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SRDC Episode I

  • #941
  • Jan 11, 2007 3:12am Jan 11, 2007 3:12am
Hi, awesome forum you have here, I just started to get into Forex again, and actually want to be successful enough to open a mini account. I've tried a few different strategies, but I haven't found one that I like yet. I was trying to do the SRDC technique, but I'm having some problems.

 

  1. Do you put a limit on your orders, or do you use a trailing stop loss, I'm not sure when to take profit and how much to take?
  2. I read in the SRDC doc that you put a stop 20-30 pips above your entry, would I have to have a limit of at least (stoploss + spread + 1/2 pips)to break even, or win most of my trades.
  3. Can you go in the trade anytime of the day using the previous candlestick?

Here's is a picture of my attempt at the SRDC method

On the EUR/USD: (Daily Chart)
Entry/Sell Order at 1.2925
Stop loss at 1.2950
Limit at 1.2895 (not sure if this is right)

http://img208.imageshack.us/img208/5128/eurvb6.jpg

  • #942
  • Jan 11, 2007 7:26am Jan 11, 2007 7:26am
Thanks Melissa. Appreciate your help.
  • #943
  • Jan 11, 2007 8:40am Jan 11, 2007 8:40am
hi guys,

I think some of you knw my unfortunate adventure. I was reading up this thread and I thought I could follow it through, anyone have the final version of the indicator (if have), and so I can give it a shot.

I don't know, but somehow God pointed me to this thread (is it the most profitable trading system?!? Probably!). I've lost a total of 5,000 USD if you have read from the Journal section.

I will be started out with demo (again), and if I can do this SRDC with consistency, I will be right back into the market without much hesitation.

I'm recovering, with a better mindset. Discipline, yes, I've paid my due for this attribute.

Thanks guys.
  • #944
  • Jan 11, 2007 9:02am Jan 11, 2007 9:02am
I need some advice here. I had my first losing trade today with SRDC I, and it really shouldn't have been. I had my order entry just above yesterday's resistance at 1.9426, with my profit target at 1.9436 for my usual 10 pips. Upon arising this morning, I saw the news about the interest rate hike before I got a chance to log into my account. There was talk about the huge surge in the GPD/USD, so I was expecting to see another nice gain in my account. Unfortunately, that was not to be the case. Due to the price gap, my order was opened at 1.9474, but because my TP was set at 1.9436, I was immediately closed out for a 38 pip loss, on 3 lots. This wiped out all my earnings for the week, plus some.

Is there a way to set my orders where this doesn't happen to me in the future? Prices moved positively for me, but it was the way the order was set up that cost me. Any suggestions or help on how to avoid this problem would be greatly appreciated. Had prices moved up to my order entry and then backed down 50 points, I could live with the fact that prices just didn't go my way. However, that was not the case with the loss this morning. Prices did go my way and they went there big time, but I still managed to come away with a huge loss.

Hopefully there is a better way to enter my orders and someone can point me in the right direction.
  • #945
  • Jan 11, 2007 9:30am Jan 11, 2007 9:30am
In looking closer at this, there doesn't appear to have been any gap in prices. My 50 point gap open was simply slippage. I understand that there was some big news, but I feel like I got robbed today. Xpresstrade didn't even attempt to work with me on this trade. I think I should have had a 10 pip gain and not a 38 pip loss. Are there other brokers that guarantee no slippage, or is this issue just one of the issues you have to live with while trading forex, or is there a better way to enter my orders?

Again, my buy order was set for 1.9426 and I got filled at 1.9474. A 48 point difference! Did this happen to anyone else that was trading SRDC today?

Any help would be appreciated.
  • #946
  • Jan 11, 2007 9:44am Jan 11, 2007 9:44am
I am sorry to hear this man.

As I am new to this system, I would also like to know the correct way of placing orders with it.

OR stated that you start with a stop buy or stop sell to initiate the trade.....but is this the right way of doing it ? And how do you set up an exit for the stop buy, and how do you do it for a stop sell ?

I tought that stop buys and stop sells where done to exit winning trades, not initiating them.....I am confused

Thanks
"Lunch ? Lunch Is For Wimps !"
  • #947
  • Jan 11, 2007 9:44am Jan 11, 2007 9:44am
Hi Mccullek,


My SRDC1 order got filled properly ny InterbankFx. Can you specify a maximum slippage in your trade platform? That would cause the intial order to have been rejected.

Rick
  • #948
  • Jan 11, 2007 9:58am Jan 11, 2007 9:58am
Hi, everybody.Just wanted to thank you all guy in this forum especialy our master JEDI.What am making in my demo in 2weeks is what i would make in 1 year on my JOB .MASTER OR, about that your book, is it out yet?
  • #949
  • Jan 11, 2007 10:04am Jan 11, 2007 10:04am
My demo processed it right. Got 5 pips out of a 140 spike. Or whatever it was. But how knows how accurate that is in live trading, I've been wondering.
I'm amazed you didn't get a requote or rejection. I also don't get how they opened your trade HIGHER than the stoploss order, and filled both. That sounds fishy. To open a stop loss, the stoploss is lower than the order. Therefore the order has to be done before, not after the stoploss is hit. It's sequential not backwards. Unless you had a trailing stoploss automatically set. You see what I'm saying? It sounds like they executed the stop before the order in a roundabout way. What was the duration of your trade? 5 seconds? Somehow my demo says it took 1:30minutes to fulfill the five pips. I'm sure they wouldn't be so generious live however.
I don't have a gap, just a gigantic bar. That's what worries me about hitting the news. I'd be fine if the order just gets voided.
  • #950
  • Jan 11, 2007 10:15am Jan 11, 2007 10:15am
happened something similar to me, in fxdd mt4. I simply didn t have the order placed. Can someone explain me exactely what s slippage? thanks.
Quoting mccullek
In looking closer at this, there doesn't appear to have been any gap in prices. My 50 point gap open was simply slippage. I understand that there was some big news, but I feel like I got robbed today. Xpresstrade didn't even attempt to work with me on this trade. I think I should have had a 10 pip gain and not a 38 pip loss. Are there other brokers that guarantee no slippage, or is this issue just one of the issues you have to live with while trading forex, or is there a better way to enter my orders?

Again, my buy order was set for 1.9426 and I got filled at 1.9474. A 48 point difference! Did this happen to anyone else that was trading SRDC today?

Any help would be appreciated.
  • #951
  • Jan 11, 2007 10:16am Jan 11, 2007 10:16am
Quoting MrFuture
I am sorry to hear this man.

As I am new to this system, I would also like to know the correct way of placing orders with it.

OR stated that you start with a stop buy or stop sell to initiate the trade.....but is this the right way of doing it ? And how do you set up an exit for the stop buy, and how do you do it for a stop sell ?

I tought that stop buys and stop sells where done to exit winning trades, not initiating them.....I am confused

Thanks
Forget about it...now I got it....still I do not understand why my trades last night where open in aa strange way.

I basically placed a stop buy 5 pips above yesterday's close, and then a sell limit 5 pips above it. Yet, I woke up with two trades open, each going in the opposite direction with the same number of pips.......oh wait, is it because when I placed the 5 pip difference between the two, it wsn't enough 'cause I did not take into consideration spread ?????

Ouch !
"Lunch ? Lunch Is For Wimps !"
  • #952
  • Edited 10:38am Jan 11, 2007 10:31am | Edited 10:38am
Quoting MrFuture
Forget about it...now I got it....still I do not understand why my trades last night where open in aa strange way.

I basically placed a stop buy 5 pips above yesterday's close, and then a sell limit 5 pips above it. Yet, I woke up with two trades open, each going in the opposite direction with the same number of pips.......oh wait, is it because when I placed the 5 pip difference between the two, it wsn't enough 'cause I did not take into consideration spread ?????

Ouch !
I was set at 1.9425 also. You got filled at 1.9474.
The 2 15 minute candles at the announcement topped off at 1.9535. That's 61 pips until a retrace back to around 1.9500 and continueing down.

You were closed for a 38 pip loss you said. 38 pips minus 1.9474 is 1.9436 which was hit at about 10am, 13 15minute bars later.

Unless they retroactively initiated your stop order before they opened your order and filled them both instantaniously...which would mean they went BACKWARDS as the price was going UP and not DOWN from your fill, you either left it open for that long, or something fishy IMO.
Numbers go in order. To get from 5 to 10 you must pass through 7. 5,6,7,8,9,10. You can't randomly skip, 5,6,10,7,11,12,13 which your story sounds like. How can they do that? What was your timestamps?
  • #953
  • Jan 11, 2007 11:22am Jan 11, 2007 11:22am
Quoting rmyers
Hi Mccullek,


My SRDC1 order got filled properly ny InterbankFx. Can you specify a maximum slippage in your trade platform? That would cause the intial order to have been rejected.

Rick
Rick, Xpresstrade does not have any way to specify a minimum slippage. I went back and reviewed my trade, and with their system, there was absolutely no way to avoid a loss here. Basically what happened was this: they opened my trade 50 points above my entry order. This surpassed my target profit by 38 pips, so because the TP was met, it closed the trade. Unfortunately for me, that created an instant loss of 38 pips.

Because of the order entry options, there was no way I could avoid this loss by entering my orders differently. It's a flaw in their entry system. With a no slippage guarantee, it wouldn't be an issue, and that's what they had up until a few weeks ago when they moved away from the dealing desk. Now that they have a no dealing desk set up, they need to change their platform to account for the slippage. The most slippage I have had since they changed the system was a pip or two. I never imagined a 50 point difference, so I didn't really realize that this kind of trade could happen to me. Unfortunately, an education can be expensive.

I'm still complaining to Xpresstrade, and I'm waiting on a call from a supervisor. If they are going to allow 50 points in slippage, they have to change their platform so that you can account for this in your orders. What should happen is that if you get 50 points slippage in your entry, they should automatically move your TP 50 points as well, or at least have some way to void the entry if the slippage is over X amount of points as you suggested. I guarantee you that they robbed a lot of people on this move today!
  • #954
  • Jan 11, 2007 11:27am Jan 11, 2007 11:27am
Quoting techno79
I was set at 1.9425 also. You got filled at 1.9474.
The 2 15 minute candles at the announcement topped off at 1.9535. That's 61 pips until a retrace back to around 1.9500 and continueing down.

You were closed for a 38 pip loss you said. 38 pips minus 1.9474 is 1.9436 which was hit at about 10am, 13 15minute bars later.

Unless they retroactively initiated your stop order before they opened your order and filled them both instantaniously...which would mean they went BACKWARDS as the price was going UP and not DOWN from your fill, you either left it open for that long, or something fishy IMO.
Numbers go in order. To get from 5 to 10 you must pass through 7. 5,6,7,8,9,10. You can't randomly skip, 5,6,10,7,11,12,13 which your story sounds like. How can they do that? What was your timestamps?
Limit orders below the market are filled instantly. Because I was opened so far above the market, my limit order was immediately activated. My trade opened and immediately was closed. Even if I had entered a regular buy order, I still would have had a losing trade, because my buy order would still have been below my entry price. It's a flaw in their system and if they don't credit it back to me, I will find a new broker today.

Can anyone recommend an honest broker that has a no slippage guarantee, preferably one that uses MT4?
  • #955
  • Jan 11, 2007 11:47am Jan 11, 2007 11:47am
Oooohhhh. I understand now. They executed your take profit(which was a loss) immediately and not the stop loss. I'm sorry. Not sure what to say except how many events turn into a 100pip spike? Maybe only a few days a month.
  • #956
  • Jan 11, 2007 11:51am Jan 11, 2007 11:51am
Quoting mccullek
I need some advice here. I had my first losing trade today with SRDC I, and it really shouldn't have been. I had my order entry just above yesterday's resistance at 1.9426, with my profit target at 1.9436 for my usual 10 pips. Upon arising this morning, I saw the news about the interest rate hike before I got a chance to log into my account. There was talk about the huge surge in the GPD/USD, so I was expecting to see another nice gain in my account. Unfortunately, that was not to be the case. Due to the price gap, my order was opened at 1.9474, but because my TP was set at 1.9436, I was immediately closed out for a 38 pip loss, on 3 lots. This wiped out all my earnings for the week, plus some.

Is there a way to set my orders where this doesn't happen to me in the future? Prices moved positively for me, but it was the way the order was set up that cost me. Any suggestions or help on how to avoid this problem would be greatly appreciated. Had prices moved up to my order entry and then backed down 50 points, I could live with the fact that prices just didn't go my way. However, that was not the case with the loss this morning. Prices did go my way and they went there big time, but I still managed to come away with a huge loss.

Hopefully there is a better way to enter my orders and someone can point me in the right direction.
I am sorry my friend but you have just experienced what everyone has or will at one time if they trade during major news. You were filled at market price not the price you selected. That is to say, you were filled where they wanted to fill you. Slippage during news time is a given. You should learn from this and realize that you have to be aware of fundamentals as well as technicals. I do not like to trade SRDC I without being there to make the trade. A good percentage of the time your price will back off of the new daily high or low and sometimes it can trail back 30 pips or more, only to end up in profit later. This is why you have to watch the trade and judge the market as it is on that day. Join us in the SRDC Teamspeak room to get some coaching from the best traders in the thread and OrangeRoshan himself.

Traderbill
  • #957
  • Jan 11, 2007 1:01pm Jan 11, 2007 1:01pm
Master OR,

I was in TS this morning when you spoke about the tendency of some of us to focus on SRDC2 while not realizing that the method is a dance that includes all three methods. I think that there is an inclination in most of our minds that more complexity leads to greater success yet I have found (the hard way) that is not necessarily true especially when you are reaching beyond your capabilities. These three methods you made it clear are to be used in accordance with what the market is doing in the "here and now"; that is my understanding of price action and everything else falls in the field of probabilities. Ok, sorry... for the perhaps obvious but maybe this will be helpful to others.

One more thing...I need one clarification.... if one starts out with an SRDC1 entry, you make your 5 or so pips can one then follow that with the SRDC 1 advanced? Someone in TS was even suggesting that you could place two separate orders to accomplish the same. How do you see it? And can you perhaps elaborate a bit on how this three methods work in unison.

I never get tired of thanking you for your patience and willingness to help the padawans that are committed to your teachings.
All 4 1 and 1 4 All
  • #958
  • Jan 11, 2007 3:24pm Jan 11, 2007 3:24pm
hi master jedi,

How can I join Teamspeak? Will love to, although still trying to understand SRDC.

Kingmaker
  • #959
  • Jan 11, 2007 3:30pm Jan 11, 2007 3:30pm
kingmaker,

First you need to go to www.goteamspeak.com and download teamspeak2. Secondly go to the Teamspeak log-in thread under SRDC method. Then also need to make a post to the teamspeak registration thread.

Let us know if you have any issues.

Cheers,
Jeff


Quoting kingmaker
hi master jedi,

How can I join Teamspeak? Will love to, although still trying to understand SRDC.

Kingmaker
  • #960
  • Jan 11, 2007 4:07pm Jan 11, 2007 4:07pm
Hello Jeff,

I made a post on the Temspeak thread and also installed the Teamspeak software as per instructions on that thread. But i still get a audible voice message "Error" when i try to connect. Any help is appreciated.

Thanks
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