THANK YOU PIPSHOWER for doing wonderful job here.I went all through your thread in ONE DAY and was very much impressed.I am also trading forex for some time now and was interested in somebody who was from INDIA.I am excited to know about ur starategy and wish to know pivots you use u calculate on daily time frame or weekely?Also what Ankit is doing is also scalping for say 4-5pips with high leverage and achiving same results as u do with strict rule of money management(risking not more than1-4% of account on any trade).My question although being hypothetical isn't it better to develop a scalping system with the most high probabllity trading set ups and trading than usual system whereby although u risk less u need to wait for days together for trade to complete and soemtimes bear some loss too.Also One more thing methodology based on technical analysis gives u freedom of trading vast number of pairs with set-ups ,so shouldn't be technical analysiis(indicators and other tools) be employed for trading.AT the end of day How much profit u earn matters isn't it?Please give ur views.
Hello Ashish ,
welcome to this thread .
The reason i trade forex is because i need to make money without sitting in front of the screen watching charts for hours and letting the small moves of pips make my heart beats to raise ...
This is what i call financial freedom . I spend time with my freinds , relatives and family while the trade either hits target or stop loss. No psychological involvement --This keeps me away from the stress that is cause of early death now a days specially in STRESS ORIENTED INDIAN standard of living.
My definition of financial freedom and success differs entirely .
And about comparing between scalping and my strategy .
My strategy helps me trade many things at a time in forex unlike scalping where you would concentrate on so small a timeframe for measly small pips on a single pair.My strategy allows me to take positions and best set ups on any number of pairs and charts . Rather i scan nearly 40+ charts pairs each day so basically i never lack from a set up . Scalping increases loosing risk and my method for last few years havent had a single month in a loss .
You must know when we make more than 20% returns we are beating the best fund managers out there who fail to do that {Check the result of 2008 fund managers on google for proof.}
My pivot zones are not any calculations . They are drawn at the points the chart shows me in the past or history. The round number adds more importance to it.
INDICATORS SHOW US PAST AND PRICE ACTION SHOWS US FUTURE .SO I KEEP MY CHARTS CLEAN WITHOUT ANY INDICATORS ON IT EXCEPT MY EYES!
This is entirely my view as i see it . You may see it differently !
But its making cash for me so i believe in my view!