Billytt Die happy trading e/j daily breakout | Page 2967 | Forex Factory

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Billytt Die happy trading e/j daily breakout

  • #59,321
  • Aug 19, 2021 5:35am Aug 19, 2021 5:35am
It can be avoided using limit orders and thats why i also thought about switching to cTrader because then at least my entries would not be affected by slippage OR my order would simply not be executed if for the volume i try to place there would be no one willing to take the order side.

However this seems to be only reduce slippage on entries but still would not guarantee a stop loss order wouldn't be slipped.
  • #59,322
  • Aug 19, 2021 5:42am Aug 19, 2021 5:42am
Quoting lddd
It can be avoided using limit orders and thats why i also thought about switching to cTrader because then at least my entries would not be affected by slippage OR my order would simply not be executed if for the volume i try to place there would be no one willing to take the order side. However this seems to be only reduce slippage on entries but still would not guarantee a stop loss order wouldn't be slipped.
In my opinion the platform that you use will make no difference as it is the brokers that are doing this.
  • #59,323
  • Aug 19, 2021 5:50am Aug 19, 2021 5:50am
Quoting lddd
It can be avoided using limit orders and thats why i also thought about switching to cTrader because then at least my entries would not be affected by slippage OR my order would simply not be executed if for the volume i try to place there would be no one willing to take the order side. However this seems to be only reduce slippage on entries but still would not guarantee a stop loss order wouldn't be slipped.
Scalping for 5 pips never worked out for me as i felt i was just lining the brokers pockets. If the trade went to 5 pipTP, of that around 1 pip was covering fees and one pip for spread/slippage. So that left just 3 pips profit. On a trade that hit SL of 10 pips this was also subject to 1 pip for fees and 1 pip for spread/slippage. So the SL was in effect 12 pips. Im sure other make it work but even with a good broker i never could.
  • #59,324
  • Aug 19, 2021 5:59am Aug 19, 2021 5:59am
Quoting herewego
{quote} In my opinion the platform that you use will make no difference as it is the brokers that are doing this.
Well yes and no. Like IC Markets told me a broker who just forwards the prices to you which they receive by their liquidity partners/providers, has no control of the prices. For market making brokers operating a own trading desk and creating prices that might be different again but then you may run into the problems of getting re-quotes instead of beeing slipped and having to pay more spread overall on your orders.

Trading futures here seems to be no difference. Even if there is an physical exchange somewhere in the world between you and who ever else is taking the other side of the trade, still slippage could occur and probably that is not a broker thing.

So far the only way to avoid this to me looks like avoid placing a trade during high volatile or low liquidity periods. However how do you 100% know every time before placing a trade that NOW there is enough liquidity or the market isn't too volatile to get you executed and the entry or stop loss without getting any slippage?

It might be not a platform thing but MT4 for instance these "limit" orders are not even true limit orders then. Like IC Markets told me in a previous e-mail these are still executed as a market order and could potentially face slippage.

No idea. Looks like to me there are so many traps in the world of trading there is really no wonder why 95% or what are not consistently making any profits if everything is set up against you from the get go.
  • #59,325
  • Aug 19, 2021 6:06am Aug 19, 2021 6:06am
Quoting herewego
{quote} Scalping for 5 pips never worked out for me as i felt i was just lining the brokers pockets. If the trade went to 5 pipTP, of that around 1 pip was covering fees and one pip for spread/slippage. So that left just 3 pips profit. On a trade that hit SL of 10 pips this was also subject to 1 pip for fees and 1 pip for spread/slippage. So the SL was in effect 12 pips. Im sure other make it work but even with a good broker i never could.
Yes. Correct. But this is why i am using such high leverage low spread + commission broker. My net average cost on a trade is 1 Pip (including spread and com). So a 5 Pips TP is still +4 net to me in the end. A 1 Pip cost of a 5 Pip trade is still 25% of the overall profit target but that doesn't worry me too much if i then have a literally 100% win rate to end up at the +4 Pips net by the end of a day no matter what the broker earned on it.

Regarding to the SL. Like i said many times, this is out the window anyways with something like the BillyBar. Often the range is 3-4-5 times higher and placing the SL like advertised at the opposite end of the range such 5 Pips TP ALWAYS is in no relevance to provide you any kind of positive risk/reward trade. At a range of 15 Pips which normally occurs for 80% of the days it's already 3 times higher. So you HAVE to fix at what ever cost then while keep on risk losing maybe even X more pips until the day is over to end up at least break even, much less of a loss or at your target. OR, well with a nice big hole into your account you then have to somehow make up for on another day/s.
  • #59,326
  • Aug 19, 2021 6:26am Aug 19, 2021 6:26am
Maybe becoming a hacker instead of a trader. A $600M jesus...

https://www.cnbc.com/2021/08/13/poly...-returned.html
  • #59,327
  • Aug 19, 2021 6:56am Aug 19, 2021 6:56am
Like I mentioned a few days ago for the US30 market a break of the 07:45-11:00 GMT+3 range established seems to provide a good opportunity to grab a quick +5. To me it looks like far less "whipsawing" where it then touches a trigger and directly shoots to the other side. Only these ranges can be huge but it might be not needed to set a Sl at the complete opposite end and rather use the low/high of a 2 or 3 M5 bars high/low before the entry, giving it a less of a risk while keeping the win rate at a high rate or maybe even using a different SL/TP. Also the second break if the first one wouldn't result in a +5 then looks to give a very good chance to make back for what has been lost after entering at the second opposite break of the range for the same day. There was only 1 fail that i found for August so far, happened 07/08/21, where the range was about 90 Pips and after touching the high trigger it failed to reach to the +5 (only +3) but then the second break of the low resulted in a +190 Pips.

It moves too. Over a 400 Pips range today. That is 4 times more of what GU moved for today so far.

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  • #59,328
  • Aug 19, 2021 7:25am Aug 19, 2021 7:25am
Quoting lddd
{quote} Yes. Correct. But this is why i am using such high leverage low spread + commission broker. My net average cost on a trade is 1 Pip (including spread and com). So a 5 Pips TP is still +4 net to me in the end. A 1 Pip cost of a 5 Pip trade is still 25% of the overall profit target but that doesn't worry me too much if i then have a literally 100% win rate to end up at the +4 Pips net by the end of a day no matter what the broker earned on it. Regarding to the SL. Like i said many times, this is out the window anyways with something like the...
See you mentioned IG earlier.

I've used them for years with few problems. Spread on cable is usually 0.9 in normal conditions. They pay out promptly usually funds back within 24 hours. Your deposit is guaranteed up to £85k under FCA regulations. They also have live help which can be useful.

I get very little slippage.

They do offer a guaranteed stop. Never used it but last time I looked it was +6 on cable - not suitable for your style of trading !

Anyway, just thought I'd pass on my experiences with them.
  • #59,329
  • Aug 19, 2021 9:14am Aug 19, 2021 9:14am
Quoting claudia1
{quote} See you mentioned IG earlier. I've used them for years with few problems. Spread on cable is usually 0.9 in normal conditions. They pay out promptly usually funds back within 24 hours. Your deposit is guaranteed up to £85k under FCA regulations. They also have live help which can be useful. I get very little slippage. They do offer a guaranteed stop. Never used it but last time I looked it was +6 on cable - not suitable for your style of trading ! Anyway, just thought I'd pass on my experiences with them.
Thank you Claudia. What you say reflects my own thoughts. It probably isn't suitable for that style of trading even if a 0.9 Pips spread on GBP/USD sounds good. But yes, a guaranteed stop loss for a extra cost of 6 Pips i would then have to pay every time makes no sense. Doing 20 entries a month to end up at the 100 Pips (in a perfect world) but having paid a 120 Pips alone for guaranteed stops... In reality you then also have to do more entries than 1 to have a chance ending up at the +5 at the end of the day after the first break failed. So these additional trades you then have to place to fix would cost another +6 every time.

I think Billy is using IG too? But i could not find much information on how he handled all that with his +5 TP on a a daily base. Even with compounding a 5 Pips and not withdrawing the money at the end of each week it looks really difficult to me.

Also at a 1:30 leverage i would have to provide almost 40k as margin alone just to be able opening a 10 lots entry. So calculating in a potential losing strike of having lost more than 2-3 entries at X more Pips, after my original entry failed to reach the +5 TP, i would then have to desposit far more than a 40k just to have a chance reaching to break even stucking in such temp. drawdown.

Is a 10 lots executed through IG during the EU/NY session then also prone to additional spread? With IC Markets it seems you then have to consider in "depth of market". So your 10 lots might be in reality more like getting filled for a 3+ Pips spread instead of the 0.0 to 0.3 Pips like they advertise... For sure these hidden costs they don't tell you about before...

A broker offering a really fixed spread does not exit? I mean it's already hard enough to become profitable alone. You then also have to worry about all these variable costs, making any kind of risk calculations you might do in advance somehow useless/ironic.
  • #59,330
  • Aug 19, 2021 9:41am Aug 19, 2021 9:41am
Quoting lddd
{quote} Thank you Claudia. What you say reflects my own thoughts. It probably isn't suitable for that style of trading even if a 0.9 Pips spread on GBP/USD sounds good. But yes, a guaranteed stop loss for a extra cost of 6 Pips i would then have to pay every time makes no sense. Doing 20 entries a month to end up at the 100 Pips (in a perfect world) but having paid a 120 Pips alone for guaranteed stops... In reality you then also have to do more entries than 1 to have a chance ending up at the +5 at the end of the day after the first break failed....
I'm not sure who Billy is using but you may be right. He only started with G/U after coming on my old thread. His thing was E/J hence the title of this thread. I asked him to open it as I'd had enough of my thread with question after question and David (Hanover) who was programming for me had too lol. Long time ago.
  • #59,331
  • Aug 19, 2021 10:30am Aug 19, 2021 10:30am
Quoting claudia1
{quote} I'm not sure who Billy is using but you may be right. He only started with G/U after coming on my old thread. His thing was E/J hence the title of this thread. I asked him to open it as I'd had enough of my thread with question after question and David (Hanover) who was programming for me had too lol. Long time ago.
Yeah, it's dead annoying when people keep asking the same old questions over and over and over again, isn't it?
  • #59,332
  • Aug 19, 2021 10:37am Aug 19, 2021 10:37am
Quoting lemercenaire
{quote} Yeah, it's dead annoying when people keep asking the same old questions over and over and over again, isn't it?
It's not just that it's 'can you change this can you change that and add this etc ...' when putting an ea together. David is a great guy but I understand why he called it a day.
  • #59,333
  • Aug 19, 2021 11:06am Aug 19, 2021 11:06am
Quoting claudia1
{quote} I'm not sure who Billy is using but you may be right. He only started with G/U after coming on my old thread. His thing was E/J hence the title of this thread. I asked him to open it as I'd had enough of my thread with question after question and David (Hanover) who was programming for me had too lol. Long time ago.
Didn’t know you had your own thread. Cool, thanks for the background information.
  • #59,334
  • Aug 19, 2021 4:17pm Aug 19, 2021 4:17pm
Looks like the Pound is tanking and my idea of “buying low” wasn’t too good, I am -120 Pips already lol.
  • #59,335
  • Aug 19, 2021 6:12pm Aug 19, 2021 6:12pm
@Claudia.

I reviewed IG Markets for my self and the average spread for GBP/USD seems to be more like near to a 2 Pips on average. Only the min. spread is 0.9 as to their own website. The current spread on IG i see on the demo account i registered is 2.8 (23:50 UK time) while on IC Markets i receive a 0.0 at the same time. So even counting in the commission of 0.7 Pips i pay on IC it would be still 2.1 Pips better. At a 10 Lots entry targeting a 500,00 € (5 Pips) on IG it would be a 179,85 € i am down right after the trade got filled while on IC at only the 0.7 would be 59,95 €. So that's quiet a different then. But i will look at the spreads tomorrow morning again, it might be better at this time of the day.

But there is also a min. distance your stop loss needs to be away from your entry point!? That looks strange to me. Why should a broker dictate to me of where to place a stop loss, hm. It is telling me it has to be 4 Pips away and even 8 Pips away for a guaranteed sl. Also the guaranteed stop loss i think is not available if you are using the MT4 platform.

So probably no alternative for me even if the broker it self otherwise looks good to me in all other points. But having this kind of trading conditions it would probably make trading for a living to me based on a small pips average daily target even far harder to realize if having to give away so much in fees alone or i would then have to increase my TP to count this in.
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  • #59,336
  • Aug 19, 2021 6:25pm Aug 19, 2021 6:25pm
Quoting lddd
@Claudia. I reviewed IG Markets for my self and the average spread for GBP/USD seems to be more like near to a 2 Pips on average. Only the min. spread is 0.9 as to their own website. The current spread on IG i see on the demo account i registered is 2.8 (23:50 UK time) while on IC Markets i receive a 0.0 at the same time. So even counting in the commission of 0.7 Pips i pay on IC it would be still 2.1 Pips better. At a 10 Lots entry targeting a 500,00 € (5 Pips) on IG it would be a 179,85 € i am down right after the trade got filled while on IC...
0.9 will apply during London open hours. Remember there is no commission. Spreads will go crazy at times like NY close 22.00 here.
  • #59,337
  • Aug 20, 2021 1:57am Aug 20, 2021 1:57am
weekly&monthly good to see where we have support:
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trading is like dancing, don't think and just listen to the music!
  • #59,338
  • Aug 20, 2021 4:57am Aug 20, 2021 4:57am
Hope its ok to go 1st on music Friday........ a little earworm that has been going around my head for a few days....

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  • #59,339
  • Aug 20, 2021 5:09am Aug 20, 2021 5:09am
One for Mr T ...

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  • #59,340
  • Aug 20, 2021 6:59am Aug 20, 2021 6:59am
Blast from the past:

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every Saint has a past. Every Sinner has a Future
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