gerval,
okay as thats your call but not the process rules, so your risk and loss...
cpfleger
okay as thats your call but not the process rules, so your risk and loss...
cpfleger
1
Trying scalping with a 1000 bucks - Scalping is expensive! 39 replies
strategy builder/tester for new scalping strategy 1 reply
1M & 5M Scalping System (Scalping Paradise) 21 replies
Reversals vs. CounterTrend Trade 28 replies
CounterTrend Trading 58 replies
DislikedMy decision is to follow the reversion to the mean, but when the reversion to the mean is above one entry, or it closes with losses or seeks to average entries, there is no other solution. For this reason, I was asking how you would have managed it in the event that the reversion to the mean is above a sale.Ignored
There is still a chance of failure and even catastrophic failure even with these mitigations. Consider using a hard equity stop of 30% in that case.
Btw, here's 2 indicators to help with seeing your break even lines.
Averaging Breakeven Lines - https://www.mql5.com/en/market/product/82213
This one is very accurate because it includes spread + commission in the calculation.
Breakeven Line
The attached indicator, i disable the lines. I just look for the text on the top right hand corner because sometimes it's hard to see the numbers in the indicator above when all the order lines get bunched up.
Draw Profit - https://www.mql5.com/en/market/product/38590
This final indicator will help you draw the cumulative profit/loss for your orders. It combines them for the candle for which they are closed. If there are 1 or more order that is closed in the next candle (which can happen on the 1 minute chart), you might get overlapping profit labels. Just zoom out to M5, or move the profit labels.
Dislikedgerval, you entered the first trade and it failed to hit the 20 EMA, as I have said in earlier posts, WAIT, and apply patience... Did you? No sir, I opened another position and one more, do you feel that is money management or risk management? If you have watched a few KoF Video's he has done the same thing you have done but due to his experience, he has explained how he adds and manages these positions... By the way a Break even is the entry point of the trade position not below or above, so your second trade would have been a winning trade based...Ignored
Disliked{quote} This is the bane of cost averaging. Smaller mean reversions, especially on the M1, will tend not to break-even successfully due to spread, commissions and lack of distance. Your options are: Wait for price to pierce the mean and reverse trend (Counter-Trend to Pro-Trend) Wait for price to to revert to a larger mean (moving average) Load up another position between the 2 orders Wait patiently for trend to resume and load more positions Load up bigger lot sizes (i suggest additive - if u start with 0.01, after maybe 6 averaging orders, up...Ignored
DislikedHello at what level you will close your orders or % if the market goes against your ordersIgnored
Disliked{quote} Dear respected cpfleger -- Could you please explain in detail, how this strategy works? I have put my head on with all those explanations but really can't understand a strategy with no Stop Loss. Is there any video (possibly on YouTube), if you kindly share the link of the same, that will be appreciated? I don't see any money management techniques in case one ends up in suicide with this strategy. Regards!!Ignored
Disliked{quote} Hi Ross! You should start by watching the first KoF videos (from oldest to newest) here: https://www.youtube.com/@KingofForex/videos He's got different approaches, so don't get confused. This is the oldest video from KoF (the one discussed in this thread): https://www.youtube.com/watch?v=Eg4vZgp-Fds KoF has more aggresive/reckless entries than cpfleger. Don't get distracted by indicators, understand the basics first.Ignored
Disliked{quote} Hey Abade, thanks for your insight. It wasn't my intention to attempt to mechanise the KOF strategy but rather get people to think of it as a system with moving parts rather than just focus on the averaging part. I'm not sure what's revealed in the paid strategy, but if you just view his livestreams, it can really gaslight newbies into doing some suicidal stuff especially with his 1 lot averaging orders. He doesn't go into detail about what triggers him to pile on the averaging orders at certain price. He just follows up with "this is what...Ignored
DislikedKnowing price action, stop-loss hunting, market-sentiment, pivot points ideal reverse zone. i took 3 trades today from 9am UK time. Avoid the opens {image}Ignored
Disliked{quote} "This is what I'm talking about, traders!" got in my head as well. Also: "The market is moving just as I predicted" . I believe KoF is a bit narcissistic and reckless, but his approach is worth studying for sure. Have not tried any of the paid courses, but his free videos on YouTube are good enough to understand the basic premise of his strategy. He also has a lot of live videos without a single losing day (that's remarkable). I agree that it can be dangerous for new traders that don't know how leverage or cost averaging works, but...Ignored