New Year Stress-free trading system for traders with patience

Can FF members please post some simple trading systems that do not use indicators to forecast direction. I am 72 and as a social project teach elderlies who enjoy trading as a game to keep their brain active and make some passive income from it.

As an example, this is a simple proven manual trading system - profitable for those who are willing to practice and keep patience to enjoy it as a funful individual sports.

It is not meant for those looking for Quick Gains or Effortless Success or those having impatience to see money tree being planted. Similar to any enterprise, it takes years to have a tree. Your journey will be faster if you swallow a capsule of my 36+ years of trading experience.

It is a scalping system, based on just two indicators, created with inputs from Mikkom, Tro, ganztrade, CJA and me.
The indicators are at this link:

https://www.forexfactory.com/thread/...5#post13332165

The pip channel idea is from senior member Mikkom. Tro is active on FF in a different avatar modified it. Ganztrade provided all the rest at my request.

Trade closure: You can use any Vline indicator to act as a reminder or alert for manual liquidation. Preferably use a bare-bones EA provided here for managing trades.

https://www.forexfactory.com/thread/...7#post13344607

MQL5 site provides a lot of free EAs for closing trade by timelines. You may use any of them as long as they have logic to close trades by TF close.

Why I chose wall street 30 symbol: ws 30 as a CFD candidate.for trading on MT4?

Goal:

60% gain probability in a month
15% max drawdown if liquidated by timeline and not by SL
Strictly use Time metrics to plot exit with or without gain.
Use single symbol for specialisation

Criteria;

High volume
High price volatility in pips/points/$ticks terms (twice of GBPJPY the fx instrument I am quite familiar with)
Total trading costs including ask-bid spreads and commission not more than 2% of ADR
Intra-day active trading with no more than 4 hours of screen time
Margin not more than 5%
ADR Pip value in dollar terms at least 20% of margin

Why WS30?

The margin is 5% or around $1,800 per contract (tied to index value of 33,000 ) and $1 per pip value.gain
ADR is 350 in a day, far more than any of forex volatile pairs.
Spreads plus commission are 4 points for two way transaction. About 1.5% of ADR.
Hot hours: 1 hour after weekly open on Monday, and 30m prior to Frankfurt trading hour open and 30m prior to open of NY even though the trading goes on for 23 hours.

Entry triggers

Fundamental - News and/or Momentum emanating from hot hours indicated.

Pullback entries preferred to control impulsive entries.

Where do you find the indicators?

Try forexfactory.

Thank you to share the system. Please, be kind: share the indicators.

Thank you for the idea. As an old guy, I will have a serious look at it . I found some indis and hope they are the same.

For me, a Channel width of 3000 appears to approximate the setting on post #1. My instrument is US 30 (mini) on Global Prime.

Yes . You found them . That was the first step to serious learning process.

Please find from FF any Vline indicator that will alert you to close the trade by time end.
Script to close trade by time will be excellent. Script , unlike an indicator that provides a marker only, carries out an instruction.
Free EA will be available at mql5 site.
Sorry, there won't be any help from me for sourcing this.

Pipschannel is your trading pad marker.
Pips move for M1 and M5 TF is 1. I am not interested in long term exposure to trading because my strategy is to keep drawdown limited by using Time to close trades whether in profit or loss.
Channel width for short-term trading is 30. with allowance of extra 4 pips for Up move or down move.

Close Line MTF gives you an idea of history of the closed candles. In order to develop directional bias you try to develop a reading of the market from 8 latest candles that closed in same TF and don't become a slave to MA . This is is an individual sports and there is no fixed formula or any team-mates to lend you a hand. You have to learn by trial and error in forecasting direction. In due course of time, it will become an habit for you and you won't have to make any effort.

If you want to have pure fun, just toss heads or tail to choose direction and execute trades every time trade closes whether in profit or loss (liquidated by time element). By doing this exercise for a week, you will realise which are active trading times and which are not.

Trading has to be conducted during active trading times only.

I have already shared my timing of shooting trades. But that is my idea and suits my mindset. It will not work with you. Better you find your own way.

You have to use your own ideas when to shoot trades, in which direction, and whether to depend on the moving Yellow horizontal line Marker as a shooting pad or the other two up and down lines (grey silver color) or ignore them totally.

All is acceptable as long as you are enjoying it and getting results. So please don't ask any more questions .

Thank you and good luck to all.

Thank you.

The objective is to collect simple trading methods.

I request all experienced real traders to please share simple trading methods that elderlies can execute and make money as well as derive pleasure.

Thank you.

Important for doing any enterprise is to find the kind of opportunities that are available and its potential to generate Pips (money) .
Use this methodology to select symbols to trade. It can be any of 3,000 assets offered by CFD brokers on the MT4 platform.
I chose WS-30 because it can generate quick money for me and I am familiar with stock indices movement.
Had I been familiar with gold or oil or any other indice or any stock, I would go for it but always making calculations like this.
Among forex, for short term trading I like GBP cross-pairs.
I like symbols for Short-term trading are the ones that can generate fast movements and its exposure in 15 minutes should not affect my psychology.
My business metric for financial trading would be : 70% of pips gain, 25% of pips loss and 5% as trading costs.
It can be 60% 80% , 90% or 95%. It is all up to you.

REQUEST TO CODERS FOR A SIMPLE EA THAT CAN BE USED BY ELDERLIES

I trade only after doing a probability study for direction bias, volatility, maximum time exposure to drawdown, active hours, realistic TP and SL by using timelines (I never use Stop Loss because I only trade for maximum of 15 m TF ).

Until I have not collected statistics, I don't set up any system.

The scalping idea is explained here. The possibility of returns also explained. This thread will not attract traders other than elderlies because majority of FF traders are looking for effortless success. My system requires some effort.

I will be grateful if you can code a simple EA for elderlies. I can also assure you that the EA will also benefit your own trading tremendously.

Executing trades by EA is good for short term trading like for M1/M5/M15. The exposure to risk is minimised because trade is liquidated by closing time of chart TF .

Profit generated is lucrative on a daily basis if (a) symbol is selected carefully (b) trades are liquidated by close of TF whatever be the outcome.

If you win 15 trades of 12 pips a day for M5 candle, 3 trades for every 45 period in 4 time windows of active trading in a day, (wins: 180 pips) -(Loss in 5 trades of 20 pips : 100 pips) - (trading costs: 2.5 pips x 15 trades : 38 pips) giving a net profit of 42 pips.. $42 on a margin of $2,000 means 2% return a day on one lot.

No complex risk/money management is required. It will ruin the trading method and profitability.

All inputs are to be entered in one go prior to executing the trade.

Use simple button of Buy and Sell on the chart to execute after having input parameters in the variables panel.

Very few parameters are needed:

1. Lots size, lot volume, maximum orders allowed for money management

2. Exit by TP, SL (I prefer never to use SL) or Close of M5 TF or M15 is good enough.

3. Choice of entry:

(a) Market Entry by 1m TF for spot trading

(b) Delayed Entry by Pending Orders (buy limit/stop, sell limit/stop) in 1m for pullback trading or buying or selling into trend.
Good for pyramiding (adding by fixed lots in same direction) or Average (adding by fixed lots in opposite direction)


Direction bias: Discretionary/manual.
Your eyeballs decide the direction and triggers the EA with buy or sell. You can use any indicator of your choice to decide on the direction.
No technical indicator is to be used for helping enter by direction.

Pyramidying/Averaging (optional) Maximum 4 lots on both sides

What is not required:

No need for breakeven or trailing stop or profit protector or partial profit protector.
No need for equity loss or equity profit or any filters for closing trades
No need for calculating risk: reward or margin requirements.
No need for any filters for entry.

Probability Study :

I am an Excel novice and have found a good database script. You may modify it to do this study.



If you invest some time in setting up database, you will never be out of date.
It will help you in selecting a tradable instrument and assess the volume opportunities and profit potential besides helping select TP and SL.

If possible code a simple indicator first that prints csv data file based on 1440 m1 candles and counts the occurrences of blocks of 30 bars by looking back at 10-30 days past data of M1, M5 or M15.

Count trades with xxxx number of bars (default 12 bars ) in any of the following six modes in 1440 candles
along with Pips generated by those bar numbers.

(a) open to high
(b) high to low
(c) low to close
and
(d) Open to low
(e) Low to High
(f) High to close .

Idea is to test the frequency of 5 pips to 15 pips and collect statistics how many times and in which active hours they have been touched.

This would give you a lot of comfort in making an EA which can facilitate quick entry and exit and quick close of trades thus minimising drawdown.

If your discretionary view of direction is good you will make at least 3% gain in a day. Loss will be capped because you are not going to expose your drawdown for a longer time.

For establishing direction bias I examine last 8 closed trades of M15 TF and decide on my bias for direction. However, I don't want to use mechanised entry trigger for EA so that the brain is given some job to do. Chart picture is attached.

maybe this "fishing" tool with source - prepare trade and click

Thank you for your EA and lending a hand.

For elderlies, they need simple EA execution tool to use pending orders, liquidate positions by Time or any Chart TF selected by the user.

Direction bias is developed after studying the last 8 closed candles of same time frame that is provided by an excellent indicator Closed LIne - MTF .
This manual exercise is essential to keep their brain active.

Risk management, including stop loss, is not required because all trades will be closed within 15 m of trading either by hitting TP or ending at Time not beyond 15m. Stop Loss is not required because the system allows for acceptance of 30% of trades incurring loss. You have to calculate in advance Average Price range and estimate maximum pips a 15 m bar can travel in a very strong trend. If possible do a probability study and find out how many times Spikes have run in the same timeframe and how long.

Again elderlies like to learn this aspect of the game.

I have prepared them to accept this mindset of accepting loss if their directional bias is not in their favour and at the same time, I have planned exit in such a way that the psychological pain caused by the drawdown does not last long and they don't have to think twice about by forcing compulsorily exit at the end of 15 TF Bar whatever be the result.

Your EA is quite good for an advanced trader.

Can you please include two exit options for having pending orders (after having got executed) close either by TP or Chart TF or Calendar Time ?

Attached Image (click to enlarge)

Thank you

Hi Backspinner,

By any chance, are you able to locate any script or EA that closes floating trades by time or end of Chart TF?

I would prefer to use the script/EA to be used both for floating trades and for pending orders filled in with Price to trigger entry, TP , exit by TF or Time so that you enter with a firm direction bias.

I have requested Prozor7 to modify his EA to have this facility of exiting trades included. Hopefully, he will do it and share here.

Please remember always to have a realistic Pip Goal.

Based on my own experience, I would say TP can be between 6 pips (normal times) and maximum 12 pips (if you feel the market is hot). In due course of time. may be after a year of demo trading, you will be able to scale up TP to 25 pips if you think 4 to 5 bars will be dragged by the high momentum in your favoured direction.

In short, it is a simple system whose profitability is tied to your reading of the market and developing your own direction bias by practising on demo or micro or mini account with a reliable and legitimate broker validated by their small spreads.

sorry can't help you, with that request.

best wishes in New Year

[quote=simnz;13334468]{quote} Hi Backspinner, By any chance, are you able to locate any script or EA that closes floating trades by time or end of Chart TF?

Yes I did, but have not had a chance to test it thoroughly. It failed me on a couple of tries this morning and I have to play some more with it.
I'm attaching it if anyone wants to try it and give some feedback (or fix it if it needs repair).

Hi simnz,
Have you considered trading with Renko bricks?
Based on price movement instead of time.


All the best,
NW