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New Trading System.... Please comments

  • #1
  • First Post: Jan 29, 2007 12:55am Jan 29, 2007 12:55am
Dear Fellow Forex Trader....

I was looking at couple of system and thought a lot about KISS ( keep it simple stupid ). The best system which i like is SRDC...... ( it give you consistent PIPS )....

I came up with following system which i manually backtested ( and still doing it ), which gave consistent pips..

I am totally newbie ( may be i miss somethin in Manual Backtested )

The system is as follows:

Example is from USD/JPY Daily charts :

on 28/01/07 USD/JPY close at 121.47 and then it open at 121.46 , place both order for 1 lot for sell and 1 lot for buy at 121.46 , with stop loss of 5 pips for both order.

While backtested manullay, it has made consistent pips.

I am completely new bie, please fell free to constructively criticise or improvise the system.

Also, i would like people liek Steve or Orange Roshan to comments on this system.

If some one have already mention this system, then I really apologize as i had no intention of copying his or her system . .

Thanks ...
Thanks and Regards Zamir M Iqbal
  • #2
  • Jan 29, 2007 2:56am Jan 29, 2007 2:56am
Hello

I read through your posting and am interested in reviewing your trading system but I cannot find it on your posting.

Thanks.
  • #3
  • Jan 29, 2007 3:15am Jan 29, 2007 3:15am
Dear Petrasoft

Actually the system is to place both buy and sell order at opening of next daily candle with 5 pip profit take. Since the daily range of any pair is more than 40 pips, your profit target will hit both ways.

I hope this is clear. If not, pelase let me know.


Zamir
Thanks and Regards Zamir M Iqbal
  • #4
  • Jan 29, 2007 3:38am Jan 29, 2007 3:38am
Quoting zamiriqbal

Actually the system is to place both buy and sell order at opening of next daily candle with 5 pip profit take. Since the daily range of any pair is more than 40 pips, your profit target will hit both ways.
Yes you are right, almost every day you will earn 10 pips, but still you have unlimited loss. And there will be days when a loss will come eliminating the most of your profits like the one you can see in the pic I posted. And remember the spread is always working against you. My advice is to use a filter or place your orders around S/R lines.

Anyway never give up and keep trying!
Attached Image
  • #5
  • Jan 29, 2007 6:23am Jan 29, 2007 6:23am
Dear Jimmy Joe

You are right, i am still looking into it to filter out bad trades.

thanks for comments though.
Thanks and Regards Zamir M Iqbal
  • #6
  • Jan 29, 2007 8:05am Jan 29, 2007 8:05am
1. slow stoch setting on 14,3,3 only trade with it & it will save your bacon 85% of the time.

2nd use the parabolic Sar one timeframe 1 lower then you are trading & a gain only go with it . ie. if you are trating days go 4 hours or even 1 hour ,

if you use these two filter I think it might work
  • #7
  • Jan 29, 2007 11:01am Jan 29, 2007 11:01am
Quoting zamiriqbal
Dear Fellow Forex Trader....

I was looking at couple of system and thought a lot about KISS ( keep it simple stupid ). The best system which i like is SRDC...... ( it give you consistent PIPS )....

I came up with following system which i manually backtested ( and still doing it ), which gave consistent pips..

I am totally newbie ( may be i miss somethin in Manual Backtested )

The system is as follows:

Example is from USD/JPY Daily charts :

on 28/01/07 USD/JPY close at 121.47 and then it open at 121.46 , place both order for 1 lot for sell and 1 lot for buy at 121.46 , with stop loss of 5 pips for both order.

While backtested manullay, it has made consistent pips.

I am completely new bie, please fell free to constructively criticise or improvise the system.

Also, i would like people liek Steve or Orange Roshan to comments on this system.

If some one have already mention this system, then I really apologize as i had no intention of copying his or her system . .

Thanks ...

Hi...
thanks for sharing..
I have question,
1. what time should we put the order ?
2. in what pair it works ?
3. Stop loss and target is 5 pips ?
  • #8
  • Jan 29, 2007 2:14pm Jan 29, 2007 2:14pm
Simply the both may stopped !!!!!
That is a High Probabilty senario

~Walid
  • #9
  • Jan 29, 2007 3:06pm Jan 29, 2007 3:06pm
Quoting zamiriqbal

on 28/01/07 USD/JPY close at 121.47 and then it open at 121.46 , place both order for 1 lot for sell and 1 lot for buy at 121.46 , with stop loss of 5 pips for both order.

While backtested manullay, it has made consistent pips.

I am completely new bie, please fell free to constructively criticise or improvise the system.

Thanks ...
Please take into account spread (for example 3 pips) - you should add it to your position, so SL = 5 pips will be closed after 2 pip move against you.

So in order to get 5 pips the move should be 8 pips in your direction (example - long position on buy chart, or short on ask).

Have a nice day...
Quidquid latine dictum sit altum viditur
  • #10
  • Jan 31, 2007 12:11am Jan 31, 2007 12:11am
Thanks DOTTORE..

Quoting dottore
Please take into account spread (for example 3 pips) - you should add it to your position, so SL = 5 pips will be closed after 2 pip move against you.

So in order to get 5 pips the move should be 8 pips in your direction (example - long position on buy chart, or short on ask).

Have a nice day...
Thanks and Regards Zamir M Iqbal
  • #11
  • Jan 31, 2007 12:33am Jan 31, 2007 12:33am
I believe there is something called "its TOO simple stupid". Not really, I just made it up. Anyway, this is a disaster in the making. If you use reasonable stops your winrate drops to zero due to the loss bias introduced by the spread. With a 5 pip stop, a 5 pip takeprofit, and the 2 pip spread, the system would have a built in loss bias around 71%.

If you don't use stops, you'll have a huge winrate, but it will all vanish on that off day when the market opens and never looks back.

I would scrap this whole idea and look for something else. Try and find something that has at least a 20 pip stop and 20 pip takeprofit. In that scenario the loss bias due to the spread is around 19%, which you can overcome with a decent entry.

Good luck.
  • #12
  • Feb 1, 2007 2:39pm Feb 1, 2007 2:39pm
Quoting zamiriqbal
Dear Petrasoft

Actually the system is to place both buy and sell order at opening of next daily candle with 5 pip profit take. Since the daily range of any pair is more than 40 pips, your profit target will hit both ways.

I hope this is clear. If not, pelase let me know.


Zamir

Dear Zamir
I got your system and it is a good trading skill.
Thanks
petrasoft
  • #13
  • Last Post: Feb 3, 2007 8:58am Feb 3, 2007 8:58am
http://www.forexfactory.com/showthread.php?t=16043

Please review this .

Thank you
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