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Part Time Wealth Building Trading System - Weekly Scalping

  • #941
  • Feb 8, 2007 8:34am Feb 8, 2007 8:34am
Quoting hondakorn
awesome week for the system! +250 pips for me! Hope everyone has similar results...would have been 300 but got stopped out due to user error....lol....im a klutz
Honda, are you entering multiple positions and taking profits along the way?
  • #942
  • Feb 8, 2007 8:35am Feb 8, 2007 8:35am
Quoting G550
Honda, are you entering multiple positions and taking profits along the way?
yes sir! 2lots per trade, close 1 at 50pips, move sl to be for the 2nd lot. I also take into account major s&r levels
CRAIGSLIST BARTERING CHAMPION
  • #943
  • Feb 8, 2007 8:41am Feb 8, 2007 8:41am
I'm just doing the weekly on the GBP/USD for simplicity sake. I'm currently around -30 overall with two stop outs. This is using the original system. I've decided to concentrate on my trading psychology and let the system take care of itself and weather the storms through doji weeks. It should pay off in the end. I want to test my discipline. It works better for me to use one system that works with full lots rather than use multiple systems with partial lots. On a weekly system I must keep myself from revenge trading, and stay stress free knowing that the trending weeks will come. Anybody else doing just the one system?
Life is too short to have anything but delusional notions about yourself.
  • #944
  • Feb 8, 2007 8:41am Feb 8, 2007 8:41am
honda, wld you mind posting these trades that netted you 250? cause my part time weekly is going nowhere. . its just ranging and have had 2 stop outs so far.


thks in advance

Quoting hondakorn
yes sir!! hit my short this morn at 238.15
  • #945
  • Feb 8, 2007 8:47am Feb 8, 2007 8:47am
Quoting coolshades
honda, wld you mind posting these trades that netted you 250? cause my part time weekly is going nowhere. . its just ranging and have had 2 stop outs so far.


thks in advance
Ill post the trades that I took when I get out of work today at 5....remember that im trading both gbp/jpy and gbp/usd and t/p along the way....most of my pips came from gbp/jpy...
CRAIGSLIST BARTERING CHAMPION
  • #946
  • Feb 8, 2007 8:47am Feb 8, 2007 8:47am
Quoting coolshades
honda, wld you mind posting these trades that netted you 250? cause my part time weekly is going nowhere. . its just ranging and have had 2 stop outs so far.


thks in advance
Honda is not sticking to the original system. He, as others, have adapted their own where they enter 2 lots. When they are 50 pips in the money, they close one lot for profit and move the other lot to break even. This is probably why his results and yours do not match.
  • #947
  • Feb 8, 2007 8:51am Feb 8, 2007 8:51am
Quoting G550
Honda is not sticking to the original system. He, as others, have adapted their own where they enter 2 lots. When they are 50 pips in the money, they close one lot for profit and move the other lot to break even. This is probably why his results and yours do not match.
exactly...
CRAIGSLIST BARTERING CHAMPION
  • #948
  • Feb 8, 2007 9:05am Feb 8, 2007 9:05am
Great trading hondakorn - when the currencies are ranging the 2 lot TP1 @ 50 works well while we wait for the big trend to deliver the killer profit...but this does take more chart time unfortunately..
  • #949
  • Edited 9:48am Feb 8, 2007 9:08am | Edited 9:48am
if you use the original system, you can't. you just let the trade run until the end of the week and you close it then; IF there was a trend, you will surely be in a lot of profit. for this reason, if you use a trailing stop you might lose a significant part of the profits (because your trade could be stopped and then the trend might pick up again from that stop).
i did a manual backtest on g-u starting starting with last august. the original system brought a profit of about 4-5 times the initial investment (on a 5% margin... and with profit being compounded after every week) EVEN IF THERE WERE A COUPLE OF WEEKS WITH ~ -200 pips. at the end of a 6 month period, the system was quite profitable, i would say.
Quoting Deanith
How would I be able to preserve any profit made if I am not using trailing stops or price targets just in case the trade changes direction/

Sure, I can hope that the trade will move far enough in the other direction but in the meantime I will lose any profits made from the previous opposite move.
yes. the price WILL move far enough (more often than not) to make up. but again, there are times when this doesn't happen - for instance, see what happened last week... in this case, you have to adapt to the market conditions if you want a profit.
Quoting Deanith
Do I just let it stop out and then let it enterin the other direction at the previous weeks close and hope the price moves far enough to make up for the loss from the previous trade in the opposite direction?
(Since I am NOT using trailing stops or price targets)

If I do this I will lose any profit made on the other direction due to not moving my stop or placing a target limit.

it only depends on you. adapt the system to your needs. for instance, you can set a TP close to a support/resistance... your profits become safer but you might miss quite a lot of PIPS sometimes.
Quoting Deanith
My question is how do I prevent losing on what would be an already profitable trade IF the trade changes direction DURING the week if I am NOT to use trailing stops or Price targets?
Thanks for your help.

Deanith
i'm always taking some profits along the way. for this week i'm up more than 250 PIPS on g-u; last week i made ~ 150 PIPS... and before i ran into this thread i was more than happy with ~ 150-200 PIPS/month. it's a very big difference for me.
Nihil Sine Deo.
  • #950
  • Feb 8, 2007 9:10am Feb 8, 2007 9:10am
Well said, Scrat. I guess I'm the guy that will accept the losses through the ranging weeks and wait for the big hits.
Life is too short to have anything but delusional notions about yourself.
  • #951
  • Feb 8, 2007 9:14am Feb 8, 2007 9:14am
pete you are right,for those like me who have a job. managing anything more than 1 trade per pair is time consuming.. and if u re in a high pressure job..then worse.

i am in one where i often am not accessible to the system for hours..


Quoting petersurrey
Great trading hondakorn - when the currencies are ranging the 2 lot TP1 @ 50 works well while we wait for the big trend to deliver the killer profit...but this does take more chart time unfortunately..
  • #952
  • Feb 8, 2007 9:35am Feb 8, 2007 9:35am
Just locked in another 50 pips from the 9611 short leaving the other postion to run but moved stop to b/e. Total for the GBP 2 lot tk system now 150 pips for the week.

What I like most about the tk weekly system is that, for the first time, trading feels more relaxed - if you can call it that - you just think if the market does this I'll do that and let it take it's course - no hassle...
  • #953
  • Feb 8, 2007 9:38am Feb 8, 2007 9:38am
Quoting coolshades
pete you are right,for those like me who have a job. managing anything more than 1 trade per pair is time consuming.. and if u re in a high pressure job..then worse.

i am in one where i often am not accessible to the system for hours..
coolshades, will you need a job if this system continues to deliver
  • #954
  • Feb 8, 2007 9:47am Feb 8, 2007 9:47am
Quoting petersurrey
trading feels more relaxed - if you can call it that - you just think if the market does this I'll do that and let it take it's course - no hassle...
I totally agree!!
CRAIGSLIST BARTERING CHAMPION
  • #955
  • Feb 8, 2007 9:51am Feb 8, 2007 9:51am
Quoting ForexDude2
Well I'm using multiple lots, so that EA is not for me. I'll have to wait till someone likes the idea and programs it or I become a programmer some time in the future (I hope its before I die ). Have fun trading the rest of the week.
You can trade Multiple lots with Rhythm. You just have to change the magic number for each EA you have open.
If you want to trade 2 lots then open one chart attach EA then open another chart of the same pair Attach EA but change magic number.
I went short with Rhythm @ 01:00 on 3 charts with 1 lot each all with different SAR's and profit targets (Daily) All have closed....
Trading 1$ lots I made $270 total all with GBPUSD
Rhythm should easily be able to handle managing your weekly trades as well. Just don't set a profit target or a time exit until Friday.
So far so good, more testing of course.
  • #956
  • Feb 8, 2007 9:55am Feb 8, 2007 9:55am
thanks.
anyway, i think there are ways to figure out when you're not in a trending week. i've spent a lot of time trying to learn & understand a bunch of indicators... MACD, RSI, ADX etc and i'm just not gonna let them stand apart. they served me well so far. but i gotta say that my main direction remains this system; the rest is my try to find out a way of avoiding losses during ranging periods.

Quoting hoss
Well said, Scrat. I guess I'm the guy that will accept the losses through the ranging weeks and wait for the big hits.
Nihil Sine Deo.
  • #957
  • Feb 8, 2007 10:30am Feb 8, 2007 10:30am
StrawStock,

Thank you for this EA and further instructions on how to use it. Now if we can "optomize" , hate that word, seems offensive to the system originator, the stop loss settings, take profit possibilities to make this as profitable as possible. Keep up the testing. Someone suggested stop and reversals every 15 pips. Others take profit levels of 100 pips. There must be a combination that can be plugged into this nice EA to make it optimal.
  • #958
  • Feb 8, 2007 10:44am Feb 8, 2007 10:44am
no..but thats not gonna happen overnight is it.. i am still on a micro account.,

Quoting petersurrey
coolshades, will you need a job if this system continues to deliver
  • #959
  • Feb 8, 2007 10:51am Feb 8, 2007 10:51am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting StrawStock
You can trade Multiple lots with Rhythm. You just have to change the magic number for each EA you have open.
If you want to trade 2 lots then open one chart attach EA then open another chart of the same pair Attach EA but change magic number.
I went short with Rhythm @ 01:00 on 3 charts with 1 lot each all with different SAR's and profit targets (Daily) All have closed....
Trading 1$ lots I made $270 total all with GBPUSD
Rhythm should easily be able to handle managing your weekly trades as well. Just don't set a profit target or a time exit until Friday.
So far so good, more testing of course.
Thanks, I'll give it a go then starting next week. Could you make it non-SAR? Like SL is 30 but next order is 20 pips away like the original system. Thanks again.
  • #960
  • Feb 8, 2007 12:15pm Feb 8, 2007 12:15pm
When using the 40 pip SAR on the GBPUSD and GBPJPY I have come up with the following results for the last 26 weeks.

GBPUSD Daily Total Pips = 3,061
GBPUSD Weekly Total Pips = 2,343

GBPJPY Daily Total Pips = 4,641
GBPJPY Weekly Total Pips = 2,509

Average Daily Pips = 285
Average Weekly Pips = 180
Total Daily & Weekly Average Pips = 465

The average # Pips per week over the last 12 weeks is 739 pips.

What a program. Thanks again tKimble.

yezbick


* Suggestion for profitability allow no more than 4 or 5 SL on the weekly plan. Some of the W1's had up to 10 SL hit in a given week and never recovered.
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