The DIBS Method... No Free Lunch continues
Hi everyone.
I have been following this thread for a while now in a "stalker" kind of way. I have asked only a couple of questions, one of which didn't get a reply ( i guess it was too dumb a question).
I have come to accept that to trade successfully, you must evaluate your level of competence and versatility in the game, as well as your type of person and bring these to the fore in your trading. I am a conservative person, one who likes to take things slow, one step at a time ( I had lived like this all my life but failed to apply it to my trading); this also meant that whatever style of trading i will employ must have room for the same principles.
After having suffered a considerable loss in this game (forex trading in general), i have gone through all the motions, from frusturation to aggression to deppression and finally humility (i never considered quitting for once!). As a result i have been following threads quitely and testing them to see if they would match my person.
I have downloaded several templates, EAs, indicators, etc, and dropped them after a while. I think finally, i have found the DIBS a great system for me.
Certainly, i did not have to go through saying all this just to praise the system; i have found a way of trading it which may be of use to a few others who may still be finding problems benefitting from it like others have proven to be.
I use the 30 min TF and the original jaroo indicator with alert. I only look at my chart 5 minutes before the end of each candle to determine potential ibs, then i observe the pattern of price movement, including support and resistances. This means i don't neccessarily play every IB; only the ones with a strong potential for success. My result so far? All trades taken (within the past 6 weeks); have come out in profit!
How so? Now then is the "conservative approach" i spoke of earlier: I don't, by my rule take anything more than 10pips from any single trade, no matter the volatility; no opening of 2 positions, moving stop to BE, nothing else; all that just complicates my trading. I don't make much in a day (have never exceeded 30 pips a day), but have not lost (so far) either. Maybe i'm just being lucky, maybe another 2 months from now and i'll know for sure, right? So here's what i'll do: Precisely 2 months from now, i'll post my results again.
I am doing this to let a few people who are still fresh in this game like me know that you can still profit from a system without necessarily following others in their 'proffessional' style or approach.
Hope someone reads this ... hope it helps someone ... like me.
My sincere thanks go out to all the great, benevolent guys who have helped many without knowing it.
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Hi Andi,
can u direct me to the original jaroo indicator with alert and is that the only thing u use.Thanks.
Alnames
The first sign that you are turning the corner - when you stem the losses to a trickle. If this is where you are at then congratulations.
However I think your post is due for some constructive criticism, if I may. It seems to me that Peter has given us a plan for limited risk with high potential reward, whilst you have reversed it to get higher risk with limited reward. What is you average risk:reward ratio? What % of you trades goes to your broker in spreads?
If you now have the ability to select higher potential dibs (congratulations) and please give some hints, but why not accept the potential they offer.
Agree! Nice point, Aud....
....), and if it is working, great! 
Of course, everybody is free and must trade according to your comfort zone (expanding that comfort zone is a further step that can be painful but very rewarding sometimes, right, Bill?
HT
No intend to be offensive, but DIBS is about that old saying.... "cut the losses and let the profits run..."
Sometimes you get losses... Sometimes you get a BE trade.... sometimes you are in profit and decide to step out of the trade for some discretionary reason.... And sometimes you hit a home run. It's hard to imagine a home run when we see the latest days, but this wildness is not going to last forever.... I hope
This method works for Peter Crowns for several years, I don't see any reason to change it. Of course, everybody is free and must trade according to your comfort zone (expanding that comfort zone is a further step that can be painful but very rewarding sometimes, right, Bill?
But, surely that's not DIBS....
Cheers!
HT
. . . . it's the only thing that works. Well said again House.
From the PMs I have been getting, I have found that some people don't like simple in trading. But I'll tell you all a little secret . . .
excellent post HT! The real key to utilising DIBS is being aware that only a few trades each year will account for most of the year's gains.
By persevering and taking each best trade as they come eventually you can luck out and catch the start of a trend and hopefully keep stacking on the free trades without getting stopped out.
As I'm writing this the profit from the trade exceeds 25 times the risk taken. The day is not over. And the month has JUST begun.
Yeah, my friend... every time that I think in "improving" this method I go to this PC's post at Bemac's thread..... The method is so simple and logical that even a thick minded like me could get this rocket just by don't breaking the rules...
http://www.forexfactory.com/showpost...8&postcount=92
Cheers!
HT
