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Attachments: 150-200 pip/month without technical indicators.
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150-200 pip/month without technical indicators.

  • #21
  • Jul 29, 2008 4:54am Jul 29, 2008 4:54am
Guys this is a beginners forum, take it easy on the guy. I don't agree the system works, but no need to ram this down the guy's throat. It's not as if he's aiming for 1 pip at a time without a SL.

Good luck Maya, but I'm sorry to say I highly doubt this will last long-term, but by all means try and prove me wrong...
  • #22
  • Jul 29, 2008 5:03am Jul 29, 2008 5:03am
Quoting la_maya_k
Hi Bobcat,

It's such a relieve hearing such words from a seasoned trader. It is really encouraging to know there are experienced people out there who is not out to step on new ones like us.

Setting pending trades is exactly how I do it at the moment. With my broker, GFT, the platform is Dealbook, I set up both the long and short at the same time. It's a parent & contingences order...Parent being the Long Stop order which is only opened when the price is hit, then only will the stop loss and take profit order gets activated.

Vice versa for short entry.

So for short, to wait an entry, I'll have 6 orders set up. 3 for long, 3 for short.
Thanks for the clarification on the pending trades. I don't understand how you have the 6 orders set up, 3 for long and 3 for short. How does this work?
  • #23
  • Jul 29, 2008 5:09am Jul 29, 2008 5:09am
whassup dude...
only gbp/usd? what bout others?

edit: now its break short right...wait and see...
  • #24
  • Jul 29, 2008 5:32am Jul 29, 2008 5:32am
Let's just talk about going long first. I'll set a stop order for a buy trade to be opened with the upper channel breaks. I also set up 2 other orders, 1 stop loss of 25 pips, and 1 take profit of 50 pips. These 2 are only activated if a buy order is opened.

In Dealbook it's called parent and contingencies order. The buy order is the parent order, the stop loss sell order and take profit sell order are the contingencies. That's 3 orders only for long.

This means that after my look at the charts at 4:40 pm, I set up these trades and literally walk away for the whole day without having to do anything, unless if I want to move to breakeven after the trade has gone my way.

Hope I managed to explain that alright Bob?

Quoting Bobcat2
Thanks for the clarification on the pending trades. I don't understand how you have the 6 orders set up, 3 for long and 3 for short. How does this work?
  • #25
  • Jul 29, 2008 5:37am Jul 29, 2008 5:37am
Ya it's short today. Have entered and have moved my stop to breakeven now, I do that after about 30 pips or so. Hope it continues to my target
Attached Image
  • #26
  • Jul 29, 2008 5:38am Jul 29, 2008 5:38am
Quoting la_maya_k
Ya it's short today. Have entered and have moved my stop to breakeven now, I do that after about 30 pips or so. Hope it continues to my target
Attachment

oh u do breakeven at 30 pips..okay...anyway which part of malaysia are u in?
  • #27
  • Jul 29, 2008 5:39am Jul 29, 2008 5:39am
My SELL was filled...I currently am using a manual trading stop on Oanda. My current SL guarantees me a minimum of a 20 pip profit. My Yeomans Currency Meter shows the USD strong and the GBP weak. Hope you guys get your 50 pip profit...but I need to get some sleep!
  • #28
  • Jul 29, 2008 5:42am Jul 29, 2008 5:42am
Quoting Bobcat2
My SELL was filled...I currently am using a manual trading stop on Oanda. My current SL guarantees me a minimum of a 20 pip profit. My Yeomans Currency Meter shows the USD strong and the GBP weak. Hope you guys get your 50 pip profit...but I need to get some sleep!
good nite
  • #29
  • Jul 29, 2008 5:53am Jul 29, 2008 5:53am
Quoting forexmoments
Guys this is a beginners forum, take it easy on the guy.
The guy is a gal and its not a bad effort for a newbie. the system is fairly well thought out with good risk reward and a defensive version of martingale money management. Tdion is correct about projected returns and reality being two completely different things. The market is much more brutal than he is when it comes to teaching newbies. It looks like it should hold up ok though. In future la_maya_k I recommend testing your system first . Your projected system potential is meaningless as you are about to find out. Good luck.
p.s if it doesent work out, look into selling strength and buying weakness, apparently, thats what is most different between the elite 5% you are trying to join, and the rest
BTC Return This Year: na
  • #30
  • Jul 29, 2008 7:06am Jul 29, 2008 7:06am
just hit +50 on my demo...tq maya..
  • #31
  • Jul 29, 2008 7:49am Jul 29, 2008 7:49am
50 pips profit...just as advertised!

Now...what do I do with the rest of my week?

Again...please take with a grain of salt, the conventional wisdom being postulated by the so-called experts out there who likely have negative balances in their own trading accounts. Sure...they are mostly trying to help you to avert disaster as they perceive it, but in doing so they have the tendency to suck out the lifeblood of inspiration.

On the other hand, I'm not so naive as to take an untested trading strategy and bet the family farm on it's outcome. But, I do love a fresh approach to a proven trading style and applaud your contribution, flawed or not. Time will tell its value. Personally, I'm more than willing to invest my time to see the outcome.

Meanwhile...the big question is...how shall I spend my $50 profit?
  • #32
  • Jul 29, 2008 8:32am Jul 29, 2008 8:32am
Quoting Bobcat2
50 pips profit...just as advertised!

Now...what do I do with the rest of my week?

Again...please take with a grain of salt, the conventional wisdom being postulated by the so-called experts out there who likely have negative balances in their own trading accounts. Sure...they are mostly trying to help you to avert disaster as they perceive it, but in doing so they have the tendency to suck out the lifeblood of inspiration.

On the other hand, I'm not so naive as to take an untested trading strategy and bet the family farm on it's outcome. But, I do love a fresh approach to a proven trading style and applaud your contribution, flawed or not. Time will tell its value. Personally, I'm more than willing to invest my time to see the outcome.

Meanwhile...the big question is...how shall I spend my $50 profit?
$50 i will buy PS3 games..lol...i might try again tomorrow and see how this system will go...
  • #33
  • Edited 5:41pm Jul 29, 2008 4:50pm | Edited 5:41pm
god i was so wrong

where is the icecream and the kiss from mommy???

get real. this is forex. cold hard facts. your unprecedented statement about "their posted systems are big flops" is ignorant. i posted my 10 month forward test on my journal good for 1400 pips after spreads. my new systems look great too.

the one thing i agree with is that breakouts can be useful if done properly.... and you get lucky.

Quoting Bobcat2
Please don't be concerned with the two distractors' posts. They're just jealous becoause their posted "systems" are big flops.
the original problem that i addressed in my first post deals with the lucky aspect of speculation. the woman talks as if she's got the latest sure-fire strategy.... even though she's increasing lot size to compensate for losers, which i bet she will blow her account in doing so after a few trades.

to the original poster: i like how you put your tail between your legs and let us know you couldn't take it any more. take your ball home.
  • #34
  • Jul 29, 2008 7:21pm Jul 29, 2008 7:21pm
Tdion,

Please take no offense to my comments...not intended to be personal...but if you are doing so well, what are you wasting your time on this thread?

Hmmm...your system made 1400 pips over 10 months. That's 140 pips per month...hardly spectacular...but certainly much better than a sharp stick in the eye!

However, this system is performing...@ 50 pips per week...200 pips per month. Admittedly a short test span, but if it holds up over time, will blow your system in the weeds.

As to the semi-Martingaling comment, it's easy to see that if you trade this system for a week and have all 5 losers, your maximum exposure for loss that week would be 329.69 pips assuming increasing lot size by 1.5 for the four subsequent losing trades...too much for me.

I will likely trade this system straight up with TP 50 and SL 25. This way I can lose two out of three trades and still not lose any money (except spread). Any success over 50% will end up with profits...I will speculate that it will perform well enough.

If I adopted the semi-Martingale approach, I would quit the week if I hit four straight losers (probably after 3), which would leave me with a negative 203.12 pips. Now, my risk to reward ratio is rather poor 203.12/50, but the saving grace is that I have four straight opportunities to make the 50 pips profit. I can lose 75% of the time and still bag the 50 pips for the week. An even more conservative approach would be to keep the same number of lots for the second trade hoping to break even over two trades, and then begin the 1.5x lot increase, if that ploy was unsuccessful.

There are a million ways to trade this strategy. One thing I do like is that this system opens up AFTER the initial Frankfurt and London market price forays so this is a new perspective for me.

Anyway no hard feelings...let's just make a pile of money!!!
  • #35
  • Jul 29, 2008 7:39pm Jul 29, 2008 7:39pm
I'm sure there are things along the way to learn, that's why this is still in a mini-account. Good to know you made your profit Bobcat, you can spend it any way you wish as long as it's going make your day

I won't be taking any profits out yet as I'll be rolling it back into the account for a while for compounding.
  • #36
  • Jul 29, 2008 7:50pm Jul 29, 2008 7:50pm
If you'd already made the 50 pips, personally I would stop trading for the week. That's the whole point of this strategy. To have a set goal weekly, once met, take a break. Otherwise you're likely to give it back to the market.

It's a decent week for 50 pips to made on a Tuesday. Trading further in the week might make it turn out to be a bad week. My idea is stop while you're ahead, and enjoy the sun for now. There's always next week.

Quoting microsuck_36
$50 i will buy PS3 games..lol...i might try again tomorrow and see how this system will go...
  • #37
  • Edited 3:43am Jul 30, 2008 3:28am | Edited 3:43am
Quoting la_maya_k
If you'd already made the 50 pips, personally I would stop trading for the week. That's the whole point of this strategy. To have a set goal weekly, once met, take a break. Otherwise you're likely to give it back to the market.

It's a decent week for 50 pips to made on a Tuesday. Trading further in the week might make it turn out to be a bad week. My idea is stop while you're ahead, and enjoy the sun for now. There's always next week.

aye-aye captain...

Quoting la_maya_k
I'm sure there are things along the way to learn, that's why this is still in a mini-account. Good to know you made your profit Bobcat, you can spend it any way you wish as long as it's going make your day

I won't be taking any profits out yet as I'll be rolling it back into the account for a while for compounding.
me too...still rolling from $100 ...
  • #38
  • Jul 30, 2008 4:28am Jul 30, 2008 4:28am
Hi,
I like breakout systems, don't treally like martingale, but if you lock profit till wedensday, wy don't you give up martingaling. In this case you make 50 pips on monday or 50-25 on tuesday or 50-50 on wedensday - it's not as good, but will save account. If it rarely happen to not to win within those three days, you can double your position for next week. [what will be still 2%]
Could you please clarify your timezone is GMT+8, but do you have summer time change in your country?

Thanks a lot
  • #39
  • Jul 30, 2008 9:30am Jul 30, 2008 9:30am
I trade this system on Oanda. As I already have made my 50 pips for the week I did not set up a trade. I did track it, and the 4:00 CDT (900 GMT) candle filled the BUY pending order, retraced and resulted in hitting the stop loss for -25 pips.
  • #40
  • Jul 30, 2008 7:24pm Jul 30, 2008 7:24pm
Thanks for your input on the martingale. If there's a better way than having to do this semi-martingale method, it would be better I admit. So any ideas on the money management part would be very helpful.

No summer change in my country, it's summer all year long. No daylight saving.

Quoting Kaligula
Hi,
I like breakout systems, don't treally like martingale, but if you lock profit till wedensday, wy don't you give up martingaling. In this case you make 50 pips on monday or 50-25 on tuesday or 50-50 on wedensday - it's not as good, but will save account. If it rarely happen to not to win within those three days, you can double your position for next week. [what will be still 2%]
Could you please clarify your timezone is GMT+8, but do you have summer time change in your country?

Thanks a lot
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