NotTheNoobs

Newbies Section => Introduce Yourself => Topic started by: thescruff on June 13, 2020, 11:38:04 AM

Title: Something for the weekend
Post by: thescruff on June 13, 2020, 11:38:04 AM
Just a quick one for the weekend as you guys study the basics to gain a foundation of trading here is the link some of you guys have asked for to all the vids on my channel The Scruffy Trader.

All in easy to understand language breaking trading into bite size chucks in real time, hopefully it can help some of the new traders or just give a talking point for the forum.

Do what you love and the money will follow

https://www.youtube.com/channel/UCC5gLHCPz_49xt2CDraKCnQ

Kind Regards

Langers

The Scruffy Trader
Title: Re: Something for the weekend
Post by: eddieb on June 13, 2020, 01:58:58 PM
Hi @thescruff

Just watching your Dax trade and had to say how much I like not just the trade, but also your layed back attitude. Especially liked the 'balls to the wall' comment  ;D

Is that a North East accent, in which case Magpie or Mackem?
Title: Re: Something for the weekend
Post by: thescruff on June 13, 2020, 02:42:25 PM
Neither its a Durham voice Dunelmian is what we are called ,  :) traded a long time so my emotion level is dialled  down quite a lot
Title: Re: Something for the weekend
Post by: eddieb on June 13, 2020, 02:45:38 PM
Beautiful part of the world, went there a few times when I lived in York
Title: Re: Something for the weekend
Post by: Kaitsu on June 13, 2020, 02:48:24 PM
Just watching your Dax trade and had to say how much I like not just the trade, but also your layed back attitude
I was inspired by that vid as well. I watched it last week and took my first trades on the DAX. I don't know why I haven't looked at DAX before, I guess it just never occured to me, but it is an interesting instrument! At least, it was Thursday and yesterday! haha!

Mind you, I have been spending some time back-running it on a fast-forward simulator a few years back and it was not quite so "easy" to predict from TA as it has been recently......

But it has caught my interest because I am looking for a substitute for SP500. I am dropping that now that we are back to the earlier highs because the summer months are here and we are starting into the election mud-slinging and rhetoric - I think it is going to be a messy near term for SP500.

But you are right, Langers has an interesting style and a very open and genuine attitude to trading in the real world. There is a lot there for Newbies to learn from even if they trade a different style to Langers.

I believe Langers is the first poster here to have more "likes" than posts!!  ;D That is quite an achievement!  8)
Title: Re: Something for the weekend
Post by: thescruff on June 14, 2020, 11:12:30 AM
More likes than posts lol love it
Title: Re: Something for the weekend
Post by: Kim on June 15, 2020, 04:06:47 PM
Hiya @thescruff
Love the videos, even if I dont always understand them. I was interested where you said that you look at 2 high time frames and then find your entry point on a third, lower frame. That sounds a lot like the system i was starting out with. How do you choose your exit point, I think Kaitsu said that the exit point was the most important thing a trader needs to know (or something like that)
Title: Re: Something for the weekend
Post by: thescruff on June 15, 2020, 05:48:53 PM
Exit is a good question, nobody knows hence why I use scale points and a trailing stop on a 34 MA on a hour
Title: Re: Something for the weekend
Post by: Kaitsu on June 15, 2020, 08:39:40 PM
I think Kaitsu said that the exit point was the most important thing a trader needs to know (or something like that)
It seems that traders often pay a lot of attention to their entry criteria but are more vague about how and when to exit. The reason why I think the exit strategy is so important is because it affects one's overall profitability whatever the entry strategies are. It is no good just getting into good trades if we cannot also optimise the exits. Many a good trade fails to produce what it should due to a poor exit.

There are four basic ways to exit a trade and we should evaluate these levels very carefully for each trade:

1) Stop level: should be at a point that, if reached, invalidates the reason for having entered the trade (this could be a hard stop order or a mental "zone"). If this level is too far from the entry then the trade should be ignored.

2) A pre-determined target level, This may be a fixed pip value or an indicator like Fibs, or an S/L. I.e. a reasoned level that the price could reach.

3) A trailing stop. An open-ended trade that is only closed out when the market retraces sufficiently to suggest the move has expired. Usually this means the stop has to be a fair distance away from the price in order to avoid accidental stop-out from a spike.

4) A reversal signal. If the market gives a signal for a trade in the other direction then there is little reason to keep the existing trade open.

In general terms, I would suggest short-term trades are better suited to fixed stop levels and target levels. These can also be scaled at various points with larger position sizes. Trailing stops are better suited to longer term range trades that generally seek/offer bigger rewards, or with the last remaining tranche of a multi-position trade.

I think the importance of exits in trading is emphasised by the often-mentioned problems of prematurely cutting profits and running losses, both of which destroy the overall profitability regardless of the trade success rate - but neither of these issues is concerned with the actual entry, they are both exit errors!     :D
Title: Re: Something for the weekend
Post by: Caesar on June 15, 2020, 08:47:27 PM
@Kaitsu and @thescruff
Would you suggest that, as a new traders just starting out, it is recommended to choose your stop position (and your take profit position) before you enter a trade?
Perhaps leaving scaling, trailing stops, reversal signals until one has a bit of experience under ones belt.
Title: Re: Something for the weekend
Post by: thescruff on June 15, 2020, 09:01:06 PM
Any trade should have pre defined reasons for entry and for exit as part of a check list. The stop is the easy part as from the moment the trade is entered you know the cost of trade if it goes wrong something that the trader has total control of , with that said if worried about the trade the position size is to high.

The next part is a little more tricky as no one knows how far a market will go. A good starting point is a target to the next key level based on solid structure with a slow trailing stop as many traders pull the stop to break even to quick and find the the wicks take out the trade before its begun.
Title: Re: Something for the weekend
Post by: Kaitsu on June 15, 2020, 09:32:40 PM
@Kaitsu and @thescruff
Would you suggest that, as a new traders just starting out, it is recommended to choose your stop position (and your take profit position) before you enter a trade?
Perhaps leaving scaling, trailing stops, reversal signals until one has a bit of experience under ones belt.
Do you think this is worthy of its own thread? I think there are many angles here for newbies to be aware of. Stips should certainly always be pre-determined but some readers believe in mental stops and not hard stops but, again, with possibly an "airbag" safety stop far from the likely range of a spike.
Another issue is whether a trader's strategy is mechanical or discretionary. A mechanical system will always have a pre-determined exit.
I think a key priority specifically for newbies is aiming for overall consistency in their trading and therefore a simple fixed stoploss/fixed target is probably a sensible approach in encouraging discipline and patience and easy to analyse later.
Title: Re: Something for the weekend
Post by: Caesar on June 16, 2020, 08:00:48 AM
Do you think this is worthy of its own thread?
It may well be. Its one of those topics that can grow legs of its own as people realise the options available and the potential pitfalls. Scaling is something barely touched on in other forums I've visited,  experienced traders occasionally mention them but noone ever goes into detail.
Title: Re: Something for the weekend
Post by: Kim on June 16, 2020, 09:59:11 AM
All I have been doing so far is setting stops and take profits when I enter the trade.
I have not been moving them later or changing them to trailing stops. Keeping it as simple as I can.
Title: Re: Something for the weekend
Post by: Kaitsu on June 16, 2020, 10:57:41 AM
. Keeping it as simple as I can.

That's very sensible, afterall, take the example of Adam and Eve - when they first thought about starting the clothing business they kept it very basic, but look where it has led to today...... 8) ;)
Title: Re: Something for the weekend
Post by: Sharkie on June 16, 2020, 11:09:22 AM
Do you think this is worthy of its own thread

Good morning.
I would be interested in this. Anything that helps me would be appreciated and welcomed. There is so much information out there that it is difficult deciding what to focus on as a newcomer.
Many thanks
Title: Re: Something for the weekend
Post by: ElvisChute on June 23, 2020, 02:43:15 PM
Just a quick one for the weekend as you guys study the basics to gain a foundation of trading here is the link
Thanks for the link. I watched some of the other videos you posted as well and its sad that some idiots feel they have to troll you. There are loads more people who appreciate what your offering you time for so please dont let the few mugs stop you.
Title: Re: Something for the weekend
Post by: Kim on June 25, 2020, 07:14:10 PM
Hi again!
I'm enjoying  watching  the videos just to see live trades running. Beats just reading  about it and interesting  to see how some trades move against  you before  turning  around  and going back in your  favour. I think  a lot of inexperienced  traders would  panic when it starts going wrong  and close  the trade with  a  loss. Because  of that, would  it be useful  for an inexperienced  trader to open a trade with stop and target in place  and then  switch  their pc off so they aren't  tempted to close it early?
Title: Re: Something for the weekend
Post by: thescruff on June 28, 2020, 07:16:30 PM
Could be a stupid thing to do , but being asked to trade the London Break out next week , 1 market 1 style win or lose. Will post each day and do a summary on Sat  ;)
Title: Re: Something for the weekend
Post by: Caesar on June 29, 2020, 08:15:18 AM
Is that something  one of your subscribers  has suggested  to you?
Title: Re: Something for the weekend
Post by: Kim on June 29, 2020, 09:17:33 AM
Could be a stupid thing to do , but being asked to trade the London Break out next week , 1 market 1 style win or lose. Will post each day and do a summary on Sat  ;)

Looking forward  to that. Will this be on your channel  live as well?
Title: Re: Something for the weekend
Post by: thescruff on June 29, 2020, 02:48:00 PM
Is that something  one of your subscribers  has suggested  to you?

Hi Yes in the comments I was asked if I would try it , explained here

https://www.youtube.com/watch?v=pW2xY8RWAzo

Might need a beer and a Jack for this one never mind the coffee
Title: Re: Something for the weekend
Post by: thescruff on June 29, 2020, 02:48:54 PM
Looking forward  to that. Will this be on your channel  live as well?

Hi be uploaded each day of the trade Mon through Fri
Title: Re: Something for the weekend
Post by: ElvisChute on June 29, 2020, 04:48:07 PM
Is that something  one of your subscribers  has suggested  to you?

Hi Yes in the comments I was asked if I would try it , explained here

https://www.youtube.com/watch?v=pW2xY8RWAzo

Might need a beer and a Jack for this one never mind the coffee

Hey Scruffy, terrific  video.
I will  make a point of watching these, although the start of the London session is a bit early for me.
Stay cool and good  luck to you man
Title: Re: Something for the weekend
Post by: thescruff on June 30, 2020, 11:04:30 PM
Stay cool and good  luck to you man

Scruff still in the building , thank you very much :-)
Title: Re: Something for the weekend
Post by: Pipstar on July 01, 2020, 11:26:02 AM
Hi Scruffy.
I watched yesterday's video. I think I might have cried if that had been me. Love how you just brush it off and  move on. I  guess that's why your a successful full time trader and I'm not.
I'll be cheering you on for the rest of the week, more so as you're doing it for a good cause.
Title: Re: Something for the weekend
Post by: thescruff on July 01, 2020, 03:59:24 PM
Love how you just brush it off and  move on

As long as part of a plan and in the risk tolerance , no need to stress. If stress than the position size is to risk is to big. With that said thou every loss is still a kick in the nuts
Title: Re: Something for the weekend
Post by: eddieb on July 02, 2020, 04:30:16 PM
Love how you just brush it off and  move on

As long as part of a plan and in the risk tolerance , no need to stress. If stress than the position size is to risk is to big. With that said thou every loss is still a kick in the nuts

Nice to see you turned it around yesterday. I'll  catch day 3 later this evening, good luck
Title: Re: Something for the weekend
Post by: Sharkie on July 02, 2020, 05:10:20 PM
Hello @thescruff

Enjoyed the first 3 videos, might need to rewatch to make sure I understand about scaling and boxing.
Pleased you're in profit. Understand what you mean about trading Non farm tomorrow,  clearly you're not comfortable with it so fingers crossed. Will you widen your stops to give you more  breathing space, or leave them as they are?
Title: Re: Something for the weekend
Post by: thescruff on July 02, 2020, 05:41:03 PM
breathing space, or leave them as they are?

I pull into risk free or be out the market as anything can happen ,its the 1 event that can catch any stop if not careful
Title: Re: Something for the weekend
Post by: eddieb on July 03, 2020, 05:01:54 PM
Hi Langers.

Just watched day 4, congrats on a great result. Hope all goes well for day 5 and will watch the video when its uploaded.

Namaste
Title: Re: Something for the weekend
Post by: thescruff on July 03, 2020, 05:42:36 PM
All done , being a good week
Title: Re: Something for the weekend
Post by: Caesar on July 04, 2020, 01:26:51 PM
Terrific result Scruffy, and some good lessons
Title: Re: Something for the weekend
Post by: thescruff on July 05, 2020, 10:26:32 AM
Just my job lol  :)
Title: Re: Something for the weekend
Post by: ElvisChute on July 05, 2020, 04:10:36 PM
Just my job lol  :)
And a great job you've done.
Many thanks for the videos, enjoy your Sunday
Title: Re: Something for the weekend
Post by: Kim on July 06, 2020, 12:56:54 PM
Thanks from me too!
Have you anything planned for this week or going back to normal?
Title: Re: Something for the weekend
Post by: thescruff on July 06, 2020, 06:14:00 PM
I was looking at small position sizes today
Title: Re: Something for the weekend
Post by: eddieb on July 06, 2020, 10:04:23 PM
I was looking at small position sizes today

Watching some of your videos, I was surprised that your initial targets were so small (10 pips or so). I think I  expected full time traders to be pulling in 50/60/70 pips at a time, shows the difference between trading mini lots and larger positions.
Title: Re: Something for the weekend
Post by: thescruff on July 07, 2020, 08:13:11 AM
All depends on the set ups , interday I want to be in and out safe so between 10 and 30 pips or a third of the ATR is fine. The trouble will most losing traders is greed they swing for the fences to much and blow up, if swing trading then the target is 50+ but ultimately just looking for what the market can give without being greedy
Title: Re: Something for the weekend
Post by: eddieb on July 07, 2020, 08:23:27 AM
The trouble will most losing traders is greed they swing for the fences to much and blow up,
Cant dispute that, I've been guilty of it in the past more than once.
Title: Re: Something for the weekend
Post by: PipMeHappy on July 09, 2020, 02:28:53 PM
Just a quick one for the weekend as you guys study the basics to gain a foundation of trading here is the link some of you guys have asked for to all the vids on my channel The Scruffy Trader.

All in easy to understand language breaking trading into bite size chucks in real time, hopefully it can help some of the new traders or just give a talking point for the forum.

Do what you love and the money will follow

https://www.youtube.com/channel/UCC5gLHCPz_49xt2CDraKCnQ

Kind Regards

Langers

The Scruffy Trader

Great videos, Scruffy, you are out there doing it for real, no fancy penthouses or palm trees haha
Title: Re: Something for the weekend
Post by: thescruff on July 09, 2020, 05:56:02 PM
Nope just my job , I do know some rich guys from trading and none flash the cars etc. You might get glimpses of mine but that is just luck of the camera. Treat it as a job and pays as job
Title: Re: Something for the weekend
Post by: Sharkie on July 09, 2020, 07:49:08 PM
I have just caught up on your video, impressive performance!
Sure looking forward to your next series or challenge. Will watch your other video in the next few weeks.
Stay safe all
Title: Re: Something for the weekend
Post by: Kim on July 10, 2020, 02:32:52 PM
i have REALLY liked watching your videos, i am about halfway through them all.
incredibly open and honest, touching at times when some fool has posted rubbish on your comments. ill never understand that mentallity.
 :D
Title: Re: Something for the weekend
Post by: Magyar on July 14, 2020, 04:38:24 PM
Hello Scruffy.
I was watching another of your videos when it hit me- you could have called yourself Darth Trader. It would have been perfect
Thank you for your time and videos I am learning a lot from them
Title: Re: Something for the weekend
Post by: Pipstar on August 06, 2020, 02:02:56 PM
Can I ask you a question @thescruff
I understand that you scale out of trades but Im sure Ive read or heard about scaling in. Is that a 'thing' or am I imagining it? It just seems counter-intuitive to me since, as price is already moving in the direction you want, each new entry would have less chance of success than past entries at earlier levels. Does that make sense?
Title: Re: Something for the weekend
Post by: thescruff on August 06, 2020, 02:22:39 PM
Over the years I have tested many different ways and for me scaling out makes perfect sense be it scaling with profit but I also scale out of loss , nobody knows how far a market will go so taking bits off as it moves means you are paid and reducing risk all the time. Yes if you hold to full target you may earn more but the chances of this are low so at the end of the week the scales out give better returns every time for me.

There is a theory for longer term trades of scaling in to positions as the trend emerges , ie every pullback if stays above  200MA add a little more , building a position. Great for investment but not sure how good on interday trading   
Title: Re: Something for the weekend
Post by: Pipstar on September 07, 2020, 04:07:07 PM
Thank you Gary. You've explained it really well here and on YouTube and I get it now. I like the idea of leaving a small portion on after you've cashed most of the trade, just in case it goes mental overnight.  :)
Title: Re: Something for the weekend
Post by: Magyar on September 08, 2020, 02:29:42 PM
Even with my tiny $10 account I can scale. Maybe make 5c, then 10c on a trade. Not very much money but it all add up
Title: Re: Something for the weekend
Post by: PipMeHappy on September 29, 2020, 07:44:11 PM
Over the years I have tested many different ways and for me scaling out makes perfect sense be it scaling with profit but I also scale out of loss , nobody knows how far a market will go so taking bits off as it moves means you are paid and reducing risk all the time. Yes if you hold to full target you may earn more but the chances of this are low so at the end of the week the scales out give better returns every time for me.

There is a theory for longer term trades of scaling in to positions as the trend emerges , ie every pullback if stays above  200MA add a little more , building a position. Great for investment but not sure how good on interday trading

I agree with the last paragraph 100 percent...
Title: Re: Something for the weekend
Post by: eddieb on October 02, 2020, 04:31:42 PM
@thescruff  Ive enjoyed your 500 account series this week, would have been useful for a few of our guys & gals on here.
Did you continue trading it today, or did you close after Thursdays trades?
Title: Re: Something for the weekend
Post by: thescruff on October 02, 2020, 05:14:21 PM
Just finishing the last days vid , should be ready in a couple of hours
Title: Re: Something for the weekend
Post by: eddieb on October 14, 2020, 08:12:09 AM
Hi @thescruff
I know you're into Star Wars,  not so sure about Star Trek, but I  saw this on Amazon Prime Day sale and thought about you. Have you ever had one if the Haynes Workshop Manuals, I had them for the first couple of cars I owned.
Title: Re: Something for the weekend
Post by: Kim on October 15, 2020, 05:38:03 PM
I saw in one of @thescruff videos that you use a spread betting account.
How does that differ from a fx account? Is it just the tax difference or are there other differences?
Sorry if seems a dumb question but I can't see why everybody wouldn't use spread betting
Title: Re: Something for the weekend
Post by: PipMeHappy on October 15, 2020, 07:41:57 PM
I saw in one of @thescruff videos that you use a spread betting account.
How does that differ from a fx account? Is it just the tax difference or are there other differences?
Sorry if seems a dumb question but I can't see why everybody wouldn't use spread betting

@Kim there is no real difference except that the UK government classes spread-betting as gambling therefore under the same token you are both untaxed on capital gains and not compensated in the case of losses exceeding initial investment: for example, in the case of the broker going bust due to a flash crash (like Alpari did with the Swiss currency crash recently), you would get nothing from the financial compensation scheme.

However, if you made your spread-betting activity full-time and/or main source of income, HMRC would certainly like to take some tax off you, so the tax-free element would not apply in those cases.

I hope this helps.