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Part Time Wealth Building Trading System - Weekly Scalping

  • #721
  • Jan 30, 2007 7:30pm Jan 30, 2007 7:30pm
Quoting coolshades
i am a newbie, but i suspect the reason tk and the others havent answered is there isnt such a thing as a 100% mechanical system.. if it was so simple to make money............
Yes there is. And no, it's not simple.
  • #722
  • Jan 30, 2007 9:36pm Jan 30, 2007 9:36pm
Quoting aegis
Yes there is. And no, it's not simple.
would you care to enlighten the rest of us mere mortals..
  • #723
  • Jan 30, 2007 10:00pm Jan 30, 2007 10:00pm
Quoting coolshades
james, tk, what do you use as s/l for the immediate entry on the weekly system?



James:

if 4 hr long: enter long at market open, if 4 hr short, enter short at market open.

have same queries of stop loss and what happens if trades get stopped.

thanks
Cooll....sorry for being so tardy, just got back to my computer. Weekly Trade: , i have brought my stop to break even, but could reverse base on what may happen tonight. I love this trade...i don't do anything (Thanks TK!)

I do my daily stops a bit different. I use a 40 pip + spread as a MINIMUM and look for specific S/R levels. In my case i had my daily stop at 238.20 which was quite a bit more than normal, but i felt it was right based on no upward momentum. BUT...i traded half the size so my overall risk remained at 2%. That is vital. Would rather be able to have a normal 40 pip stop, which works well for GBP/usd but this pair is different. Just how i do it. Same TKimble system. Just working on the stop levels a bit. I don't want to have to watch the charts too close. For my daily trade, it was a big one....made 1 pip but have to pay the 9 pip spread....for -8 pip net. You take what the market gives you.

Good Trading,

Jim No.
  • #724
  • Jan 30, 2007 11:18pm Jan 30, 2007 11:18pm
Hi,
I am a new member to this forum. I came to know about TK from Oanda's forum and came here to join. Whatever I have gathered so far, I liked the style of TK's system as it's simple and workable for part timer who can not sit all day long in front of the chart. I have been playing with demo for a year to find a simple mechanical system. Nothing so far worked for long time and still could not open a live account. The problem I see in this system is the ranging market which happens most of the time. I will play with this system and read through all the post. I just have a question. What is the statistics with this system? How long some one has played and what is the average loss/profit? Will appreciate if some one post?

Thanks,
  • #725
  • Jan 31, 2007 1:20am Jan 31, 2007 1:20am
what i meant was, yes there are eas and all that, but to my knowledge discretion is usually applied, and once discretion is applied then it no longer becomes a true mechanical system.

if there are and are traded that way, then i bow to superior knowledge.


Quoting aegis
Yes there is. And no, it's not simple.
  • #726
  • Jan 31, 2007 7:40am Jan 31, 2007 7:40am
buystop sl hit and sellstop at 19592 activated....currently: -50pips + 72 = 22 pips so far....I use a 50 pip stop btw...
CRAIGSLIST BARTERING CHAMPION
  • #727
  • Jan 31, 2007 8:00am Jan 31, 2007 8:00am
I waived the Monday trade, so I am up about 100 pips on the weekly so far. I may paper trade a Tuesday to Tuesday week to see if I can miss a lot of the stop outs that happen on slow and ranging Mondays.
Life is too short to have anything but delusional notions about yourself.
  • #728
  • Jan 31, 2007 8:01am Jan 31, 2007 8:01am
Quoting hoss
I waived the Monday trade, so I am up about 100 pips on the weekly so far. I may paper trade a Tuesday to Tuesday week to see if I can miss a lot of the stop outs that happen on slow and ranging Mondays.
That is a great Idea....the sibkis method does this...interesting...
CRAIGSLIST BARTERING CHAMPION
  • #729
  • Jan 31, 2007 8:07am Jan 31, 2007 8:07am
Cool. I have heard about this method, but haven't looked into it as I get trade paralysis when I have too many systems floating around in my head. The tkimble method really suits my lifestyle, so I am going to stick with it. Thanks, honda.
Life is too short to have anything but delusional notions about yourself.
  • #730
  • Jan 31, 2007 8:08am Jan 31, 2007 8:08am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting hoss
I waived the Monday trade, so I am up about 100 pips on the weekly so far. I may paper trade a Tuesday to Tuesday week to see if I can miss a lot of the stop outs that happen on slow and ranging Mondays.
Will you be using the Monday close as your starting point?
  • #731
  • Jan 31, 2007 8:16am Jan 31, 2007 8:16am
ForexDude, what I did this week was follow the system as normal and waited through the slow part of the week (Monday), but acted as though I was taking the trades. Once we hit the first stop out, I placed the limit orders as if I took the hit on that trade. Therefore I was down to the 50 pip channel instead of the original 100 that we take at week open. I'm wondering if it would be more advantageous to continue doing it this way or actually use Monday's close as the new point of reference. I know that a disadvantage would be that if Monday was a big moving day, then I would miss out on it, and I would probably have to start a 100 pip channel on Tuesday to hopefully get in on the rest of the week as I would not be able to use the Friday close anymore.
Life is too short to have anything but delusional notions about yourself.
  • #732
  • Jan 31, 2007 8:30am Jan 31, 2007 8:30am
Is anyone using tk's method he proposed for the GBP/JPY on post# 353 on the cable? If so.........how is that working out for you?
  • #733
  • Jan 31, 2007 8:32am Jan 31, 2007 8:32am
By the way, I'm not trying to change the system. I love the simplicity. I was just throwing it out there as an observation. I don't like when systems get hacked up so much that we lose the original efficiency of it. In this case, though, I'm not adding indicators, or changing TP's or anything like that.
Life is too short to have anything but delusional notions about yourself.
  • #734
  • Jan 31, 2007 8:47am Jan 31, 2007 8:47am
Quoting hoss
By the way, I'm not trying to change the system. I love the simplicity. I was just throwing it out there as an observation. I don't like when systems get hacked up so much that we lose the original efficiency of it. In this case, though, I'm not adding indicators, or changing TP's or anything like that.

I love the idea to not trade on monday. Have you back tested this system yet. I to love the simplicity of the system as well. I hope you do some back testing to see what kind of resalts come about. I'm up nice this moning and as per the rule I set my stop now to break-even.
  • #735
  • Jan 31, 2007 8:58am Jan 31, 2007 8:58am
No, I haven't had a chance to back test. I am not really good at it, and I have a hard time finding the time. If there are any computer savvy people out there that could do it with code it would be fantastic!
Life is too short to have anything but delusional notions about yourself.
  • #736
  • Jan 31, 2007 9:22am Jan 31, 2007 9:22am
  •  Trader#0000
  • | Status: Unregistered Trader
Yes, tkimble's system is great, simple and it works. It gave us all a great way to re-think about our trading. Yet I don't see any harm in modifying it to fit your own style...

BTW: My results, as I'm writing, using the 3 orders system is -10+50+100+25
  • #737
  • Jan 31, 2007 10:08am Jan 31, 2007 10:08am
GBP/USD is a YO YO this week

Anyone making pips with it this week?
  • #738
  • Edited 10:45am Jan 31, 2007 10:09am | Edited 10:45am
100 pips on the short, long again 19592 +33 atm.....-50+100+33....
CRAIGSLIST BARTERING CHAMPION
  • #739
  • Jan 31, 2007 10:30am Jan 31, 2007 10:30am
  •  Trader#0000
  • | Status: Unregistered Trader
I'm at +20 atm. Lets hope it makes up it's mind soon.
  • #740
  • Jan 31, 2007 10:49am Jan 31, 2007 10:49am
  •  Trader#0000
  • | Status: Unregistered Trader
Actually with FOMC coming up it might be a good place to be in between the buy and the sell.
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