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Part Time Wealth Building Trading System - Weekly Scalping

  • #461
  • Jan 22, 2007 11:09am Jan 22, 2007 11:09am
Here's something I'm curious to clarify: When we talk about percent of account balance risked per trade, are we talking for the whole week, or on each Buy or Sell trade?

If I set it up to risk 3% per-trade, then get stopped out 3 times, I've effectively lost 9%.

But if I know going into the week that I'm likely to get stopped out 3 times, would I only risk 1% per trade?

How do others view this with respect to their money management guidelines?
  • #462
  • Jan 22, 2007 11:48am Jan 22, 2007 11:48am
GBP/JPY was activated long this morning, and up 48pips to boot at this time!!

Go pips!!

D.



Quoting MillerHighLife
Is anyone in on a trade on the GBPUSD at this point?

I've got a close price last week of 1.9738, so my entry and exit points are 1.9791 (50+3 spread) and 1.9685 (50-3 spread).

So far neither has hit. Hopefully we'll break into a trend at some point soon.
  • #463
  • Edited 12:03pm Jan 22, 2007 12:02pm | Edited 12:03pm
I had a close of 9736 last week in the pound / dollar. I placed a buy stop at 9786 and a sell stop at 9686. I did not add in my pip spread as someone noted above. My buy stop was hit this morning and my stop was just hit for a loss of 30 pips. I am now waiting on a new buy or sell signal.
  • #464
  • Jan 22, 2007 12:18pm Jan 22, 2007 12:18pm
Quoting MillerHighLife
Here's something I'm curious to clarify: When we talk about percent of account balance risked per trade, are we talking for the whole week, or on each Buy or Sell trade?

If I set it up to risk 3% per-trade, then get stopped out 3 times, I've effectively lost 9%.

But if I know going into the week that I'm likely to get stopped out 3 times, would I only risk 1% per trade?

How do others view this with respect to their money management guidelines?
I risk 2 - 3% on every trade. My trading has placed me in the comfortable postion to know that over time, I will recoup my losses and extend my profits. You need to get to this level of confidence with whatever system you choose to trade.

I would recommend starting with 1% of your account balance...

Happy Trading,

Tkimble
  • #465
  • Jan 22, 2007 12:36pm Jan 22, 2007 12:36pm
Quoting tim4kaye
I had a close of 9736 last week in the pound / dollar. I placed a buy stop at 9786 and a sell stop at 9686. I did not add in my pip spread as someone noted above. My buy stop was hit this morning and my stop was just hit for a loss of 30 pips. I am now waiting on a new buy or sell signal.
I've found that the 50-pip marks are pretty solid lines of resistance, so it helps to put your entry points just outside those thresholds by incorporating the spreads.

If the pair blows right through those 50-pip resistance lines, there's a pretty good chance that it'll continue to trade that way.
  • #466
  • Jan 22, 2007 12:41pm Jan 22, 2007 12:41pm
Hi,

Btw, my first post here!

I have been following this thread for a while and I started demo it last week. I am in this week also FXDD demo account with the following:

last week close 1,9735 and no spread is calculated anywhere.

Buy got triggered today, and then SL. So am I correct with this:

Buy Stop 1,9735
Sell Stop 1,9685

???

Thanks for help!

Jogge
  • #467
  • Jan 22, 2007 1:42pm Jan 22, 2007 1:42pm
and the information is all right there in black and white, and it is not that long a thread.

If you are talking about GBP/USD there has not been a trade yet. Fri' close was 19744. [and GBP/JPY closed @ 23931] and the buy stop was hit and is still going higher, if your buy stop was up 21 or more pips. It depends what pairs you are paper trading for the spread. Take care! IMO
  • #468
  • Jan 22, 2007 1:47pm Jan 22, 2007 1:47pm
I'm in once and was stopped out already, waiting for 2nd trade..I have last weeks close at 1.9736.

Quoting ut2DaMax
and the information is all right there in black and white, and it is not that long a thread.

If you are talking about GBP/USD there has not been a trade yet. Fri' close was 19744. [and GBP/JPY closed @ 23931] and the buy stop was hit and is still going higher, if your buy stop was up 21 or more pips. It depends what pairs you are paper trading for the spread. Take care! IMO
  • #469
  • Jan 22, 2007 2:03pm Jan 22, 2007 2:03pm
Quoting ut2DaMax
and the information is all right there in black and white, and it is not that long a thread.

If you are talking about GBP/USD there has not been a trade yet. Fri' close was 19744. [and GBP/JPY closed @ 23931] and the buy stop was hit and is still going higher, if your buy stop was up 21 or more pips. It depends what pairs you are paper trading for the spread. Take care! IMO
Hello - plz not to be so sure of what you post Max. Some posts today say their is been some people traded gbp and stopp. I am one - there are more. Plz to remember their are much Metatraders and brokers all difference closes. I am think as well we are not all use same way to take spreads to count. This makes many difference answers.

DW
  • #470
  • Jan 22, 2007 2:07pm Jan 22, 2007 2:07pm
Quoting jogge
Hi,

Btw, my first post here!

I have been following this thread for a while and I started demo it last week. I am in this week also FXDD demo account with the following:

last week close 1,9735 and no spread is calculated anywhere.

Buy got triggered today, and then SL. So am I correct with this:

Buy Stop 1,9735
Sell Stop 1,9685

???

Thanks for help!

Jogge
I got similar numbers but your buy stop should be around 19799....based on sbfx mt4
CRAIGSLIST BARTERING CHAMPION
  • #471
  • Jan 22, 2007 2:12pm Jan 22, 2007 2:12pm
At this point I have yet to have a trade triggered. My buy entry is set at 1.9791, on account of a 1.9738 close price according to Oanda, plus their three-pip spread.
  • #472
  • Edited 2:19pm Jan 22, 2007 2:12pm | Edited 2:19pm
GBP/USD is the pair I am paper trading.

In FXDD metatrader last week close is 1,9735. At least for me, I have also checked Interbank metatrader and it's the same.

I guess I'll have to read all of the thread to get the picture. The thing I'm concerned about is not having a buy stop above the present 1,9763 "give and take" GMT 20:10.

My present buy stop is 1,9735, and sell 1,9685.

Just read some more, maby it should be: sell 1,9735 and a buy at 1,9785?

Hm, someone who knows?
  • #473
  • Jan 22, 2007 2:17pm Jan 22, 2007 2:17pm
Ok, thanks for that.

I think I have the answer now. With FXDD and MT4 I should have a buy stop at the moment on 1,9785, the sell should of course be 50 pip below my buy.

No spread is taken into account, and it's all based on last week close of 1,9735 where the first buy stop has been triggered and stoped out.

Thanks for help everyone!

Hope I can contribute with somthing in the future.
  • #474
  • Jan 22, 2007 2:25pm Jan 22, 2007 2:25pm
Quoting marcf
I'm in once and was stopped out already, waiting for 2nd trade..I have last weeks close at 1.9736.
I had the same numbers as you. I too have been in and have been stopped out. I am going to start adding the pip spread into the 50.
  • #475
  • Jan 22, 2007 2:33pm Jan 22, 2007 2:33pm
driftwood - I went with mt4 close fri. I thought it was 19744 but you know what I could have saved the wrong price. I believe this was it ....... I copy all pairs I want to watch, from now on I will place a line where fri close is, on my chart.

And it is confusing as some are using a closer spread for GBP/USD as well. I was using the origional where the buy and sell are 100 pips apart. Is that what you used? GBP/JPY has hit the buy ... there I used a 42 spread. IMO Thanks




Quoting driftwood
Hello - plz not to be so sure of what you post Max. Some posts today say their is been some people traded gbp and stopp. I am one - there are more. Plz to remember their are much Metatraders and brokers all difference closes. I am think as well we are not all use same way to take spreads to count. This makes many difference answers.

DW
  • #476
  • Jan 22, 2007 2:37pm Jan 22, 2007 2:37pm
That activity seems to have trailed off for today. Perhaps we'll get some more action tomorrow.
  • #477
  • Jan 22, 2007 2:59pm Jan 22, 2007 2:59pm
Max - I do not say you are wrong with the price - I just try to say that is YOURE Metatrader by YOURE broker. It is a chart package but have many difference brokers with much difference prices so becuse you are not entered does not mean no body is. Hope that explans more.

Yes today I use same original 100 apart. Now I wait again for new long same place or short now changed to fri close. 50 pips apart now + spreads

DW
  • #478
  • Jan 22, 2007 3:15pm Jan 22, 2007 3:15pm
Quoting MillerHighLife
That activity seems to have trailed off for today. Perhaps we'll get some more action tomorrow.
agreed..maybe we should wait until tues like the sibkis method....
CRAIGSLIST BARTERING CHAMPION
  • #479
  • Jan 22, 2007 3:26pm Jan 22, 2007 3:26pm
I usually wait till later Friday 7/8m maybe and take whatever is in MT4 ... my way of doing it. Therefore it can be different even for that reason. I am considering just going with Monday 8:00 (last closed candle) to keep things simple. and bring the spread in some. Whatever works best is what I will be using. This is a method that can be adjusted to our own preferences. It does not matter, if it works well. I am even using an indicator or two with this .... why go against a good 4hr trend? I use 4hr charts for the most part as well. I use SRDC trendlines and I think it will keep me in the trend longer. IMO
  • #480
  • Jan 22, 2007 3:29pm Jan 22, 2007 3:29pm
Quoting ut2DaMax
I usually wait till later Friday 7/8m maybe and take whatever is in MT4 ... my way of doing it. Therefore it can be different even for that reason. I am considering just going with Monday 8:00 (last closed candle) to keep things simple. and bring the spread in some. Whatever works best is what I will be using. This is a method that can be adjusted to our own preferences. It does not matter, if it works well. I am even using an indicator or two with this .... why go against a good 4hr trend? I use SRDC trendlines and I think it will keep me in the trend longer. IMO
Your sentiments are the key to successful trading. Adapt your own ideas. Make it work for you.

Excellent contribution...

Tkimble
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