Hello fellow traders. After long time lurking and reading countless thread here, on ET, i've decided to start my scalping journal. I trade for 6 years now with mixed results. I hold some long-term ETF portfolio, and want to master short term trading. Why 6E? 6E is one of the most liquid futures contracts here. Also i live in Europe, so i can trade London session comfortable. My goal is to trade 3-4 hours a day and produce positive result of 10% per month. Approach I trade simulated account for 2 consecutive profit months with R 10. For simple measurement R will be 1% and 8 pips. My max stop loss in every trade will be 10 pips (normally 8), which represents 1,25R. Max stop for the day is 3R. (24 pips) Profit targets = 1,5-2R. Trading hours 7AM - 11AM London time. I will trade in direction of 5 min trend. Also i use 1 min chart and 3 range bar chart, for fine tuning entry. I use basic MA indicators, 21EMA (close, high, low), 34 EMA close. Starting period 2 June. Let's start.
I guess this journal never quite got off the ground. However I'm interested in following, if you decide to pick it back up. I live in California, and these past two weeks have been staying up at night and paper trading the London open. Schedule-wise Europe's open works best for me, and the 6E seems to be the best available instrument to trade at that time. And if there's anybody else who's trading the 6E at this time, I'd be interested following as well. Once I go live, I'll contribute too.