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Part Time Wealth Building Trading System - Weekly Scalping

  • #821
  • Feb 2, 2007 11:29am Feb 2, 2007 11:29am
hondakorn, ForexDude2, and Carolyn,

I have to say I am very impressed, If you guys came out positive this week around 140 pips give or take, my hats off to you - well done!

I personally have had every single trade (10) stops hit trying to trade the GY on the TK weekly and GDP/$ on the TK weekly and a couple of TK dailys.

The only thing I have left on is the GDB weekly which is currently +70 pips but that will be closed out this afternnon as per the rules, and it won't even come close to re-couping my losses.

I will be doing a post mortem this weekend on all my trades to see where I made mistakes not following the system. I have been trying to follow the original rules on both the weekly and daily systems but I must have screwed up somewhere which probalby added to my losses.
  • #822
  • Feb 2, 2007 11:59am Feb 2, 2007 11:59am
Quoting grajo
hondakorn, ForexDude2, and Carolyn,

I have to say I am very impressed, If you guys came out positive this week around 140 pips give or take, my hats off to you - well done!

I personally have had every single trade (10) stops hit trying to trade the GY on the TK weekly and GDP/$ on the TK weekly and a couple of TK dailys.

The only thing I have left on is the GDB weekly which is currently +70 pips but that will be closed out this afternnon as per the rules, and it won't even come close to re-couping my losses.

I will be doing a post mortem this weekend on all my trades to see where I made mistakes not following the system. I have been trying to follow the original rules on both the weekly and daily systems but I must have screwed up somewhere which probalby added to my losses.
Based on you posts and in my opinion I think you are following the system correctly, but this week has been whipsawing price like crazy and a 30pip stop in my opinion is too small for this type of week and such a volatile pair. I used a 50pip stop on all trades for the cable and ive been stopped out 1 time, but I have also been taking profit on each break of our buy or sell triggers, which is not what the system advocates, but it does work well for me.....so far at least. Dont give up...the system does work!!


**EDIT** for all you EA guys, someone created one here:

http://www.forex-tsd.com/metatrader-...pert+I+created
CRAIGSLIST BARTERING CHAMPION
  • #823
  • Feb 2, 2007 12:57pm Feb 2, 2007 12:57pm
i second honda. i too have followed the original system faithfully and have had all pips evaporate and losses occur.

strangely enough i am encouraged, not discouraged. i shall stick to the original system again next week.

note to newbies : dont keep experimenting with system just because of one bad week.

Quoting hondakorn
Based on you posts and in my opinion I think you are following the system correctly, but this week has been whipsawing price like crazy and a 30pip stop in my opinion is too small for this type of week and such a volatile pair. I used a 50pip stop on all trades for the cable and ive been stopped out 1 time, but I have also been taking profit on each break of our buy or sell triggers, which is not what the system advocates, but it does work well for me.....so far at least. Dont give up...the system does work!!


**EDIT** for all you EA guys, someone created one here:

http://www.forex-tsd.com/metatrader-...pert+I+created
  • #824
  • Feb 2, 2007 12:58pm Feb 2, 2007 12:58pm
Quoting grajo
hondakorn, ForexDude2, and Carolyn,

I have to say I am very impressed, If you guys came out positive this week around 140 pips give or take, my hats off to you - well done!

I personally have had every single trade (10) stops hit trying to trade the GY on the TK weekly and GDP/$ on the TK weekly and a couple of TK dailys.

The only thing I have left on is the GDB weekly which is currently +70 pips but that will be closed out this afternnon as per the rules, and it won't even come close to re-couping my losses.

I will be doing a post mortem this weekend on all my trades to see where I made mistakes not following the system. I have been trying to follow the original rules on both the weekly and daily systems but I must have screwed up somewhere which probalby added to my losses.

I think the key is to take profit when the market gives it to you. I found when I was forward testing the system, I would have a 100+ pip in my favor only to give it all back and have a 30 pip stop loss.

Watch your indicators for a reversal and get out.

This works for me, I hope it helps you.
  • #825
  • Feb 2, 2007 1:46pm Feb 2, 2007 1:46pm
Carolyn - I agree.

Being new to this thread and trying out the system for the very first time this week, I also had the same experience with the first 100 pips I was up - (because I was trying to follow the "original rules") I let the trade get stopped out. The next trade that I got into I took profit at +53 pips. Had I taken profit at both entries, I would have had +153 pips for the week.

For me and my trading system, I believe that it would work well with 3 entries per trade, t/p at various points, and once the trade looks like it may go negative, to get out.

The question I have to T. Kimble or anyone - USING THE RULES with the exception of - if you took profits say on a long (instead of letting it run until Friday at close), then waited until the short was picked up - took profits (instead of letting it run), then set up another trade long, and so on.... taking profits at every trade....has anyone used this method?

Sorry if I am rambling on, and if I missed a previous post concerning this topic.
All hard work brings a profit, but mere talk leads only to poverty.
  • #826
  • Feb 2, 2007 2:51pm Feb 2, 2007 2:51pm
Hello - For this week I change my stradegy to move stopp to entery when I get 50pips and to keep 50pips when I get 100. When this stopps get hit I wait again for original entery points. I mess up a little in the middle but happy to have 130 profit at end.
  • #827
  • Feb 2, 2007 3:27pm Feb 2, 2007 3:27pm
Quoting Carolyn
I think the key is to take profit when the market gives it to you. I found when I was forward testing the system, I would have a 100+ pip in my favor only to give it all back and have a 30 pip stop loss.

Watch your indicators for a reversal and get out.

This works for me, I hope it helps you.


Good points Carolyn, and all of you...

I think I am going to do a couple of things. First, I am going to stick with the original rules as per my promise to myself, and keep the faith. So, this coming week, I will trade the GBP/$ only, and do the exact TK Weekly original method, as well as hedge with the exact TK Daily original method. I will do this in my broker demo account.

Second, I will use my MT4 demo account to do the same trades, but take profits as I go, the way some of you did this week, maybe by spitting lots and doing TP's or moving S/L's along the way or whatever.


I know time-wise this will be hard to do to stay on top of all the orders on two platforms if next week gets too crazy with a lot of reversals etc. But I think it makes sense to at least try. Maybe I'll learn something...
  • #828
  • Feb 2, 2007 3:53pm Feb 2, 2007 3:53pm
I hate to hear that Oanda was giving some traders fits like that. It's the only platform I can run here at work on my Mac, which would allow me to keep tabs and update my trades throughout the week.

I bailed on the weekly trading Wednesday evening after a slew of stopouts, but I had some decent success using the Daily scalping method, which helped hedge some of the losses from the Weekly method.

Also I have learned that it's easy to talk a big game about trading discipline, but it's an entirely different game to put it into place. No kidding, one should DEFINITELY demo trade for AT LEAST two months before going live. At least. Six months might be better, just to get a much better idea of how many winning/losing weeks you can put up before plunking down some cash. As frustrating as watching big pips slip away can be with fake money, real monetary losses would only be more frustrating and therefore be more apt to cause you to lose focus and become undisciplined.

The good thing is, however, that with all the losing my weekly trades have been incurring, I'm only down about 4.5% of my account balance because of using money management practices. There're lessons to be learned in the lean times, and getting rocked with such a small penalty is a good lesson to learn.

Have faith!
  • #829
  • Feb 2, 2007 4:10pm Feb 2, 2007 4:10pm
Very true. Bad weeks like this don't last forever. The profit is now on its way. The Pound does not behave like this forever, and if it did we would all change the system completely and cash in with it. We will all be rewarded for patience.
Life is too short to have anything but delusional notions about yourself.
  • #830
  • Feb 2, 2007 5:02pm Feb 2, 2007 5:02pm
My hunch with this system is that those who take profits along the way by trading 2 lots will do at least as well as those who trade to the original rules, but probably suffer less severe drawdawns and losses along the way. As the previous post very rightly pointed out only by demo trading for a few months will prove whether this system suits your own particular style of trading longer term. I just love the fact that after a few trades early in the week and with a strong enough trend it can be left to take care of itself - hopefully with profits for all concerned...
  • #831
  • Feb 2, 2007 7:42pm Feb 2, 2007 7:42pm
ok, another week went by, and it was rather crazy. as i was saying, i ran a backtest using tk's original method on g-u. it seems to be working pretty good: since last august, the profit would be between 6-7 times the initial deposit.
there is one big problem with this method: you only make a profit if the market is trending. otherwise, you get a lot of dents that put you down - like this week for instance, when you had to take some profits just to make sure you're on the positive side. it was a nice swing. i hope we won't have to face many weeks like this one.
another thing... i've also backtested the method for g-j (+21PIPS / -21PIPS etc). same thing: if there's a trend, everything is fine. for instance, october and midseptember were way negative... but even so, at the end of these 6 months the profit was still very nice.
it's hard to say how to adjust this method. i guess that depends on everyone's level of confidence. i, for one, prefer to have 75-100 PIPS in my hand now than hope for a better chunk. it might not come.
well everyone have a nice weekend! see you all later.
Nihil Sine Deo.
  • #832
  • Feb 2, 2007 8:56pm Feb 2, 2007 8:56pm
Yes, this system tests your discipline to wait for the chunks, and they will come. If they didn't, our weekly charts would be nothing but a set of sideways running dojis. That won't and can't happen. The question is, do I have the patience, discipline, mind set, and proper money management to wait for the trending weeks? Talking about it here keeps me focused.
Life is too short to have anything but delusional notions about yourself.
  • #833
  • Feb 2, 2007 9:31pm Feb 2, 2007 9:31pm
This has been a very rough week this week for trading the this system. My overall results in pips are as follows:

Current Weeks Date Sunday, January 28, 2007
GBPUSD W1 -104
GBPUSD D1 -23
GBPJPY W1 -92
GBPJPY D1 +233
W1 Pips -196
D1 Pips +210
Total weekly Pips +14

I used the daily system for D1 and also used the same system for the W1 with the exception of letting the trade run to the end of the week. Overall with all the ups and downs. I ended up 14 pips for the week as shown above.

For a doji week to end up positive as a whole. I'm very impressed. Something I have noticed is that during a ranging week the daily's seem to perform better. It seems that days trend more often than not.

Just my 2 cents. Thanks again kimble for introducing this system to us.

yezbick
  • #834
  • Feb 2, 2007 10:35pm Feb 2, 2007 10:35pm
scrat
i think in the beginning tk mentioned this system's purpose is to catch the weekly trend. therefore it's purpose is to be profitable in a trending market.
to make it work in both markets is that "holy grail" that people speak of... that fact that it can have bad weeks and come out on top quite comfortably is enough reason to stick it out.

trade another system separate from this for taking profits more frequently that suit choppy, sideways type conditions to offset the bad weeks.
  • #835
  • Feb 2, 2007 10:48pm Feb 2, 2007 10:48pm
you could almost say that the original TK method is a "learners" method in a sence that it teaches you valuable things needed to trade this market..teaches you that in reality there will always be drawdowns, there will always be "bad weeks", but most importantly it teaches you to be patient and wait for the good weeks, which will come, the weekly chart demonstrates it clear as day.

It also teaches you to look at pip profits in terms of months, not days or "a week", backtesting this system back a year shows that, one bad week, or even 4, doesnt matter in the long term.
  • #836
  • Edited 3:39am Feb 3, 2007 3:17am | Edited 3:39am
It will be interesting to compare the 2 different take profit methods as we move forward with tk's weekly system..

I have two different Friday closing prices for the GBP - 9671 on FXDD and 9661 on Oanda...
  • #837
  • Feb 3, 2007 3:27am Feb 3, 2007 3:27am
i'm sure he did, although i don't remember reading that... but it's obvious anyway. i was in profit this week only because i chose to take some profits - was just lucky because i had more time than usual and i was able to follow the indicators. i'd say there is no need to use another system, just watch the market and understand what's going on.
anyway, the big picture is that even if you have a negative month, overall you're still in profit. IF YOU'RE PATIENT ENOUGH the reward will come. i was amazed after i finished checking the strategy for the last 6 months... IT WORKS!!! and even more amazing, you don't have to spend hours in front of the screen - you only have to SET UP 2-4 trades per week (i found a week in august with a maximum of 7, but the rest averaged for 2-4) and then patiently wait for the result.
i'm really looking forward to next week.

Quoting ryanmel
scrat
i think in the beginning tk mentioned this system's purpose is to catch the weekly trend. therefore it's purpose is to be profitable in a trending market.
to make it work in both markets is that "holy grail" that people speak of... that fact that it can have bad weeks and come out on top quite comfortably is enough reason to stick it out.

trade another system separate from this for taking profits more frequently that suit choppy, sideways type conditions to offset the bad weeks.
Nihil Sine Deo.
  • #838
  • Feb 3, 2007 4:05am Feb 3, 2007 4:05am
Hello Tkimble - How is youre results for this week with this new entery method plz? Do you think is better for us to do this way?

Thanks
DW

Quoting tkimble
There was a post earlier in this thread that offered the idea of skipping the 100 point straddle when using the weekly scalping system. This is something that I do with the daily scalping system and was thinking about altering for some time.

This week I have altered the weekly scalping trading model to enter the market immediately instead of waiting for the 100 PIP spread. Eliminating the straddle puts you into the market a bit earlier which is consistent with the daily scalping system and provides a greater degrees of correlation between the daily and weekly scalping models.

The initial Long or Short position is dictated by the close of the shortened Sunday market. If the Sunday market is up, go Long. If the market is down, go Short.

This is an example of one of the many ideas that have been suggested in this thread. Most are not consistent with my trading style but are worthy for consideration...

Happy Trading,

Tkimble
  • #839
  • Feb 3, 2007 10:42am Feb 3, 2007 10:42am
yeha thats whats killing me. im too lazy and have more things to do unfirtunatly to read everything here. i got stopped out on my buy then got +39 on my sell. then i was stopped out could some answer me real quick. whats the determination to get back into a buy. place a buy 30 pips above where i got stopped or immeaditly after im stopped out. all and any help is greatyl appreciated.
  • #840
  • Feb 3, 2007 10:49am Feb 3, 2007 10:49am
Quoting jrod
yeha thats whats killing me. im too lazy and have more things to do unfirtunatly to read everything here. i got stopped out on my buy then got +39 on my sell. then i was stopped out could some answer me real quick. whats the determination to get back into a buy. place a buy 30 pips above where i got stopped or immeaditly after im stopped out. all and any help is greatyl appreciated.
I believe your next buy level would be your original buy level.
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