You can get the same results with fibanacci!,,,,,,
Hey guys, just been reading this whole thread. Feb is an unbelievable person, the advice and guidance he has given throughout this whole thread is amazing, he definitely knows what he is doing.
As for me, I am...well fairly new I guess, I have tried many different methods, I had some very successful demo accounts, then I found indicators and have tried many different things and they all are half sucked, nothing really works that well.
But this thread has enlightened me, the simplicity of it, the results and the fact that you WILL have losses and thats something to get used to is fantastic.
Just a few questions about the TS side of things, so its a 1 pip trailing stop? so that means that you set your stop at 20 pips then for every +pip in your favour, the stop is moved up to 19, 18, 17 etc as it goes in profit? or is it a solid 20 pip stop, THEN you ALSO set an actual 1 pip trailing stop, so its physically 1 pip behind? (1.2980, stop is @ 1.2979)
Also, would it be possible to have an account of say $1500 to trade with this system? What % risk would I use? 1%? and still use the 20/20 setup?
Sorry for all the questions
Thanks,
Sam
P.S- I hope you are getting better Feb, would be such a shame to have you not posting here anymore, you truly are a great trader! Get well soon bud
As for me, I am...well fairly new I guess, I have tried many different methods, I had some very successful demo accounts, then I found indicators and have tried many different things and they all are half sucked, nothing really works that well.
But this thread has enlightened me, the simplicity of it, the results and the fact that you WILL have losses and thats something to get used to is fantastic.
Just a few questions about the TS side of things, so its a 1 pip trailing stop? so that means that you set your stop at 20 pips then for every +pip in your favour, the stop is moved up to 19, 18, 17 etc as it goes in profit? or is it a solid 20 pip stop, THEN you ALSO set an actual 1 pip trailing stop, so its physically 1 pip behind? (1.2980, stop is @ 1.2979)
Also, would it be possible to have an account of say $1500 to trade with this system? What % risk would I use? 1%? and still use the 20/20 setup?
Sorry for all the questions
Thanks,
Sam
P.S- I hope you are getting better Feb, would be such a shame to have you not posting here anymore, you truly are a great trader! Get well soon bud
Hey SamboYam,
an account of $1500 is enough for this system if you trade microlots. For trading minilots I personally would recommend at least $2000, so that with a 20 pip stop-loss you'd risk 1% of your account. This doesn't only apply to this system, but to forex trading in general. You should never risk more than 2-3% of your account in a single trade.
For stop-loss you should choose what suits you best. Usually I'll use a trailing stop that moves with every pip, but sometimes I will readjust the stop-loss myself several times during the trade. It all depends on the market conditions.
Good luck with this strategy, it's really great.
an account of $1500 is enough for this system if you trade microlots. For trading minilots I personally would recommend at least $2000, so that with a 20 pip stop-loss you'd risk 1% of your account. This doesn't only apply to this system, but to forex trading in general. You should never risk more than 2-3% of your account in a single trade.
For stop-loss you should choose what suits you best. Usually I'll use a trailing stop that moves with every pip, but sometimes I will readjust the stop-loss myself several times during the trade. It all depends on the market conditions.
Good luck with this strategy, it's really great
.
Thanks for the reply
Yeah I knew that the max on any account to risk was no more than 3%, I was just wondering whether you think it would be possible to trade this "system" with a $1500-$2000 account.
So by mini/micro lots you mean 0.02 lot when you buy/sell? I can go right down to .01, so 1% of 2000 is $20 right, so what lot size would that be? .01 lots are $10 for me to get into, then every pip is only 10c. Wouldn't that take ages to build anything up?....Suppose its okay if I survive for the long term, thats the main thing I guess.
Thanks again, I start demoing this "system" today so see how I go
Yeah I knew that the max on any account to risk was no more than 3%, I was just wondering whether you think it would be possible to trade this "system" with a $1500-$2000 account.
So by mini/micro lots you mean 0.02 lot when you buy/sell? I can go right down to .01, so 1% of 2000 is $20 right, so what lot size would that be? .01 lots are $10 for me to get into, then every pip is only 10c. Wouldn't that take ages to build anything up?....Suppose its okay if I survive for the long term, thats the main thing I guess.
Thanks again, I start demoing this "system" today so see how I go
- #652
- Edited 7:10am Dec 1, 2008 3:11am | Edited 7:10am
- | Joined Oct 2007 | Status: Trader | 555 Posts
Hello
Is it the Dow theory or did I not understand this trading system ?
Thank you
This method is very old and simple, as much that traders overlook at it, and look for more complex ways to get in the market.
Hello
I am going to show you guys a very simple way to look at the markets, somehow outside of the box. As I mentioned in another thread, this is not a system, not mine or anyone else’s. Some people get into this idea that they have invented this or that. Don’t get fooled by that predicament. Nobody owns anything on this business. That’s why I don’t sell anything. Experience traders/investors, takes bits of ideas, from here and there and adapts them to their own style.
- #653
- Dec 1, 2008 4:33am Dec 1, 2008 4:33am
Hello
I worked with this system (Dow theory) and got over 200 pips this morning.
I personally use several TF (1mn/5mn/15mn) and no limit to profits but I try to get a minimum ratio of 1:1 and my SL is placed at the last high/low
The Dow theory is very profitable in trend but more risky in no trend so take care.
Congratulation for this thread feb2865
I worked with this system (Dow theory) and got over 200 pips this morning.
I personally use several TF (1mn/5mn/15mn) and no limit to profits but I try to get a minimum ratio of 1:1 and my SL is placed at the last high/low
The Dow theory is very profitable in trend but more risky in no trend so take care.
Congratulation for this thread feb2865
- #657
- Dec 1, 2008 9:35am Dec 1, 2008 9:35am
Hi Vantage,
Don't mind a bit. #1. Jacko's House of Pleasure & Pain. #2. The Billy Ray Valentine thread & last, but certainly not least #3. The James 16 thread.
These are all worth the time spent reading them. The first 10-12 pages of Jacko's is a great summation of what he is doing & there is a pdf on into the thread posted by one of the followers.
Take all of this info & therein lies everything a traders needs....@ least it helped me see the light even after yrs of just getting by.
Tks for asking......I should have listed them anyway....