Re: Andrew052 Trading Journal
This is my trading diary. I just started at this. Here�s what I want to do: I want to do scalping in m1. I�m a freelance translator and work from home, so I�ll use sound alerts to track movements. I�m not going to be stuck to graphics all the time, I�ll just check how the thing goes every 9-11 pips when the alert sounds. Pair: EURUSD only. Entry: to sell � the price must bounce from the moving average of 100 and move a few candles, and the entry candle must close below the average of 20. Output: I will open 3 positions; trade tp 1 = equal to sl; trade tp 2 = sl multiplied by 2; third tp = trailing stop (still not defined the size of the trailing).
Re: Andrew052 Trading Journal
It seems to me that your approach is well structured, but honestly, scalping in m1 while you work as a translator sounds quite ambitious. The market does not wait for an alert to sound, and in m1 fast movements can leave you out of play before you react. That "review every 9-11 pips" window may seem enough, but in real volatility, it is an eternity. On the other hand, I like that you have defined clear levels of input and output, and that you are taking into account risk management from the start. If you keep that disciplined approach, you can avoid many common mistakes. Just don�t underestimate how fast you can turn the market into such small times, especially if you�re not seeing it in real time.
Re: Andrew052 Trading Journal
Your idea of dividing the operation into three parts with different objectives is interesting, but beware of moving the third position to BE �at some point.� That sounds vague and trading, the vague pays off. Define exactly at what point you break even or you�ll end up moving it by impulse. And on trailing, if you don�t define the size, you�re not really testing anything. It�s not the same thing to put an 8-pipe trailing that one out of 25. Each responds to contexts different from the market. I know if you want to have results that really fit your system.
Re: Andrew052 Trading Journal
You can tell that you have an analytical mindset, but I'm surprised that you want to operate m1 being new. It's like learning to drive on a racetrack. Scalping requires reflexes, precision and zero doubts, and if you do it a while between translations, I see it complicated. What I think is very sensible is your plan to scale from small to large accounts depending on results. That progression shows that you're not looking to get rich overnight, but build on base. Just make sure you're honest with yourself when evaluating results.
Re: Andrew052 Trading Journal
I don�t want to look like a party pooper, but putting only 20% of your money in the trading account and the rest of it out there �just in case� sounds more scary than capital management. What are you doing trading for then? To have the money parked in a bank? That �virtual account� may sound like a brilliant idea in theory, but in practice you�re going to end up having trouble reacting if the market gives you a good chance and you don�t have funds available. If you�re not 100% committed to the market, neither will the market be with you.
Re: Andrew052 Trading Journal
The system you describe seems to be very focused on ideal conditions, but what happens when the price doesn�t respect your MA100? Or when the bounce is just a sigh and there�s no confirmation? Your entry depends on too many conditions that won�t always be met. And while I like you to be clear about the pair you�re going to operate, focusing only on EURUSD limits your chances a lot. If you really want to do scalping, you need to be willing to look for movement where there is. Not every day EURUSD is going to behave the way you want.
Re: Andrew052 Trading Journal
Your methodology is super accurate, almost surgical. But eye, the market is not a quiet patient in an operating room. Sometimes the movement occurs without touching your levels, and if you are waiting for such specific signals, you can spend days without operating. And when that happens, anxiety can play against you and you end up forcing tickets. It�s happened to me. That�s why I would recommend you also practice with more discretionary entries or at least have a plan B when the market doesn�t meet your ideal setup.
Re: Andrew052 Trading Journal
The idea of combining scalping with a multitasking operation from home sounds great, but it is easy to underestimate the mental wear and tear involved in switching between work and trading. The stress of an urgent translation can pass you bill in an entry or exit decision. And on the goals of your three positions, you see yourself trying to diversify the risk, but remember that the more layers you put in the strategy, the harder it will be to identify which part is failing if things don�t work out. Sometimes the simple works better.
Re: Andrew052 Trading Journal
Your testing strategy seems pretty serious to me, but I don�t understand why using Forex Tester 2 instead of a platform that allows real-time simulation or even forward testing with market replay. The software you use should reflect reality as much as possible. Also, that calculation of �300 operations� in 5 months sounds good on paper, but do you really have time and discipline to do that analysis? I�m telling you because most start motivated and leave it in half. Don�t let that be your case.
Re: Andrew052 Trading Journal
Scalping in m1 is not for anyone, let alone if you're not 100% in front of the screen. Alerts can help you, but believe me, they don't replace the trained human eye. And let alone the execution lag if your connection isn't excellent. Also, your strategy depends quite a lot on moving stockings. Have you tried how that behaves in times of high volatility? Because those lines can become traps if the price starts to bounce without clear direction.