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  • #81
  • Sep 24, 2017 8:54pm Sep 24, 2017 8:54pm
Quoting 9jatrader
{quote} Do you need stories of successful traders before you become successful, or you need strategy??????
I wish to put the record straight as to the reason why I started this thread is for those who claimed that they are successful is to prove that they are what they claimed to be. Its perfectly ok with me if they don't want to do it.

I don't want anyone to come here to distort this fact and cast all sort of aspersions. I REPEAT I do not wish or have an iota of need for anything else beside the above fact.
The next one to come here with other agenda or try to deviate from this fact will be banned from this thread.

Up to date there is still no taker yet. That remains the fact.

GS
  • #82
  • Sep 30, 2017 9:45pm Sep 30, 2017 9:45pm
Ok today I am going to move away from traders and discuss more about robust trading methodology.or system. There are essentially (5) criteria needed of a system which is robust enough to ensure consistent success.

1) The RRR must have a minimum of 1:2 or more. (SL cannot exceed 30 pips for EU pairs and 60 pips for other majors pairs. Other crosses could be more but I personally don't trade them so I will not discuss them.)
2) It must be clear, simple and concise and easily transmittable to any traders old and new in 5 simple steps.
3) It must immediately be able to work.
4) It must have a minimum win ratio exceeding 60%(the higher the win rate the more robust it will be)
5) It must be tradable in all market conditions.

This is my own assessment of a robust trading methodology/system. Other lesser methods can make some money from time to time but it cannot sustain continuing and consistent success for anyone to make a living out of it.

Cheers and happy trading all.

GS
  • #83
  • Sep 30, 2017 11:42pm Sep 30, 2017 11:42pm
Quoting VEEFX
{quote} I only agree with your last point. Besides, I will never ever clain myself to be a successful trader nor anyone should imo. Success is a subjective term and if one is being gauged only on historical performance or stats then historical performance cannot and will not gaurantee future returns or success. Its the fine print written all over the internet and in prospectus of all the well known hedge funds. They all have pages a d pages of disclaimers written by lawyers that no one understands. Good Luck Bro. I am done with my participation...
Hi V, I don't know how you trade and what you trade but the way I trade have to be so. Your disagreement to my criteria is your prerogative and I wish you good luck.

Cheers
GS
  • #84
  • Oct 1, 2017 4:29am Oct 1, 2017 4:29am
Quoting genghistar
Ok today I am going to move away from traders and discuss more about robust trading methodology.or system. There are essentially (5) criteria needed of a system which is robust enough to ensure consistent success. 1) The RRR must have a minimum of 1:2 or more. (SL cannot exceed 30 pips for EU pairs and 60 pips for other majors pairs. Other crosses could be more but I personally don't trade them so I will not discuss them.) 2) It must be clear, simple and concise and easily transmittable to any traders old and new in 5 simple steps. 3) It must immediately...
To make it short you want someone who trades the holy grail to hand it over to you in five simple steps... I suppose after you'll post in the Platform Tech Section to have someone to turn it into a ex4 for free.
Attached Image (click to enlarge)
Click to Enlarge Name: bottle_feeding.jpg Size: 567 KB
No greed. No fear. Just maths.
  • #85
  • Oct 1, 2017 4:43am Oct 1, 2017 4:43am
Quoting genghistar
Ok today I am going to move away from traders and discuss more about robust trading methodology.or system. There are essentially (5) criteria needed of a system which is robust enough to ensure consistent success. 1) The RRR must have a minimum of 1:2 or more. (SL cannot exceed 30 pips for EU pairs and 60 pips for other majors pairs. Other crosses could be more but I personally don't trade them so I will not discuss them.) 2) It must be clear, simple and concise and easily transmittable to any traders old and new in 5 simple steps. 3) It must immediately...
the bad news:
there might not be any system that fits to your criteria...or if there is no one will disclose it to you, for sure.

the good news:
there is plenty ways to make money, consistently, that doesnt fit into your criteria...but no one will disclose to you, cos anyway you arent open to think outside from your box.

i sincerely hope you have something great that fit all to your points.
i dont have, for sure.

but i have something that makes money. i can live with that, even if R:R never comes up as a set number, (but profit factor is what i consider instead), even is there is no set SL numbers and TP numbers, but flexible numbers only, even if it is easy to understand, but wont disclose to any random person all, though it could work immediately.
i think it could tick the win%...yay, not completely useless ( apart from being a money maker approach of course, as it is).

as for the final point,
working on every kind of market?
NO POSITION is a position too, knowing that can keep you out of trouble. working on every kind of market...why should?
no approach will be tradable in every kind of market.
there is always, always another trade!!
  • #86
  • Oct 1, 2017 5:05am Oct 1, 2017 5:05am
Quoting PipMeUp
{quote} To make it short you want someone who trades the holy grail to hand it over to you in five simple steps... I suppose after you'll post in the Platform Tech Section to have someone to turn it into a ex4 for free. {image}
Read my post and don't distort the fact. One more time you are out.
  • #87
  • Oct 1, 2017 5:13am Oct 1, 2017 5:13am
Quoting genghistar
Ok today I am going to move away from traders and discuss more about robust trading methodology.or system........
GS,

60% WR at R 2:1 = a PF of 60/40 x 2/1 = 3.00 which -- if it is robust enough to deliver over several years' worth of changing markets -- represents a massive mathematical edge. Find enough opportunities, a reputable br0ker, and maintain sufficient discipline/nerve/composure to execute consistently, and you could potentially compound a small account into millions in quick time. If the system must also be simple, mechanical, based only around TA, manage risk/drawdown sensibly, and be guaranteed to deliver over all possible future market conditions, that is a HUGE ask. At the end of post #81 you say that there are no takers; I'm not surprised.

With respect, I think you're looking at this backward, "putting the cart before the horse", by stating the performance requirements first and then looking for a system that delivers them. Admittedly I prefer discretionary rather than quantitative methods, but I would start by trying to gain a good knowledge of how and why price moves, then look for concepts -- possibly including analysis (https://www.forexfactory.com/showthread.php?p=10229305#post10229305) beyond TA/PA -- that locate potential bias, and work on developing them. Focus on mastering the process as a whole, including execution, and let your P/L take care of itself. When you're well established, and have some proven results, only then look at ways of simplifying and possibly mechanizing as much as you can, wherever it's appropriate.

Here (https://www.forexfactory.com/showthread.php?p=10183902#post10183902) and here (http://www.forexfactory.com/showthread.php?p=6350233#post6350233) are two good posts that highlight how good discretionary institutional traders think and operate. And if you don't mind some bad language, there's a 'reality check' video by ex-prop trader Tom Dante here (http://www.forexfactory.com/showthread.php?p=8810113#post8810113). IMHO all of this is definitely worth considering.

Good luck,
David
  • #88
  • Oct 1, 2017 5:14am Oct 1, 2017 5:14am
I simply dont understand why someone can come here to say that I wanted system to be disclosed to me. How can someone disclose to me my own trading system? Anyway they are out of here.

GS
  • #89
  • Oct 1, 2017 5:25am Oct 1, 2017 5:25am
Quoting hanover
{quote} GS, 60% WR at R 2:1 = a PF of 60/40 x 2/1 = 3.00 which -- if it is robust enough to deliver over several years worth of changing markets -- represents a massive mathematical edge. Find enough opportunities, and maintain sufficient discipline/nerve/composure to execute consistently, and you could potentially compound a small account into millions in quick time. If the system must also be simple, mechanical, based only around TA, manage risk/drawdown sensibly, and be guaranteed to deliver over all possible future market conditions, that is...
I am using my system to trade EU exclusively now but I don't compound and my PF is definitely not less than 3 .

Cheers,
GS
  • #90
  • Edited 6:46am Oct 1, 2017 6:19am | Edited 6:46am
Quoting genghistar
Ok today I am going to move away from traders and discuss more about robust trading methodology.or system. There are essentially (5) criteria needed of a system which is robust enough to ensure consistent success. 1) The RRR must have a minimum of 1:2 or more. (SL cannot exceed 30 pips for EU pairs and 60 pips for other majors pairs. Other crosses could be more but I personally don't trade them so I will not discuss them.) 2) It must be clear, simple and concise and easily transmittable to any traders old and new in 5 simple steps. 3) It must immediately...

Hey Genghis,
I also wish there was more transparency among successful traders (not disclosing their methods, obviously, but revealing their relative success). It's hard not to be somewhat paranoid when you hear (made up) stats about the failure rate of (new?) traders in general, but everybody in this thread, for example, is a successful trader. Something doesn't add up.

Anyway, here's a freebie strategy idea, for the sake of argument, that might meet your criteria. I haven't tested it. It isn't my idea (except the part to adapt it for FX). It's from Linda Raschke (who trades futures) on the Better System Trader podcast. It just came out today. So, hopefully it should give you some time before the HFT algos destroy it.

I'm calling it BeepMOOP (Best Net Percent Move Off Opening Price)
A scalping strategy

Idea from Linda Raschke on this podcast.
https://www.youtube.com/watch?v=TcytzqyUwgU
34:00-40:00 approx.

She claims that if you simply go long on the top 3 and go short on the bottom 3, you’ll have a win rate over 80%. Feel free to set stops as you please.
She mentions a tradestation indicator but can we find it for MT4/5 or can we have it made for us?
Testing required, obviously.

Also attached is a rate-of-change indicator (from https://www.forexfactory.com/showthread.php?do=postreply&t=701227) that might be useful to measure the best and worst net percent move off the open. Maybe it could be adapted to a dashboard format to better scan and find the top 3, bottom 3.
Attached File(s)
File Type: mq4 ROCv2.3.mq4   17 KB | 422 downloads
  • #91
  • Oct 1, 2017 6:57am Oct 1, 2017 6:57am
Quoting clemmo17
{quote} Hey Genghis, I also wish there was more transparency among successful traders (not disclosing their methods, obviously, but revealing their relative success). It's hard not to be somewhat paranoid when you hear (made up) stats about the failure rate of (new?) traders in general, but everybody in this thread, for example, is a successful trader. Something doesn't add up. Anyway, here's a freebie strategy idea, for the sake of argument, that might meet your criteria. I haven't tested it. It isn't my idea (except the part to adapt it for FX)....
Hey tks for the offer. It wil be inconceivable for me to trade someone else's method other than my own.

Cheers
GS
  • #92
  • Oct 1, 2017 11:50pm Oct 1, 2017 11:50pm
I remember 12yrs ago when I first learn forex I was really impressed by the likes of K.Lien Boris K Todd G Greg M cs cos I seen them pulling in 20-30 pips quite easily. Two yrs later I was less impressed when I learnt more on RRR. Five yrs into the journey I found less and lesser of those I can learn from. Seven yrs later based on my own knowledge and skill I realised there are actually more trading gurus than real traders. I got banned and ridiculed for asking hard questions like I m the most hated trader.
And finally today I stood back and look back at my past journey, I realised and saw nobody not even one zilch nada trader or guru ahead of me.
I think my journey ahead now will be just me and me alone. I really hope someday I will meet someone my match and then we will have something really interesting to discuss but until then this is my last post in this thread and cheers.....

GS
  • #93
  • Oct 2, 2017 5:24am Oct 2, 2017 5:24am
if a tree falls in the forest, does anybody hear?
  • #94
  • Oct 2, 2017 11:23am Oct 2, 2017 11:23am
Quoting grrbear
if a tree falls in the forest, does anybody hear?

I guess all of those without the curse of deafness

Did you mean "if a tree falls in a forest and there is nobody around, does it make a sound?"
I live entirely from the growth of my personal trading account
  • #95
  • Oct 2, 2017 11:49am Oct 2, 2017 11:49am
Quoting genghistar
I remember 12yrs ago when I first learn forex I was really impressed by the likes of K.Lien Boris K Todd G Greg M cs cos I seen them pulling in 20-30 pips quite easily. Two yrs later I was less impressed when I learnt more on RRR. Five yrs into the journey I found less and lesser of those I can learn from. Seven yrs later based on my own knowledge and skill I realised there are actually more trading gurus than real traders. I got banned and ridiculed for asking hard questions like I m the most hated trader. And finally today I stood back and look...
I had exactly the same path like you, literally. Only difference is that i started "only" 5 years ago. Would be nice to make a "group" of traders not necessary pro or seasoned (if, like you said and i agree, there is really one). A group where we can share ideas chart in collaborative form.

Cheers
  • #96
  • Oct 2, 2017 1:39pm Oct 2, 2017 1:39pm
Quoting GuyBaker
{quote} I guess all of those without the curse of deafness Did you mean "if a tree falls in a forest and there is nobody around, does it make a sound?"
yes thats the quote, i was thinking of the bruce cockburn song

i think it was wishful thinking or some encouragement maybe for the op and myself. where the tree that falls is the edge that is shared, but few if any are that far into the forest to notice and/or learn from it
  • #97
  • Aug 10, 2018 11:52pm Aug 10, 2018 11:52pm
Quoting genghistar
Ok today I am going to move away from traders and discuss more about robust trading methodology.or system. There are essentially (5) criteria needed of a system which is robust enough to ensure consistent success. 1) The RRR must have a minimum of 1:2 or more. (SL cannot exceed 30 pips for EU pairs and 60 pips for other majors pairs. Other crosses could be more but I personally don't trade them so I will not discuss them.) 2) It must be clear, simple and concise and easily transmittable to any traders old and new in 5 simple steps. 3) It must immediately...
Alright I would want to continue where I last left off despite all the ridicules and naysayings from many. To stop is a to admit that those naysayers are right and also a misgiving to my trading method no matter how I feel about getting bashed by doing all this. There are a handful especially Hanover and Clemmo and few others who may somehow but not completely understand where I am coming from therefore i would want to carry on so it can at least benefit some who is willing to listen and spread the understandings more.
But I have asked admin to change the thread title to a more gentler heading to ''Sign of a successful trading method" instead of the original which may have sounded offensive to some from some of the responds I received. it's never my intention to be so and if you are affected then I apologise for being insensitive and forceful in my endeavour.
Now that I have already mentioned my trading plans in my earlier posts I will now try to speak on how I execute my trade based on that plan.
1. I have an indicator in my method which clearly show when and where the topping or basing has occured or a reversal signal.
2. Then the same indicator will show the pullback area where I enter the trade with a hard 10-15 pips sl for a tp at a minimum of 30-45 pips or until the next reversal happen as indicated by the method with the same indicator. If time is not conducive when I need to rest then I might tp around the minimum RR levels especially in PA is shown to be ranging waiting for important news poised for either a breakout/breakdown. Sometimes PA can range for days or even weeks and that's where my method can effectively pick up those rangey scalp trade of 30-45 pips a few times over.
It's whole PA process is a simple daytrading method with a high success rate of over 70% and it is focus mainly on E/U pairs of which the full details I would not choose to disclose to everybody for obvious reasons.
What I can also do is to give my inputs on any trade setups which may need a second opinion of which I will gladly obliged if I am awake.
I will also make 10 live trade calls in the coming weeks based on the success criteria listed above to reinforce my point on what I posted. I truly hope other traders can join me in making those live calls to share our knowledge and hopefully sharpen our trading skills collectively. And I wish to reiterate that I am not a system vendor and never intend to be one and what I am sharing is absolutely free.
Happy trading to all

GS
  • #98
  • Aug 28, 2018 10:52pm Aug 28, 2018 10:52pm
Quoting genghistar
{quote} Alright I would want to continue where I last left off despite all the ridicules and naysayings from many. To stop is a to admit that those naysayers are right and also a misgiving to my trading method no matter how I feel about getting bashed by doing all this. There are a handful especially Hanover and Clemmo and few others who may somehow but not completely understand where I am coming from therefore i would want to carry on so it can at least benefit some who is willing to listen and spread the understandings more. But I have asked admin...
Dear GS,

I am still looking forward to what you have to teach, and appreciate your effort and time to respond to FF members like me. I have taken your most recent advice to go back to the basics and learn about the 5 points you mentioned of market types. I have attached an image to show my efforts to that tread, url to the image is : Here (https://www.forexfactory.com/attachment.php?attachmentid=2959162&d=1535089567) and the post : Here (https://www.forexfactory.com/showthread.php?p=11402591#post11402591). If you don't mind in having a quick look and offering some kind advice in regards to if I have understood or not.

I hope that you can ignore all the ridicules and naysayings, it is their choice/ actions and should not reflect on the others wanting to learn from the kind experience and knowledge you have to offer. When you say "by next reversal" does that mean you will close the trade regardless of min RR, so basically like a break even trade?

Finally, I also look forward to your live calls, I notice you have made an accurate one for EU recently. I would like to have the opportunity later to also make some live calls for you to check I am still finding my way currently, and the way I trade now; after running the numbers (to account for law of large numbers) I do not have a main profitable strategy, only have a positive run it seems. If you don't mind in continuing to offer your guidance so others like me could find it beneficial hopefully. Would you consider making a new thread for contacts as you don't seem to have messages available, apologies for posting on your threads if the content of my post doesn't fit with the main topic, I just don't know how else to contact you. Thank you GS

Kind Regards,
Tzamo
"Work hard, put in the effort, and follow your dreams..." -Me
  • #99
  • Aug 28, 2018 11:39pm Aug 28, 2018 11:39pm
Quoting tzamo
{quote} Dear GS, I am still looking forward to what you have to teach, and appreciate your effort and time to respond to FF members like me. I have taken your most recent advice to go back to the basics and learn about the 5 points you mentioned of market types. I have attached an image to show my efforts to that tread, url to the image is : Here (https://www.forexfactory.com/attachment.php?attachmentid=2959162&d=1535089567) and the post : Here (https://www.forexfactory.com/showthread.php?p=11402591#post11402591). If you don't...
Dear Tzamo,
I am heartened by your efforts in wanting to be a good currency traders and I can see you are making good progress in your understanding of the various market conditions.
Before I move on to impart the next key level of executing those trades I will need to state the followings:-
1 Your integrity and honor is paramount to me.
2 I need to also know you better as someone I can entrust my knowledge to and it will be put to a good use to benefit those who are really in need to uplift their family or love ones livelihoods.
3 You will always remain loyal and truthful to me and my knowledge.

Therefore until I am really sure who you are and what you do I am still considering.

Cheers
GS
  • #100
  • Aug 28, 2018 11:50pm Aug 28, 2018 11:50pm
Quoting genghistar
{quote} Dear Tzamo, I am heartened by your efforts in wanting to be a good currency traders and I can see you are making good progress in your understanding of the various market conditions. Before I move on to impart the next key level of executing those trades I will need to state the followings:- 1 Your integrity and honor is paramount to me. 2 I need to also know you better as someone I can entrust my knowledge to and it will be put to a good use to benefit those who are really in need to uplift their family or love ones livelihoods. 3 You will...
PS: I will activate my pm if you need to contact me just drop me a line here.
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