Part Time Wealth Building Trading System - Weekly Scalping

Quoting ryanmel

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are you using a different set of rules coolshades?
i have not entered on the weekly yet as it has not reached +/- 50 pips.

on the daily, i am in short. last week i had 4 stop-outs in one day (on the daily). i only started trading it on the wednesday, so not a full week and with that 4 loss day, i came out break-even.

like you said, persist, persist, persist. you can see the system works, but all things take time.

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Quoting coolshades

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crazy day on this..
stopped out 4 times on long..
but i shall persist .. perseverance pays as evidenced by tk

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Quoting permanentjaun

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You could, but I think you would have to set a TP at that point. So say you have a goal of making 300 pips. You have to make a couple decisions.

1. Do you set any trailing SL of even 150 pips so that if your trade is up 250 pips and close to TP, but then fails do you exit with 100 pips?

2. If you use the 150 trailing SL and you do get 100 pips out of the failed trade do you keep the same trading zone? Do you only look for 200 pips from the zone now that you've made 100 on the failed trade so far?

3. What is your TP goal? The more pips we look for the harder it becomes to accomplish, obviously.

4. Say we want to get 300 pips out of the zone. Is that 300 pips total or profit? If you're stopped out twice for -60 do you look for 360 pips or just a move of 300 pips?


I think it could be interesting to say the least. You keep the same 30 pip zone in one spot until your TP is hit. I guess you could call it a stubborn trading style. Trade it till you're right. Then when you do get a TP hit move the 30 pip zone to the new area to trigger trades long or short. Sounds intriguing. Matt

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Quoting hondakorn

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your not the only one, and I used a 50 pip stop

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Quoting coolshades

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got sled once more now.. on oanda..

my nerves can take this.. my a/c? lets see

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Quoting locutus

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I'll answer for C.E.O. just in case he misses your post. I'm going to test his EA too. I don't know what your computer background or metatrader knowledge is so I'll be detailed. Just take the file you downloaded - Straddle_Trail.mq4 - and copy it to the "experts" folder under your "metatrader" folder. I hope you know how to use explorer or some other file manager. Not everybody has a metatrader folder. My folder name is StrategyBuilder. That's what my broker calls the metatrader program. So I put my EAs in the experts folder under StrategyBuilder. Your folder might also be something other than Metatrader.

If your metatrader platform was already open, shut it down and re-open it. This will automatically create the executable. It's a separate file - same filename but with ex4 extension. Now you need to attach the EA to the chart you want to use it on. At the top left of your metatrader platform you should have a window called "Market Watch". You can move the windows around but most people have it at the top left I think. Under Market Watch is the Navigator window. If you don't see it, go up to the View menu and click Navigator. Scroll within the Navigator window. Accounts are listed first, then Indicators and then Expert Advisors. Click the + to the left to expand the category. Now you see all your expert advisors in alphabetical order.


Scroll the list and look for Straddle_Trail. Before selecting it, select the chart you want to put it on by clicking one of the charts. Now double-click the EA. A window opens with Straddle_Trail at the top. All EAs have this window. Leave the defaults the way they are except for “Allow Live Trading” at the bottom left which you need to click. Click on the Inputs tab at the top. Here you can set values for different variables. So what you're doing is customizing it. Every EA is different. It's up to the programmer to decide which variables he wants you to be able to play with. Click OK when you're done.


Look at the top right of the chart. You should have the name of the EA and probably an X to the right of it. That means it's loaded but disabled. To enable it, click “Expert Advisors” at the top of the Metatrader window. It's in the toolbar under the menu bar. It should be under Help and 2 buttons to the right. Now you should have a smiley face at the top right corner instead of an X. If you have a frowning face, that means you didn't click “Allow live trading:” To get there, point to the EA in the top right corner, right click, point to Expert Advisors, move to the left and click “Properties”. That's it! When you've got the smiley face, it means you're laughin! These instructions apply to every EA. Try some settings and let us know the results so we can figure out the best settings.

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Quoting tkimble

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Currently long the GBP/JPY at 238.26. Split positions. One weekly and one daily. Again, the purpose is to compliment one another.

Glad to see so many great ideas. Just be careful of "Trader Freeze" which occurs when a trader is exposed to idea saturation. This normally results in no trading or poor trading. Bottom line, pick a method and stick to it.

Lots of good ideas...

Happy Trading,

Tkimble

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Quoting hondakorn

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Were you stopped out like I was?? im assuming the 238.26 is following the daily, b/c I didn't get that number when setting my buy/sell stops according to your weekly method...

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Quoting hondakorn

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Im assuming reentry is user discretion??? I would add a 20 pip trigger to your buy/sell stop....

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