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Abokwaik replies to PMs 95 replies

Hanover - can you help me with MT4 qs please? 4 replies

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Hanover replies to PMs

Quoting ReverseFlash
Hey David. Another fan of your posts here. Right now, you're the 2nd most suscribed member on FF (1008), and I think at some point maybe you will overpass Gatorinla (1162). Won't they send you a T-shirt or somethig? LOL Good Luck! RF.
LOL. If a dumbass trader like me can make it to the top of the membership rankings, that tells me not to take the rankings too seriously.

But thanks anyway, and good luck to you also.
I rarely have time be online now (kids, ya know) but every time I do I read your posts. Reason has very few voices here and you play a very important role. I am amazed at how many times you have been able to respond patiently to threads about "this martingale is different" or "reverse this losing system to make it profitable", those just drive me crazy mate.

Just wanted to say, all people with high rankings don't deserve theirs, but you definitely deserve yours! Cheers!
Quoting Rmk90
...
"Now for the logical part, since you are a hotshot in trading and are all over the news, why are you here offering 1 hr sessions for 200$ at the first place? Should't someone like you be making much more than that by trading your own money? Why waste your valuable time on us, the noob traders? You want to help other's be successful like you, well you could do that for free. I don't see any other legit successful traders ( like Warren Buffet ) offering any Skype sessions for any flat rate no matter how expensive that would be. You know why? Because those kind of people are busy doing actual trading, not posting on forums begging for 200$ sessions on how to beat the markets."

That type of question is frequently asked of vendors. In my view it is too simplistic. The idea that an expert trader effortlessly extracts a consistent income from the market without any difficulty, personal cost, self-doubt or emotional stress is a total misconception. For example, you mention Warren Buffett. I read here that he lost 11 billion during July/Aug 2015. Now if somebody with Mr Buffett's knowledge and experience occasionally suffers those kind of losses, what hope is there for the 'average' expert?

The fact is that, no matter how good a trader you are, every strategy has its limitations, and markets can move unpredictably. Hence there will always be periods that don't suit your strategy, and how much or little you lose depends largely on your risk management. But during the periods you suffer a negative income, you still have your regular bills to pay. Ideally you need to diversify your income, and provided that you're overall profitable and the knowledge and info you share is helpful, there's no reason why you shouldn't accept students and charge them a fee. Anybody who suggests otherwise is probably a freeloader -- somebody who expects that the world owes them a living. Having a risk free backup income is a sensible measure, and providing education is one possible solution.

That said, the vast majority of 'education' is worthless, propagated by folk who don't know how to trade profitably, and skepticism toward vendors in general is IMHO fully justified. I suspect that most of the systems being promoted in the commercial forum are ineffectual and, if traded for long enough, would lose money.
  • Post #764
  • Quote
  • Edited at 3:55am Aug 22, 2017 3:41am | Edited at 3:55am
The following is in reply to an e-mail that I received. Please note that I am not a pro trader, I merely run a couple of small accounts and experiment with EAs and semi-auto trading as one of my hobbies. The essay below reflects my current understanding; anybody, please feel welcome to correct any parts that are wrong. Thanks.


ORDERFLOW BASICS

See the diagram below. The numbered points 1,2,3 correlate to the numbered areas in the diagram.

LIQUIDITY POOLS AS A MAGNET

1. Amateur money (AM) buys at either A (anticipating a possible bounce off prior support) or B (bounce supposedly confirmed) but frequently gets stopped out at C, after which price travels in the desired direction to X. Professional money (PM) buys at C with stoploss at D and target at X.

Rationale: a huge pool of sell orders exist in the shaded area at C (both SLs from AM that have bought at A or B, and also AM sellstops anticipating a downside breakout at C). PM uses these sell orders for liquidity to buy heavily at C, driving price upward thereafter.

[Note: if price doesn't fall to reach C to fill your buy order, a missed trade is better than a loss! Sometimes price does turn upward at A or B. This can be due to AM buy limit orders (see above) and also traders who sold at Z taking their profits before the possible bounce at A (prior support).]


2. AM buys into breakout at Y, and gets faked out. PM buys at X and exits at Y.

Rationale: as a mirror of the previous example, PM is looking to sell into the buy order liquidity that exists in the shaded area at Y. Therefore price will likely be driven upward from X into Y, before it gets sold downward. Also there is AM that sold at Z and will want to exit before their trades become a complete loss, hence they will be exiting (buy orders), further driving price toward Y.

Market makers (MMs, i.e. non-speculative participants who make their money from spreads and commisisons) profit maximally where greatest volume/liquidity lies, hence they tend to withdraw liquidity to allow price to move more freely toward the larger liquidity pools, causing further drift toward the shaded areas.

Bookmap charts can be used to highlight liquidity pools.

Buying at C (and selling at Y) give PM a chance to enter near the extreme/best price and can lead to potentially high RR trades.


TRAPPED TRADERS

3. AM buys at P, and/or sells downside breakout at Q. PM sells at S with target at or beyond T.

Rationale: Trapped AM that bought at P, and then endured stress as price subsequently fell, now exit their trades (sell orders) at BE in great relief, creating a flurry of selling at S, driving price downward. There is also PM who are aware of this, selling here also, adding to the 'self fulfilling prophecy'. This pattern is commonly known as 'flipover' or 'turncoat' SR. The mirror image also applies (prior resistance becomes support).


NOTE: These scenarios don't always play out -- obviously markets are a mix of competing drivers playing tug-of-war against each other -- but they can be used to give the savvy trader a starting point toward obtaining an 'edge'. For example, note how examples 1 and 3 tend to contradict each other, i.e. if there is no PM at C to drive price upward, then C becomes like S in example 3, i.e. price is likely to fall from S. But PM still makes a BE or even a small profit by buying at C and exiting at S.

The key is thinking: where does AM make their entries, place their stoplosses, take their profits? What types of orders are these (buy or sell)? These potentially create liquidity pools for the PM to exploit, and the MMs to target, making it possible for the savvy retail trader to trade as PM.
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HI Hanovar,

I need your help.

I want to edit ,save and compile mql 4 file to modify some alert parameters.

Is there any link step-by-step tutorial on how to go about it?

Grateful if you can provide information.

Thank you
Practice makes a person perfect
Golden 88 Pips Today: na
Quoting simnz
HI Hanovar, I need your help. I want to edit ,save and compile mql 4 file to modify some alert parameters. Is there any link step-by-step tutorial on how to go about it? Grateful if you can provide information. Thank you
I do my coding in build 509. Assuming your indicator was written using build 600 onward, my knowledge is hazy, but I think you need to do the following:

The indicator (MQ4 file) should be in the ..../MQL4/Indicators folder. That means it should show in MT4's Navigator tree under the 'Indicators' section. Find it, right click and select 'Modify':
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That should load the source code (MQ4 file) into the MQL4 editor. Make the necessary changes to the code (which depends on how the code was written, and how you want the alerts to operate), then click the 'Compile' button:
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If there are no errors in your syntax, you should see the following:
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If there are errors, you'll need to fix the syntax, and then click 'Compile' again.

If there are no errors, drag the indicator onto your chart in the usual fashion. If your coding logic is correct, the alerts will work correctly. If you need help with getting the logic right, you'll need to find another programmer to help you, as I don't use the build 600+ language.


Note: Jim Dandy has developed some material (including YouTube videos) on MT4 coding. I don't know how good it is, but it's easy found using Google. Those are the only tutorials that I'm aware of.
Thank you so much for your assistance.

It helped me a lot.

In the meantime, I found a pdf file also useful for novices like me. I am attaching it for reference.
Attached File
File Type: pdf MT4 Editing Instructions.pdf   204 KB | 4,132 downloads
Practice makes a person perfect
Golden 88 Pips Today: na
Quoting hanover
{quote} That type of question is frequently asked of vendors. In my view it is too simplistic. The idea that an expert trader effortlessly extracts a consistent income from the market without any difficulty, personal cost, self-doubt or emotional stress is a total misconception. For example, you mention Warren Buffett. I read here that he lost 11 billion during July/Aug 2015. Now if somebody with Mr Buffett's knowledge and experience occasionally suffers those kind of losses,...
I have nothing against people who "sell" their "knowledge" about trading as long as they provide some kind of backing to his claims with a FF Live Trade Explorer, Myfxbook or any other kind of verificable track record for longer than 1 year and certain amount of trades, nevertheless this guy in specific is charging you $200 for something that he will do in the future?

Quoting profedu2001
{quote} I expect you to criticize the current account going forward.
Crucify me when it does not match my claims and I will bow in shame Lastly,
I may have mastered the art of trading, but I cannot claim that I am super rich YET.
Why should I pay him for something he hasn't proved yet?

$200 may be nothing to you, but $60 is the minimum wage per month in Niger.

I didn't mean to be demagogic but anyway this is FF
Quoting ReverseFlash
I have nothing against people who "sell" their "knowledge" about trading as long as they provide some kind of backing to his claims with a FF Live Trade Explorer, Myfxbook or any other kind of verificable track record for longer than 1 year and certain amount of trades, nevertheless this guy in specific is charging you $200 for something that he will do in the future?
I wasn't specifically targeting the gent who was selling info for $200.
I was merely attempting to answer the general question: "why would a genuinely profitable trader sell education as a sideline?"

Incidentally, according to this post, myfxbook is not necessarily reliable.
  • Post #770
  • Quote
  • Edited at 8:19pm Aug 22, 2017 7:38pm | Edited at 8:19pm
Quoting hanover
{quote} I wasn't specifically targeting the gent who was selling info for $200. I was merely attempting to answer the general question: "why would a genuinely profitable trader sell education as a sideline?" Incidentally, according to this post, myfxbook is not necessarily reliable.
Hi, yes sorry but that Nigerian guy really pissed me off
-------------

I agree with you that possibly a true succesful trader may teach and charge to overcome his cost of living while his trades are in drawdown.

Maybe I'm wrong but I think what people here do, is confusing a trader with an investor.

Ex: Using Warren Buffet as a reference to FX trading.

----------

Myfxbook not reliable, I think it's not surprising at all.

Did you ever come across a guy here called Adam. ?

https://www.forexfactory.com/adam. (this link only directs you to the guy I'm talking about if you write the point in the end: Adam.

He had an account with a "broker" called -Gainsy- and he linked a "Live Trade Explorer", showing he had more than $20 millions.

He gained a lot of FF followers...

One day suddenly his "live" account turned out to be a -demo- one and his membership got revoked.

------------------

I guess we can never be 100% sure.

But I would let someone trade my money if besides having a Live Trade Explorer with a "reliable broker", he/she can share some kind of information/knowledge that I may find very valuable for my personal benefit.

on the other hand, someone who shows you less than 100 trades and only bluff about how he mastered the market and picture it as a "secret", I cannot trust this kind of person.

-------

Nice to discuss here in your thread, I consider you a very wise person
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Quoting ReverseFlash
Did you ever come across a guy here called Adam. ?
Sorry, I'm not familiar with him. Perhaps his story suggests that Trade Explorers can also be faked?

Quote
Using Warren Buffet as a reference to FX trading.
I think most people would see WB as an "investor" rather than a "trader". But I wonder exactly how long one would need to hold positions in the market, i.e. where to draw the line between the two activities? In the country where I live (New Zealand), there is currently no capital gains tax (i.e. one can freely "re-balance" an investment portfolio), and -- at the other end of the spectrum -- "gambling" wins are also tax free, but any kind of "trading" that forms part of "systematic" income is taxable. An interesting oddity.

I don't know if it's still the case, but in the UK spread betting used to be tax free for UK citizens -- even if income earned was systematic -- while gains made on trading CFDs was taxable. Yet both are effectively taking leveraged positions on a financial instrument. One might as well spread bet to avoid the tax.
HI Hanover... Quick question.. Im learning to code-- and am STUCK! .. Are you ever available to code? Im happy to pay .What i want is easy and i have all the logic(wanting to add a sequencer to my EA Template--like martingale but different).. You dont have to figure out "i got a idea" kind of stuff.. Its simply a sequence that if a trade is open we do x if not we do y or if TradeSequence() is not true we just use normal trades without sequence stuff..

Hope that makes sense and hope it was cool to post this here.. Thanks..
Quoting mtbb
HI Hanover... Quick question.. Im learning to code-- and am STUCK! .. Are you ever available to code? Im happy to pay .What i want is easy and i have all the logic(wanting to add a sequencer to my EA Template--like martingale but different).
Hi, I apologize for answering in place of Hanover.

Maybe he will try to help you.

But he has stated many times that no longer code for others, not even for a fee.

Quoting hanover
{quote}"I may have a need for your skills" -- please note, I no longer code EAs for other traders, not even for a fee. Reasons here (especially the text in blue typeface), just a general comment after wasting my time coding and testing EAs for more than 20 highly vouched FF members, all of whom (wrongly) insisted their systems were long-term profitable; hence please don't take it personally.
[quote=hanover;10217794]{quote}Perhaps his story suggests that Trade Explorers can also be faked? {quote}

Indeed

Quoting hanover
{quote} I think most people would see WB as an "investor" rather than a "trader".
Yes, that would be the common thinking, but I see many FF posts of this style:

"I don't see any other legit successful traders ( like Warren Buffet ) offering any Skype sessions"

Quoting hanover
{quote}In the country where I live (New Zealand), there is currently no capital gains tax (i.e. one can freely "re-balance" an investment portfolio), and -- at the other end of the spectrum -- "gambling" wins are also tax free, but any kind of "trading" that forms part of "systematic" income is taxable. An interesting oddity.
I don't have much knowledge about taxation since I haven't come to that point with my "trading".

I just hope, not to end up like PoundTrader: https://www.forexfactory.com/showthread.php?t=528430

But it is a dream I have: earning the sufficient income to be able to move to New Zealand , seems like a pretty nice country .

-------------

Changing the subject, can you please comment on this thread I created in the ML, I thought other members were going to be more interested about it, but it seems they just care about what it's posted in the -Trading Systems- Section.

Twee PM'ed and thanked me for the feedback, but I'd like to know what other members think about it and in what points they disagree.

https://www.forexfactory.com/showthread.php?t=693106

You have more than 10 years experience in trading forums , so I'd appreciate your feedback.

------------

Thanks and Have a Good Day!

RF.
  • Post #775
  • Quote
  • Edited at 1:28am Aug 24, 2017 12:05am | Edited at 1:28am
Quoting mtbb
Are you ever available to code? Im happy to pay.
Sorry, but I no longer have the time or motivation to code other traders' ideas.

Quoting ReverseFlash
can you please comment on this thread I created in the ML
I went through a period where I wanted to see FF improved, but I've since come to realize that it was my own expectations that needed changing. Forums are what they are, and it will always be that way. They can never provide quality education, given that the vast majority of contributors lose; and unless the moderators are expert traders themselves, their censorship will be just as inadequate as the posted comments. I don't believe myfxbook is the answer, as results can be too easily contrived.

The best that forums can do is provide a source of ideas (like I attempted to do back in post #764). It is then down to readers to test these for themselves, to learn their strengths and weaknesses, and under what conditions they provide potential bias/edge (or not); and then possibly develop them further as their personal philosophy dictates.

Well, you did ask for my opinion.......
Quoting hanover
{quote} I've since come to realize that it was my own expectations that needed changing.
Quoting hanover
{quote} Forums are what they are, and it will always be that way. can never provide quality education, given that the vast majority of contributors lose
Quoting hanover
{quote} The best that forums can do is provide a source of ideas It is then down to readers to test these for themselves, to learn their strengths and weaknesses, and under what conditions they provide potential bias/edge (or not); and then possibly develop them further as their personal philosophy dictates.
Well, thank you very much.

That's a very valuable opinion.

  • Post #777
  • Quote
  • Edited at 12:49pm Aug 24, 2017 12:36pm | Edited at 12:49pm
ReverseFlash and Hanover... NP and thanks anyways.. Ill find someone to help im sure.. Best to you guys..
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You won't find this image anywhere else on the internet, as I created it myself, based on my understanding of a course I just attended, that was run by an institutional trader.

The technical analyst sees only a small part of the total picture. Price charts show HOW price behaves (the EFFECT -- above the water in the image), while the underlying drivers combine in tug-of-war fashion to determine WHY (the CAUSE -- beneath the water in the image). Because the cause always precedes the effect, TA/PA is lagging.

All TA/PA is derived from price data that has already occurred. Some folk believe that PA is leading. But (for example) by the time a pinbar on a 1 hour chart has formed/closed, its extreme price has been left behind -- and even an indicator-based crossover (on a shorter TF) might have given an earlier signal.

In my 11 years of FX, perhaps the best chart-based tool I've found is S/R (or S/D zones, if you prefer). Now I know the reason: it is caused by institutional orderflow, that seeks to exploit vagaries in liquidity.

Is it possible to profit from TA alone? Absolutely YES. The money manager here uses TA. But TA practitioners are nonetheless at a disadvantage, in that TA/PA lags price, and price itself lags its drivers, in an industry where speed of access to quality info can provide a competitive advantage.

Some of the tools used by institutions are available to retail traders. For example, charts like OFA, footprint and bookmap get the trader one step nearer the action, by providing a liquidity map. A lot of algo-based trading is based around liquidity imbalances, for the obvious reason that heavyweights seek best-price fills with the least slippage. And if many large institutions trade according to same principles, then their actions will likely have a cumulative effect, creating repetitive and potentially exploitable patterns.
Quoting hanover
{image} You won't find this image anywhere else on the internet, as I created it myself, based on my understanding of a course I just attended, that was run by an institutional trader. The technical analyst sees only a small part of the total picture. Price charts show HOW price behaves (the EFFECT -- above the water in the image), while the underlying drivers combine in tug-of-war fashion to determine WHY (the CAUSE -- beneath the water in the image). Because the cause always precedes the effect, TA/PA is lagging. All TA/PA is derived from price...
thank you, that is next level trading and thinking.
Good Morning Hanover, I find your explaination simple and easy to absorb especially your Order Flow basics. Hope you can give us based on your understanding, further elaboration with matching graphical representation( if its not too much a request). Is Market Profile same as Footprint you described above?

Thank You and more power.
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