150-200 pip/month without technical indicators. | Page 8 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Broker with a pip by pip trailing stop 24 replies

Pip by pip - my trading journal 21 replies

Elite eFibo Trader - 200 pip gain turns to 2000 pip gain 14 replies

GBP/USD daily pip movement vs. EUR/USD daily pip movement 3 replies

100 pip STOP for a 100 pip Target 7 replies

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

150-200 pip/month without technical indicators.

  • #141
  • Aug 15, 2008 10:03pm Aug 15, 2008 10:03pm
Hi,

Just pass by when finding some interesting thread that might increased my experience in forex...
something i found interesting about this threas are;
1. Tdion seems to be getting addicted to this thread though he always post negative towards la_maya's system...
2. It is really amazing for a "newbie" (compare to Tdion) to stand firm on her ideas, set low TP and have good MM... Salute you maya...

btw, my timezone also GMT+8... according to my experience, the most volatile time for GJ is around 3-5pm on our timezone...

I hate to talk abt negative, but if i just talk abt positive, some expert who happen to read my past post will bombard me abt my bad forex experience...
Ok, so the negative is I just went burst last mth...
Now some positive statement... I found it is quite easy to have 10-20 profit per mth in forex... in fact i have abt 40%-50% profit per mth for 3 consecutive mth before i increased my capital and went burst out of greed and bad MM...
So Maya, ganbatte... good MM is the most important in Forex....
I learnt it the hard way though... Ganbattemasu...
Lost...
  • #142
  • Aug 16, 2008 10:41am Aug 16, 2008 10:41am
Hi all,

Great thread. I like breakout strategies like this one.

I would like to try it but at time of setting trades im sleeping...
Can anyone interested on the strategy make an EA to execute at 9:35pm GMT+8, make the box calculations, submit the trades and monitor them to close one when the other is filled and close all if no fills at due time?

It'll be great to have it

Cheers,
Dan
  • #143
  • Edited 3:19pm Aug 16, 2008 12:45pm | Edited 3:19pm
I find you to be an idiot.... maybe others do too....

Quoting worlhin
something i found interesting about this threas are;
1. Tdion seems to be getting addicted to this thread though he always post negative towards la_maya's system...
Show me the good money management:
Quoting worlhin
2. It is really amazing for a "newbie" (compare to Tdion) to stand firm on her ideas, set low TP and have good MM... Salute you maya...
I don't ever wish for anyone to fail. If la_maya retires early then that is a victory. Bobcat and la_maya don't like my posts, but that doesn't matter to me.... information I post is intended for everyone that reads the thread.
  • #144
  • Aug 16, 2008 3:20pm Aug 16, 2008 3:20pm
I dabbled in the DP30 system myself sometime back, and sort of forgot about until seeing your post. It's a breakout system very similar to this that goes for 30 PIPS. In checking their site, I see that one of their 3 systems is AVERAGING 63 pips a month! Not too shabby for a set and forget system, and I think I'll start using it again! That particular system is called DPG, and is an offshoot of the original system, and conceived by a gentleman named Hal, who is a prodessional trader, and who has his own very successful system on Forex Factory called "the key to the mint". The only reason I don't use Hals system is because the trading hours are when I'm sleeping. In any event, people shouldn't knock what seem to be simple systems such as this, unless they can show with live trading records that they have one that produces better consistently without staring at a monitor for hours on end. Alsoo, the DPG has not had more than 4 losses in a row since it was tracked starting October of 2007. I'd be interested to see what results this one would have if it were traded every day. I saw there were 8 losses in a row? Was that based on every day trading? I wouldn't criticze the stopping at 50 pips for the week, until I saw evidence that there was a better way that produced more pips. There's plenty of people that have created EAs for systems far more complicated than this one. (Ronald Raygun...are you there?)
So, don't let the fact that you're a "newbie" and the detractors discourage you here. The dissenters and trouble makers have succeeded in driving off and causing other threads to competely shut down. Tdion, I know you mean well. Everyone of here has different amounts of experience. Some people have jobs, and can't be here all the time, or maybe devote the time to Forex that you do. And, I understand your interest in cautioning newbies on some of their ideas that could possibly bankrupt their accounts. Could I ask that you do it in a kinder and gentler way? Everyone here just wants to learn and make money and have fun doing it.
Quoting shadowninja
My concern with these kind of strategies is that they rely on a very specific market characteristic; how will you know the difference between a drawdown and a complete failure of the system to work any more? Will you stop when you are back to 75% of your account? 50%? 25%? 0%? You may not get a string of losses but more losses than wins for 3 months which can seriously hamper your equity.

I've tried Daily20Pips and Daily30Pips (google them); I've also tried my own breakout strategy based on the day's movements. These worked well for a while but then I just gave all my money back. So, maybe they never worked in the first place and I just experienced a lucky streak.
  • #145
  • Aug 16, 2008 4:08pm Aug 16, 2008 4:08pm
Hi paradoxical. I think this is where you and I differ.... forex isn't "fun" to me. If you are approaching this as a business, where it is your sole source of income, it is stressful.... in fact, the only way I can see it being fun is if you look at it like visiting a casino...

Maybe that's why I differ so much from so many people here.

For the record, Good Luck La_Maya!

Quoting paradoxical
Everyone here just wants to learn and make money and have fun doing it.
  • #146
  • Aug 16, 2008 4:16pm Aug 16, 2008 4:16pm
One mistake being made here is the limiting of profits through the fear of losing. Psychologically it feels good to take your 50 pips and stay out of the market. But it is the fear of losing that is making this choice for you, not logical or quantifiable reasoning. Just the fear of losing. The increase of your bet after a loss is another symptom of this fear of losing. Losing is a part of this game, Instead of fearing you need to embrace it.

Tdion and that Tampa Luke guy are correct. Tdion is an engineer which explains his lack of interpersonal skills , but nonetheless he isn't BS'ing you. Don't know about Tampa Luke, but a gambler of any worth, if nothing else, does understand money management.
In trading, there is no bullshit. You either make money or you don't.
  • #147
  • Aug 16, 2008 7:07pm Aug 16, 2008 7:07pm
If you check the DP20 forum, a variation of this system has made 120 PIPS this month with about 10 straight wins, using the EUR instead of GBP. Another variation has made an average of 63 pips a month. All set and forget, once a day, relatively stress free trading. La Maya stops at 50 pips a week. Naturally, this should be back tested to see if maybe she would get more pips per week if she traded every day. But, if someone got 200 pips a month and traded 5 full lots, I don't need to tell you how much that would be. Doesn't everyone stop trading at X? I mean, don't you stop when your TP is hit, or your indicators tell you that should trade out? Only difference here is she pulls up stakes at 50 pips a week. For some, that might $5.00, others $50.00, still others $5,000.00 Kind of like leaving a casino when you're ahead by X. Or, even not gambling anymore when you're ahead by a few hundred or thousand, cause you're happy with that, and don't want to give it back. If LaMaya can post a daily back test for the past several months, we could see what the result would be if she traded every single day. Maybe that would give more pips. Maybe not. We do differ, tdion, because what I do has to be fun, or I don't want to do it. I don't need forex to live on. I would love to trade it full time, and am studying and studying to do just that. I read the threads avidly, and will even visit yours. Whatever systems I do finally use will not be ones that has me glued to a computer 24/7, nor will they be ones where I have bite my nails over drawdown or winning the next trade. The systems by ASH are the kind that I like. Limited trades, limited indicators, set the trade and forget it. Best of luck to you, tdion, and thanks to La Maya for sticking with thread (don't let people take over your thread with bells and whistles and indicators). An EA would be very nice, and should be relatively easy to make for this. Raygun??
Quoting tdion
Hi paradoxical. I think this is where you and I differ.... forex isn't "fun" to me. If you are approaching this as a business, where it is your sole source of income, it is stressful.... in fact, the only way I can see it being fun is if you look at it like visiting a casino...

Maybe that's why I differ so much from so many people here.

For the record, Good Luck La_Maya!
  • #148
  • Aug 16, 2008 7:14pm Aug 16, 2008 7:14pm
If you have a link, I'd like to see it....

Quoting paradoxical
If you check the DP20 forum...
PS) You have strong optimism in your post.... however, I have turned from optimist to pessimist (or better yet, realist) because the market will take money from you as quickly as it will give it.... so if you hit an unlucky streak early, your 5 lots/trade will leave you crippled.
  • #149
  • Aug 16, 2008 8:31pm Aug 16, 2008 8:31pm
http://daily20pip.com/forum/viewtopic.php?t=810
http://daily20pip.com/forum/viewtopic.php?t=510

These are the links to the variation of the DP20 system, and the DP20 system, both of which show results of actual trading. The newer system trades the EURO breakout, and goes for only 20 pips a pop, and has made 120 pips in August. The results of the other systems that have traded the GBP for quite some time are posted. One goes back to July of 2007, and the other to October of 07, and the results are from actual trading....not from some demo account or EA. There were EAs made for these systems, but they weren't really very well developed or improved, and fell by the wayside. I'd like an EA because two of these systems trade the London market when I'm not around. (on the DP20 forum). A year of real time trading results are something to note, I think. Also, these results are straight pips, with no money management or compounding. Someone with some time and expertise could backtest this and see what the optimum pip for TP and SL should be. I tend to think that 50 might be a wee bit high. But, that's just a guess. I'm glad that this discussion has been opened up. Maybe it will bring minds that are far more advanced on forex to fine tune it. (Without adding a million indicators and rules, please).
  • #150
  • Aug 16, 2008 8:47pm Aug 16, 2008 8:47pm
Thanks for the links (btw you must have a login to view the threads you posted) ... no need to divert this thread to a discussion about Daily 20....

I've looked at this strategy several times over the past 2 years.... perhaps it is better than my initial impression....

here's the thread i used to track:
http://www.forex-tsd.com/analytics/5...generator.html
  • #151
  • Aug 16, 2008 9:43pm Aug 16, 2008 9:43pm
Tdion,

That's the same system....DP20. In your link, he shows the results for his original system, which are pretty good. Since he originated it, there have been some offshoots and improvements, but not too many. The guy that started DP20 is a first class guy, and doesn't mind at all people suggesting improvements. But, as you say, lets not let this be a discussion about DP20. La_Maya started this thread, and I don't want to take it over. I look forward to La_Maya's next post. Also hope this thread will draw a lot of interest from people who know a lot more about forex than I do. People such as yourself and others that have devoted time and study to forex that others haven't, or can't. Thanks, La_Maya, for staring this thread. I hope it continues for a long time.
Quoting tdion
Thanks for the links (btw you must have a login to view the threads you posted) ... no need to divert this thread to a discussion about Daily 20....

I've looked at this strategy several times over the past 2 years.... perhaps it is better than my initial impression....

here's the thread i used to track:
http://www.forex-tsd.com/analytics/5...generator.html
  • #152
  • Aug 17, 2008 4:58am Aug 17, 2008 4:58am
Quoting tdion
I find you to be an idiot.... maybe others do too....



Show me the good money management:


I don't ever wish for anyone to fail. If la_maya retires early then that is a victory. Bobcat and la_maya don't like my posts, but that doesn't matter to me.... information I post is intended for everyone that reads the thread.
Ha ha ha...
If you find the reader of this thread "idiot" then just leave this thread... I never put any remarks on you, i just said you seems to be addicted to this thread... why you so agitated?

I understand that when someone have experience, they want ppl to respect them, but since none adore your opinion, why not you look for another group who will give you the respect you want?

hi all, I just a passer by... might or might not be back to this thread, but do let me know if i'm not welcome here... (i'm not asking you, idiot... oops i meant tdiot... oops it shld be tdion)
Lost...
  • #153
  • Aug 17, 2008 7:54am Aug 17, 2008 7:54am
Thanks to all who has contributed to the thread. I'll never disregard anyone's advice, be it gentle or not because surely in the end it's meant to caution others. I'm eager to learn from anyone who knows more than me, my only request is that if you have to point out anything in the system, however negative, at least share with us an alternative that you think might work better. Just calling someone an idiot and leaving it at that does no one any good.

Anyone's suggestion to better the system or MM is well appreciated. Just a reminder, this IS the rookie thread. If I think my ideas are final and not to be touched and would disregard other opinions, I would have started the thread in other non rookie threads. I'm here to learn and so are many other new traders.
  • #154
  • Aug 17, 2008 10:20am Aug 17, 2008 10:20am
[quote=paradoxical;2169115]. Doesn't everyone stop trading at X? I mean, don't you stop when your TP is hit, or your indicators tell you that should trade out? Only difference here is she pulls up stakes at 50 pips a week. For some, that might $5.00, others $50.00, still others $5,000.00 Kind of like leaving a casino when you're ahead by X. Or, even not gambling anymore when you're ahead by a few hundred or thousand, cause you're happy with that, and don't want to give it back. [/quote

Stopping when you hit your TP is based on fundamental or technical factors that show the circumstances are no longer profitable. Stopping for the week when you hit any number of pips doesn't make mathematical sense. And no it is not like stopping when you are ahead in a casino. In a casino if you are playing against the house, you are always at a disadvantage that you can't overcome. You are only playing for fun.

Stopping when you are ahead at poker only makes sense if the game is not good anymore. And by good I mean you no longer have an advantage, like if a really bad player gets up and two really good players sit down. If you quit when you are ahead in poker just because you won a certain amount, you are giving up an enormous advantage. One that you will not be able to overcome.

If you are trading a profitable system based purely on technicals and not the news, why would you think stopping for the week is gonna save your money?

Why would your system not work on wednesday but all of the sudden work on next wednesday? There could be reasons for this but it has nothing to do with how much you are up or quitting for that week.

And I am just jumping in for the discussion purpose, I am in no way trying to be negative.
  • #155
  • Aug 17, 2008 11:41am Aug 17, 2008 11:41am
Because I am not looking for adoration.

Quoting worlhin
I understand that when someone have experience, they want ppl to respect them, but since none adore your opinion, why not you look for another group who will give you the respect you want?
  • #156
  • Aug 17, 2008 11:44am Aug 17, 2008 11:44am
It does not really make sense from a mathematical point of view to stop trading once you have hit a target, as long as the system/trade plan is proven to make money over the long run (as opposed to in a casino where if you are winning you have defied the odds so it is sound advice to quit whilst you are ahead). The more time the the system is being executed, the higher the expected return. However, the trader has other goals in life apart from just gathering money and it is down to the individual how much of their time they wish to devote to trading and the costs and benefits involved in that. The author clearly is happy to forgo potential profits for more leisure time, and this should be distinguished from the system as a leisure maximizing rule rather than a profit maximizing one.
  • #157
  • Aug 17, 2008 12:08pm Aug 17, 2008 12:08pm
Quoting birdt
The author clearly is happy to forgo potential profits for more leisure time, and this should be distinguished from the system as a leisure maximizing rule rather than a profit maximizing one.
This is good; FF needs to open a 'hobbyist's' area
The OP repeatedly talks of all the manual back testings being conducted to improve the entry, etc. that is a very time consuming, sitting in front of the computer, activity. Of course this may be how they relax, don't know.

I stand by my earlier post, it is fear that is driving the OP to exit, nothing more. The OP asked for suggestions and so here is mine. Read this and put it into practice.

Developing a trading psychology plan - Barry Lutz
Attached File(s)
File Type: pdf 1.pdf   119 KB | 625 downloads
In trading, there is no bullshit. You either make money or you don't.
  • #158
  • Aug 17, 2008 6:55pm Aug 17, 2008 6:55pm
Let's see if I can put this another way. If you scalp trade, unless you're absolutely crazy or demented, you don't trade 24 hours a day. I know of many, many traders that quit for the day when they're up by X pips. They don't stay there, and make the next trade, then the next, and the next because their system is great. They quit trading for that day when they're ahead. If they've made their intended PIPS for that day, they don't burn themselves out by straing at a keyboard to make another trade that may lose (even with their great system) so that they have to make yet another trade to get back to the pips they wanted for that day. They quit. They know when to hold em, and they know when to fold em. are you telling me that, because I'm a good poker player (and I am), I should play until 4:00 in the morning to get even more money than I already won, because mathematically I should be able to win even more money the longer I play? No one disagress with you that if this system wins more than it loses, and she's up by 50 PIPS by Tuesday, the law of averages say she would probably get more pips if she traded the entire week. But, like the guys and gals who quit at 50 pips for the day on their particular stsyem even if that happens to come within the first two hours, she quits at 50 pips a week, even if that comes in the first two days.
Does someone have the ability to do a back test on her system and give a day by day win/loss for the past several months? would be interesting. Maybe Fridays are horrible for this method. Possibly Mondays and Tuesdays and Wednesdays are the best.
  • #159
  • Edited 9:08pm Aug 17, 2008 8:32pm | Edited 9:08pm
Quoting paradoxical
Let's see if I can put this another way. If you scalp trade, unless you're absolutely crazy or demented, you don't trade 24 hours a day. I know of many, many traders that quit for the day when they're up by X pips. They don't stay there, and make the next trade, then the next, and the next because their system is great. They quit trading for that day when they're ahead. If they've made their intended PIPS for that day, they don't burn themselves out by straing at a keyboard to make another trade that may lose (even with their great system) so that they have to make yet another trade to get back to the pips they wanted for that day. They quit. They know when to hold em, and they know when to fold em. are you telling me that, because I'm a good poker player (and I am), I should play until 4:00 in the morning to get even more money than I already won, because mathematically I should be able to win even more money the longer I play? No one disagress with you that if this system wins more than it loses, and she's up by 50 PIPS by Tuesday, the law of averages say she would probably get more pips if she traded the entire week. But, like the guys and gals who quit at 50 pips for the day on their particular stsyem even if that happens to come within the first two hours, she quits at 50 pips a week, even if that comes in the first two days.
Does someone have the ability to do a back test on her system and give a day by day win/loss for the past several months? would be interesting. Maybe Fridays are horrible for this method. Possibly Mondays and Tuesdays and Wednesdays are the best.

You are bringing variables into this that have nothing to do with the discussion. Of course you would make adjustments for lifestyle and fatigue issues but that isn't what this system is based on, now is it?

As far as poker is concerned, if you are a good poker player you should have heard the expression "I would use toothpicks to keep my eyelids open if the game was good enough." But, the game would not qualify as good if you are too tired to make good decisions. How could a guy who says he is a good poker player never heard that you should only quit when the game is no longer beatable.

As for the last point about the day of the week, that could certainly come into play. Everyone know there are better days to trade than others but again that is not the qualification for quitting ahead. The only qualification is 50 pips regardless of the day. So again this is a variable that you are bringing in that really has no relevance here.

Hey I hope she proves me wrong. I will be the first to jump on the bandwagon. I am in no way rooting against her or her system. We are all learning here and I just want to participate in the discussion when I feel I have something to add.

But while we are let's see how good you are at poker. Let's play some heads up cash or tourny's online. How about it? Just for fun, I mean not just fun but like $100.00 or something.
  • #160
  • Aug 18, 2008 3:38am Aug 18, 2008 3:38am
okay time to set an orders
0 traders viewing now