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Part Time Wealth Building Trading System

  • #41
  • Nov 24, 2006 5:00am Nov 24, 2006 5:00am
Quoting tkimble
Again, I do not post long term results. I will share results of existing trades and have provided the system in detail. If you are interested backtesting, go for it. I am trying to get people to believe in a system that works for my and my trading style. There is no gurantee that this system will work for everyone becuase everyone has different trading styles. So, if I post results, some may conclude that it works when in fact the system may not work for a particular persons emotional filters and levels of commitment. Personally, I live, eat and breath the markets. It takes this kind of commitment to make this system work...

Not tyring to be coy but likewise do not want to falsely reinforce someones belief that this system will work for them...

Hope this helps,

Tkimble
Folks, I'd like to validate Tkimble's statement here. I do not publish my track record on the Knife either because the results are meaningless to anyone but me. When the same method is traded by multiple traders, they will each have thier own personal track record with the method. And Tkimble gave the reason why with his comment about personal emotional filters, and level of commitment. This is a very wise statement from an experienced trader. Be wise yourselves, and absorb this wisdom.

Dial
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  • #42
  • Nov 24, 2006 5:14am Nov 24, 2006 5:14am
Quoting FxBabe
You said "I never post results for fear of dampening your desire and motivation to continue the quest."

So your saying the result has not been good? Otherwise it would not dampen my desire to continue.
The dampening of desire and motivation would come when someone new to this system could not achieve the same level of performance that Tkimble has achieved with his experience with the system combined with his experience as a trader in general. Now it could be argued that results should be posted to serve as a positive motivation, and to give new traders of the system a target to shoot for. This sounds good in theory, but I have found through long experience as a teacher and a trader that the opposite effect is most prevalent. So as hard to understand as it may seem, I, along with Tkimble, do not post my personal trade results because to do so is detrimental to the student rather than benficial. This I say from personal experience.

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #43
  • Nov 24, 2006 8:20am Nov 24, 2006 8:20am
Quoting EATrader
Hello TKimble,

Thank you for your helpful answers.

Question:

Do you avoid big news days like Non-Farm Payroll, GDP, FOMC? If the signal happen on one of these news days, do you take it?
I do not listen to the news. I only watch the price becuase ultimately all news is translated into price action...
  • #44
  • Edited 8:56am Nov 24, 2006 8:51am | Edited 8:56am
The USD/CHF and the GBP/USD have in combination produced over 900 profit PIPs gain as I type since the 17 nov 06 signals with the system that has been promoted. This demonstrates that power of following a system that rides the trends.

I pulled my profit at my goal of 200 PIPs per market but the system continues to validate itself.

Good luck to all...

Tkimble
  • #45
  • Nov 24, 2006 10:45am Nov 24, 2006 10:45am
Quoting tkimble
The USD/CHF and the GBP/USD have in combination produced over 900 profit PIPs gain as I type since the 17 nov 06 signals with the system that has been promoted. This demonstrates that power of following a system that rides the trends.

I pulled my profit at my goal of 200 PIPs per market but the system continues to validate itself.

Good luck to all...

Tkimble
TK,

In your first post you said that you were only following GBP/USD. Now I see that you are also posting results for USDCHF. did you decide to include this pair too? Or are you sticking exclusively to GBPUSD?
  • #46
  • Nov 24, 2006 11:48am Nov 24, 2006 11:48am
tkimble

If the RSI never crosses back [it could be weeks or months] how do you determine whether to open another position?
  • #47
  • Nov 24, 2006 7:11pm Nov 24, 2006 7:11pm
Quoting alcastro
TK,

In your first post you said that you were only following GBP/USD. Now I see that you are also posting results for USDCHF. did you decide to include this pair too? Or are you sticking exclusively to GBPUSD?
Sorry for the confusion. Not in the CHF/USD market. Simply wanted to show that the system works well in different markets. I only took profit in tht GBP/USD market...
  • #48
  • Nov 24, 2006 7:15pm Nov 24, 2006 7:15pm
Quoting et_phonehome_2
tkimble

If the RSI never crosses back [it could be weeks or months] how do you determine whether to open another position?
The RSI will always cross back soon using a 30 min chart. Besides, if you are riding a trend that long you are enjoying one big profit. I also never add or subtract from my position.

Hope this helps,

Tkimble
  • #49
  • Nov 24, 2006 10:39pm Nov 24, 2006 10:39pm
Quoting tkimble
The RSI will always cross back soon using a 30 min chart. Besides, if you are riding a trend that long you are enjoying one big profit. I also never add or subtract from my position.

Hope this helps,

Tkimble
Hello,

It would seem that all you need to do is enter a trade when the RSI crosses the 50 line, correct? Does the SMA really provide added value?

How long have you been trading this system?

Thanks,

Jason
  • #50
  • Nov 24, 2006 11:19pm Nov 24, 2006 11:19pm
Quoting jlowder
Hello,

It would seem that all you need to do is enter a trade when the RSI crosses the 50 line, correct? Does the SMA really provide added value?

How long have you been trading this system?

Thanks,

Jason
Yes. RSI provides the technical trigger between executing a trade or not. I understand what you are saying but I am a 100% mechanical trader and discipline is what separates average from better than average. I stick to my system regardless of what the market is doing. Overtime, the averages will always be in your favor.

Hope this helps...

Tkimble
  • #51
  • Nov 25, 2006 12:21am Nov 25, 2006 12:21am
looks like a great system for an ea i am not a coder myself but if someone could took the time it would be very appreciated

gr. leon
  • #52
  • Nov 25, 2006 3:16am Nov 25, 2006 3:16am
Quoting tkimble
I do not listen to the news. I only watch the price becuase ultimately all news is translated into price action...
Ouch, I love this statement!
  • #53
  • Edited 5:24am Nov 25, 2006 5:03am | Edited 5:24am
Hi tkimble, just wanna know your decission for this situation. Your answer will guide me on future, great system...

http://img246.imageshack.us/img246/4...ifalse1tz9.pnghttp://img246.imageshack.us/img246/9...ifalse2zn7.png

Thanks
  • #54
  • Nov 25, 2006 9:39am Nov 25, 2006 9:39am
Quoting tkimble
Yes. RSI provides the technical trigger between executing a trade or not. I understand what you are saying but I am a 100% mechanical trader and discipline is what separates average from better than average. I stick to my system regardless of what the market is doing. Overtime, the averages will always be in your favor.

Hope this helps...

Tkimble
I realize you stick to your system religiously but have you ever looked at the feasability of using different time frames? For example, 1 hour seems to work just as well.. Why did you choose 30 minutes?

Thanks,

Jason
  • #55
  • Nov 25, 2006 10:51am Nov 25, 2006 10:51am
in this system, once the price exceed 5 pips from the 5sma, you would enter at the current candle would you not? what happens if you miss the 5 pip cut in by some chance and by the time you look at the charts its already + 10-15 pips or whatever.. would you still enter?
  • #56
  • Nov 25, 2006 12:39pm Nov 25, 2006 12:39pm
Tkimble,

Thanks for sharing your method. I like many others work full time and would like to employ a system that does not require multiple hours at the terminal.

I understand your system and it looks good with back testing. How often do you check charts? Are there set times during the day when you check and trade?

Thanks,

Jeff
  • #57
  • Nov 25, 2006 2:19pm Nov 25, 2006 2:19pm
Quoting jlowder
I realize you stick to your system religiously but have you ever looked at the feasability of using different time frames? For example, 1 hour seems to work just as well.. Why did you choose 30 minutes?

Thanks,

Jason
This is a perfect question as to why I do not publish results. The 30 min chart works for me and my temperment. I am certaion that this system would work for other time frames but my temperment wants me to trade the 30 min chart. Great question...
  • #58
  • Nov 25, 2006 2:21pm Nov 25, 2006 2:21pm
Quoting JOBray
Tkimble,

Thanks for sharing your method. I like many others work full time and would like to employ a system that does not require multiple hours at the terminal.

I understand your system and it looks good with back testing. How often do you check charts? Are there set times during the day when you check and trade?

Thanks,

Jeff
Depends on how far apart the 5 SMA is from the 45 RSI. Currently it is far apart and on Monday I will strat checking it may once an hour until the price begins to approach the 45 RSI, then I am watching it every 15 minutes before and for 1 - 2 hours after a trade...

Hope this helps...

Tkimble
  • #59
  • Nov 25, 2006 2:26pm Nov 25, 2006 2:26pm
Quoting granpa
Hi tkimble, just wanna know your decission for this situation. Your answer will guide me on future, great system...

http://img246.imageshack.us/img246/4...ifalse1tz9.pnghttp://img246.imageshack.us/img246/9...ifalse2zn7.png

Thanks
Great question. All trend following systems will incur flat period when money is tough. For this particularly example, the same system would apply. You would take the short signal whenever the 5 SMA fell 5 or more pips below the RSI and the RSI was less than 50. Reversre for long positions. This particular illustration would require more chart watching until th 45 RSI starting trending away from the 50 value which it eventually did in this particular example...

Hope this helps...

Tkimble
  • #60
  • Nov 25, 2006 2:31pm Nov 25, 2006 2:31pm
Quoting leon11
looks like a great system for an ea i am not a coder myself but if someone could took the time it would be very appreciated

gr. leon
I do not know what you mean by a "Coder" but no real coding is necessary. The indicators for this system are standard for virtually all charting systems. I personally use the following link for all my charting needs...

http://http://www.dailyfx.com/charts/ChartStation.html

Hope this helps...

Tkimble
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