- #2,601
- Feb 26, 2008 7:22am Feb 26, 2008 7:22am
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
- #2,602
- Feb 26, 2008 10:16pm Feb 26, 2008 10:16pm
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
I'm pretty much done with all this ...
- #2,603
- Feb 26, 2008 10:29pm Feb 26, 2008 10:29pm
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
Sigh...
When can I be the Bum?? I still work like a slob toiling away in the Siberian Salt Mines... Trade the dailies. Sigh. Someday my friend, someday.... I'd like the freedom to get all wrapped around the intraday...
Oh, to be the Bumster. I get goose bumps just thinking about it...
Hey everyone - want a killer tip??
Add in james16 stuff to your system/method and watch it rock your world.
(That was today's good deed - nighty night!)
I think I have seen you hanging around the new Private Forum website.......
- #2,608
- Mar 3, 2008 10:08am Mar 3, 2008 10:08am
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
- #2,609
- Mar 3, 2008 10:09am Mar 3, 2008 10:09am
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
The question should be WHAT PAIRS ISN'T HE TRADING!!!!
- #2,610
- Mar 3, 2008 10:11am Mar 3, 2008 10:11am
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
Beach Bum,
What pairs are you trading the Fozzy method on? One of the reasons I use two brokers is to have access to as many pairs as possible. Right now I'm looking at a third who advertises 90+ pairs.........
is your trading showing very positive from the method? Definitely!!!!!
Cheers,
- #2,611
- Mar 3, 2008 10:27am Mar 3, 2008 10:27am
Hey Fozzy traders!
Look at GBP\USD. Seems that if price closed today more lower then it is now, we can get a signal with all conditions by the strategy.
Also, USD\CAD the same story.
What do u think ?
- #2,612
- Mar 3, 2008 10:44am Mar 3, 2008 10:44am
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
Hi all,
My first post on FF, so it will be long J
(I am not native English – sorry for grammar)
First of all, many thanks to all People posting in this thread. Special thanks to Fozzy and BeachBum. Many, many interesting thoughts from you.
I am trading Fozzy method for over one year now and it caused me to pay the income tax for 2007
.
3375 pips from DFozzy in 2007 but with relatively small account – still learning this method.
I felt guilty only receiving and not giving, so below few thoughts from me. Maybe someone would find something inspiring.
Regarding the Sunday candles on MT4 (recently mentioned by BB). I get them and I also don’t like them. Instead of changing the broker my solution is to delete them from the History – two last Sunday bars. (there is such a possibility in MT4). The trouble is that I have to delete them every time I open the MT4 (or every time I am close to receiving the signal). It works for me.
I am trading only three pairs: EUR/USD, USD/JPY, USD/CHF (daily candles). I was also trading GBP/USD but it was not performing well with my parameters (too much noise for me) and I resigned from it. These three pairs have the best spread (commissions) and I like to have a lot of control and little to watch. Instead I appropriately (oh maybe little to much) leverage my account with these three pairs.
I am risking 3% of my capital - exclusively dedicated to forex - on every trade/pair (not including in this calculation money invested in mutual funds, bank accounts and others – this is important). If there are three signals on three pairs at the same time the risk is around 9%. These three pairs are highly correlated so the risk and the drawdown is quite big. I will be reducing it with capital growth (of course if it will be still growing J ).
My SL is 70 pips on every pair. This is more subjective than using ATR - but I like to keep it simple.
BE is after 50 pips move in my direction.
I am not using taking profit orders.
For a while I was using “manual” trailing SL when transaction was moving in my direction and still was below 50 points (after 50 points I am always moving SL to BE). For example when I was 30 points in green I was reducing my SL from 70 to 40.
I think this is interesting for “defensive” traders (the average losing position is smaller) but there is an obvious risk of missing big moves when reduced SL is hit.
Big move means for me around 200 – 300 points (1/3 Risk Reward or more is my goal). So far my biggest move on one pair was around 400 points – actually I am not looking for bigger ones (but I don’t mind if they will occur J ).
Big moves are essential in “my way” of trading Fozzy method. I am not much interested in 50 – 100 points moves, not mentioning <50 points moves. I like to give my trades a lot of space at the beginning and I am prepared for a lot of BE trades.
When I am about 150 – 210 points in green (1/2 ; 1/3 RR) then I am moving my SL (actually Stop Win) closer and again giving some space to trade.
One of my exit methods is also moving SL to HI/LO of a recent candle at the end of a day.
Recently I came up with other method of reducing the average losing position size. If the trade is going against me but at the end of a day I am still in it (for example I am 40 points in red) I am closing this trade and putting the BUY/SELL STOP order at the previous BUY/SELL level (I re-enter because I do not want to miss the big move). I am still in phase of testing it. Of course in situation when I am e.g. 40 pips in red and there is an opposite signal I close my trade and open new one in opposite direction. I am taking all crosses. (again I don’t want to miss the big move).
I was also reducing position size when signal occurred after 100+ candle or even not taking the signal. But I resigned from it and now I am taking all signals, full position. I think this is interesting for more defensive traders (preferring higher winning %).
I was also analyzing taking position only after the cross which occurred after TWO white/black candles in a row. But I resigned from that - I don’t want to be late on a big move.
I have some more thoughts but who can handle such a long post J
Conclusion. The entry issue is not an issue for me. I do not think about it very much – I am taking every cross and that’s all (no Bollinger bands, fibo, RSI levels – nothing).
I concentrate on money management. As we all know now this is the holy grail of trading. My goal in excelling MM method is to maximize length of move (staying in the transaction) and not the number of winners.
I know that everything above was said million times and actually nothing is mine. My intention is to assure some of you that this method works. You just have to paint it in your favorite colors.
Good luck to all.
P.s. I am again and again modifying something in my MM method. I am starting to worry if there is an end to that. Sometimes I think that it is impossible to “invent” something new and then BOOM! Here I go again…
My first post on FF, so it will be long J
(I am not native English – sorry for grammar)
First of all, many thanks to all People posting in this thread. Special thanks to Fozzy and BeachBum. Many, many interesting thoughts from you.
I am trading Fozzy method for over one year now and it caused me to pay the income tax for 2007
.3375 pips from DFozzy in 2007 but with relatively small account – still learning this method.
I felt guilty only receiving and not giving, so below few thoughts from me. Maybe someone would find something inspiring.
Regarding the Sunday candles on MT4 (recently mentioned by BB). I get them and I also don’t like them. Instead of changing the broker my solution is to delete them from the History – two last Sunday bars. (there is such a possibility in MT4). The trouble is that I have to delete them every time I open the MT4 (or every time I am close to receiving the signal). It works for me.
I am trading only three pairs: EUR/USD, USD/JPY, USD/CHF (daily candles). I was also trading GBP/USD but it was not performing well with my parameters (too much noise for me) and I resigned from it. These three pairs have the best spread (commissions) and I like to have a lot of control and little to watch. Instead I appropriately (oh maybe little to much) leverage my account with these three pairs.
I am risking 3% of my capital - exclusively dedicated to forex - on every trade/pair (not including in this calculation money invested in mutual funds, bank accounts and others – this is important). If there are three signals on three pairs at the same time the risk is around 9%. These three pairs are highly correlated so the risk and the drawdown is quite big. I will be reducing it with capital growth (of course if it will be still growing J ).
My SL is 70 pips on every pair. This is more subjective than using ATR - but I like to keep it simple.
BE is after 50 pips move in my direction.
I am not using taking profit orders.
For a while I was using “manual” trailing SL when transaction was moving in my direction and still was below 50 points (after 50 points I am always moving SL to BE). For example when I was 30 points in green I was reducing my SL from 70 to 40.
I think this is interesting for “defensive” traders (the average losing position is smaller) but there is an obvious risk of missing big moves when reduced SL is hit.
Big move means for me around 200 – 300 points (1/3 Risk Reward or more is my goal). So far my biggest move on one pair was around 400 points – actually I am not looking for bigger ones (but I don’t mind if they will occur J ).
Big moves are essential in “my way” of trading Fozzy method. I am not much interested in 50 – 100 points moves, not mentioning <50 points moves. I like to give my trades a lot of space at the beginning and I am prepared for a lot of BE trades.
When I am about 150 – 210 points in green (1/2 ; 1/3 RR) then I am moving my SL (actually Stop Win) closer and again giving some space to trade.
One of my exit methods is also moving SL to HI/LO of a recent candle at the end of a day.
Recently I came up with other method of reducing the average losing position size. If the trade is going against me but at the end of a day I am still in it (for example I am 40 points in red) I am closing this trade and putting the BUY/SELL STOP order at the previous BUY/SELL level (I re-enter because I do not want to miss the big move). I am still in phase of testing it. Of course in situation when I am e.g. 40 pips in red and there is an opposite signal I close my trade and open new one in opposite direction. I am taking all crosses. (again I don’t want to miss the big move).
I was also reducing position size when signal occurred after 100+ candle or even not taking the signal. But I resigned from it and now I am taking all signals, full position. I think this is interesting for more defensive traders (preferring higher winning %).
I was also analyzing taking position only after the cross which occurred after TWO white/black candles in a row. But I resigned from that - I don’t want to be late on a big move.
I have some more thoughts but who can handle such a long post J
Conclusion. The entry issue is not an issue for me. I do not think about it very much – I am taking every cross and that’s all (no Bollinger bands, fibo, RSI levels – nothing).
I concentrate on money management. As we all know now this is the holy grail of trading. My goal in excelling MM method is to maximize length of move (staying in the transaction) and not the number of winners.
I know that everything above was said million times and actually nothing is mine. My intention is to assure some of you that this method works. You just have to paint it in your favorite colors.
Good luck to all.
P.s. I am again and again modifying something in my MM method. I am starting to worry if there is an end to that. Sometimes I think that it is impossible to “invent” something new and then BOOM! Here I go again…
- #2,616
- Mar 9, 2008 9:37pm Mar 9, 2008 9:37pm
Hi all,
My first post on FF, so it will be long J
(I am not native English – sorry for grammar)
First of all, many thanks to all People posting in this thread. Special thanks to Fozzy and BeachBum. Many, many interesting thoughts from you.
I am trading Fozzy method for over one year now and it caused me to pay the income tax for 2007
3375 pips from DFozzy in 2007 but with relatively small account – still learning this method.
I felt guilty only receiving and not giving, so below few thoughts from me. Maybe someone would find something inspiring.
Regarding the Sunday candles on MT4 (recently mentioned by BB). I get them and I also don’t like them. Instead of changing the broker my solution is to delete them from the History – two last Sunday bars. (there is such a possibility in MT4). The trouble is that I have to delete them every time I open the MT4 (or every time I am close to receiving the signal). It works for me.
I am trading only three pairs: EUR/USD, USD/JPY, USD/CHF (daily candles). I was also trading GBP/USD but it was not performing well with my parameters (too much noise for me) and I resigned from it. These three pairs have the best spread (commissions) and I like to have a lot of control and little to watch. Instead I appropriately (oh maybe little to much) leverage my account with these three pairs.
I am risking 3% of my capital - exclusively dedicated to forex - on every trade/pair (not including in this calculation money invested in mutual funds, bank accounts and others – this is important). If there are three signals on three pairs at the same time the risk is around 9%. These three pairs are highly correlated so the risk and the drawdown is quite big. I will be reducing it with capital growth (of course if it will be still growing J ).
My SL is 70 pips on every pair. This is more subjective than using ATR - but I like to keep it simple.
BE is after 50 pips move in my direction.
I am not using taking profit orders.
For a while I was using “manual” trailing SL when transaction was moving in my direction and still was below 50 points (after 50 points I am always moving SL to BE). For example when I was 30 points in green I was reducing my SL from 70 to 40.
I think this is interesting for “defensive” traders (the average losing position is smaller) but there is an obvious risk of missing big moves when reduced SL is hit.
Big move means for me around 200 – 300 points (1/3 Risk Reward or more is my goal). So far my biggest move on one pair was around 400 points – actually I am not looking for bigger ones (but I don’t mind if they will occur J ).
Big moves are essential in “my way” of trading Fozzy method. I am not much interested in 50 – 100 points moves, not mentioning <50 points moves. I like to give my trades a lot of space at the beginning and I am prepared for a lot of BE trades.
When I am about 150 – 210 points in green (1/2 ; 1/3 RR) then I am moving my SL (actually Stop Win) closer and again giving some space to trade.
One of my exit methods is also moving SL to HI/LO of a recent candle at the end of a day.
Recently I came up with other method of reducing the average losing position size. If the trade is going against me but at the end of a day I am still in it (for example I am 40 points in red) I am closing this trade and putting the BUY/SELL STOP order at the previous BUY/SELL level (I re-enter because I do not want to miss the big move). I am still in phase of testing it. Of course in situation when I am e.g. 40 pips in red and there is an opposite signal I close my trade and open new one in opposite direction. I am taking all crosses. (again I don’t want to miss the big move).
I was also reducing position size when signal occurred after 100+ candle or even not taking the signal. But I resigned from it and now I am taking all signals, full position. I think this is interesting for more defensive traders (preferring higher winning %).
I was also analyzing taking position only after the cross which occurred after TWO white/black candles in a row. But I resigned from that - I don’t want to be late on a big move.
I have some more thoughts but who can handle such a long post J
Conclusion. The entry issue is not an issue for me. I do not think about it very much – I am taking every cross and that’s all (no Bollinger bands, fibo, RSI levels – nothing).
I concentrate on money management. As we all know now this is the holy grail of trading. My goal in excelling MM method is to maximize length of move (staying in the transaction) and not the number of winners.
I know that everything above was said million times and actually nothing is mine. My intention is to assure some of you that this method works. You just have to paint it in your favorite colors.
Good luck to all.
P.s. I am again and again modifying something in my MM method. I am starting to worry if there is an end to that. Sometimes I think that it is impossible to “invent” something new and then BOOM! Here I go again…
We leave no soldier behind.
- #2,617
- Mar 9, 2008 10:32pm Mar 9, 2008 10:32pm
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
- #2,618
- Mar 9, 2008 10:36pm Mar 9, 2008 10:36pm
- Joined Oct 2005 | Status: Trade the MAX System with me... | 1,995 Posts
This is a great post; thanks very much for sharing how you trade with the Fozzy method. Please don't hesitate to continue sharing your work.
Hi all,
My first post on FF, so it will be long J
(I am not native English – sorry for grammar)
First of all, many thanks to all People posting in this thread. Special thanks to Fozzy and BeachBum. Many, many interesting thoughts from you.
I am trading Fozzy method for over one year now and it caused me to pay the income tax for 2007
3375 pips from DFozzy in 2007 but with relatively small account – still learning this method.
I felt guilty only receiving and not giving, so below few thoughts from me. Maybe someone would find something inspiring.
Regarding the Sunday candles on MT4 (recently mentioned by BB). I get them and I also don’t like them. Instead of changing the broker my solution is to delete them from the History – two last Sunday bars. (there is such a possibility in MT4). The trouble is that I have to delete them every time I open the MT4 (or every time I am close to receiving the signal). It works for me.
I am trading only three pairs: EUR/USD, USD/JPY, USD/CHF (daily candles). I was also trading GBP/USD but it was not performing well with my parameters (too much noise for me) and I resigned from it. These three pairs have the best spread (commissions) and I like to have a lot of control and little to watch. Instead I appropriately (oh maybe little to much) leverage my account with these three pairs.
I am risking 3% of my capital - exclusively dedicated to forex - on every trade/pair (not including in this calculation money invested in mutual funds, bank accounts and others – this is important). If there are three signals on three pairs at the same time the risk is around 9%. These three pairs are highly correlated so the risk and the drawdown is quite big. I will be reducing it with capital growth (of course if it will be still growing J ).
My SL is 70 pips on every pair. This is more subjective than using ATR - but I like to keep it simple.
BE is after 50 pips move in my direction.
I am not using taking profit orders.
For a while I was using “manual” trailing SL when transaction was moving in my direction and still was below 50 points (after 50 points I am always moving SL to BE). For example when I was 30 points in green I was reducing my SL from 70 to 40.
I think this is interesting for “defensive” traders (the average losing position is smaller) but there is an obvious risk of missing big moves when reduced SL is hit.
Big move means for me around 200 – 300 points (1/3 Risk Reward or more is my goal). So far my biggest move on one pair was around 400 points – actually I am not looking for bigger ones (but I don’t mind if they will occur J ).
Big moves are essential in “my way” of trading Fozzy method. I am not much interested in 50 – 100 points moves, not mentioning <50 points moves. I like to give my trades a lot of space at the beginning and I am prepared for a lot of BE trades.
When I am about 150 – 210 points in green (1/2 ; 1/3 RR) then I am moving my SL (actually Stop Win) closer and again giving some space to trade.
One of my exit methods is also moving SL to HI/LO of a recent candle at the end of a day.
Recently I came up with other method of reducing the average losing position size. If the trade is going against me but at the end of a day I am still in it (for example I am 40 points in red) I am closing this trade and putting the BUY/SELL STOP order at the previous BUY/SELL level (I re-enter because I do not want to miss the big move). I am still in phase of testing it. Of course in situation when I am e.g. 40 pips in red and there is an opposite signal I close my trade and open new one in opposite direction. I am taking all crosses. (again I don’t want to miss the big move).
I was also reducing position size when signal occurred after 100+ candle or even not taking the signal. But I resigned from it and now I am taking all signals, full position. I think this is interesting for more defensive traders (preferring higher winning %).
I was also analyzing taking position only after the cross which occurred after TWO white/black candles in a row. But I resigned from that - I don’t want to be late on a big move.
I have some more thoughts but who can handle such a long post J
Conclusion. The entry issue is not an issue for me. I do not think about it very much – I am taking every cross and that’s all (no Bollinger bands, fibo, RSI levels – nothing).
I concentrate on money management. As we all know now this is the holy grail of trading. My goal in excelling MM method is to maximize length of move (staying in the transaction) and not the number of winners.
I know that everything above was said million times and actually nothing is mine. My intention is to assure some of you that this method works. You just have to paint it in your favorite colors.
Good luck to all.
P.s. I am again and again modifying something in my MM method. I am starting to worry if there is an end to that. Sometimes I think that it is impossible to “invent” something new and then BOOM! Here I go again…
Hi all,
My first post on FF, so it will be long J
(I am not native English – sorry for grammar)
First of all, many thanks to all People posting in this thread. Special thanks to Fozzy and BeachBum. Many, many interesting thoughts from you.
I am trading Fozzy method for over one year now and it caused me to pay the income tax for 2007
3375 pips from DFozzy in 2007 but with relatively small account – still learning this method.
I felt guilty only receiving and not giving, so below few thoughts from me. Maybe someone would find something inspiring.
Regarding the Sunday candles on MT4 (recently mentioned by BB). I get them and I also don’t like them. Instead of changing the broker my solution is to delete them from the History – two last Sunday bars. (there is such a possibility in MT4). The trouble is that I have to delete them every time I open the MT4 (or every time I am close to receiving the signal). It works for me.
I am trading only three pairs: EUR/USD, USD/JPY, USD/CHF (daily candles). I was also trading GBP/USD but it was not performing well with my parameters (too much noise for me) and I resigned from it. These three pairs have the best spread (commissions) and I like to have a lot of control and little to watch. Instead I appropriately (oh maybe little to much) leverage my account with these three pairs.
I am risking 3% of my capital - exclusively dedicated to forex - on every trade/pair (not including in this calculation money invested in mutual funds, bank accounts and others – this is important). If there are three signals on three pairs at the same time the risk is around 9%. These three pairs are highly correlated so the risk and the drawdown is quite big. I will be reducing it with capital growth (of course if it will be still growing J ).
My SL is 70 pips on every pair. This is more subjective than using ATR - but I like to keep it simple.
BE is after 50 pips move in my direction.
I am not using taking profit orders.
For a while I was using “manual” trailing SL when transaction was moving in my direction and still was below 50 points (after 50 points I am always moving SL to BE). For example when I was 30 points in green I was reducing my SL from 70 to 40.
I think this is interesting for “defensive” traders (the average losing position is smaller) but there is an obvious risk of missing big moves when reduced SL is hit.
Big move means for me around 200 – 300 points (1/3 Risk Reward or more is my goal). So far my biggest move on one pair was around 400 points – actually I am not looking for bigger ones (but I don’t mind if they will occur J ).
Big moves are essential in “my way” of trading Fozzy method. I am not much interested in 50 – 100 points moves, not mentioning <50 points moves. I like to give my trades a lot of space at the beginning and I am prepared for a lot of BE trades.
When I am about 150 – 210 points in green (1/2 ; 1/3 RR) then I am moving my SL (actually Stop Win) closer and again giving some space to trade.
One of my exit methods is also moving SL to HI/LO of a recent candle at the end of a day.
Recently I came up with other method of reducing the average losing position size. If the trade is going against me but at the end of a day I am still in it (for example I am 40 points in red) I am closing this trade and putting the BUY/SELL STOP order at the previous BUY/SELL level (I re-enter because I do not want to miss the big move). I am still in phase of testing it. Of course in situation when I am e.g. 40 pips in red and there is an opposite signal I close my trade and open new one in opposite direction. I am taking all crosses. (again I don’t want to miss the big move).
I was also reducing position size when signal occurred after 100+ candle or even not taking the signal. But I resigned from it and now I am taking all signals, full position. I think this is interesting for more defensive traders (preferring higher winning %).
I was also analyzing taking position only after the cross which occurred after TWO white/black candles in a row. But I resigned from that - I don’t want to be late on a big move.
I have some more thoughts but who can handle such a long post J
Conclusion. The entry issue is not an issue for me. I do not think about it very much – I am taking every cross and that’s all (no Bollinger bands, fibo, RSI levels – nothing).
I concentrate on money management. As we all know now this is the holy grail of trading. My goal in excelling MM method is to maximize length of move (staying in the transaction) and not the number of winners.
I know that everything above was said million times and actually nothing is mine. My intention is to assure some of you that this method works. You just have to paint it in your favorite colors.
Good luck to all.
P.s. I am again and again modifying something in my MM method. I am starting to worry if there is an end to that. Sometimes I think that it is impossible to “invent” something new and then BOOM! Here I go again…
What is your total percentage gain in 2007? I would like to know this as you never risk more than 3% per trade.