Part Time Wealth Building Trading System - Daily Scalping | Page 39 | 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

  • #761
  • Feb 21, 2007 7:54pm Feb 21, 2007 7:54pm
Quoting sanjaysingh21k
thanks TK

I have started to follow your system since last week only, i could not get any profit. i traded GBP/USD, but still i am happy, since last two years i am trading forex, every pip down or up used to increase my heartbeat, i lost a lot in these two years,but since last week heart beat is normal and i hope i may earn now

Thank you very very very much
Stick with the rules as they have evolved and you will do well. Keep at it and respect the money management aspect of trading which is by far more important than any trading system...

TK
  • #762
  • Feb 21, 2007 8:04pm Feb 21, 2007 8:04pm
Quoting Scrat
my trades for Thursday:
- g-j: short @ 236.26; SL @ -50 (possibly -55), TP @ 100; this SL is only for today, as -40 would be in 236.66 area (which i think is a bit sensitive, and might be a reverse point...) so -50 seems more appropriate and i'm even thinking of a -55 PIPS SL.
- g-u: short @ 1.9528; SL @ -40, TP @ 40-50 (this pair has acted quite choppy lately so any kind of profit is welcome here)
One thing you may want to be aware of Scrat is that there is a descending slope with lower highs on a daily chart. Looks to be a descending triangle of sorts. Anyway, if you pull up a daily chart, you will be able to see what I'm talking about. As far as today goes, any movement upwards of 236.75 or so will be in contact with this down slope. If you can, perhaps a stop at this upper level would be helpful. But I don't want to influence anyone to change the system. Just trying to point out a pattern that may be significant.
  • #763
  • Feb 21, 2007 8:05pm Feb 21, 2007 8:05pm
Quoting tkimble
Stick with the rules as they have evolved and you will do well. Keep at it and respect the money management aspect of trading which is by far more important than any trading system...

TK
Thanks TK. Yes I see that the rules have evolved. Now since their evolution has some of them scattered in the thread, it would be a good time to have a permanent spot for them. A place where newly evolved ones could be added, yet a single place to go to check them out.

Lou
  • #764
  • Edited 8:24pm Feb 21, 2007 8:14pm | Edited 8:24pm
that's exactly what i was thinking. i would have kept my SL @ -40 pips but when i looked at the daily chart, the new high should be in the area of 236.66-.72, so i think i'll try a SL of -55, and just for today.
maybe i'll try a short in that area... just for fun.
oh, and by the way... on the 4h chart, g-y is about to pass above the 200 MA.

Quoting G550
One thing you may want to be aware of Scrat is that there is a descending slope with lower highs on a daily chart. Looks to be a descending triangle of sorts. Anyway, if you pull up a daily chart, you will be able to see what I'm talking about. As far as today goes, any movement upwards of 236.75 or so will be in contact with this down slope. If you can, perhaps a stop at this upper level would be helpful. But I don't want to influence anyone to change the system. Just trying to point out a pattern that may be significant.
Nihil Sine Deo.
  • #765
  • Feb 21, 2007 8:37pm Feb 21, 2007 8:37pm
been using the EA. entry orders are being placed, but the SL and TP numbers have a mind of their own? they're all over the place. help!
  • #766
  • Feb 21, 2007 9:43pm Feb 21, 2007 9:43pm
Quoting tahoemnts
been using the EA. entry orders are being placed, but the SL and TP numbers have a mind of their own? they're all over the place. help!
I use rhythm on a demo and it works well to enter orders while I'm sleeping but it does have issues that prevent me from going live:

  1. It does not reset the SL & TP if it TPs or swaps to the next day.
  2. It does not remove the SAR if it TPs
  3. It does not enter a new entry on the new trading day if it TPs (because it is still waiting for a reverse order)
  4. It enters an order automatically upon start up (it does not wait for 24:00 GMT)

It could be my settings but I don't think so. A work around would be to remove it from the chart everyday at close and re-install it on a new chart with a new magic. But that defeats the purpose of an EA.

Try TKs approach. It works. I'm not ready to trust my computer to make good trading decisions just yet.

  • #767
  • Feb 22, 2007 12:44am Feb 22, 2007 12:44am
Quoting Al_Have1
I use rhythm on a demo and it works well to enter orders while I'm sleeping but it does have issues that prevent me from going live:

  1. It does not reset the SL & TP if it TPs or swaps to the next day.
  2. It does not remove the SAR if it TPs
  3. It does not enter a new entry on the new trading day if it TPs (because it is still waiting for a reverse order)
  4. It enters an order automatically upon start up (it does not wait for 24:00 GMT)

It could be my settings but I don't think so. A work around would be to remove it from the chart everyday at close and re-install it on a new chart with a new magic. But that defeats the purpose of an EA.

Try TKs approach. It works. I'm not ready to trust my computer to make good trading decisions just yet.

Tried to run EA on 2 different pairs (GBPUSD and GBPJPY) with
different magic numbers. It opens the new GBPUSD order but
does not open GBPJPY...
  • #768
  • Feb 22, 2007 3:52am Feb 22, 2007 3:52am
fxdd doesnt have sunday candle.

Quoting howard
Monday's close was much higher than Friday's close in spite of the fact that the bar itself was in red by a few pips, therefore Monday was in fact an up-day; this was caused due to gap up.

On the platforms with Sunday bar , Monday is clearly a green bar.
  • #769
  • Feb 22, 2007 4:20am Feb 22, 2007 4:20am
Finally Daily Scalping EA v1.0e running on 2 pairs GBPUSD & GBPJPY seems to work nicely even if the result since now are not so good.
My settings are :

GMT_Shift=0
TakeProfit=200
StopLoss=40
HourToCloseOrders=17
SundayCandleExists= true
Lots=0
UseMoneyManagement=true
Risk=10
Slippage=3
MaxLossesTradesPerDay=2

20/2 : +156 pips
21/2 : -160 pips

Total : -4 pips

Today EA opened 2 sell orders at 00 am GBPUSD @ 1.9536 and GBPJPY @ 236.28
Broker used for forward testing : FastbrokersFX (gmt 00 aligned)
  • #770
  • Feb 22, 2007 4:39am Feb 22, 2007 4:39am
Quoting Al_Have1
I use rhythm on a demo and it works well to enter orders while I'm sleeping but it does have issues that prevent me from going live:

  1. It does not reset the SAL & TWP if it Taps or swaps to the next day.
  2. It does not remove the SAR if it Taps
  3. It does not enter a new entry on the new trading day if it Taps (because it is still waiting for a reverse order)
  4. It enters an order automatically upon start up (it does not wait for 24:00 GMT)

You are absolutely right. There were no such requirements in the original order. You are free to order them to be implemented in Rhythm, or you can ask somebody to add these for free. I can even add them for free when I have a time, but please understand, paying customers go first.
  • #771
  • Feb 22, 2007 6:19am Feb 22, 2007 6:19am
I don't know about anyone else but this daily system can be whip-saw city!! I stopped trading the GU earlier this week because every trade was getting stopped out - 6 times @ (-40) pips in a row.

So I decided to just stick with the GY for a while, and despite +100 yesterday, and +125 earlier in the week, I have had 5 stops hit for (-218). i had 3 (40) pip stops hit just overnight and early this AM.

Sometimes I'll set the daily as per the rules and monitor it as late into the evening as possible. Then, I'll get up in the AM only to find out I have been stopped 2 or 3 times overnight for anywhere from (-80) to (-120) pips. Many times it dosn't even give you a chance to bag 50 before it hits a stop.

So despite having several 100 -150 pip runs in the last few weeks, these 40 pips stops, because there's so many of them, have kept my account in the red.

I am going to stick with this daily method, but is anyone else having a similar experience?? What kind of overall profits have you seen with the daily, and have you added up your winning verses losing percentages and pips? (even though I know you can still be profitable with a 35-40% win rate if your $wins out weigh $ losses).
  • #772
  • Feb 22, 2007 6:39am Feb 22, 2007 6:39am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting bholiday
Just thought i would share my money management style with you all...

I am really a coward about losing money...so this is what i decided to do...

Let's say for example...the most i want to risk on a trade is 160 dollars..which would be 4 mini lots...using the standard money management approach...it would look like this...

Buy 4 mini lots X 100 pips take profit= $400
Buy 4 mini lots X 40 pips stop loss = -$160

Sell 4 mini lots X 100 pips take profit= $240
Sell 4 mini lots X 40 pips stop loss = - $320

Buy 4 mini lots X 100 pips take profit= $80
Buy 4 mini lots X 40 pips stop loss= -$480

Sell 4 mini lots X 100 pips take profit= -$80
Sell 4 mini lots X 40 pips stop loss= -$640

Buy 4 mini lots X 100 pips take profit= -240
Buy 4 mini lots X 40 pips stop loss= -$800

Sell 4 mini lots X 100 pips take profit= -$400
Sell 4 mini lots X 40 pips stop loss= -$960

With this model...after 3 stop losses...even when it goes 100 pips in your favor on the next win...you are still in the hole...(-$80)

This is what i am doing instead...

Buy 1 mini lot X100 pips take profit= $100
Buy 1 mini lot X40 pips stop loss= -$40

Sell 1 mini lot X100 pips take profit= $60
Sell 1 mini lot X 40 pips stop loss = -$80

Buy 2 mini lot X 100 pips take profit= $120
Buy 2 mini lot X 40 pips stop loss= -$160

Sell 2 mini lot X 100 pips take profit= $40
Sell 2 mini lot X 40 pips stop loss = -$240

Buy 4 mini lot X 100 pips take profit= $160
Buy 4 mini lot X 40 pips stop loss = -$400

Sell 4 mini lot X 100 pips take profit = $0
Sell 4 mini lot X 40 pips stop loss= -$560

and if you take it one step further...

Buy 8 mini lots X 100 pip take profit = $240

So in this scenario...even after 6 stop outs...you still made $240...

After only 3 stop outs with the standard method...the best you can do is lose $80 (at least with a take profit of 100 pips).

It seems like option two makes the most sense...unless i am seeing it wrong...
Hey, thanks for sharing. I'd like to add that an anti-martingale approach would propably work also. Lets say you start with standard lots. After a full loss, go down to 0.5 lots etc. This would also minimize drawdown during ranging conditions and bring in nice profit on clear trending days.
  • #773
  • Feb 22, 2007 6:57am Feb 22, 2007 6:57am
you're not alone. it happens to me, too. i find it very frustrating sometimes but i hope there'll be times when the rewards will greatly overcome my actual losses.
try to stick to it and adapt it to your style so that the losses are minimum.

Quoting grajo
I don't know about anyone else but this daily system can be whip-saw city!! I stopped trading the GU earlier this week because every trade was getting stopped out - 6 times @ (-40) pips in a row.

So I decided to just stick with the GY for a while, and despite +100 yesterday, and +125 earlier in the week, I have had 5 stops hit for (-218). i had 3 (40) pip stops hit just overnight and early this AM.

Sometimes I'll set the daily as per the rules and monitor it as late into the evening as possible. Then, I'll get up in the AM only to find out I have been stopped 2 or 3 times overnight for anywhere from (-80) to (-120) pips. Many times it dosn't even give you a chance to bag 50 before it hits a stop.

So despite having several 100 -150 pip runs in the last few weeks, these 40 pips stops, because there's so many of them, have kept my account in the red.

I am going to stick with this daily method, but is anyone else having a similar experience?? What kind of overall profits have you seen with the daily, and have you added up your winning verses losing percentages and pips? (even though I know you can still be profitable with a 35-40% win rate if your $wins out weigh $ losses).
Nihil Sine Deo.
  • #774
  • Feb 22, 2007 7:28am Feb 22, 2007 7:28am
Quoting Scrat
that's exactly what i was thinking. i would have kept my SL @ -40 pips but when i looked at the daily chart, the new high should be in the area of 236.66-.72, so i think i'll try a SL of -55, and just for today.
maybe i'll try a short in that area... just for fun.
oh, and by the way... on the 4h chart, g-y is about to pass above the 200 MA.
Well, it sure tested that top around 236.80. I should have put a sell order at the top like I was thinking about doing. Oh well, the past is done. Moving along...
  • #775
  • Edited 8:44am Feb 22, 2007 7:41am | Edited 8:44am
yes it did. i should have put a TP of 40 pips instead of 50... it was frustrating because not only i missed the TP with 2 pips, but my SL was hit and the price reversed at the same point. of course, the other buy was activated and then closed by another SL. grrrrrrrr......
i got something in g-u, but overall i'm down with -35 pips for today. let's see tomorrow...

Quoting G550
Well, it sure tested that top around 236.80. I should have put a sell order at the top like I was thinking about doing. Oh well, the past is done. Moving along...
Nihil Sine Deo.
  • #776
  • Feb 22, 2007 7:43am Feb 22, 2007 7:43am
Quoting grajo
I don't know about anyone else but this daily system can be whip-saw city!! I stopped trading the GU earlier this week because every trade was getting stopped out - 6 times @ (-40) pips in a row.

So I decided to just stick with the GY for a while, and despite +100 yesterday, and +125 earlier in the week, I have had 5 stops hit for (-218). i had 3 (40) pip stops hit just overnight and early this AM.

Sometimes I'll set the daily as per the rules and monitor it as late into the evening as possible. Then, I'll get up in the AM only to find out I have been stopped 2 or 3 times overnight for anywhere from (-80) to (-120) pips. Many times it dosn't even give you a chance to bag 50 before it hits a stop.

So despite having several 100 -150 pip runs in the last few weeks, these 40 pips stops, because there's so many of them, have kept my account in the red.

I am going to stick with this daily method, but is anyone else having a similar experience?? What kind of overall profits have you seen with the daily, and have you added up your winning verses losing percentages and pips? (even though I know you can still be profitable with a 35-40% win rate if your $wins out weigh $ losses).
I’d say take no more than 3# max trades per day. Compare the winning days to losing days and see how many trades are on each. Most of the time winning days or 1 to 2 trades the 3# trade usually tries to reduce what you have already lost; sometimes you might end up with a little profit for the day on the 3rd trade. Exit times can also impact your bottom line. I use FXDD and my 16:00; 17:00 bar has averaged the best exit for me so far.
  • #777
  • Feb 22, 2007 7:44am Feb 22, 2007 7:44am
I think that if you get stopped out on a pair more than 2 or 3 times, you should change your TP goal.....I did that last night with cable and g-y.....and came out +60 total....not much but better than another stopout imho
CRAIGSLIST BARTERING CHAMPION
  • #778
  • Feb 22, 2007 8:37am Feb 22, 2007 8:37am
Quoting hondakorn
I think that if you get stopped out on a pair more than 2 or 3 times, you should change your TP goal.....I did that last night with cable and g-y.....and came out +60 total....not much but better than another stopout imho
What was your TP?
  • #779
  • Feb 22, 2007 8:42am Feb 22, 2007 8:42am
I just don't understand how you guys are getting stopped out so much...and down so many pips...

Are you moving stops to breakeven after 40 pips?

Have you tried the ideas in post 623? With this approach...after 6 stops outs...you still profit?

I went short on the pound yen yesterday...had my alarm go off when it moved 40 pips in my favor...my trailing stop of 40 had reset my stop to BE...I felt it might retrace so took my profits...reset my buy entry at my new stop...got filled again going up...had my stop moved to break even again when it moved 40+ pips up...

So worst case scenario...could have had two breakeven stop outs (if both stopped out)...but i took partial profits so my account is up...
  • #780
  • Feb 22, 2007 8:51am Feb 22, 2007 8:51am
Quoting bholiday
I just don't understand how you guys are getting stopped out so much...and down so many pips...

Are you moving stops to breakeven after 40 pips?

Have you tried the ideas in post 623? With this approach...after 6 stops outs...you still profit?

I went short on the pound yen yesterday...had my alarm go off when it moved 40 pips in my favor...my trailing stop of 40 had reset my stop to BE...I felt it might retrace so took my profits...reset my buy entry at my new stop...got filled again going up...had my stop moved to break even again when it moved 40+ pips up...

So worst case scenario...could have had two breakeven stop outs (if both stopped out)...but i took partial profits so my account is up...

I will try that strategy with an alarm to manually move my stop to be...i will try alertfx and see if that helps me out....alot of my losses happen over night but once im in profit I will just have to wake up and change it....
CRAIGSLIST BARTERING CHAMPION
1 trader viewing now