Simple Trading Method with trader101

Thanks 101, looking at my indicator (FxPro), I gone for short. Right now i'm -14.65 profit, hope it may go positive.

No luck, when i try to drop it into the script folder it just beeps?

Sorry forgot to attach my indicator in the earlier post.

Sorry Buddy,
Wkat i meant is that we just use the weekly chart, i dont need the Daily or the hourly, to much harddrive space for 14 pairs.

I'm sorry Trader101

Apology accepted.

trader101,
thanks for your prompt reply.i have ibfx mini account, trade usually on one hr chart, size of contract 0.10, profit target $25.00 or 250 pips. i like trading multiple currencies.

thanks

This EA Profit protection will fit your needs, i think
The EA "miniProtectProfit" is on post 1
Logic of Locking Profit:

if (AccProfit >=500 ProfitLock = 451;
if (AccProfit >=450 ProfitLock = 401;
if (AccProfit >=400 ProfitLock = 351;
if (AccProfit >=350 ProfitLock = 301;
if (AccProfit >=300 ProfitLock = 251;
if (AccProfit >=250 ProfitLock = 201;
if (AccProfit >=200 ProfitLock = 151;
if (AccProfit >=150 ProfitLock = 101;
if (AccProfit >=100 ProfitLock = 71;
if (AccProfit >=70 ProfitLock = 51;
if (AccProfit >=50 ProfitLock = 41;
if (AccProfit >=40 ProfitLock = 31;
if (AccProfit >=30 ProfitLock = 21;
if (AccProfit >=20 ProfitLock = 11;
if (AccProfit >=10 ProfitLock = 5;
SL is -$56
TP = $600

10

Try rebooting your PC. Try copying the file prior to re-opening your MT4 application.

My Live account is with FXCM (micro) and hopefully to build up from there.
They do not have the MT4 or MQ4 so my question is I can set up my IA manually (or use a demo on another platform) and let it run (the longer the better judging by the previous 37 pages LOL....

The I can do my live trading on fxcm it will be a little bit of a pain opening 14 pairs individually....but they do have a close all function that works rather well...any thoughts.....of course I will lose all the nice tools you guys have developed for protecting profit and showing the better entries....OK I answered my own question I'll punt and go live on a different platform LOL... I'm going to need some time to get this down in Demo's anyway

Thank you 101 for the brilliant insight and all you others for your hard work

(Luke a special kudos as I know I'll need to spend some time with your videos setting things up)

Rock on

Jimbob,
You might email fxcm and ask them if they will give you the mt4 platform. I received an email a few days ago offering me the platform as it's just being rolled out. Probably offering it in phases, or maybe based on people who have asked for it's status. Maybe if you ask they will let you be in the small group who are using it atm.
Just a thought

I THINK FRIDAY especially today due to the goverment intervention is not an ideal day for trading.

myself im not trading today, you may make quick scalps
but for the holding on to medium to long trades overnight may go either way re drawdownsize imagine having a $5000 account stop loss $ 650 x 14 trades

ok its not possible but on friday night 200 pips movement above hh and ll can be achieved on 7 currencys. for a novice trader this can be dreadful,

im certainly not negative but i like highprobabiliy trades , my own experience shows that only on FRIDAY IS RISKY.

YOU CAN PLACE BID OFFERS ON THE HH +200 AND LL -200 MANY TIMES ON LOTS OF CURRENCYS AND PICK UP BARGAIN CURRENCYS , AS THE REVERSE TRADE TREND REVERSALS OFTEN HAPPEN THE FOLLOWING WEEK, THIS WAS SUPPORTED ALSO BY WORLD FREEDOMS FRIDAY PRICE CHARTS

HOWEVER FOR MULTI CURRENCY TRADES , IVE FOUND EVEN ON A STABLE LOW VOLATITY MARKET MULTI TRADES CAN SEE LARGER DRAWDOWNS AND RECOVERY CAN BE AN OFTEN DRAWN OUT AFAIR


THE NATURAL HEDGING BETWEEN LONG AND SHORTS OVER MULTICURRENCYS
IS NEGATED SOMEWHAT BUT I THINKIN SUCH VOLATILE MARKETS ,THESE CAN CAUSE MORE UN NECESSARY STRESS TO SOME TRADERS

I PREFER USING HIGH PROBABILITY TRADES, ITS EASIER TRADING BUT OF COURSE LOWER RISK MEANS LOWER REWARDS.

I STILL BELIEVE ON A $2000 ACOUNT USING BASIC IDEAS CONTAINED IN COMBINING OUR METHODS SHOULD ALOW TARGET TRADING, EARNING HUGH PROFITS ON JUST MAX 4 CURRENCYS WITH A MAX OF 8 MINILOTS
SAFTLY AND REWARDS OF CLOSE TO $1000 PER WEEK.

SO I DONT KNOW BY TARGETING HIGH PROBABILIYTY TRADES FRIDAY NIGHT AUSTRALIAN TIME IS SUCH A GREAT IDEA ESPECIALY IN THIS VOLATILE CLIMATE

THATS ONLY MY OPINION , IM OFTEN WRONG BUTON THE OTHER HAND
I DO MAKE 100% HIT RATES ON EVERY TRADE,

AND I KNOW ITS ONLY A MODEST 250% PROFIT REALISTIC TARGET THAT I EARN
BUT FOR ME ITS ENOUGH,IM NOT GREEDY


IM THINK IM SUCESSFUL IN TRADING THE FOREX

FROM BRIAN

Ok as I decided before I punted and started from scratch with FXDD

Luke you are a Saint!!! nice job on the instructions so easy an I could do it (just kidding I'm actually an IT consultant) but the break down was definately good enough for anyone to get it right.

I followed your instructions to the letter even pausing the video at each step to stay pace with you....

My one issue is on both the IA and the demo...It is opening these 11 pairs
GBP/JPY
USD?Cad
Aud/Usd
EUR/JPY
Gbp/USD
EUR/GBP
GBP/CHF
US/CHF
USD/JPY
EU/USD
EUR/CHF

These are in no particular order I just scribled them down and verified they were the same on both accounts....101 is it possible to eliminate one of these pairs so I could be balanced, I could edit the file myself if I knew which pair to eliminate.....

Yes I have read the entire thread and I know there was alot of discussion about IBFX having issues and making the adjustments but if I recall that was 12 pairs... Any advice always appreciated....

Thank you all again for your Talent and Hard Work!

PS 101 where are you in NY I'm in Albany....

Hi Brian, could you please make a video on how you trade (based on your method combined with Trader101's). By the way, you said you use only 1 indicator, is it waterlevel? Thank you Brian and Trader101 for your great method. God bless both of you.

i think my video WOULD TAKE A MINIUM 3 seperate videos to complete the task,

i wanted first TO SHOW FIRST the most important most important aspect of trading showing trading using targets and actual have traders get comfortable using this aproach to targets per day and actualy achieving 100% trading first, before moving on to the second stage,.

After analizing my last thread and using whatif i discovered the real reason
between traders sucess and failure was they didnt understand this principle first,

the second principle the simple ema 5 7 22 trend direction of market change was overlooked and new traders became carried away in the hype and became greedy ordering more and more total positions , in fact more than saftey dictates.

third reason was all in the later stages we were blinded by the hugh developement of indicaters,there is a plus side and a minus

we lost our focus

in the end the trend change was completly ignored as traders were experience amazing 100% hit rates from literaly hundreds of traders

i became ashamed of what was happening,it was out of control.

i closed the thread and through some great mates luke (handyman) and JAN JTH set up a special site, which i support as it is free,

and even though i was ashamed of my thread on the ff ,i still support this medium as a great
forex web site and I will always be a supporter

having said the above i dont want to detract from 101s great ideas.

i used the basics as he reclarified FOR ME , the great work that was done ON OUR OLD THREAD

and reminded me how i traded before the rollover using the index the hh and the ll so i think we can move forwood once again and enjoy 100% hit rates
even without the rollover which i have shown you is possible

i spoke to JTH TODAY and im sure this newcombined use of 101s finding
will be simplified to an amazing degree

, ive already started SHARING WITH JTH AND HANDYMANS OF MY SYSTEM
but for the beginning i want to train people first on the single most important point to learn the one basis first AS ABOVE

which is targeted trading and for the learners this is the most important first step before rushing head long and repeat my mistakes of the rollover thread

you see if you learn to achieve on every trade 100% hit rate the next step is only increasing your profit percentage in my opinion

i still prefer the sharing the screen on live trading to videos, unfortunatly the great site tradingrooms is closing on the 26th of this month

iwould love the assistance of locating a simular venue by you guys, it would be in both ourFF AND OUR WEB sites INTEREST IN A LONG long term benifit

here is the enmail reply i recieved regretfully today


unfortubnatly we have to find now another venue see there message below
from Brian




>
To: Sent: Friday, September 26, 2008 11:50 AM
Subject: RE: Message from Contact Page from brian johnston



> Hello Brian,
>
> We have refunded your subscription to the Professional Edition (See previous
> email we sent you) - this is not a Premium Room.
>
> Also, we have been experiencing a lot of technical difficulty with our
> system this week. We decided to take the system down and refunded all
> subscriptions. I am now sure when we can rectify the technical issues at
> this point. We'll keep you posted.
>
> Please look for alternate solution to host your business. We apologize for
> the difficulty this may have caused.
>
> Regards,

I hope this clarifys my thoughts on training and videos from
BEST REGARDS FROM BRIAN

Ah Ok buddy,

I ddint think about about harddrive space occupation...

Perfect Short 14 pairs open 10am close 4pm Sydney time ( Tokyo session )and plenty pips .
Thanks toT101

Hi stanru
This method sounds fine but I'm confused to understand perfectly.
Could you post every day your graph , why and how you operate ?
I understood the first part of the method but no the following step ie why and how you take long or short on the 14 pairs.
If everobody could make that, it would be perfect for the understanding.
Thanks a lot.

I am new to this forum, but I am willing to stick my neck out and suggest how I think this extremely innovative approach to Forex trading works - so amazingly well. It took quite a while to reason this out, but I finally had an "ahah!" moment that other more able contributors seems to.
I describe it in the note and attach as a pdf. Please feel free to add or critique. I have a very thick skin (and some would say a thick skull).

Here Goes:

TraderSyoung’s Notes on Trader101 System

This is my Analysis of Phase 1 of this System described so able by Trader101 and with great respect to his work and to everyone who has contributed to this post. (Note: This Analysis does not address the BUY/SELL All 14 Pairs also discussed on the post.)

I now call this approach Buy Low - Sell High - (How’s that for originality? LOL)

Why does this system Work? - It lets you Buy Low – Sell High, safely.

What you are doing – is creating a “basket” of currency pairs – that all together – balance each other out completely – By “balance out” – I mean that each LONG Currency side of a pair is offset by a same and corresponding SHORT Currency side of another pair, and visa versa.

I.E., for every EURUSD (which is LONG EUR and SHORT USD) there is somewhere in the combination of pairs both:
A SHORT EUR
A LONG USD
And since each of those have to be part of a pair – the other side of those pairs have to be in balance as well!

Any fully balanced combination of pairs will do as a minimum, but

1. the more pairs involved the better hedge you have against non-market forces (news!)
2. you want only the “best Liquidity” – and lowest spread currencies

So you have to balance these two concepts with what is available to you from your broker.

The 14 Pairs that Trader101 has identified seem ideal, as long as your broker supports them.
If not – use my spreadsheet to help identify what pairs you can use.

This combination of pairs can now act like a “virtual” trade – all combined into one line on the chart! – and now act as a “virtual currency” – which represents the Daily Profit of the basket of pairs

The original value of this “Virtual Currency” is pegged at almost zero – at the time you create it (when you execute the TradeHedge script (actually somewhat below zero – the sum of all the bid-ask spreads).

This represents the ZERO line- on a Profit/Loss Graph. What we are looking for is not the price of the pair, but the PROFIT OF THE PAIR – AS COMPARED TO – THE PROFIT OF THE VIRTUAL CURRENCY (I now call “VC”, for short)

What you are actually doing is trading the profit of a specific currencies pairs against this profit of the VC, that is:

1. When a currency pair is valued “BELOW” the VC zero line – BUY IT ( BUY LOW)
2. When a currency pair is valued “ABOVE” the VC zero line – Sell it (SELL HIGH)

Now, to avoid confusion for newby’s, (back to Forex 101) remember that each currency pair is composed of two currencies, one you BUY, the other you SELL

Example EURUSD:
When you Buy the EURUSD pair - you actually Buy EUR and SELL USD
When you Sell the EURUSD pair - you actually Buy USD and SELL EUR

So don’t be confused by this double meaning of
Buy/Sell Pair – vs. Buy Low/Sell High
We can’t seem to avoid this double terminology – so we will have to live with it.

TO live with it – Remember these simple rules:

1. A BUY currency Pair (i.e. BUY EURUSD) has Value when POSITIVE – so you follow the simple rules BUY LOW (value)– SELL HIGH (value)

1.When a BUY currency Pair is BELOW the zero line (of the “VC”) –it has negative value – BUY IT
2.When a BUY currency Pair is ABOVE the zero line (of the “VC”) – it has positive value -SELL IT

 

1. A SELL currency Pair (i.e. SELL EURGBP) has VALUE when NEGATIVE (that is – you have to reverse the sign of the “Profit” column for these pairs to make sense of this) – so you follow the simple rules BUY LOW (value)– SELL HIGH (value)

1. 1. When a SELL currency Pair is ABOVE the zero Line (of the “VC”) – has negative value - BUY IT
   2. When a SELL Currency Pair is BELOW the zero Line (of the “VC”) – has positive value - SELL IT

Obviously you will be better off the further away from the zero line the pair you choose to trade is when you take the trade or close it out.

THAT’S IT!

Since currency pairs fluctuate in value with respect to the world-wide basket of currencies – even Virtual Currencies! - remember to protect yourself before anything else!
NEWS AND SUDDEN MARKET SHOCKS EFFECT EVERY CURRENCY – IN AN UNPREDICTABLE FASHION – all you can do is:
Not Trade!
Be Preapared to GET OUT FAST!
I would strongly recommend setting up EA (on any active pair) as described on the post for
2ProtectAccount
Close-Trade_After_Account_Lose_Too_Much
Close-Trade_After_Account_Profit_Realized
As very well described in Luke’s Video on the thread.

EA MONEY MACHINE

It should be fairly straight-forward to write the following in MetaTrader. (I am an experience programmer – but new to the MetaTrader platform – so I can do it – but not quickly)

Indicator showing:

1. showing the NET BAR PROFIT of all Pairs in your Virtual Currency – This will be the “zero Line” in every time frame and every bar.

(Hint: Allow user to enter/save the currency pairs they are using.)

1. Then Plotting the NET BAR PROFIT of the Current Pair Above/Below that zero line – for every time frame and every bar (and taking into account if it is a BUY or SELL pair).
2. This will indicate if it is time to BUY or SELL that currency Pair.

EA that will automatically:
Compute the values in the indicate above and then execute the trade (no need for a demo platform vs. a live platform)
1.Buy - when Currency is a given amount below/above zero line (or a percent of the total Virtual Currency high/low)
2.With some kind of built in profit/loss protection as given in the EA’s above

AN EA of this kind should be able to be back-tested – as long as you have the price history for all the pairs on your workstation.

(Actually – One EA could theoretically plot and trade ALL 14 currency pairs – although Meta Trader has a limitation that any EA attached to a chart is only activated when there is a price tick – so you might want this to attach only to a very active pair - and would not be the ideal back-test process.)

Steven R. Young

TraderSYoung