Part Time Wealth Building Trading System - Weekly Scalping | Page 20 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

1M & 5M Scalping System (Scalping Paradise) 21 replies

A switch: from part time trading to full time trading 8 replies

A system that works for a part time trader with minimum screen time 16 replies

Dear Full time/Part time Traders – Thanks for your time and help 7 replies

Part Time Wealth Building System - "High-Low Trending" 9 replies

Attachments: Part Time Wealth Building Trading System - Weekly Scalping
Exit Attachments

Part Time Wealth Building Trading System - Weekly Scalping

  • #381
  • Jan 18, 2007 3:59pm Jan 18, 2007 3:59pm
Quoting marcf
Are you talking about TK's other method? Anyway, check out alertfx.com

no, I like the Weekly and last version that is tighter 21/21 and hopefully the Daily that he will still bring to us. I have heard about alertfx but still not quite sure how to set it up. I think that it would be nice as even at night you would be alerted if the line is crossed. Thinking out loud here again. For now I do not need it anyway. I just like to have the reasources together ahead of time so , when I really need it, I know how it is done. Thanks all!

ut2DaMax
  • #382
  • Jan 18, 2007 5:48pm Jan 18, 2007 5:48pm
Hi James,

I have fully backtested GBP/JPY using the original system. While it showed good profit at the end of the year, it had about 4 months of heavy drawdown. I am testing to see if taking a small profit off the top and than letting it run will make up for these losses. I haven't finished backtesting the modified system, but so far it has shown an approximate 50% or so increase in profit (drawdown way less or negligible, profit months even more profitable).

Many weeks stop you out a few times at the beginning, trend very nicely until the middle to end of the week, and then chop you out some more from Thursday to Friday. The thing I have noticed with this modification is that you can catch a trend going up, take profit, take more profit on the way up, and then catch more profit heading down. The main problem with doing it this way is it requires a lot more attention as you should try to get your positions placed as soon as possible after your exit. I have modified it somewhat btw from what I posted earlier. Will post my results with method once I am finished for those who may be interested.

Take care & good luck in your trades,

D.

Quoting james275
One question i have Daemien, is why do you take profit so early instead of just letting it run? The basis of using the Weekly bars in the system is to let the trending componet on a weekly basis do its thing without having to do all the fussing. The successful traders encourage us to stop being afraid of "losing" and let your profits run. Just a thought.

Looks like this week will be highly profitable on this and the GBP/usd. The trade ain't over until its over ...at the end of the week!

Great trading all..


Jim No
  • #383
  • Jan 18, 2007 6:00pm Jan 18, 2007 6:00pm
Hi Jarcrocker, thanks for sharing your results.

The last half of 2006 was extremely positive using this system. If you look at the earlier months - march to about june or july - you will see quite a large drawdown. I'm just trying to make everybody aware to be careful - if you hit a non-trending time period you will suffer extreme losses from being chopped to death (-30 each time!). Still comes out nicely positive in the end so persistence and patience is key!

D.

Quoting jarcrocker
This is just a small backtest I've already done on GBPJPY. weeks of 9/29/06-1/5/07. This is with the original system TK recommended not the "21 pip" strategy. Really good after a bad start.
  • #384
  • Jan 18, 2007 6:05pm Jan 18, 2007 6:05pm
Cool. Thanks, guys. I'll probably stick to the Pound on the demo account for now.
Life is too short to have anything but delusional notions about yourself.
  • #385
  • Jan 18, 2007 6:26pm Jan 18, 2007 6:26pm
Damien - your alteration sounds very interesting. I'll be waiting for your results
  • #386
  • Jan 18, 2007 7:07pm Jan 18, 2007 7:07pm
Tkimble,

Would you be so kind to post your call to us each day with the lots you order so that we can follow closely.

Thanks.

Steven
  • #387
  • Jan 18, 2007 7:20pm Jan 18, 2007 7:20pm
Each day? This is a weekly system
Don Life is expensive, but includes a free trip around the sun.
  • #388
  • Jan 18, 2007 7:37pm Jan 18, 2007 7:37pm
Quoting coolshades
my novice suggestion, is why dont you enter 2 lots or even three for every entry. the first lot with s/ of 30 and tp of 30 (here you are safeguarding a potential loss on on the main tk entry), another lot for 50 pip tp with same sl of 30 and the third order rides the waves the way tk does..

am a novice, so feel free to blast me down
Cool Shades,

In reponse to your question/suggestion on this method, I too am a new trader still on demo and have been following this thread (and TK's generosity) with keen interest, and am in fact trading it this week.

I think you have an excellent suggestion as to a potential way to "have your cake and eat it too" regarding the concerns over the stops and how to maybe manage them a little better. I hope some more experienced traders will read this and way in on your question...
  • #389
  • Jan 18, 2007 8:48pm Jan 18, 2007 8:48pm
Quoting traderone
Hi Yezbick...

Are you using the original TKimble rules for straddle and stop loss? (50 straddle, 30 stop loss). Thanks for any reply.

Yes, I'm using the original kimble system as you stated above.

Current results.

AUDUSD -6
GBPJPY +297
USDCAD +4
EURJPY +144
USDJPY +54

I have been stopped out 2x on EURUSD and once on GBPUSD. They have since gone on to new heights and I was unable setup the kimble system again before they took off. Also I got into the GBPJPY at 15:56 GMT on 1-16 and have missed about what I see to be 80 pips. Oh well Early bird gets the worm.

Currently with losses I figure that I'm net up about 387 pips so far this week and should be up an additonal 130 pips that were lost due to the learning curve and life in general getting in the way.

I'll tell you though I'm in love with this system.

Thanks again kimble for telling us about it.
  • #390
  • Jan 18, 2007 8:52pm Jan 18, 2007 8:52pm
Quoting Benjo
Hello to all,

first time posting, but I've enjoyed reading for quite some time. I'm in the GBP/USD straddle this week and am very positive about this system. Thanks TKimble! Yezbick....just curious about those other pairs. Did you experience much choppyness at the beginning of the week? Also do find that it is taking much time to manage all the orders?

Thanks and Good Trading,

Ben
Yes, It was choppy on the EURUSD AND GBPUSD. The EURUSD was probably the worst this week with both the buy and sell stops being stopped out also I was stopped out 2 times on the buy for the EURUSD. I honestly didn't expect it from these 2 pairs but the EURUSD was off to a very rocky start this week.

I'm still happy though the rest of the trades went extremely well and more than paid for the choppyness of the 2 pairs mentioned above.
  • #391
  • Jan 18, 2007 9:11pm Jan 18, 2007 9:11pm
Quoting hoss
I think if you manage too many pairs you may be getting away from the essence of the system which is simplicity. I would rather manage one pair and put more lots on it than manage a bunch with lower lot sizes and get the same results. Just a thought.
You are right that it does become more complicated, but each pair traded remains the same as the simple system.

The reason I decided to trade multiple pairs is because I figured that I could not pick which pair would move or trend and which pair would not. I also figured that if I could find 2 or 3 that would trend. I could receive additional pips and also be able to offset any pairs that stopped out quite easily. I guess I tried the buckshot technique and it to can work.

Just my 2 cents worth.

Happy trading.
  • #392
  • Jan 18, 2007 9:13pm Jan 18, 2007 9:13pm
Forgive my ignorance, have you already posted the settings you use on the other pairs?
  • #393
  • Jan 18, 2007 9:17pm Jan 18, 2007 9:17pm
Quoting permanentjaun
Forgive my ignorance, have you already posted the settings you use on the other pairs?
I have not tweaked any of the basic system. I used a spread of 50 with 30 point SL and adjusted as the system shows. Each pair that I listed was with the basic system and not adjusted to its normal speed of movement.
  • #394
  • Jan 18, 2007 9:19pm Jan 18, 2007 9:19pm
Quoting hoss
I think if you manage too many pairs you may be getting away from the essence of the system which is simplicity. I would rather manage one pair and put more lots on it than manage a bunch with lower lot sizes and get the same results. Just a thought.
This is a very astute observation. You have to be quite agile to manage more than two or three pairs. It is far easier to manage one pair. Besides, do not forget to include the money management spreadsheet that I have offered in this thread. Money management is a far greater influence on building wealth than PIP counts. You can make yourself a multi millionaire in two years buy risking only three percent of your account on every trade accumulating 100 PIPs of profit per week.

Think about that for a second and compare to some of the PIP gains that have been made so far just this week. Keep it simple and focus on one or two pairs max. Just follow the system like a robot.

Happy trading,

Tkimble
  • #395
  • Jan 18, 2007 9:23pm Jan 18, 2007 9:23pm
Quoting yezbick
You are right that it does become more complicated, but each pair traded remains the same as the simple system.

The reason I decided to trade multiple pairs is because I figured that I could not pick which pair would move or trend and which pair would not. I also figured that if I could find 2 or 3 that would trend. I could receive additional pips and also be able to offset any pairs that stopped out quite easily. I guess I tried the buckshot technique and it to can work.

Just my 2 cents worth.

Happy trading.
I agree but you must have the time, particularly in the beginning of the week to stay on top of the market and monitor each and every move until the trend is established which normally occurs about 1 - 2 days into the week.

Happy Trading,

Tkimble
  • #396
  • Jan 18, 2007 9:25pm Jan 18, 2007 9:25pm
If you have the time to manage the system over many pairs it might be worth it so long as the pairs don't share a high correlation. It would reduce the chances of a high DD.
  • #397
  • Jan 18, 2007 9:28pm Jan 18, 2007 9:28pm
Quoting permanentjaun
If you have the time to manage the system over many pairs it might be worth it so long as the pairs don't share a high correlation. It would reduce the chances of a high DD.
I agree. I had pratically no drawdown this week. The positive equity well outweighed the drawdown. As for correlation the EURJPY and GBPJPY worked together this week to the advantage of those that traded it.

400 plus pips from these 2 alone.
  • #398
  • Jan 18, 2007 9:34pm Jan 18, 2007 9:34pm
I added a post to this thread earlier regarding the markets knack for anticipating high impact reports. Tomorrow morning at 930 EST is the Retail Sales Report. Watch the market starting at 900 EST. You will begin to see a definite drift in one direction or the other leading up to the announcement. Keep in mind that the drift does not necessarily dictate the final market move after the report announcement but is an indicator of market sentiment leading up to the report announcement.

This event will test your ability to withstand a potentially big move in the market particularly if you are sitting on a large position.

I will not be watching the market but am keenly interested in the trader anticipation and how it influences the market. Pretty cool...

Regards,

Tkimble
  • #399
  • Jan 18, 2007 10:03pm Jan 18, 2007 10:03pm
Cool. I'll be watching it, too. It helps with the detatchment game. I actually trade news a few minutes after it comes out, so it will keep me from paying any attention to any position I may have with the weekly scalp system. The market will a lot of times end up right back where it started before the news unless you have something way unexpected like we had last week with the GBP interest statement.
Life is too short to have anything but delusional notions about yourself.
  • #400
  • Jan 19, 2007 12:51am Jan 19, 2007 12:51am
the calendar here at forex factory does not show any retail sales report at 930 est time. are you referring to the gdp retail report at 430 est time?

Quoting tkimble
I added a post to this thread earlier regarding the markets knack for anticipating high impact reports. Tomorrow morning at 930 EST is the Retail Sales Report. Watch the market starting at 900 EST. You will begin to see a definite drift in one direction or the other leading up to the announcement. Keep in mind that the drift does not necessarily dictate the final market move after the report announcement but is an indicator of market sentiment leading up to the report announcement.

This event will test your ability to withstand a potentially big move in the market particularly if you are sitting on a large position.

I will not be watching the market but am keenly interested in the trader anticipation and how it influences the market. Pretty cool...

Regards,

Tkimble
3 traders viewing now