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Part Time Wealth Building Trading System - Weekly Scalping

  • #1,621
  • Jun 20, 2008 7:07pm Jun 20, 2008 7:07pm
it is rather comical, isn't it? people aren't living in reality a lot of the time...

Quoting TradeStar
Best of luck.

One question though: Going to try a weekly system for a month? You mean just four samples to test the validity of a system? I would think your testing should be much longer than that.

Cheers!
TradeStar
  • #1,622
  • Jun 20, 2008 7:41pm Jun 20, 2008 7:41pm
I thought that I would put my 2 cents in on this system. I have been using it from early on when Tkimble posted it in 2007, first with a demo account and than to my live account. To those new to this system and/or new to forex, yes this system does in fact work well if you follow the rules for the most part. We all change things a bit to what fits our style. I don't always stick with it until friday (most of the time I do) but there are times when there is this feeling that one should take profit will you can, and that only comes from knowing the pair or pairs you trade. If you are new to forex you should only trade this system on one pair for awhile on a demo and than when you have the personallity of the pair understood move on to a second pair. I started with EUR/USD and than moved on to GBP/USD. I also have recently stated using AUD/USD as well but not every week, this week sadly was not one of them. But for the most part it is just EUR and GBP, just two pair fits my money management the best. This week EUR +165 and GBP +223. I get out on Friday mornings before I leave for work because I am usally in meetings on friday around the time the market closes. They both moved up a little more but still a good week.
  • #1,623
  • Jun 22, 2008 1:36pm Jun 22, 2008 1:36pm
anywhoo..sorry if this has been braght up already but...

. why not exit half your position at 1:1 to create a virtual free trade whenever posible... much like PC advises in the DIBS method. Firstly, it would eliminate those weeks that go somewhat in your direction and reverse for a loss. Secondly, dare i say it, why cut ur gains short when you let your position ride another week or two, perhaps that 500 pip gain will turn into 1000, all on a free ride. It would however cut your winners, as that 500 pip move will now be on only half the initial position and not the full one.

Perhaps something to consider
  • #1,624
  • Jun 22, 2008 9:54pm Jun 22, 2008 9:54pm
Hi Makotech,

It's nice to hear that you are trading this tk's system profitably. I also took a lot of interest in 2007 when TK was around. I had seen so much activities in this thread that time and then slowly everyone including TK disapeared. That gave me the indication that most of the trend folllowing system works pretty good when market is in trend and then in ranging market when it gets bloody, most of the people start leaving the thread. I am also one of them. I demoed both weekly and daily and found that it's not consistently profiting and moved on to other without really working hard. Any way, that's my problem. I still want to beleive that this sytem could work with proper money managegent and some customization. I am just curious and if you don't mind, can you please provide the following information? How many months you have been trading this system (and it's alright even if you have not followed this system in toto) live and on an average how many pips you have lost/gained each month using this system. You can, if you don't mind, give a rough picture about your experince with this system

Thanks,

FX_California

Quoting makotech
I thought that I would put my 2 cents in on this system. I have been using it from early on when Tkimble posted it in 2007, first with a demo account and than to my live account. To those new to this system and/or new to forex, yes this system does in fact work well if you follow the rules for the most part. We all change things a bit to what fits our style. I don't always stick with it until friday (most of the time I do) but there are times when there is this feeling that one should take profit will you can, and that only comes from knowing the pair or pairs you trade. If you are new to forex you should only trade this system on one pair for awhile on a demo and than when you have the personallity of the pair understood move on to a second pair. I started with EUR/USD and than moved on to GBP/USD. I also have recently stated using AUD/USD as well but not every week, this week sadly was not one of them. But for the most part it is just EUR and GBP, just two pair fits my money management the best. This week EUR +165 and GBP +223. I get out on Friday mornings before I leave for work because I am usally in meetings on friday around the time the market closes. They both moved up a little more but still a good week.
  • #1,625
  • Jun 23, 2008 8:31am Jun 23, 2008 8:31am
Quoting tdion
it is rather comical, isn't it? people aren't living in reality a lot of the time...

It's nice when someone just takes a shot at you from the back of the room shows incredible class.

Just so you know, even though I mentioned it in my post I will be trading a micro account after a month (I am not familiar with your situation but $500 is not very much for me.)

You are absolutely correct 1 month is an absurdly short time to forward test most systems, however because of the simplicity of this system and the ease in which you can backtest and see the possible results I am fairly confident this is a winner. Not to mention the posts of several members who are currently using this system effectively.

As far as Forex experience I am by no means an expert but I have been trading live part time for about 2.5 years with varied results (Yes I have blown up my account 3 times for a total of about 3 grand. My problem seems to be knowing when to cut a loss. I do very well for a bit then get a bit cocky.) I think this system could be different for me as I have learned over time the error of my ways ...always use a SL and stick with it.

Pidgeon, Pizdun and Tradestar Thank you very much for your support and suggestions. I am definately looking at easing out of winning trades (Stepping MY SL's to lock in the pips while letting it run) I do not have my trades with me right now but I will post my tally later..... I do know that 2 stopped out (one was not really a proper entry pulled the trigger too quick last night, for a total of -100 but I have banked about 113 off another, and was running +15 and +4 on 2 others.

I'll post specifics tonight (at work)

Thanks again
  • #1,626
  • Jun 23, 2008 12:15pm Jun 23, 2008 12:15pm
hey there, I just set up 4 currency pairs G/U E/U U/J U/CHF and all four are currently trading, Im + 123 total. for the 4 only 1 is in the minus, and its presently at -4.00,

last week I entered the these trades on tuesday evening, and it i didnt see any positives until thursday night, I will be sure to enter these trades late sunday evening each week. I am going to read this entire thread, cheers all..
  • #1,627
  • Jun 23, 2008 12:27pm Jun 23, 2008 12:27pm
What are you using for SL's....I've been using 50 but watching for support and resistance levels.
  • #1,628
  • Jun 23, 2008 12:30pm Jun 23, 2008 12:30pm
I have been doing the 30 suggested on the first page of the thread!
  • #1,629
  • Jun 23, 2008 12:37pm Jun 23, 2008 12:37pm
I went to 50 because of the volitility of a couple of pairs, but it seems to not have been such a good idea....the winners didn't need it my loser's would have save me 40 pips.
  • #1,630
  • Jun 23, 2008 12:48pm Jun 23, 2008 12:48pm
Your avatar isn't Hanover, Hanover was the skinny goofy guy who turns into the Giant right?
  • #1,631
  • Jun 23, 2008 12:49pm Jun 23, 2008 12:49pm
Thankfully we use demos to figure things out first!
I am going to stick with page one suggestions for now, What pairs are you trading?
  • #1,632
  • Jun 23, 2008 12:50pm Jun 23, 2008 12:50pm
right! Capt'n Stern was all I could find!
  • #1,633
  • Jun 23, 2008 12:56pm Jun 23, 2008 12:56pm
Well I'm impressed you knew his name I forgot...I'm trading
USD/CHF
USD/JPY
GBP/USD
GBP/JPY These last 3 move a lot, I jumped the gun last night and this morning I was a bit late so we'll see, Like the man says "thats what demo's are for!" Nice job BTW glad to see you're lighting it up!
  • #1,634
  • Jun 23, 2008 1:29pm Jun 23, 2008 1:29pm
hows the GPB/JPY been? I may try it next week.
  • #1,635
  • Jun 23, 2008 1:36pm Jun 23, 2008 1:36pm
These might be helpful to this thread.
Attached File(s)
File Type: mq4 weekly_high_low- LA .mq4   4 KB | 748 downloads
File Type: mq4 4 Hour high_low LA .mq4   4 KB | 658 downloads
File Type: mq4 Daily_High_Low .mq4   3 KB | 690 downloads
Our IMAGINATION is the true holy grail!
  • #1,636
  • Jun 23, 2008 1:40pm Jun 23, 2008 1:40pm
Thanks Leigh, how does one use these?
  • #1,637
  • Jun 23, 2008 6:49pm Jun 23, 2008 6:49pm
Hi FX Calif.
I started trading this system around April of 2007 on a demo account, I didn't trade just this system I was tring many others as well. I swtched to a live account in Feb of this year using mostly this system. I am positive about 1000 pips since than. I however do not trade every week so I am sure there would be more if I did. I do hit the SL often enough, I set them at 30, but the profit has been much more so it seem to be working well. I have started using a hedging plan that I got from the Jacko system. If I get stopped out and the price moves at least another 50 pips I will place a order to reenter in the oringinal direction at the SL price. This way if the price reverses once again and reenters me at the SL I can make up some of the loss. I do this in both directions hoping that the price will establish a clear direction for the week but I only do this once if the price reverses again and takes me out it is best just to just stay out the rest of the week and start over the next week. I have tried many other systems but for my style this one has been the most profitable. What I like is that it does not require a great deal of time in front of the computer. There have been some other systems that I like but really require to much time at the computer (3 Ducks) for one. The Wayne Jacko system is similar to this in that it does not require a great deal of time at the computer, just trade the long term trend. I like his theory, Always trade the trend and the trend will always correct your mistakes. Anyway, this system works well for busy people like my self that just cannot be in front of the computer looking at the charts all day. It has been a little tricky the last few weeks with most of the majors trading sideways but it is still possible to make a profit just have watch a little more closely, thats why I don't always stay in all week. EUR/USD is slowly forming a triangle on the daily and will break out at some point ( probably up) and maybe a new trend will start.
  • #1,638
  • Jun 23, 2008 8:15pm Jun 23, 2008 8:15pm
I am unfortunately trading manually, and my SL's are currently too wide...I will try to tighten up with the rules but here are my first four trades so far

Please keep in mind my entries are off because I went to sleep so I ended up in early on a couple and late on 2 others Taking my best guess. (please don't flame me I knowthe only way to properly test a system is by set rules) I will try to do better next week....even so here's a breakdown of my first 4 so far, I was very happy to see only one of the four has stopped so far.
Pair B/S Price SL current st. results
GBP/JPY S 211.27 211.63 stopped -36

GBP/USD S 1.9735 198.11 TP 1.9625 +110

USD/JPY B 107.73 107.14 open 107.99 +26

USD/CHF B 1.0446 1.0390 open 1.0454 +8

so far + 108 and I was very sloppy

Looks like a winner you all rock!
  • #1,639
  • Jun 24, 2008 1:06am Jun 24, 2008 1:06am
Hi Makotech:

Thanks for your resposnse. It's interesting that I dropped TK's method last year and again trying to start this with using Jacko's AH strategy. I am glad to know that it's working for you. I am still in demo and will start live only when I feel comfortable with any system. I also have the same problem. Even though I sit almost 10 hours in front of computer but I have a hour only at home in the evening for trading. Good luck and pl keep us posted as how you are doing. Thanks again,

FX_California
Quoting makotech
Hi FX Calif.
I started trading this system around April of 2007 on a demo account, I didn't trade just this system I was tring many others as well. I swtched to a live account in Feb of this year using mostly this system. I am positive about 1000 pips since than. I however do not trade every week so I am sure there would be more if I did. I do hit the SL often enough, I set them at 30, but the profit has been much more so it seem to be working well. I have started using a hedging plan that I got from the Jacko system. If I get stopped out and the price moves at least another 50 pips I will place a order to reenter in the oringinal direction at the SL price. This way if the price reverses once again and reenters me at the SL I can make up some of the loss. I do this in both directions hoping that the price will establish a clear direction for the week but I only do this once if the price reverses again and takes me out it is best just to just stay out the rest of the week and start over the next week. I have tried many other systems but for my style this one has been the most profitable. What I like is that it does not require a great deal of time in front of the computer. There have been some other systems that I like but really require to much time at the computer (3 Ducks) for one. The Wayne Jacko system is similar to this in that it does not require a great deal of time at the computer, just trade the long term trend. I like his theory, Always trade the trend and the trend will always correct your mistakes. Anyway, this system works well for busy people like my self that just cannot be in front of the computer looking at the charts all day. It has been a little tricky the last few weeks with most of the majors trading sideways but it is still possible to make a profit just have watch a little more closely, thats why I don't always stay in all week. EUR/USD is slowly forming a triangle on the daily and will break out at some point ( probably up) and maybe a new trend will start.
  • #1,640
  • Jun 24, 2008 11:54am Jun 24, 2008 11:54am
I just hit the stop loss on the first 4 trades, and then hit the stop loss on the next 2..

I have a pending buy on the gbpusd and a sell on the eurusd currently @ -14.00 must have been some news happen today against the dollar.
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