Forex Trading - Scalping For 10 Pips Per Day

[fxbobo]

Hi Boris/Kathy, would you answer my question the comment below? I have automated the strategy and back-tested it, and found it losing. Thanks

[fxbobo]

Hi BKTrader, I've just found this video, and as I see it's 2+ years old. I'd like to find out if there is any adjustment made to this strategy. Also, could you please tell what the settings are for this double Bollinger bands? Thanks

[damg1973]

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[FreeFOREXautoBOT]

I prefer the robot system becouse it's more profitable. btw i have free one!

[guwest1]

interesting but blurred image means you can't see the charts and axis values clearly. would be nice to see in HD!

[allofp]

hi , is your equity curve from oanda platform. or you using something else ?

[bwc2000]

It's true traders need to understand risk and proper money management..but you can still do that will negative risk reward ratios or higher risk low reward ratio such as 30 pips risk, 15 pip target. I have a similar method that does that..

It's basic math : 7 wins and 3 loss will be net you 45 pips. (70% win rate)..

Also higher risk to lower reward ratio is suppose to give you a high probability of winning because it's easier to hit a lower target... it's good the psych too.

[colectve]

Great video, love the scalping technique. Quick question though, as your shooting to take a trade on the retracement of a large candle, what stops you from reversing position once you take your 7 pips (or however much you decide to run with) then setting a another tight stop below your reversed position and scalping that along the direction of the big candle? What would be the downsides to that, the risks etc.

Thanks

[BKTraderFx]

7 AM GMT to 22 GMT - basically London to New York sessions, but this actually works pretty well in Asia as well

[drabitz]

yeah,that's rite..im asian..im so lucky..thank you for your good info,bro..

:)

[BKTraderFx]

Good Point I would not trade this setup with MORE than 1MM notional. 500K would work fine in EUR/USD and USD/JPY but you should always test it on smaller amounts.

[emomagica]

@BKTraderFx Could someone earn a living by just trading big bar (gap ups/down) retracements? I find those to be the most profitable trades when going with the general immediate trend. I've been aiming only for 3 to 5 pips with a 7 pip stop loss.

[BKTraderFx]

Thanks for your insight but you sound like someone who is very versed in science but has never traded in his life. Scientists and engineers and people who think like them make the WORST traders (witness Wall Street today driven into bankruptcy by all the quants.

[BKTraderFx]

Trading is not logical but psychological and applying the laws of physics and the concomitant statistics to it is a fallacy that makes fools of many smart people. I appreciate your input but we will just have to disagree. Trading not about being statically right. It about making money. You comment about negative R/R could not be more wrong BTW and shows you don't have much practical experience i the markets

[BKTraderFx]

Statistics offer only a marginal value to making profits from trading. If it was otherwise books like Evidence Based TA would be recipes to print money alas they are not.

[BKTraderFx]

This approach makes real money under real trading conditions as "evidenced" by the equity curve. Could it just be dumb luck as you claim? Perhaps, but I will stick with it until the equity curve begins to disintegrate. Trading is the most pragmatic of all disciplines. It could not care less about elegant statistics. It only cares about risk control and profit making.

[BKTraderFx]

You need to test your broker to see if that the case

[BKTraderFx]

People will always lose money because no systematic approach ever works over the long run. There is no system with rigid rules that ever makes money. This is a framework that allows people to use statistically generated tactical entries that has worked well not because of the system but because of the discipline I employed,

[kathleentehrani]

Hey Boris, does using a 13 EMA in combination with standard bolinger bands give the same results with scalping (in combo with an obvious trend) on entry and exit points as the double bolinger band strategy that you use? Thanks.

[BKTraderFx]

I only use BB's which have an implied 20 SMA in them

[kathleentehrani]

Thank you for your quick response. I'm very new to this whole forex thingy :)  I have had several great runs of luck though, just by following the technicals given on the fx360 website. (Been bitten once or twice as well in the past week but no real harm done). (continued in next post.......)

[kathleentehrani]

Do you have a specific risk reward ratio as a standard? Also I've begun reading "Technical Analysis of the Currency Market"...so far it's awsome, entertaining as well as informative. Are the majority of currency questions contained therein...and if so I'll stop persting... :) Thank you again.

[joelandyo]

Where do I find the first two installments of the scalping system?

[BKTraderFx]

It the previous video from the past two weeks

[BKTraderFx]

Yes it does

[MavVRX]

7 pip target, 10 pip stop loss, does the 10 pip stop include the spread?