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

  • #101
  • Aug 12, 2008 8:55am Aug 12, 2008 8:55am
Quoting la_maya_k
Mine's not hit yet, am still pending sell order at 1.8965 or buy at 1.9107.
lol mine is 1.8966... if 1.8965 i might safe now..lol
  • #102
  • Aug 12, 2008 9:10am Aug 12, 2008 9:10am
BobCat, I normally count the high from 8 am onwards, in today's case the high would be 1.9120, but today's chart started off with quite a large drop, and truthfully I'm a bit undecided on what to do in this situation. If set up the trade 1.9120, it might have been too late to enter in an otherwise profitable trade, compared to entering at the high counted from 9 am onwards, which is 1.9105, which is a large difference here.

Today's chart looked like this on my GFT Dealbook.
Attached Image (click to enlarge)
Click to Enlarge Name: 12 aug.jpg Size: 46 KB


Looking back in the past, this happened in 21 Jan 08:
Attached Image (click to enlarge)
Click to Enlarge Name: 21 jan.jpg Size: 47 KB

and 28 Jan 08:
Attached Image


A better example would be to look at 28 Jan 2008. This is what I mean by using the first hour's high, we might be entering too late on an otherwise profitable trade (although this is a bad example in the sense that it got stopped out). But if makes me think if there should be some kind of exception when days like these occur?

What do you think?

As for your question, whether or not I filter my trade based on the size of the channel, either too wide or too narrow, at the moment I don't. There's no filter of that kind yet. If you would like to take a look at the manual backtest results I have on my site listed on my profile, all those trades are taken regardless the size of the channel, and it seems to be working fine.

But I'll look into that, maybe it'll turn out to be a good filter? That involves quite some testing and research
Attached Image (click to enlarge)
Click to Enlarge Name: 28 jan.jpg Size: 61 KB
  • #103
  • Aug 13, 2008 3:11am Aug 13, 2008 3:11am
Anddrew, I made some adjustments to the calculation here.

Note:
1. This is done with 400:1 leverage. Those not comfortable with this high leverage would need to make adjustments.
2. This is calculated with 1% risk on the first trade.
3. The number of minilots for each trade is in decimals, for example 1.4 minilots, 2.1 minilots. It is only possible to trade this exactly if your broker allows microlots, but I'm using GFT that allows minilots only, so even if my table says it's time to trade 1.4 minilots, I would buy 1 minilot. If it says 2.1 minilots, I could only buy 2 minilots. So the table is just a guide for me, but I can't follow it exactly due to constraints of the broker used.

Attached File(s)
File Type: xls 50pipMMv2.xls   52 KB | 349 downloads




Quoting andrrew100
Hi la_maya_k,

I was just going through the forum and read your thread, I am a newbie and have just started looking into forex.

Can you do some basic number crunching for me and let me know how you could potentially make about $752 monthly with an account size of $3500 with 50pips/week?

I would like to start trading with an account size of $5000.

I didn't see any mentioning of leveraging.

Thanks in advance,

Andrew
  • #104
  • Aug 13, 2008 3:32am Aug 13, 2008 3:32am
good luck for today guys...
  • #105
  • Aug 13, 2008 3:37am Aug 13, 2008 3:37am
Good luck to you too micro. I'm going to set it up a few minutes after 5pm. Better not to set exactly at the high or low. Set a few pips away, usually I set 3 or 4 pips away.

Quoting microsuck_36
good luck for today guys...
  • #106
  • Edited 7:18pm Aug 13, 2008 4:53am | Edited 7:18pm
Easy pips today! Have already achieved the target, happened even before I realised the trade was opened.

I hope those following this setup manage to get their pips too?
Attached Image
  • #107
  • Aug 13, 2008 5:04am Aug 13, 2008 5:04am
Great Trade La Maya K

Enjoy your win!

Cheers
Apocalypto
  • #108
  • Aug 13, 2008 5:11am Aug 13, 2008 5:11am
finally +50 pips..10Q maya...
  • #109
  • Aug 13, 2008 5:15am Aug 13, 2008 5:15am
Thanks Apocalyto!

Quoting >Apocalypto<
Great Trade La Maya K

Enjoy your win!

Cheers
Apocalypto
  • #110
  • Aug 13, 2008 6:02am Aug 13, 2008 6:02am
Quoting la_maya_k
Thanks Apocalyto!
You're very welcome La_maya_K
  • #111
  • Aug 13, 2008 6:32am Aug 13, 2008 6:32am
I made my weekly profit of 50 pips! I didn't spend last week's $50 profit...so now I'm up $100 in my account! So, now I'm done for the week. THANKS MAYA!

BTW, the SELL continues on to well over an additional 100 pips beyond the 50. My greedy nature has taken over and wonders if you ever trail stop for additional profits, Maya? LOL
  • #112
  • Aug 13, 2008 6:44am Aug 13, 2008 6:44am
Quoting Bobcat2
I made my weekly profit of 50 pips! I didn't spend last week's $50 profit...so now I'm up $100 in my account! So, now I'm done for the week. THANKS MAYA!

BTW, the SELL continues on to well over an additional 100 pips beyond the 50. My greedy nature has taken over and wonders if you ever trail stop for additional profits, Maya? LOL
you can always trail a second trade to leave open after the first has been limit filled. Once limit hit move the stop to Break even.

Best that the second trade is half to 1/3 of the first, that's what I do. Just remember that trade will increase your risk!

Sorry for going off your method Maya!

Cheers
  • #113
  • Aug 13, 2008 7:20am Aug 13, 2008 7:20am
Yes, definitely do have that plan. I've done a test on MM like that, and it yields 7% per month instead of 5% per month from the fixed 50 pips MM we're using now. More info on that later, need to head out now!

Quoting Bobcat2
I made my weekly profit of 50 pips! I didn't spend last week's $50 profit...so now I'm up $100 in my account! So, now I'm done for the week. THANKS MAYA!

BTW, the SELL continues on to well over an additional 100 pips beyond the 50. My greedy nature has taken over and wonders if you ever trail stop for additional profits, Maya? LOL
  • #114
  • Aug 13, 2008 8:51pm Aug 13, 2008 8:51pm
I've done manual backtesting starting from early January to end of July 2008. I logged every single good and bad trade for me to know exactly how this strategy performed. To answer your question BobCat about letting a lot run with trailing stop, it does seem to work out positively.

Here's the first setup. Take profit at about 50 pips each week. Once target is reached, no more trades for the rest of the week.

Starting account balance: $3700
Test period: 7 Jan-23 July 2008. (About 6.5 months)
Balance at the end of test period: $4930
Profit: $1230; 33.25%;

This comes up to about 5% per month.

Second setup involves buying an extra lot in each trade. When the other lots are closed out at 50 pips, I would then set a 40 pip trailing stop on the 1 remaining lot.

Starting account balance: $3700
Test period: 7 Jan-23 July 2008
Balance at the end of test period: $5467
Profit: $1767: 47.75%;

This comes up to about 7.3% per month.
  • #115
  • Aug 14, 2008 2:06am Aug 14, 2008 2:06am
Maya,
I'm still wonder about your money management. Because earlier in the early post you did mention we can get roughly USD 188 per week by getting 50 pips per week. From what I can see, you need to trade at least 3.5 mini lot (roughly USD 3.5 per pip).

Why are you trading 1 mini lot?
  • #116
  • Aug 14, 2008 3:23am Aug 14, 2008 3:23am
It says in 52 weeks, not from right in the beginning. Maybe you'll like to have a look at the excel file I posted up in the earlier post.

Quoting mahir79
Maya,
I'm still wonder about your money management. Because earlier in the early post you did mention we can get roughly USD 188 per week by getting 50 pips per week. From what I can see, you need to trade at least 3.5 mini lot (roughly USD 3.5 per pip).

Why are you trading 1 mini lot?
  • #117
  • Aug 14, 2008 3:25am Aug 14, 2008 3:25am
hehehe someone cant wait to get rich
  • #118
  • Edited 9:33am Aug 14, 2008 9:22am | Edited 9:33am
la maya k,

Do you calculate the broker spread into the 50 pip Take Profit?

The reason I ask is that with Oanda earlier this morning, the Buy pending order was filled, and the price moved 52 pips...enough to make our 50 pip profit (this is all academic as we have already made our profit for the week).

However, the broker spread was 4 pips. In order to clear 50 pips, this would necessitate my setting the actual TP @ 54 pips. The 50 TP would have fallen short by 2 pips, and resulted in a 25 pip Stop Loss, as the price retraced.

Do you add the dealer spread to the Take Profit target?

Thanks,
Bob
  • #119
  • Aug 14, 2008 10:25am Aug 14, 2008 10:25am
la maya k,

What is the longest number of consecutive losses that you have experienced with your system?

1) Backtesting
2) Live trading

Much appreciated,
Bob
  • #120
  • Aug 14, 2008 12:04pm Aug 14, 2008 12:04pm
Bobcat, do you mean if you set the TP at 50 pips, in actuality you'll end up making 46 pips, as 4 pips goes for spread?

I'm not sure how other brokers work as I've been using GFT since the beginning. I still set my TP at 50 pips, and I'll see 50 pips on my P/L. If I set 25 pips as stop loss, I'll see -25 on the P/L.

So the price actually does need to move 53 pips to get a +50, and a 25 pip stop loss is really 22 pips only.

Can't say it's the same for other brokers because I've never used others. So maybe those with different brokers would like to share?



Quoting Bobcat2
la maya k,

Do you calculate the broker spread into the 50 pip Take Profit?

The reason I ask is that with Oanda earlier this morning, the Buy pending order was filled, and the price moved 52 pips...enough to make our 50 pip profit (this is all academic as we have already made our profit for the week).

However, the broker spread was 4 pips. In order to clear 50 pips, this would necessitate my setting the actual TP @ 54 pips. The 50 TP would have fallen short by 2 pips, and resulted in a 25 pip Stop Loss, as the price retraced.

Do you add the dealer spread to the Take Profit target?

Thanks,
Bob
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