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Part Time Wealth Building Trading System - Daily Scalping

  • #41
  • Jan 23, 2007 7:50pm Jan 23, 2007 7:50pm
The Daily is even better than the weekly .... its a weekly for me .... except that you get right in and use 40pips for the reversal! I may even go 50 spread, not sure yet? I like it, tkimble! It is hard to believe but it works well! IMO I did some manual back testing ... now I want to test it live. Thanks tkimble! NICE!


There is more here ... for those that look beyond the surface ... with this Method! IMO
  • #42
  • Jan 23, 2007 9:21pm Jan 23, 2007 9:21pm
Can someone tell me how many times you would reenter a trade..It seems like 2 or 3 on a daily basis anything after that would be hard to make up.

any input, I would greatly appreciate it..

Thanks..

Marc
  • #43
  • Jan 24, 2007 3:58am Jan 24, 2007 3:58am
Quoting marcf
Can someone tell me how many times you would reenter a trade..It seems like 2 or 3 on a daily basis anything after that would be hard to make up.

any input, I would greatly appreciate it..

Thanks..

Marc
Valid question, not fully answered...
TK - How many reversals (whipsaws) would you subject yourself to before calling it a day? - two parts to question:
a) if you trade just one pair GBPUSD
b) if you trade multiple pairs? Say 5 pairs?

I suppose the real question could be how much money are you willing to lose on a day before calling it a day...
_____________ Kavs Make It Happen For Yourself
  • #44
  • Jan 24, 2007 7:09am Jan 24, 2007 7:09am
We need EA on this strategy. Anybody experienced programmer...?
  • #45
  • Jan 24, 2007 7:28am Jan 24, 2007 7:28am
Quoting vitalykk
We need EA on this strategy. Anybody experienced programmer...?

I agree ..on this one and on the weekly scalping one...
  • #46
  • Jan 24, 2007 10:07am Jan 24, 2007 10:07am
Quoting kavsp
Valid question, not fully answered...
TK - How many reversals (whipsaws) would you subject yourself to before calling it a day? - two parts to question:
a) if you trade just one pair GBPUSD
b) if you trade multiple pairs? Say 5 pairs?

I suppose the real question could be how much money are you willing to lose on a day before calling it a day...
Equity risked per trade is dictated by the Risk Management Model that I have provided on this thread. When I enter a drawdown, the amount of capital that I risk is completly driven by my Risk Management Model. Risk Management is by far the most important aspect of trading.

It is very easy to get "Caught Up" in the thrill of having a lot of PIPs under your belt during a particular trade. That thrill can quickly turn into a nightmare if the trade reverses such as what happened to me yesterday. The Risk Management Model keeps everything in perspective.

There are times while trading this system, like any other system, when you will experience whipsawing. I have no set limit becuase I know that eventually I will catch the "Profit Recovery" trade.

Just happen to me last night. I was long the GBP/JPY at 239.31 using the weekly system for Monday and Tuesday. Last night my entire "Long" profit of over 200 PIPS evaporated. I was following my system and re-entered a short position at 238.91. Currently up 110 PIP for the week on this position.

These types of trades will test your patience but you must stick with the system. As I said earlier in this thread, there will be times when 100% of your existing trade profit will evaporate. Stay with the system and profitable trades will resume.

Hope this helps.

Happy Trading,

Tkimble
  • #47
  • Jan 24, 2007 11:40am Jan 24, 2007 11:40am
Quoting tkimble
Equity risked per trade is dictated by the Risk Management Model that I have provided on this thread. When I enter a drawdown, the amount of capital that I risk is completly driven by my Risk Management Model. Risk Management is by far the most important aspect of trading.

It is very easy to get "Caught Up" in the thrill of having a lot of PIPs under your belt during a particular trade. That thrill can quickly turn into a nightmare if the trade reverses such as what happened to me yesterday. The Risk Management Model keeps everything in perspective.

There are times while trading this system, like any other system, when you will experience whipsawing. I have no set limit becuase I know that eventually I will catch the "Profit Recovery" trade.

Just happen to me last night. I was long the GBP/JPY at 239.31 using the weekly system for Monday and Tuesday. Last night my entire "Long" profit of over 200 PIPS evaporated. I was following my system and re-entered a short position at 238.91. Currently up 110 PIP for the week on this position.

These types of trades will test your patience but you must stick with the system. As I said earlier in this thread, there will be times when 100% of your existing trade profit will evaporate. Stay with the system and profitable trades will resume.

Hope this helps.

Happy Trading,

Tkimble
Thanks for that...

You obviously trade multiple pairs, so what is your personal % of account risked on any given pair... if you have 5 pairs on the go at the same time and ALL do similar things - whipsaw thrice - if you risked 5% on each one you would lose 5% x 5 pairs x 3 whipsaws - you would lose near enough 75% of your capital - do simply trade X# lots based on account value or...?
_____________ Kavs Make It Happen For Yourself
  • #48
  • Jan 24, 2007 3:07pm Jan 24, 2007 3:07pm
Hey Tkimble:

I can't seem to find the Risk Management Model posted anywhere in this thread, can you please attach.

Thanks..

Marc


Quoting tkimble
Equity risked per trade is dictated by the Risk Management Model that I have provided on this thread. When I enter a drawdown, the amount of capital that I risk is completly driven by my Risk Management Model. Risk Management is by far the most important aspect of trading.

It is very easy to get "Caught Up" in the thrill of having a lot of PIPs under your belt during a particular trade. That thrill can quickly turn into a nightmare if the trade reverses such as what happened to me yesterday. The Risk Management Model keeps everything in perspective.

There are times while trading this system, like any other system, when you will experience whipsawing. I have no set limit becuase I know that eventually I will catch the "Profit Recovery" trade.

Just happen to me last night. I was long the GBP/JPY at 239.31 using the weekly system for Monday and Tuesday. Last night my entire "Long" profit of over 200 PIPS evaporated. I was following my system and re-entered a short position at 238.91. Currently up 110 PIP for the week on this position.

These types of trades will test your patience but you must stick with the system. As I said earlier in this thread, there will be times when 100% of your existing trade profit will evaporate. Stay with the system and profitable trades will resume.

Hope this helps.

Happy Trading,

Tkimble
  • #49
  • Jan 24, 2007 5:46pm Jan 24, 2007 5:46pm
Quoting kavsp
Thanks for that...

You obviously trade multiple pairs, so what is your personal % of account risked on any given pair... if you have 5 pairs on the go at the same time and ALL do similar things - whipsaw thrice - if you risked 5% on each one you would lose 5% x 5 pairs x 3 whipsaws - you would lose near enough 75% of your capital - do simply trade X# lots based on account value or...?
Good question. While the scenario that you have oultined is plausible, it is very unlikely becuase my combined risk capital is almost never greater than 5 %. If I feel like trading more than one market, I will divide my trades into 2% and 3% trade. I very rarely trade more than 2 markets simultaneously because it just gets too crazy. Prefer to ramp up the lot count.

Happy Trading,

Tkimble
  • #50
  • Jan 24, 2007 5:51pm Jan 24, 2007 5:51pm
Quoting marcf
Hey Tkimble:

I can't seem to find the Risk Management Model posted anywhere in this thread, can you please attach.

Thanks..

Marc
Sorry. It was on the other Weekly Scalping thread. I have attached to this thread.

Tkimble
Attached File(s)
File Type: zip RiskManagementModel.ZIP   19 KB | 2,211 downloads
  • #51
  • Edited 6:15pm Jan 24, 2007 6:03pm | Edited 6:15pm
Quoting bmcorcoran
TK,
great system! How long have you been using it and which system do you like better, daily or weekly scalping. You also say to place your trade between 23-24:00GMT, I live in the central time zone so is that between 5-6:00pm
thanks
Another great question. I use both the Weekly and Daily scalping systems in tandem. One tends to offset the other. For example, if I have a 200 - 300 PIP profit on the weekly system, I will use the daily system in the same market to take piecemeal profits from day to day. Basically, the daily system was designed to protect my weekly profit.

There are times when the daily system will result in weekly profit reductions but that is the insurance that I pay to insure my weekly goal of at least 50 PIPs. I typically equally split the lots between the two. For example, if I am trading 10 lots, 5 with weekly and 5 with daily. I also use a trend following sytem with more indicators but my preference is the Weekly and Daily scalping systems becuase I can get more sleep and it is less complicated...


Happy Trading,

Tkimble
  • #52
  • Jan 24, 2007 9:24pm Jan 24, 2007 9:24pm
Quoting tkimble
Another great question. I use both the Weekly and Daily scalping systems in tandem. One tends to offset the other. For example, if I have a 200 - 300 PIP profit on the weekly system, I will use the daily system in the same market to take piecemeal profits from day to day. Basically, the daily system was designed to protect my weekly profit.


Happy Trading,

Tkimble

Tkimble..

You read minds too! Have been thinking a lot about how to hedge the Weekly trade with the Daily trade when the trades go in a counter direction to the main trend (which your system picks up) , and ALSO can you take advantage of size a bit more by having the daily and Weekly go in the same direction. I think that a new Tkimble system that takes advantage of the synergy between the two can combine them and make them even better.

Example: If you start the week, and you are long (like this week), if you were trading the daily along side, on the days that went up, you have increased your position, and on days (like yesterday/today) with a big reversal, your daily reverses really quickly that hedges your weekly loss, and then continues to make money as your weekly trade stop is hit and you went short. And now you are short in both trades (like right now.)

This might be a method to use instead of trailing stop that some use to protect weekly profits...

Comments?

I'm going to start refining this, but think it could in effect "supercharge" both systems!.

I sure appreciate your sharing and help.

Good trading,

Jim No
  • #53
  • Jan 24, 2007 9:30pm Jan 24, 2007 9:30pm
Quoting james275
Tkimble..

You read minds too! Have been thinking a lot about how to hedge the Weekly trade with the Daily trade when the trades go in a counter direction to the main trend (which your system picks up) , and ALSO can you take advantage of size a bit more by having the daily and Weekly go in the same direction. I think that a new Tkimble system that takes advantage of the synergy between the two can combine them and make them even better.

Example: If you start the week, and you are long (like this week), if you were trading the daily along side, on the days that went up, you have increased your position, and on days (like yesterday/today) with a big reversal, your daily reverses really quickly that hedges your weekly loss, and then continues to make money as your weekly trade stop is hit and you went short. And now you are short in both trades (like right now.)

This might be a method to use instead of trailing stop that some use to protect weekly profits...

Comments?

I'm going to start refining this, but think it could in effect "supercharge" both systems!.

I sure appreciate your sharing and help.

Good trading,

Jim No
You nailed on the head. The weekly and daily systems were designed to compliment each other and your description is exactly why. It certainly super charges the system.

Now if you are real daring, take a look at maybe adding the 8 hour dimension to the weekly and daily trading. This would give you a three dimensional model and with built in hedging and profit stablilty...

Great observation...

Happy Trading,

Tkimble
  • #54
  • Jan 24, 2007 9:35pm Jan 24, 2007 9:35pm
Quoting tkimble
You nailed on the head. The weekly and daily systems were designed to compliment each other and your description is exactly why. It certainly super charges the system.

Now if you are real daring, take a look at maybe adding the 8 hour dimension to the weekly and daily trading. This would give you a three dimensional model and with built in hedging and profit stablilty...

Great observation...

Happy Trading,

Tkimble
You rascal! As close to an ATM one can get!

Jim No
  • #55
  • Jan 24, 2007 9:44pm Jan 24, 2007 9:44pm
What is the 8 hour dimension?

Thanks..

Marc

Quoting tkimble
You nailed on the head. The weekly and daily systems were designed to compliment each other and your description is exactly why. It certainly super charges the system.

Now if you are real daring, take a look at maybe adding the 8 hour dimension to the weekly and daily trading. This would give you a three dimensional model and with built in hedging and profit stablilty...

Great observation...

Happy Trading,

Tkimble
  • #56
  • Jan 24, 2007 9:51pm Jan 24, 2007 9:51pm
Quoting marcf
What is the 8 hour dimension?

Thanks..

Marc
The eight hour dimension is nothing more than a replication of the daily scalping system only using an 8 hour bar chart. Just brain storming. I have not incorporated the 8 hour model into the weekly and daily complimentary systems. Quite frankly, trying to trade a 3 dimension system may drive one completely insane...

Tkimble
  • #57
  • Jan 24, 2007 10:58pm Jan 24, 2007 10:58pm
Quoting tkimble
The eight hour dimension is nothing more than a replication of the daily scalping system only using an 8 hour bar chart. Just brain storming. I have not incorporated the 8 hour model into the weekly and daily complimentary systems. Quite frankly, trying to trade a 3 dimension system may drive one completely insane...

Tkimble
yeah, where do you stop....soon we would be trading 5 min bars..

I'll stop here for now.

The daily can hedge the weekly.

Now if you want to start "investing" on the very long time frames, you could do the same thing!

Jim No
  • #58
  • Jan 24, 2007 11:11pm Jan 24, 2007 11:11pm
Just wondering if anybody here is doing the daily scalp on the GBP/JPY, and how it is working out for them? I'm sure it hasn't been long enough to get a good idea, but wondering how it was going....
Life is too short to have anything but delusional notions about yourself.
  • #59
  • Jan 25, 2007 12:45am Jan 25, 2007 12:45am
like all of tk's others... those, like me, who have day jobs, might find this difficult to administer.. so weekly system is better in that sense..

ofcourse, with tk's generosity, the need to have a job will diminish as time goes by
  • #60
  • Jan 25, 2007 7:35am Jan 25, 2007 7:35am
I've been following all the TKimble threads since they started and just wanted to get some clarity on the daily scalping...

1. Is the 40 pip SL trailing?
2. How do you define the trend? Higher/lower close, above/below some moving avg, ...?

Sorry if these have been discussed, I missed it if they were.

Thanks!!!!
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