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Part Time Wealth Building Trading System - Weekly Scalping

  • #781
  • Feb 1, 2007 1:47pm Feb 1, 2007 1:47pm
Quoting aptrafx
Hi friend,
please send all the rule to me developer an EA with this strategy and after i post here... but in my opinion...risk/ratio is high.....



Kind regards,
Marcelo Marques
_______________________________
I'm not sure how the risk/reward ratio is high. According to the money management you are not losing more than 1.8% of your account balance on any particular stop loss according to the original rules. This can also be reduced for the faint of heart. On the worst week possible I don't think you are losing more than 20%-25% of your account. I used to trade successfully with 50% drawdowns, so I can certainly live with 20%.
Life is too short to have anything but delusional notions about yourself.
  • #782
  • Feb 1, 2007 1:51pm Feb 1, 2007 1:51pm
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting petersurrey
Agreed - it is so tempting to tweak new systems and then wonder why you end up wih different , usually poorer results . The disadvantage with trading with more lots is that if you get several stops in succession the drawdown may be excessive for some. However 30 pips is a fairly tight stop for the GBP..
More often than not price will move at least 50 pips in your direction. Check your charts at lower timeframes and you will see that this is true. I could only find 2 weeks with heavy losses and 1 of them was the x-mass week, all the rest ended up with a profit or small loss (10-20 pips). This week, with heavy whipshawing, is a good example.

I'm not saying that the original isn't a great system, I'm just saying that a multi-order system will minimize drawdown 99% of the time but you should be prepared for those awful weeks with proper money management (e.x. 3% for each trade) and/or using your own analysis/discretion.

It really helps with my confidence knowing that I will end up with a profit (even a small one) most of the time. Mind you, I'm still trading mini lots until I get a good feel of the system.

If the original works for you, great! It's a money maker for sure and we can't thank TK enough!

Good luck
  • #783
  • Feb 1, 2007 1:57pm Feb 1, 2007 1:57pm
does anyone have any backtest results comparing the difference between the original weekly method and the weekly method using the daily method's entry (which i think tkimble is using now)?
  • #784
  • Feb 1, 2007 3:09pm Feb 1, 2007 3:09pm
Quoting ForexDude2
More often than not price will move at least 50 pips in your direction. Check your charts at lower timeframes and you will see that this is true. I could only find 2 weeks with heavy losses and 1 of them was the x-mass week, all the rest ended up with a profit or small loss (10-20 pips). This week, with heavy whipshawing, is a good example.

I'm not saying that the original isn't a great system, I'm just saying that a multi-order system will minimize drawdown 99% of the time but you should be prepared for those awful weeks with proper money management (e.x. 3% for each trade) and/or using your own analysis/discretion.

It really helps with my confidence knowing that I will end up with a profit (even a small one) most of the time. Mind you, I'm still trading mini lots until I get a good feel of the system.

If the original works for you, great! It's a money maker for sure and we can't thank TK enough!

Good luck

Totally agree -I've applied multi-lots to quite a few systems and it always seems to reduce the severity of the drawdowns and produce more reliable winners..as already stated providing one lot is left in play to capture the eventual 'home run' it should not negatively impact the overall results..essentially it's just a money management tool..
  • #785
  • Feb 1, 2007 3:43pm Feb 1, 2007 3:43pm
Quoting ForexDude2
More often than not price will move at least 50 pips in your direction. Check your charts at lower timeframes and you will see that this is true. I could only find 2 weeks with heavy losses and 1 of them was the x-mass week, all the rest ended up with a profit or small loss (10-20 pips). This week, with heavy whipshawing, is a good example.

I'm not saying that the original isn't a great system, I'm just saying that a multi-order system will minimize drawdown 99% of the time but you should be prepared for those awful weeks with proper money management (e.x. 3% for each trade) and/or using your own analysis/discretion.

It really helps with my confidence knowing that I will end up with a profit (even a small one) most of the time. Mind you, I'm still trading mini lots until I get a good feel of the system.

If the original works for you, great! It's a money maker for sure and we can't thank TK enough!

Good luck

You are so right! 50 pips is easy to get with this Method and less drawdown and yet at the same time ....... the origional tkimble Method makes the most pips !


It's all to ones tastes. I for one llke certainty & security much more than those extra pips. WINK! LOL
  • #786
  • Feb 1, 2007 4:14pm Feb 1, 2007 4:14pm
Hey Everyone,

I'd really love it if someone could put me thru a lil confusion in my head as it concerns trade executions on a broker's platform...

I trade the GY with this method and it goes witha spread of 9pips with my broker. Does a broker charge the spread on every trade whether its a buy or sell?

Lastly, if I've got to factor in the spreads into the 50/50 spread according to tk's rules. What do i do....

Thanks...
I grumbled I had no shoes until I met a man who had no toes...
  • #787
  • Feb 1, 2007 4:24pm Feb 1, 2007 4:24pm
Quoting John-Paul
Hey Everyone,

I'd really love it if someone could put me thru a lil confusion in my head as it concerns trade executions on a broker's platform...

I trade the GY with this method and it goes witha spread of 9pips with my broker. Does a broker charge the spread on every trade whether its a buy or sell?

Lastly, if I've got to factor in the spreads into the 50/50 spread according to tk's rules. What do i do....

Thanks...
1) yes
2) add the spread to the trigger points....yours would be 59/59
CRAIGSLIST BARTERING CHAMPION
  • #788
  • Feb 1, 2007 4:29pm Feb 1, 2007 4:29pm
Quoting petersurrey
Totally agree -I've applied multi-lots to quite a few systems and it always seems to reduce the severity of the drawdowns and produce more reliable winners..as already stated providing one lot is left in play to capture the eventual 'home run' it should not negatively impact the overall results..essentially it's just a money management tool..

Please help me understand something (I know that even as a newbie I should know this, but I don't).

For my benefit, could you clarify "multiple lots"? People on this thread have referred to things like "one lot a 50 TP, one lot at 100 TP, and one lot left to run as per TK's original rules"

If I'm trading micro lots, say 33 micro lots (US $33,000), do you mean I should split my trade into 3 lots of $11,000 a piece, for example?

I guess when you keep referring to "one lot", is what has me confused. Thanks for your help.
  • #789
  • Feb 1, 2007 4:46pm Feb 1, 2007 4:46pm
Quoting hondakorn
1) yes
2) add the spread to the trigger points....yours would be 59/59

Hello John-Paul - youre choice, as Hondakorn says or for me I add 9 to the buy price but to the sell stopp.

DW
  • #790
  • Feb 1, 2007 4:50pm Feb 1, 2007 4:50pm
Quoting grajo
Please help me understand something (I know that even as a newbie I should know this, but I don't).

For my benefit, could you clarify "multiple lots"? People on this thread have referred to things like "one lot a 50 TP, one lot at 100 TP, and one lot left to run as per TK's original rules"

If I'm trading micro lots, say 33 micro lots (US $33,000), do you mean I should split my trade into 3 lots of $11,000 a piece, for example?

I guess when you keep referring to "one lot", is what has me confused. Thanks for your help.
For simplicities sake just take half your postion (16 or 17 micro lots) out at, say, 50 pips and move the remaining half to b/e stop loss and let it run the course..
  • #791
  • Feb 1, 2007 4:56pm Feb 1, 2007 4:56pm
Quoting petersurrey
For simplicities sake just take half your postion (16 or 17 micro lots) out at, say, 50 pips and move the remaining half to b/e stop loss and let it run the course..

Thanks!
  • #792
  • Feb 1, 2007 7:45pm Feb 1, 2007 7:45pm
Hi all, I'm new here. I've been reading your posts for quite some time now and I gotta admit, it's really interesting. I did a backtest on this strategy starting with last August, on a 15 minutes timeframe and I used the original settings (50 PIPS straddle, 40 PIPS stop loss and 30 PIPS trailing stop). The results were great, except for 2-3 weeks... but hey, I can take a loss like that for a couple of trades when the rest of 80% are profitable. I can't say the same thing for the daily system, though. It's not working as I would expected... I just have to take some profits and because of that I don't let most of the trades run until the end of the day.
Maybe someone could recap the rules and the changes that have been made... would be really great!
See you soon and good luck tomorrow!
Nihil Sine Deo.
  • #793
  • Feb 1, 2007 7:53pm Feb 1, 2007 7:53pm
hi scrat
the original setup was 100 pip straddle (+50/-50 from prev. weeks close), 30 pip fixed stop loss on each. no trailing stop. etc.etc. as per post #1

a lot of people have changed the setup to suit their style and many are having success. but basically post 1 is still post 1. tk has mentioned he has been trying out a new entry style instead of the straddle (i.e. same as daily)

and his gbp/jpy rules are slightly different, tighter straddle, etc. refer post #353

the daily has been erratic this week, but that is not because of a flawed system, but more the way the gbp/usd price has whipsawed on a couple of occasions earlier in the week. no system will be a winner every week, this week just isn't as good as others.

all the best.
ryan
  • #794
  • Feb 1, 2007 8:20pm Feb 1, 2007 8:20pm
Haven't seen a post from him lately. Does anybody know if he changed the weekly by adopting the daily entry? I have been experimenting with the weekly and feel that TP at 50 and 100 help on rangebound weeks such as this and last week. It seems that everyones entry price based on fridays close is differs by quite a bit, part being different brokers, the other part being where we consider fridays close to be. So, is Fridays close where it actually closes on Friday or is it when the weekly bar closes at 00:00 GMT on sunday night which encompasses 2-3 hours of the asian open? I have been using the actual weekly bar close on sunday night which is what I understand TK to have said.
  • #795
  • Feb 1, 2007 8:30pm Feb 1, 2007 8:30pm
i believe previous posts have come to the conclusion that the week close is the 00:00GMT close.
  • #796
  • Feb 1, 2007 8:40pm Feb 1, 2007 8:40pm
It may be my misunderstanding but I thought the close for the weekly was supposed to be Friday's close at the end of the trading week, e.g. 4:30PM EST if you are US east coast like I am.

All I have been doing is reading whatever chart package you're using from your broker and looking at Friday's candle and taking whatever close it says.

Is this not right???
  • #797
  • Feb 1, 2007 9:21pm Feb 1, 2007 9:21pm
Yes, that is correct...

Quoting grajo
It may be my misunderstanding but I thought the close for the weekly was supposed to be Friday's close at the end of the trading week, e.g. 4:30PM EST if you are US east coast like I am.

All I have been doing is reading whatever chart package you're using from your broker and looking at Friday's candle and taking whatever close it says.

Is this not right???
  • #798
  • Feb 1, 2007 9:49pm Feb 1, 2007 9:49pm
Quoting lastchance
Haven't seen a post from him lately. Does anybody know if he changed the weekly by adopting the daily entry? I have been experimenting with the weekly and feel that TP at 50 and 100 help on rangebound weeks such as this and last week. It seems that everyones entry price based on fridays close is differs by quite a bit, part being different brokers, the other part being where we consider fridays close to be. So, is Fridays close where it actually closes on Friday or is it when the weekly bar closes at 00:00 GMT on sunday night which encompasses 2-3 hours of the asian open? I have been using the actual weekly bar close on sunday night which is what I understand TK to have said.
This week, while not still over, has been challenging. If you can successfully trade through this week without major losses, you have mastered the money management portion and endured some challenging trading.

This thread has taken on a life of it's own. I enjoy watching the dialogue and the power of emotions and intellect.

This weeks market has offered many opportunities to profit but more opportunities to not profit.

As I have been saying from the very beginning, cannot script the emotions portion of trading. It is good to see people adapting the strategy to their own styles.

Happy Trading,

Tkimble
  • #799
  • Feb 2, 2007 2:17am Feb 2, 2007 2:17am
Hey,

Thanks Hondakorn and Driftwood for your timely responses to my earlier posts on how to factor in spreads into the strategy...

As a statement of fact, the issue of spreads should not be a matter of choice as Driftwood said because whether we like it or not, we have to always pay the brokers thru these spreads and this is 'stark' reality...

Nevertheless, my awareness to this 'sensitive' issue of spreads was awakened when i started playing this method on the GBP/JPY that's got really huge spreads with my broker. I noticed that my orders were actually filled in even before the order levels got hit. I can't really distinguish if this happens for both buy/sell orders but I am certainly sure about buy orders...

In a previous straddle strategy I was fortunate to be part of somewhere in FF, the spread was added to the previous day's high and subtracted from the previous day's low when the buy/sell stop orders are being made. I think this has formed a large part of my confusion....

I'ld really love anyone who understands my predicament to shed more light on these 'burning' issues...

Patiently waiting....

John-Paul
I grumbled I had no shoes until I met a man who had no toes...
  • #800
  • Feb 2, 2007 3:26am Feb 2, 2007 3:26am
Hello John Paul - I say choice only becuse as you can see there are difference thinks on how to allow for spread and I do not want to ofend any body. I do not know which is right way but I am thinking mine is - it make sense for me at least

DW

Quoting John-Paul
Hey,

Thanks Hondakorn and Driftwood for your timely responses to my earlier posts on how to factor in spreads into the strategy...

As a statement of fact, the issue of spreads should not be a matter of choice as Driftwood said because whether we like it or not, we have to always pay the brokers thru these spreads and this is 'stark' reality...

Nevertheless, my awareness to this 'sensitive' issue of spreads was awakened when i started playing this method on the GBP/JPY that's got really huge spreads with my broker. I noticed that my orders were actually filled in even before the order levels got hit. I can't really distinguish if this happens for both buy/sell orders but I am certainly sure about buy orders...

In a previous straddle strategy I was fortunate to be part of somewhere in FF, the spread was added to the previous day's high and subtracted from the previous day's low when the buy/sell stop orders are being made. I think this has formed a large part of my confusion....

I'ld really love anyone who understands my predicament to shed more light on these 'burning' issues...

Patiently waiting....

John-Paul
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