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Part Time Wealth Building Trading System - Daily Scalping

  • #861
  • Feb 24, 2007 4:38pm Feb 24, 2007 4:38pm
BHoliday, So you start over at 1% after you TP? or reset on next day even if no TP?
  • #862
  • Feb 24, 2007 4:53pm Feb 24, 2007 4:53pm
  •  Trader#0000
  • | Status: Unregistered Trader
Going through C.E.O.'s backtests, if you set MaxLossesTradesPerDay=2 the maximum consecutive losses are 7 for 2006.
  • #863
  • Feb 24, 2007 4:54pm Feb 24, 2007 4:54pm
Quoting bholiday
I came up with this approach...because i really hate to see my account take big hits...i lost a ton of money already in forex...and lets face it...the odds are against us...so i prefer a more conservative approach...(the tortise vs the hare).

I would rather consistently make small profit...(on weeks where others are losing) than try to hit homeruns...

As my account grows...i can increase lot sizes...keeping the same principles in place...and over time...my profits will also be very substantial...

One of the main concepts in successful investing is preservation of capital...I feel it is the most important part of the game...because as long as i have money...i still have the opportunity to make it grow...slowly but surely...

Nobody knows what will happen in the market...so i prefer to play it a little safer...and give myself a little statistical edge...

Perhaps risking 3 percent of your account per trade will turn out to be more profitable over time...but i like to know i have a cushion...when things don't go as planned...

Thanks for the good question.

well said
i to have lost big money
this kind of staking plan works ,
if only we can stick to it
i am going to try and do just that
2 x lots
tp 1 at 40pips
tp 1 at 80 pips or BE

keep us informed on what you are doing
gb
  • #864
  • Feb 24, 2007 5:00pm Feb 24, 2007 5:00pm
Im not exactly sure if i understand the question...but i basically plan on starting at 1 percent or less...and doubling using the formula in post 623 until I hit my 100 pips target...7 or 8 stops outs max...(haven't had to face this decision yet ). So although i am starting out risking 1 percent or less...i am increasing my risk as i double my lots...but...the odds of getting a 100 pip win are also increasing with each loss...so as my chances of winning increases...my lot size also increases...

I have also been known to take profit early...if things are not really going the way i want them to...

Once i take profit...i will usually call it a day...and start again at 1 percent or less. (I also do two currencies at once...pound yen...and pound dollar.)

It's a conservative strategy...but as long as I am seeing my account grow...it's all good.

Eventually risking 1 percent or less of my account could be several full lots...

The key for me is to survive the bad times (financially and emotionally)...long enough to enjoy the good times...

I don't need to be a millionaire tomorrow...but someday would be nice.


Quoting Al_Have1
BHoliday, So you start over at 1% after you TP? or reset on next day even if no TP?
  • #865
  • Feb 24, 2007 6:05pm Feb 24, 2007 6:05pm
thanks bh. i will definitely think about this, i'm gonna try to find a weak link in your theory... no offense, i'm just trying to make it better (if it's not yet, of course). two minds are always better than a single one, right?

Quoting bholiday
Seems like there is a lot of confusion about my post (623)....I will try to make it more understandable.


What is the likely hood of 6 stop outs before a 100 pip gain? Possible...but not likely...but either way...you will still be ahead starting light...and following the strategy outlined in post 623...

Hope this makes sense...
Nihil Sine Deo.
  • #866
  • Feb 24, 2007 6:09pm Feb 24, 2007 6:09pm
I look forward to your results...

Quoting Scrat
thanks bh. i will definitely think about this, i'm gonna try to find a weak link in your theory... no offense, i'm just trying to make it better (if it's not yet, of course). two minds are always better than a single one, right?
  • #867
  • Feb 25, 2007 3:35am Feb 25, 2007 3:35am
[quote=ForexDude2;227361]Going through C.E.O.'s backtests, if you set MaxLossesTradesPerDay=2 the maximum consecutive losses are 7 for 2006.[ excuse me for being thick,
how can you have 7 losses if you are limited to 2 trades per day]
  • #868
  • Feb 25, 2007 3:41am Feb 25, 2007 3:41am
do you mean 2 losses a day for 7 days,

also would i be right in thinking we would not have many profitable trading days,
maybe 1 or two days in the week max??
  • #869
  • Feb 25, 2007 6:20am Feb 25, 2007 6:20am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting barney
do you mean 2 losses a day for 7 days,

also would i be right in thinking we would not have many profitable trading days,
maybe 1 or two days in the week max??
7 max means you will only get 7 or less losers one after the other not more than 7. I think its pretty self explanatory. Most of the time you will get less (average was 2)

A weak spot I could find is: what would you do if you get a small winning trade, would you continue doubling or start over?
  • #870
  • Feb 25, 2007 9:07am Feb 25, 2007 9:07am
Quoting ForexDude2
7 max means you will only get 7 or less losers one after the other not more than 7. I think its pretty self explanatory. Most of the time you will get less (average was 2)

A weak spot I could find is: what would you do if you get a small winning trade, would you continue doubling or start over?
In order to keep risk down...once profit is made...I will start over...

By the way...i am not saying my conservative approach will be the most profitable...obviously...the more you risk...the more you can gain...but also the more you can lose...

I guess to sum it up...in good weeks you will profit, but not as much as with the regular approach...and in the bad weeks...you will make more profit than the regular approach....

Either way...you will profit...
  • #871
  • Feb 25, 2007 4:31pm Feb 25, 2007 4:31pm
ok, it's time to prepare for the new week. g-u goes long, g-y goes short. i hope to come back in about an hour to post the actual entries.
Nihil Sine Deo.
  • #872
  • Feb 25, 2007 6:11pm Feb 25, 2007 6:11pm
Quoting Scrat
ok, it's time to prepare for the new week. g-u goes long, g-y goes short. i hope to come back in about an hour to post the actual entries.
Only doing GBPJPY. Got in at 237.68. A bit over 20 pips in my favor at the moment. Hopefully this keeps going down the gutter.
  • #873
  • Edited 7:12pm Feb 25, 2007 6:54pm | Edited 7:12pm
I would really like to enter short on GBP/JPY... however, my brokers spread is off the chart. 20pips. I'm not sure what the reason for this is?
Anyone else?

I entered anyway.... currently +6pips. SHOULD be closer to +30pips.
Mondays.... sigh.

UPDATE:

Came right. still confused. Next monday I'll just send my broker a personal check!
  • #874
  • Feb 25, 2007 7:19pm Feb 25, 2007 7:19pm
Change broker for sure. I have 5 pips on GBP/USD and 9 pips on GBP/JPY and those numbers seems also unacceptable. I will change my broker too. Paying that much spread make it twice as difficult to make any profit.
Quoting stunew
I would really like to enter short on GBP/JPY... however, my brokers spread is off the chart. 20pips. I'm not sure what the reason for this is?
Anyone else?

I entered anyway.... currently +6pips. SHOULD be closer to +30pips.
Mondays.... sigh.

UPDATE:

Came right. still confused. Next monday I'll just send my broker a personal check!
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #875
  • Feb 25, 2007 9:14pm Feb 25, 2007 9:14pm
ok, if you're going with g-j take a look at RSI (45) and 25 SMA (low) on a 30 min chart and be happy...

Quoting G550
Only doing GBPJPY. Got in at 237.68. A bit over 20 pips in my favor at the moment. Hopefully this keeps going down the gutter.
Nihil Sine Deo.
  • #876
  • Edited Feb 26, 2007 12:06am Feb 25, 2007 9:52pm | Edited Feb 26, 2007 12:06am
trades for Monday:
- g-u: long @ 1.9635, SL @ -40 pips, TP @ +50 pips (i have a hunch it won't pass beyond 1.9700, if even go there - FOR NOW). i will NOT place a reverse at SL, because 1.9595 seems to be a delicate area. just wait for more clues before placing a short or a long around 1.9595.
- g-y: short @ 237.65, SL @ -50 pips, TP @ +100 pips
Nihil Sine Deo.
  • #877
  • Feb 26, 2007 5:33am Feb 26, 2007 5:33am
g-y hit my TP; i'm up 100 pips on this pair.
watching g-u... i really hope it's starting to trend soon.

Quoting Scrat
trades for Monday:
- g-u: long @ 1.9635, SL @ -40 pips, TP @ +50 pips (i have a hunch it won't pass beyond 1.9700, if even go there - FOR NOW). i will NOT place a reverse at SL, because 1.9595 seems to be a delicate area. just wait for more clues before placing a short or a long around 1.9595.
- g-y: short @ 237.65, SL @ -50 pips, TP @ +100 pips
Nihil Sine Deo.
  • #878
  • Feb 26, 2007 5:40am Feb 26, 2007 5:40am
Quoting Scrat
g-y hit my TP; i'm up 100 pips on this pair.
watching g-u... i really hope it's starting to trend soon.
Nice work, Scrat. I took only G-Y and locked in 50 pips. I wish I would have gotten more, but 50 pips for one day is not bad at all.
  • #879
  • Feb 26, 2007 7:39am Feb 26, 2007 7:39am
g/u has not shown much movement, is it time to enter in G/u as it is in the range of TK`s daily scalping,
  • #880
  • Feb 26, 2007 8:36am Feb 26, 2007 8:36am
if you were following tk's rules, you should have already entered about 15 hours ago.
i don't think it's a good idea to enter g-u at this moment, still not clear where it's heading. maybe later.

Quoting sanjaysingh21k
g/u has not shown much movement, is it time to enter in G/u as it is in the range of TK`s daily scalping,
Nihil Sine Deo.
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