Part Time Wealth Building Trading System - Daily Scalping | Page 11 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

1M & 5M Scalping System (Scalping Paradise) 21 replies

A switch: from part time trading to full time trading 8 replies

A system that works for a part time trader with minimum screen time 16 replies

Dear Full time/Part time Traders – Thanks for your time and help 7 replies

Part Time Wealth Building System - "High-Low Trending" 9 replies

Attachments: Part Time Wealth Building Trading System - Daily Scalping
Exit Attachments

Part Time Wealth Building Trading System - Daily Scalping

  • #201
  • Edited 6:31am Feb 9, 2007 5:27am | Edited 6:31am
i think i just finished trading for the week... today i just got another +100 PIPS from g-u and +20 PIPS from g-j (that's because i've been stopped 2 times but still managed to steal +100 PIPS to make up... lol). probably could have made more but i chose to take the profits.
that's enough for me this week. about 400 PIPS, that'll do just fine.
well, tk, right now i don't know how to thank you for these systems. how about when i'll be rich maybe i can invite you to spend some time on my yacht?
Nihil Sine Deo.
  • #202
  • Feb 9, 2007 6:37am Feb 9, 2007 6:37am
Gbp/usd= +100

Gbp/jpy= -50-50+100=00
Regards
  • #203
  • Feb 9, 2007 8:31am Feb 9, 2007 8:31am
hi,
how do you decide whether to long or short on the daily system at 00:00 gmt?

kingmaker
  • #204
  • Feb 9, 2007 8:37am Feb 9, 2007 8:37am
Quoting kingmaker
hi,
how do you decide whether to long or short on the daily system at 00:00 gmt?

kingmaker

Check out post #1.
  • #205
  • Feb 9, 2007 11:35am Feb 9, 2007 11:35am
Quoting b-rock
Good suggestion, but for anyone trading with an MT4 broker, or any other broker that offers hedging, make sure you don't use this technique, otherwise you'll end up with a bunch of open orders in both directions!
Very good point b-rock!

Greg
  • #206
  • Feb 9, 2007 11:56am Feb 9, 2007 11:56am
Quoting Scrat
i think i just finished trading for the week... today i just got another +100 PIPS from g-u and +20 PIPS from g-j (that's because i've been stopped 2 times but still managed to steal +100 PIPS to make up... lol). probably could have made more but i chose to take the profits.
that's enough for me this week. about 400 PIPS, that'll do just fine.
well, tk, right now i don't know how to thank you for these systems. how about when i'll be rich maybe i can invite you to spend some time on my yacht?
Excellent. 400 PIP week and done early. It cannot get much better. Do not forget the money management aspect. When you combine money management with 400 PIP weeks the world will become your oyster.

Seems like you are gaining a hold on the essence of the system. Just keep going. You will do very well...

TK
  • #207
  • Feb 9, 2007 12:08pm Feb 9, 2007 12:08pm
Based upon the discussion on this thread there seems to be a preference for Profits Targets (PT) instead of letting the trends run. There is certainly no problem with taking profits. If you are so inclined, I would recommend setting 100 PIP Profit Targets using the GBP/USD and GBP/JPY daily charts. Again, just look at the charts and you will see that 100 PIP PTs are very realitistic.

Do not clutter your mind with lagging indicators. Trade the daily charts as you seem them using the very simple rules introduce at the beginning of this thread...

Happy Trading,

TK
  • #208
  • Feb 9, 2007 12:22pm Feb 9, 2007 12:22pm
Quoting Scrat
i think i just finished trading for the week... today i just got another +100 PIPS from g-u and +20 PIPS from g-j (that's because i've been stopped 2 times but still managed to steal +100 PIPS to make up... lol). probably could have made more but i chose to take the profits.
that's enough for me this week. about 400 PIPS, that'll do just fine.
well, tk, right now i don't know how to thank you for these systems. how about when i'll be rich maybe i can invite you to spend some time on my yacht?
There are other traders likewise enjoying the benefits of the weekly system. For me it is personally gratifying to know that I can help others achieve their financial indepedence. There is no better feeling in this world in my opinion.

Here is another testimonial from a trader that profited over to 600 PIPs this week >>> http://www.forexfactory.com/showthre...d=1#post213126

Over 1000 PIPs of profit were taken from the same two markets just between two traders. That is were we all want to be and the institutions only wish they could replicate this performance.

I am now curious, what are some of the profit totals that have been accumulated amongst the various traders???

Happy Trading,

TKK
  • #209
  • Feb 9, 2007 5:04pm Feb 9, 2007 5:04pm
Thank you for the system. I joined recently and read every single post on this thread. Looks great.

One of the post, some one said, got stopped out twice and down 15pips; how can that be? every stop out should be -40. right?

Thanks again.
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #210
  • Feb 9, 2007 5:39pm Feb 9, 2007 5:39pm
TK,

Been watching the forum for a while and am building a regression system to view action of a strategy similar to this over time. Wondering if there is any narrative information accompanying your Excel spreadsheet showing your risk management schema. Thank you for your kind help.
  • #211
  • Feb 9, 2007 7:16pm Feb 9, 2007 7:16pm
tk, i have to take profits. the backtesting i did was very instructive in this way and after what i've seen there i decided that i needed a "safety belt". to tell you the truth, i stopped the weekly scalping after i made almost 180 PIPS (and that was at the beginning of this week). the rest of the profit came from daily scalping - it could have been more, i know, but i learn to never think of it this way. what i have is what i'm happy with.
as for the indicators, i only watch them when i am stopped out frequently - like last week. but you're right, they are not decisive for the systems.

Quoting tkimble
Based upon the discussion on this thread there seems to be a preference for Profits Targets (PT) instead of letting the trends run. There is certainly no problem with taking profits. If you are so inclined, I would recommend setting 100 PIP Profit Targets using the GBP/USD and GBP/JPY daily charts. Again, just look at the charts and you will see that 100 PIP PTs are very realitistic.

Do not clutter your mind with lagging indicators. Trade the daily charts as you seem them using the very simple rules introduce at the beginning of this thread...

Happy Trading,

TK
Nihil Sine Deo.
  • #212
  • Feb 9, 2007 10:52pm Feb 9, 2007 10:52pm
Quoting mseaworthy
TK,

Been watching the forum for a while and am building a regression system to view action of a strategy similar to this over time. Wondering if there is any narrative information accompanying your Excel spreadsheet showing your risk management schema. Thank you for your kind help.
Elaborate on your request for "narrative information"? I have provide comments in most of the cells in the spreadsheet.

TK
  • #213
  • Feb 9, 2007 10:52pm Feb 9, 2007 10:52pm
Quoting Scrat
tk, i have to take profits. the backtesting i did was very instructive in this way and after what i've seen there i decided that i needed a "safety belt". to tell you the truth, i stopped the weekly scalping after i made almost 180 PIPS (and that was at the beginning of this week). the rest of the profit came from daily scalping - it could have been more, i know, but i learn to never think of it this way. what i have is what i'm happy with.
as for the indicators, i only watch them when i am stopped out frequently - like last week. but you're right, they are not decisive for the systems.
This is excellent. You can make a very fine living from 50 PIPS weekly. Whatever works for you is correct...

TK
  • #214
  • Feb 9, 2007 11:26pm Feb 9, 2007 11:26pm
The spreadsheet seems to calculate a win on every trade. Just wondering what you do for a loss. Do you take a smaller position after n losses? Do you systematically increase or decrease lots above the standard 2.8% when successive losses have occurred?
  • #215
  • Edited 3:01am Feb 10, 2007 1:43am | Edited 3:01am
Quoting tkimble
Daily trading rule are as follows:

1. Create daily chart on any pair

2. Enter Buy/Sell order upon Sunday or Monday open at 2400 GMT. Order should be consistent with previous days trend (i.e; Previous day up, Place "Buy" market order, Previous day down, enter "Sell" market order at open)

2. Place opposite side trade 40 PIPS aways from initial market order (i.e.; if initial order was a Buy Place immediate Sell side order 40 PIP away from initial market entry)

3. If same trend for three consecutive days, place next days open order opposite of previous three days trend. i.e; If Monday, Tuesday and Wednesday were up days, Thursday would be a Sell order.

4. Use 40 PIP stops on all orders.

5. Close between 2300 and 2400.

6. Repeat trade rules at 2400 GMT.

No straddling the price entry. Enter market immediately with 40 PIP reversal companion order...

Happy Trading,

Tkimble
hi tkimble,thanks for your simple system.but i dont understand rules 2,mind to elaborate more or give me an example for this?

Example : Monday is Up, so Tuesday entry should be : Long entry at 00:00GMT at 1.9500,SL=40 and place another pending Short entry 40pips away from the first entry?correct me if i am wrong

what if at 2300GMT,our position is still in floating loss,what should we do?
  • #216
  • Feb 10, 2007 10:20am Feb 10, 2007 10:20am
Hi Tk. This system looks very good. When combined with the weekly method have you any idea what the drawdowns/continuous losses are likely to be/worst case scenario?

Many thanks.
  • #217
  • Feb 10, 2007 11:25am Feb 10, 2007 11:25am
Hi Tk,

Excellent system - I really like it as I can set the orders and let them run whilst I'm working on my own business. If I get chance to glance at them through the day, brilliant - but if not the system just does it's own thing.

The 100 pip profit target works well too and locks in profits that can have partly disappeared by 23.00 gmt.

I have one question for you if the daily candle is a doji - how do you trade the following day? My daily chart for Monday 25th September 2006 gives a perfect doji (open and close precisely the same) the previous day - Friday 22nd September was a red (bear) candle - and the previous to this green (bull) candle.

My feeling would be to trade the same as the day previous to that on which the doji occurred (which in this case would have been very profitable), but I wondered if this is the same approach as you take?

P.S. I realise that your chart's may not be the same as mine. I trade with CMC so I use their charting package and go by their bid/ask prices.

Thanks

Jilly
  • #218
  • Feb 10, 2007 2:26pm Feb 10, 2007 2:26pm
Quoting amenlo9
hi tkimble,thanks for your simple system.but i dont understand rules 2,mind to elaborate more or give me an example for this?

Example : Monday is Up, so Tuesday entry should be : Long entry at 00:00GMT at 1.9500,SL=40 and place another pending Short entry 40pips away from the first entry?correct me if i am wrong

what if at 2300GMT,our position is still in floating loss,what should we do?
I'd say leave it floating until profit or the stop gets hit. No need to close at the end of the the dayfor a loss. There's still a chance to get into a profitable position, but that's me. You may decide to close at 23:00 for some valid reasons too.

A variation of the order entry if you like it better and your broker doesn't use hedging.
http://www.forexfactory.com/showpost...&postcount=198
  • #219
  • Feb 10, 2007 11:06pm Feb 10, 2007 11:06pm
Quoting mseaworthy
The spreadsheet seems to calculate a win on every trade. Just wondering what you do for a loss. Do you take a smaller position after n losses? Do you systematically increase or decrease lots above the standard 2.8% when successive losses have occurred?
The purpose of the spreadsheet is to demonstrate the power of compounding and assumes a 125 PIP average weekly profit...

TK
  • #220
  • Feb 10, 2007 11:27pm Feb 10, 2007 11:27pm
Quoting GregFF
I'd say leave it floating until profit or the stop gets hit. No need to close at the end of the the dayfor a loss. There's still a chance to get into a profitable position, but that's me. You may decide to close at 23:00 for some valid reasons too.

A variation of the order entry if you like it better and your broker doesn't use hedging.
http://www.forexfactory.com/showpost...&postcount=198
hi thanks for your explanation.but i still dont understand your SAR explanation,do you mind to explain with an example?
0 traders viewing now