i would suggest u start tomorrow cuz you are still biased on what went wrong = u need to break your mental state and reset.
![](https://resources.faireconomy.media/images/emojis/64/1f60a.png?v=15.1)
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DislikedI know, but I broke so many of my rules, I just wanted to get out of the trade and move on. If I had perfect dicipline and only followed my rules, I would have traded 100% today (made 0 trades lol). In the end, it was just a combination of mistakes:
1st mistake / trade: Traded while the EMA's were narrowing. The market had no room to go anywhere, it wasn't a time to be trading. Net result: -4 pips. This was a cheap learning experience.
2nd mistake / trade: Forgot to cancel my stop loss from trade #1, it automatically triggered and went to -14 pips before I saw it. This was a fairly cheap learning experience. You better believe that I triple check my pending orders window now.
3rd mistake / trade: I got cought up in the moment and really wanted to get in a trade that you guys took. I'd been waiting for 2 hours for it to happen, and when it finally looked like it was happening, I didn't follow my rules. Had I just left it at that, I would have lost 25 pips. However, I continued on my rule breaking adventure, raised my SL, and lost 40 pips. This was a fairly expensive learning experience, but quite eye opening.
It was a series of unfortunate events that I don't plan on repeating. I'd really like to make ONE positive trade today and make up for some of the things I messed up, but perhaps I should just take the day off and start clean tomorrow.
P.S. This was the day I finally felt "completely comfortable" with this system and tripled my lots. What great timing.
Ignored
DislikedHave you had a chance to complete this yet and post to the site? Hopefully it wont be too long now.Ignored
DislikedGuys you know the thing is if you go back and look at euppy it gave some really good pips today. It started yesterday with a big long then a nice short and now another nice long. This is just an opinion but what usually happens that causes some trouble is when we begin to try and guess where the market is headed. Maybe we should just stay with what the indicators are going to do and leave the guessing to the folks that are losing in this game.
What I am trying to say is sometimes we type our bias long or short into these forums and then we get blinded by what we think is going to happen and then we neglect what the indicators are doing. Hope I am making sense.Ignored
Dislikedok...what i would like u to do is make 2 pictures in your mind as vivid as possible.
1. the exact things that you did on this trade viewing from an associated first person state.
2. the exact way that you would have played this trade in perfection, viewing from a disassociated (third person) state.
now hold these 2 images in your mind....
can u see them clearly?
now take the first image and superimpose it onto a 2 dimensional piece of paper.
take the second image and superimpose it onto a 3 dimensional movie screen.
can u see them both?
A. take the first image and put it in your mind for ~ 2 seconds. then crumple the paper and discard it.
B. now, think about your favorite sport or hobby for a quick second.
C. now take the second image and hold it firmly in your mind. experience all the images and feelings associated with your perfection.
then
repeat B, A, B, C
untill you can no longer recall the images/memory from A.
this exercise will help you to focus on what YOU want to DO and EXPECT as opposed to what you did "wrong"
Humor me and try it. it works.Ignored
DislikedGuys you know the thing is if you go back and look at euppy it gave some really good pips today. It started yesterday with a big long then a nice short and now another nice long. This is just an opinion but what usually happens that causes some trouble is when we begin to try and guess where the market is headed. Maybe we should just stay with what the indicators are going to do and leave the guessing to the folks that are losing in this game.
What I am trying to say is sometimes we type our bias long or short into these forums and then we get blinded by what we think is going to happen and then we neglect what the indicators are doing. Hope I am making sense.Ignored
DislikedI was answering some questions for someone via PM and I thought it might be good to post it in this thread. Basically, it's my rules for this strategy. For some of you (especially the regulars) this info is basically common sense to you. It goes without saying, you take it for granted...it's second nature. However, for most traders, it's something no one has really told them. It's easy to come to this thread, skim it, and just think, "Hey, if the lags line up, I should trade. I'll make money every time just like Imrain."
The fact is, the lags are great, but they can't be used ALL the time. It's not that they're bad indicators (they're the BEST I've ever used), but no matter what kind of indicator you have, you just can't trade during certain conditions.
Anyway, here are my "rules" or the "conditions" that I'm speaking of:
1) Don't trade when the 60ema and 200ema are really narrow. Wait for it to break out first.
2) Don't trade when the market is slow (like right now). Right now the only market that is open is Sydney, and it doesn't really affect this currency. Ideally you want 2 markets to be open. The best time is when UK and Japan are open at the same time, or UK and US are open at the same time. You can trade at other times, but just make sure there is decent volatility / momentum.
3) Don't trade 30 mins before or after news.
4) If there's BIG news coming, it might not be good to trade for hours before because the market just stalls and goes nowhere (same problem as #2). This is because it's waiting for the news announcement. In this case, don't trade until after the news.
5) Don't trade if you're up against a barrier. This includes the daily R1 R2 R3, daily S1 S2 S3, daily pivot, and weekly pivot. It's also good to look at the 15min 60ema and 200ema to see if you're close to them as well. I also recommend treating the "00's" (239.00, 238.00, etc.) as barriers. I call them psychological barriers, and it's really just common sense. Just think about when you have a $100 bill. You're less likely to spend it. Once you finally decide to break the $100 bill, you'll usually spend your smaller bills much more quickly. This is just human nature, and well, the forex market is driven by human beings.
Instead of just thinking of the barriers as times not to trade, use them to your advantage. Wait for a currency to either break through the barrier or bounce off it. If it does this, you should still wait for the lags to give you a signal.
So really, this doesn't leave much to trade. Some days are better than others, but today for example, there hasn't been a single good / safe time to trade since I woke up. Today was particularly bad in that regard. Like an idiot, I broke my rules and tried to trade anyway...and I lost.
If you just follow those basic rules and only trade when all of the rules are met, the lags work every single time. I've never had a losing trade when I followed my rules. If I had better discipline I could be doing 90%+ successful trades. Today, my discipline was very lacking and it cost me. Rules keep you from making bad decisions, but emotions keep you from following your rules. Trading with emotion is never good, but in reality, 99% of us will never be able to trade without emotion. As long as you can keep your emotions in check enough to follow your rules, you can be a successful trader.
Frankly, I think Imrain should put some of this info in his first post so we don't keep having people coming in to thread asking about false signals or asking why their trades went bad. Every single person that has asked me why their trade didn't work out has broken at least one of these rules. It's ALWAYS the case.Ignored
DislikedI was answering some questions for someone via PM and I thought it might be good to post it in this thread. Basically, it's my rules for this strategy. For some of you (especially the regulars) this info is basically common sense to you. It goes without saying, you take it for granted...it's second nature. However, for most traders, it's something no one has really told them. It's easy to come to this thread, skim it, and just think, "Hey, if the lags line up, I should trade. I'll make money every time just like Imrain."
The fact is, the lags are great, but they can't be used ALL the time. It's not that they're bad indicators (they're the BEST I've ever used), but no matter what kind of indicator you have, you just can't trade during certain conditions.
Anyway, here are my "rules" or the "conditions" that I'm speaking of:
1) Don't trade when the 60ema and 200ema are really narrow. Wait for it to break out first.
2) Don't trade when the market is slow (like right now). Right now the only market that is open is Sydney, and it doesn't really affect this currency. Ideally you want 2 markets to be open. The best time is when UK and Japan are open at the same time, or UK and US are open at the same time. You can trade at other times, but just make sure there is decent volatility / momentum.
3) Don't trade 30 mins before or after news.
4) If there's BIG news coming, it might not be good to trade for hours before because the market just stalls and goes nowhere (same problem as #2). This is because it's waiting for the news announcement. In this case, don't trade until after the news.
5) Don't trade if you're up against a barrier. This includes the daily R1 R2 R3, daily S1 S2 S3, daily pivot, and weekly pivot. It's also good to look at the 15min 60ema and 200ema to see if you're close to them as well. I also recommend treating the "00's" (239.00, 238.00, etc.) as barriers. I call them psychological barriers, and it's really just common sense. Just think about when you have a $100 bill. You're less likely to spend it. Once you finally decide to break the $100 bill, you'll usually spend your smaller bills much more quickly. This is just human nature, and well, the forex market is driven by human beings.
Instead of just thinking of the barriers as times not to trade, use them to your advantage. Wait for a currency to either break through the barrier or bounce off it. If it does this, you should still wait for the lags to give you a signal.
So really, this doesn't leave much to trade. Some days are better than others, but today for example, there hasn't been a single good / safe time to trade since I woke up. Today was particularly bad in that regard. Like an idiot, I broke my rules and tried to trade anyway...and I lost.
If you just follow those basic rules and only trade when all of the rules are met, the lags work every single time. I've never had a losing trade when I followed my rules. If I had better discipline I could be doing 90%+ successful trades. Today, my discipline was very lacking and it cost me. Rules keep you from making bad decisions, but emotions keep you from following your rules. Trading with emotion is never good, but in reality, 99% of us will never be able to trade without emotion. As long as you can keep your emotions in check enough to follow your rules, you can be a successful trader.
Frankly, I think Imrain should put some of this info in his first post so we don't keep having people coming in to thread asking about false signals or asking why their trades went bad. Every single person that has asked me why their trade didn't work out has broken at least one of these rules. It's ALWAYS the case.Ignored
Dislikedadded to first post mate, really good..thanks for this..will help us all including meIgnored