost thing to be successful in speculative trading is being Disciplined.
So first step is to decide which type of trader you are
Intraday
Weekly
Or a Invester for long term trading like monthly or yearly.
The scalping system suits only for Intraday and weekly traders.

Most Important thing is to decide how much hungry you are for PIPs. and how much you can afford to lose.
Means very strict entry and exit policy
The strategy i have developed is to gain everege 300 pips per month

Hi Shantanu,
Well 300 pips per month is even without using any startegy any body can win.let me tell u.scalping is very good strategy and as u rightly said only those should enter who have guts to bear large losses.secondly select a highly volatile pair gbp/jpy is best but with its large spread it may not suit all the people.GBP/USD is also good.i also do scalping except that i use maximum leverge although its against the dictom but its the only thing whcih can get u some money.also if u happen to be day tarder and if u earn less than 100pips per day just stop doing business because anything less than that will be for brokers tummmy.if u wanna discuss startegy feel free to write and share ideas.

forex expert · #8 10th December 2007, 09:30 AM

Quote:

Originally Posted by bhatiaashish007

Hi Shantanu,
Well 300 pips per month is even without using any startegy any body can win.let me tell u.scalping is very good strategy and as u rightly said only those should enter who have guts to bear large losses.secondly select a highly volatile pair gbp/jpy is best but with its large spread it may not suit all the people.GBP/USD is also good.i also do scalping except that i use maximum leverge although its against the dictom but its the only thing whcih can get u some money.also if u happen to be day tarder and if u earn less than 100pips per day just stop doing business because anything less than that will be for brokers tummmy.if u wanna discuss startegy feel free to write and share ideas.

hi
100 PIPs per day great, if you can do that ,in a very short time you can be one of the top 10 rich person of India

I just give you a calculation

start your account with

USD 10,000 and brokers give liverage up to 200 times of margin money
but be very safe and use only 1:10

So you can open 10 mini lots at very good comfort zone.

you say 100 PIPs
10*100=1000 PIP per day

roughly you can say $1000/day from a small account of USD 10,000

20 trading days=1000*20=20,000 per month
it means per month 200% your adding to your account
Now if you compound it
1.10,000+20,000=30,000
2.Now next month 90,000USD
3.2,70,000 USD
4.//////////////////////////

so do not say 100 PIPS per day is very easy

PIPs per day or per week or what ever the time period is ,it is considered per mini lot of 10,000. Gross PIPs grows according the fund in your account

forex expert · #9 10th December 2007, 02:11 PM

Quote:

Originally Posted by Shantanu005

Hello,

Is your strategy a break-out or trend following?
Can you tell me what triggers & confirms your trades?

Thank you,

Hi Shantanu

No technicals are followed

Bsically it depends on the currency pair, calculate the ATR of 20 days and put your stoploss and TP accordingly.

EUR/USD 40
GBP/USD 55
GBP/JPY 75

no opinion + no memory + system + discipline + patience = success
80% money management + 20% rules = system

"If you are foolish and greedy in the markets, the markets will punish you"

AmoghG · #10 11th December 2007, 12:36 AM

Isn't forex trading illegal in India?