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Part Time Wealth Building Trading System - Weekly Scalping

  • #561
  • Jan 24, 2007 4:01pm Jan 24, 2007 4:01pm
For those who find it hard to see good profits go into stop-loss, I wanted to share what I am doing.

Same original entry, but at +50 pips I move stoploss to breakeven. I put a buy-sell limit 30pips beyond this breakeven point with a 30-pip stop-loss (not a trailing one).

At +100 pips I move s/l to +50. Again, buy/sell limit changes to 30-pips beyond this (again, not a trailing one).

I haven't reached the point yet, but I think @ +200 pips I will change s/l to +100 and then let it run, closing out on Friday if still active. Re-entries are always +30 away from the S/L point. S/L a fixed 30 pips away.

Last night I was at about +120 pips profit so I moved my S/L to +50pips (securing 50 pips). I was up about 4am or so and noticed that it had turned around, cashed in 50 pips, and activated my sell-limit. On top of this I was short sitting at around +134pips profit. I put the s/l at +50 and placed another buy-limit.

When I got up this morning it had turned around again (securing another +50pips) and activated long, sitting at around +54pips. I moved the s/l to breakeven and went to work!!

+100 pips in a crazy market overnight! Not bad!

I will be forward testing this as I think the secret is in minimizing losses via stop-losses, not in trying to maximize profit via Take Profit levels.

Just my .02c!

D.

Againk, thanks to Tkimble for such a simple system!!!
  • #562
  • Edited 4:15pm Jan 24, 2007 4:01pm | Edited 4:15pm
Quoting MillerHighLife
I've been stopped out twice so far, but because I moved my SL up to or close to my entry points while I was ahead, the losses have been minimized.

Currently up 69 pips on a sell trade, and only down 15 pips in two stopouts.


I thought of something like that. What I was thinking is this when you are up 80 to 100 pips, I think I will be moving my buy sl/ sell sl .... 20 pips into the profit, beyond where the trade executed. That way it would stop the large losses when it won't trend. But I would only do this when you are up a lot. If you put a 20 pip when you are only up 40 pips you are likely to be stopped out and lose the trend.


What a you all think? Would this not work well? Remember when it drops 80 pips usually the trend is going to change anyway. You cannot go broke making 60 pips a week! And we are blessed to have the Champion tkimble, share his Method, and Money Management with us! IMO
  • #563
  • Jan 24, 2007 4:08pm Jan 24, 2007 4:08pm
i am +3, but my account is up nicely.. all my orders got either sled or tped.. since i was at work i could not place replacement orders. given the time interval past i have cancelled all pending orders and will trade only next week.

all in all a good system.
  • #564
  • Jan 24, 2007 4:09pm Jan 24, 2007 4:09pm
else people might start getting carried away at the ease of it there is no such thing as risk free money
  • #565
  • Jan 24, 2007 5:13pm Jan 24, 2007 5:13pm
I've tried to make a overview of what has been established so far. Can tkimble confirm that this is 100% correct (or better still, change this text so that it's 100% correct) and answer the questions I have (in the text below). Please.




General

 

  1. S/L = 30 pips
  2. T/P = Not set


Preperation

 

  1. Mark Sunday close (What timezone tkimble?)
  2. Set one Buy Limit 50 pips above from Sunday close
  3. Set one Sell Limit 50 pips below from Sunday close


When Bought

 

  1. Move Sell Limit to Sunday close


S/L Hit

 

  1. Set one Buy Limit 50 pips above Sunday close and straddle the price from those two entry points (Buy Limit at 50 pips above sunday close and Sell Limit at Sunday close)
  2. If one new trade is executed and the S/L is hit, start straddle the above mentioned entry points again (tkimble: Do you have a maximum number when it comes to the amount of stop outs that is tolerable within one week?)


When Sold

 

  1. Move Buy Limit to Sunday close


S/L Hit

 

  1. Set one Sell Limit 50 pips below Sunday close and straddle the price from those two entry points (Sell Limit at 50 pips below Sunday close and Buy Limit at Sunday close)

  1. If one new trade is executed and the S/L is hit, start straddle the above mentioned entry points againn (tkimble: Do you have a maximum number when it comes to the amount of stop outs that is tolerable within one week?)


Exit Strategy

 

  1. Exit your potentially open trade near and before Friday close

  • #566
  • Jan 24, 2007 5:31pm Jan 24, 2007 5:31pm
Quoting zunk
I've tried to make a overview of what has been established so far. Can tkimble confirm that this is 100% correct (or better still, change this text so that it's 100% correct) and answer the questions I have (in the text below). Please.




General

 

  1. S/L = 30 pips
  2. T/P = Not set

Preperation

 

  1. Mark Sunday close (What timezone tkimble?)
  2. Set one Buy Limit 50 pips above from Sunday close
  3. Set one Sell Limit 50 pips below from Sunday close

When Bought

 

  1. Move Sell Limit to Sunday close

S/L Hit

 

  1. Set one Buy Limit 50 pips above Sunday close and straddle the price from those two entry points (Buy Limit at 50 pips above sunday close and Sell Limit at Sunday close)
  2. If one new trade is executed and the S/L is hit, start straddle the above mentioned entry points again (tkimble: Do you have a maximum number when it comes to the amount of stop outs that is tolerable within one week?)

When Sold

 

  1. Move Buy Limit to Sunday close

S/L Hit

 

  1. Set one Sell Limit 50 pips below Sunday close and straddle the price from those two entry points (Sell Limit at 50 pips below Sunday close and Buy Limit at Sunday close)

  1. If one new trade is executed and the S/L is hit, start straddle the above mentioned entry points againn (tkimble: Do you have a maximum number when it comes to the amount of stop outs that is tolerable within one week?)

Exit Strategy

 

  1. Exit your potentially open trade near and before Friday close

Timezone = EST

No Max Number of Stop outs. I am a bit of a free wheeling trader becuase the charts look so attractive. This is the most simplest form of trading for my style...

Happy Trading,

Tkimble
  • #567
  • Edited 7:03pm Jan 24, 2007 5:53pm | Edited 7:03pm
So every thing else is correct? Excellent!

Just one more. I'm having some problems understanding the timing of establishing the weekly close. Can you tell me a time and a date for one valid weekly price so I can try to see how you 'think'?
  • #568
  • Jan 24, 2007 6:19pm Jan 24, 2007 6:19pm
tkimble,

could I ask of you, how you go about managing your trades on the daily and weekly once in?
an example of where I am coming from is... for me and my timezone, the US market (which seems to be the most volatile throughout the day) opens at 10:30pm. GMT 00:00 is 9.00am for me. I wake up, place my trades, walk away, check in on it every now and again, or if I am home set little alarms that ring so I know I need to reset orders, etc. BUT..... we all need to sleep, so do you use an automated system or just leave it when you shut down for the night?
Last night for me, I had re-entered short on the GBP/USD on a Daily Scalp, set my stop, and didn't re-place an Long entry as I have no way with my software to set a new stop unless I am up to do it manually. This way I could sleep peacefully, and for me, the GBP/USD behaved itself last night and kept dropping. Obviously this won't happen every time.
Do I just need to move to a better time-zone.
Thanks in advance

Ryan
  • #569
  • Jan 24, 2007 6:42pm Jan 24, 2007 6:42pm
Quoting ryanmel
tkimble,

could I ask of you, how you go about managing your trades on the daily and weekly once in?
an example of where I am coming from is... for me and my timezone, the US market (which seems to be the most volatile throughout the day) opens at 10:30pm. GMT 00:00 is 9.00am for me. I wake up, place my trades, walk away, check in on it every now and again, or if I am home set little alarms that ring so I know I need to reset orders, etc. BUT..... we all need to sleep, so do you use an automated system or just leave it when you shut down for the night?
Last night for me, I had re-entered short on the GBP/USD on a Daily Scalp, set my stop, and didn't re-place an Long entry as I have no way with my software to set a new stop unless I am up to do it manually. This way I could sleep peacefully, and for me, the GBP/USD behaved itself last night and kept dropping. Obviously this won't happen every time.
Do I just need to move to a better time-zone.
Thanks in advance

Ryan
Quite frankly, since I begain contributing to this forum my time has been somewhat constrained but the effort is worth the price. I enjoy learning and sharing.

A little bit about myself. I have expended many years in school (undergrad, grad and post grad and doctorate candidacy) and was never taught how to make money which is why most of us endeavor to achieve higher degrees of formal education. I am very qualified for any opportunity in my particular profession but the focus with employment is to make someone else a boat load of money. So, i decided to learn how to make money and sought out some of the best traders that I could find while working in NYC. These people taught me plenty but I promised myself that I would likewise endeavor to try to make a difference in someone's life by sharing enough information to allow them to make money. So, that is why I enjoy this forum and other avenues of departing trading information. I likewise continue to enjoy learning from others which is a personal unquenchable thirst. Just the way I was born.

OK, so that is why managing my time as of late has been a bit challenging.

I generally go to sleep about 1AM EST and awaken about 6 - 630 AM EST. My mind is constantly thinking about the market. Do not know why, but just do. I like the idea that I can outsmart some of the best trading minds and institutions on earth from time to time. They also have there share of outsmarting me too.

Stop and think about the power of knowledge. If there is someone that has read this thread, they have inturn been provided maybe with an opportunity to turn their whole life into something that may not have been possible otherwise. In my mind, that is a powerful thing. This may seem a bit hokie to some, but this is the way I think...

I hope somewhere in this rant I have answered your question...

Happy Trading,

Tkimble
  • #570
  • Jan 24, 2007 6:51pm Jan 24, 2007 6:51pm
Thank you for the knowledege tkimble and willingness to share with others what you have learned,many pips 2u.
  • #571
  • Jan 24, 2007 7:05pm Jan 24, 2007 7:05pm
thanks for your quick reply tkimble

i got an answer... you sleep. haha
i figure i am going to watch the opening few hours of the US market anyway as that's when most volatility occurs that may affect my position.
that and the european opening hours.

your generosity is something everyone should strive for. when you give, you get back so much more.
and i am CERTAIN that you have empowered many a person with your threads, systems, posts, generosity and knowledge. you can count me in as one.

thanks again

ryan
  • #572
  • Jan 24, 2007 8:00pm Jan 24, 2007 8:00pm
I will second this motion....



Quoting ryanmel
thanks for your quick reply tkimble

i got an answer... you sleep. haha
i figure i am going to watch the opening few hours of the US market anyway as that's when most volatility occurs that may affect my position.
that and the european opening hours.

your generosity is something everyone should strive for. when you give, you get back so much more.
and i am CERTAIN that you have empowered many a person with your threads, systems, posts, generosity and knowledge. you can count me in as one.

thanks again

ryan
  • #573
  • Jan 24, 2007 8:39pm Jan 24, 2007 8:39pm
On another note, I just locked in +50pips on GBP/JPY using the s/l system I explained earlier. May get to lock it in at +100 soon as it seems to be plummeting fast!

That means a minimum of +150pips on the GJ pair in the last 24 hours! Yee ha!!

Take care all,

D.
  • #574
  • Jan 24, 2007 8:44pm Jan 24, 2007 8:44pm
Quoting Daemien
On another note, I just locked in +50pips on GBP/JPY using the s/l system I explained earlier. May get to lock it in at +100 soon as it seems to be plummeting fast!

That means a minimum of +150pips on the GJ pair in the last 24 hours! Yee ha!!

Take care all,

D.
Don't you just love that pair? I'm with you. Most profitable by far and i have been using the same $$ risk on each trade. While i trade others i like this one a lot!

my best... Jim No.
  • #575
  • Jan 24, 2007 8:53pm Jan 24, 2007 8:53pm
Quoting Daemien
On another note, I just locked in +50pips on GBP/JPY using the s/l system I explained earlier. May get to lock it in at +100 soon as it seems to be plummeting fast!

That means a minimum of +150pips on the GJ pair in the last 24 hours! Yee ha!!

Take care all,

D.
Excellent trading. Now that is sticking with the system. This has been a pretty exciting week for all that have traded hte GBP/JPY pair. I was up over 100 pips on Monday and Tuesday only to see it all disappear and take a short postion which is currently up 386 PIPs as I type. That is a 486 PIP exposure.

This is a good week...

Happy Trading,

Tkimble
  • #576
  • Jan 24, 2007 8:59pm Jan 24, 2007 8:59pm
Quoting MillerHighLife
^ Do your figures include the pip losses? In other words, are those net gains/losses so far?

These include the spread and are net gains/losses
  • #577
  • Jan 25, 2007 12:27am Jan 25, 2007 12:27am
now, i wonder why i bought rich dad poor dad.. i shoulda just read tk's posts ..

great great post tk. thanks.

Quoting tkimble
Quite frankly, since I begain contributing to this forum my time has been somewhat constrained but the effort is worth the price. I enjoy learning and sharing.

A little bit about myself. I have expended many years in school (undergrad, grad and post grad and doctorate candidacy) and was never taught how to make money which is why most of us endeavor to achieve higher degrees of formal education. I am very qualified for any opportunity in my particular profession but the focus with employment is to make someone else a boat load of money. So, i decided to learn how to make money and sought out some of the best traders that I could find while working in NYC. These people taught me plenty but I promised myself that I would likewise endeavor to try to make a difference in someone's life by sharing enough information to allow them to make money. So, that is why I enjoy this forum and other avenues of departing trading information. I likewise continue to enjoy learning from others which is a personal unquenchable thirst. Just the way I was born.

OK, so that is why managing my time as of late has been a bit challenging.

I generally go to sleep about 1AM EST and awaken about 6 - 630 AM EST. My mind is constantly thinking about the market. Do not know why, but just do. I like the idea that I can outsmart some of the best trading minds and institutions on earth from time to time. They also have there share of outsmarting me too.

Stop and think about the power of knowledge. If there is someone that has read this thread, they have inturn been provided maybe with an opportunity to turn their whole life into something that may not have been possible otherwise. In my mind, that is a powerful thing. This may seem a bit hokie to some, but this is the way I think...

I hope somewhere in this rant I have answered your question...

Happy Trading,

Tkimble
  • #578
  • Jan 25, 2007 1:32am Jan 25, 2007 1:32am
Daemien,

Sorry, I got a little confused with the buy/sell limit terminology. Let me see if I have this right. If your order was triggered long for example at 1.9800 you would have your initial SL at 1.9770 then after price reaching 1.9850 (50pip profit)you would move SL to 1.9800 (BE) and place a buy limit at 1.9770 (creating a new short position-same as a sell stop would have) with a 30 pip fixed SL until 50 pip profit then move SL to break even. If price would have kept going to 1.9900 move SL to 1.9850 with buy limit or sell stop (basically same thing) set at 1.9820 with SL at 1.9850.

Did i get it or do I have the whole thing Bass Ackwards?

Thanks!

J.P.
Watching the charts like Spock.
  • #579
  • Jan 25, 2007 7:49am Jan 25, 2007 7:49am
Definitely a crappy week for the Pound with the weekly scalp. I'm sure some people were probably whipsawed about 4 times already and may be down 120 pips. Hang in there. Your discipline and patience are usually paid off handsomely in the coming weeks! By the way, this would only concern the people following the original method with no TP.
Life is too short to have anything but delusional notions about yourself.
  • #580
  • Jan 25, 2007 9:47am Jan 25, 2007 9:47am
Yeah, it's been rough with the cable this week.

Persistence is the key! I've seen enough big weeks in the past charts to tell me that this system will work when given time. It's just a tough time to break into it if you're trying to weigh whether it will work for you or not.

Hell, if the first week following tk's posts was a 400-pip rainmaker then we'd all be doing it and really, where's the fun in that?

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