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Part Time Wealth Building Trading System - Daily Scalping

  • #1,261
  • Mar 13, 2007 5:19am Mar 13, 2007 5:19am
Quoting tkimble
Thanks for asking. All is well by me. Last week was a very big week for me and I am just sitting back and absorbing.

This thread has taken on a life of its own and has gone in a direction that was not intended. I am not of the belief that you can rely on an EA to achieve financial security. You must be emotionally and psychologically attached to the market and the EA takes a major part of trading rewards away.

TK...
Obviously I don't agree with you Tkimble
What I read and read and read over a lot of times is that a trader has to choose his method and stick to it , this is what I do , I search for a method that is simple and efficient , then I backtest it and stick to it...using an EA No emotion, no greed, no fear since all psycological aspect are avoided.
But this doesn't mean that it's a simple set and forget way to trade. One have to search for best settings, adapting these settings to the changes of the market, so it isn't so simple as it could appears.
Another reason could be that most of time a trader is not a full time trade so he cannot track the trades due to his job or due to different time zone (he's sleeping while UK and NY sessions are opened), and in these case could be really useful to get an EA that manage the trades.

Anyway Tkimble since you don't like how the thread is going with EA discussion, I will stop now here from further discussion and release about Daily Scalping EA and I apologize with you if this caused trouble to your thread

Happy (manual or automated) trading
Skyline
  • #1,262
  • Mar 13, 2007 5:37am Mar 13, 2007 5:37am
I would suggest that, for those who are interested in automated trading, some one start another thread titled "Daily Scalp EA" where all the issues related to EAs, versions, optimizing etc would be discussed and discussions purely regarding the method and the ways to improve the performance thereof to be left to this thread.

I feel , due to the fact that the Author of this thread is not an EA fan, he is standing on the side line depriving us of his valued experience in improving the method and any additions to it.

Having two separate threads for EAs and discussions is normal practice in respect of other methods in FF.
Regards
  • #1,263
  • Mar 13, 2007 5:48am Mar 13, 2007 5:48am
Quoting howard
I would suggest that, for those who are interested in automated trading, some one start another thread titled "Daily Scalp EA" where all the issues related to EAs, versions, optimizing etc would be discussed and discussions purely regarding the method and the ways to improve the performance thereof to be left to this thread.

I feel , due to the fact that the Author of this thread is not an EA fan, he is standing on the side line depriving us of his valued experience in improving the method and any additions to it.

Having two separate threads for EAs and discussions is normal practice in respect of other methods in FF.
Yes I agree.
I think could be also a good idea to have a Tkimble's separated section (like Vegas,Sidus,etc..) where put all his methods plus a thread where to discussion on EA
  • #1,264
  • Mar 13, 2007 6:10am Mar 13, 2007 6:10am
What a great system this is that Tkimble has shared with us.
I have been using it exactly the way he explained for the past 3 weeks on GBP/JPY and I have to be honest I am making the most amount of pips I have made in over a year. I don't use ea's. I put the trades on every night at 12 and dont touch it untill 12 midnight the next day.
I dont adjust my stops during the day. I don't take profit during the day.
I just let it run regardless.

Im not saying theres anything wrong with EA's. Each to his own.

But I would sincerely like to thank TKimble for sharing this great system and long may it continue to work.
The more I wait the more I make
  • #1,265
  • Mar 13, 2007 6:46am Mar 13, 2007 6:46am
Taken 100 off guppy net ( after 2 early losses) and about 100 up on CHF at the moment.. US news due out soon so I thought locking in a few pips would make sense and move stops down..

A big thanks to TK and Skyline for their combined efforts with this...
  • #1,266
  • Mar 13, 2007 7:09am Mar 13, 2007 7:09am
I completely missed monday's drop but made up for it today...+193 atm....on g-y
CRAIGSLIST BARTERING CHAMPION
  • #1,267
  • Mar 13, 2007 7:11am Mar 13, 2007 7:11am
Quoting skyline
Yes I agree.
I think could be also a good idea to have a Tkimble's separated section (like Vegas,Sidus,etc..) where put all his methods plus a thread where to discussion on EA
That should be arranged by the moderators (the niche) but the EA thread can be started by anybody
Regards
  • #1,268
  • Mar 13, 2007 7:26am Mar 13, 2007 7:26am
Last night, while waiting for the new candle to open on the G/J pair to trade the Daily Method, I waited for what seemed to be a fair amount of time, and still saw no candle. I wanted to go short according to the rules, and for some reason I could still see Monday's Candle continuing to move on the charts and it was moving south even though it should have been closed by then and Tuesday's candle should have been open - strange!!

So...I contacted my broker and they told me to close and re-start my charts, and that it was probalby due to an internet connection glitch with my ISP.

Sure enough, it worked! Tuesday's candle showed up (it was already well underway heading south), and so I entered short.

Well, you might be able to guess the rest....I proceded to get whip sawed out several times in a row. I had the overall direction right, but my entry by that time was too late and my stops kept getting hit on the pullbacks no matter which direction I happened to be in. I could swear some of the big boys had a big brother camera on my trades and were taking me for a ride and laughing all the way to the bank.

Had I been able to see and enter on the opening candle immediately as I usually do, I would not have been whipped out and enjoyed a 235 pip run (as of this posting this AM).

Of course, I was really mad for not only missing out on a good run, but for the several losses as well, for something that I didn't think was my fault. Well guess what? It was my fault! I remember reading where we all have to take responsibility for our trades - no blaming the broker, the weather, the news, the polititcians or anyone else.

Do you think that from now on I am going to double check my charts and platform and close and re-start them prior to the new day starting?
  • #1,269
  • Mar 13, 2007 7:44am Mar 13, 2007 7:44am
Quoting howard
I

I feel , due to the fact that the Author of this thread is not an EA fan, he is standing on the side line depriving us of his valued experience in improving the method and any additions to it.
Having two separate threads for EAs and discussions is normal practice in respect of other methods in FF.
I fully agree with Howard's view here.....while I m not a big fan of using EA's to trade...(partly because i m pretty crap with computers where its an effort to actually turn on the dam thiing!!!) but seriously though....the system needs the regular imput of TK..that is the only way to ensure it keeps up with the dynamics of the market....or pretty soon it may not be effective as it could be....

Ofcourse there are many that use the EA's and it if it works for them then fine...but maybe out of respect for the author of this system and the effort he has put in to develop and share it with all... the forum discussions in relation to the EA should be posted else where.......

Perhaps skyline you can take the lead and open up a thread in relation to the EA and folks who are using it with this system can cross refer...

Just my concerned thoughts...
  • #1,270
  • Mar 13, 2007 7:59am Mar 13, 2007 7:59am
Quoting grajo
Last night, while waiting for the new candle to open on the G/J pair to trade the Daily Method, I waited for what seemed to be a fair amount of time, and still saw no candle. I wanted to go short according to the rules, and for some reason I could still see Monday's Candle continuing to move on the charts and it was moving south even though it should have been closed by then and Tuesday's candle should have been open - strange!!

So...I contacted my broker and they told me to close and re-start my charts, and that it was probalby due to an internet connection glitch with my ISP.

Sure enough, it worked! Tuesday's candle showed up (it was already well underway heading south), and so I entered short.

Well, you might be able to guess the rest....I proceded to get whip sawed out several times in a row. I had the overall direction right, but my entry by that time was too late and my stops kept getting hit on the pullbacks no matter which direction I happened to be in. I could swear some of the big boys had a big brother camera on my trades and were taking me for a ride and laughing all the way to the bank.

Had I been able to see and enter on the opening candle immediately as I usually do, I would not have been whipped out and enjoyed a 235 pip run (as of this posting this AM).

Of course, I was really mad for not only missing out on a good run, but for the several losses as well, for something that I didn't think was my fault. Well guess what? It was my fault! I remember reading where we all have to take responsibility for our trades - no blaming the broker, the weather, the news, the polititcians or anyone else.

Do you think that from now on I am going to double check my charts and platform and close and re-start them prior to the new day starting?

First thing you should not have entered the trade if you could not at the opening of the new trading day,but still if you wanted to enter, you shuld have put your stoploss there only where you would put if if you would have entered at the right time.
  • #1,271
  • Mar 13, 2007 8:06am Mar 13, 2007 8:06am
Quoting sanjaysingh21k
First thing you should not have entered the trade if you could not at the opening of the new trading day,but still if you wanted to enter, you shuld have put your stoploss there only where you would put if if you would have entered at the right time.

Thanks. You're right!! That's a very good point, and another valuable lesson for me.
  • #1,272
  • Mar 13, 2007 8:26am Mar 13, 2007 8:26am
There seems to be a pattern of Mondays ranging verses trending. 3 of the last 4 Mondays my account has gone down.

Generally Mondays do choose the direction for the week, but it seems to be later in the day that the direction is chosen. Yesterday the direction was chosen around 11:00 GMT. Perhaps a later start on Monday would be a good thing.

Although as stated by Grajo not starting at the opening can be very detrimental as well. So perhaps staying out completely is the best option.

Has anyone else seen this as well. Starting next week I will start my trading on Tuesday 0:00 GMT and demo Mondays until I see if there truely is a pattern or not.

just my 2 cents worth.

Thanks again tKimble for introducing your system here.

yezbick
  • #1,273
  • Mar 13, 2007 9:17am Mar 13, 2007 9:17am
Ok guys, I've posted a new thread about Daily Scalping EA and further development ,so that we can discuss about it

http://www.forexfactory.com/showthread.php?t=21280

Happy pips
Skyline
  • #1,274
  • Mar 13, 2007 11:25am Mar 13, 2007 11:25am
Quoting yezbick
There seems to be a pattern of Mondays ranging verses trending. 3 of the last 4 Mondays my account has gone down.

Generally Mondays do choose the direction for the week, but it seems to be later in the day that the direction is chosen. Yesterday the direction was chosen around 11:00 GMT. Perhaps a later start on Monday would be a good thing.

Although as stated by Grajo not starting at the opening can be very detrimental as well. So perhaps staying out completely is the best option.

Has anyone else seen this as well. Starting next week I will start my trading on Tuesday 0:00 GMT and demo Mondays until I see if there truely is a pattern or not.

just my 2 cents worth.

Thanks again tKimble for introducing your system here.

yezbick
I noticed the same thing with mondays and stopped trading them with this system a little over a month ago. I now make my first trades of the week starting monday night for the open of the tuesday session. Seems to be working better for me.
  • #1,275
  • Mar 13, 2007 11:34am Mar 13, 2007 11:34am
Quoting tkimble
Thanks for asking. All is well by me. Last week was a very big week for me and I am just sitting back and absorbing.

This thread has taken on a life of its own and has gone in a direction that was not intended. I am not of the belief that you can rely on an EA to achieve financial security. You must be emotionally and psychologically attached to the market and the EA takes a major part of trading rewards away.

TK...
I think you are right, you started the tread and came up with the system. I am not a fan of an EA because the market changes and an EA can't adapt to it when the market changes, you have to change the EA yourself. Take for instance the GBP/USA as of late. If you are still trading it, the strategy has had to change some while it is in a channel.

I am glad the ones that like the EA are starting another thread so this one can stay on track with the original intent.
  • #1,276
  • Mar 13, 2007 11:45am Mar 13, 2007 11:45am
Quoting Yerac
Take for instance the GBP/USA as of late. .

I am glad the ones that like the EA are starting another thread so this one can stay on track with the original intent.

I was just about to post when I saw the above... point exactly....anyone who has read this from the beginning saw how the system dynamically evolved from the GBP/USD to the GBP/JPY as market environment changed........and it will change again so perhaps in some weeks the GBP/JPY will be range bound and not suited to this system or it may need some tweaks.......that is why it is important that TK should have control of the tread so that he can steer it in the correct direction as he sees fit...hopefully TK now you will return to a more active role of "steering the ship" so to say

Thanks Skyline for your prompt action..
  • #1,277
  • Mar 13, 2007 11:54am Mar 13, 2007 11:54am
Seems that the EAs are officially bad and not used by "real" traders.

I rather like having a properly crafted EA stay up at night for me, placing reversal orders and changing stops, so I can get some sleep and be alert when people around me expect me to be alert!

I enjoy the TKimble methods greatly, but can't really be awake in the middle of the night. It really depends where one lives.

EAs are not evil. Neither is the straddle or the immediate entry. Neither is waiting till Tuesday to place your first trade, or setting TP or letting it run. We need to allow a little room here for personalities and experimentation on the basic rules. TKimble himself changed from the original rules. Let's all relax a little and enjoy all the different ideas for improvements. We have to decide for ourselves which ones suit our trading the best.
Don Life is expensive, but includes a free trip around the sun.
  • #1,278
  • Mar 13, 2007 12:30pm Mar 13, 2007 12:30pm
i dont think tk called eas bad and no one here is saying that. tk doesnt agree with them for sure. and as the author of this system the least we can do is respect his views. i believe sky has taken tk's comments in the right spirit
  • #1,279
  • Mar 13, 2007 12:39pm Mar 13, 2007 12:39pm
I wasn't talking at all about TK's comments.

I am talking about others who think the EA experimenters should be gone.

I think we should enjoy all the comments and use what seems good to us as individual traders. Straddle or not. TP or not. Wait til Tuesday. Whatever. All interesting ideas. Worth testing.
Don Life is expensive, but includes a free trip around the sun.
  • #1,280
  • Mar 13, 2007 12:42pm Mar 13, 2007 12:42pm
Quoting traderone
Seems that the EAs are officially bad and not used by "real" traders.

EAs are not evil.

I don't honestly think that was what was intended to be said by anyone...(while I don't in any way purport to speak for anyone behalf)..I mean a properly working EA would greatly help a person in their trading there is no doubt about that...

I think probably what should be cautioned on, especially new traders, may get the impression that the EA are the holy grail to trading and will use a bundle of settings that come with it without properly understanding the mechanics of the market, the broker, or the particular pair they are trading..........There is no substitute for your brain input...not the EA telling you what to do....especially using a pair like the GBP/JPY.....it can really hurt you account if you are not careful.

One only has to look at some of the postings on these forum where you find folks entering a trade then coming on line asking...."hey I m in this trade...what should I do"....that is just plain crazy...when u enter a trade u need to know why you are entering, what if you are wrong, U need to know what to do U need to be in control.......remember there is another party to a trade...they are not going to just give anyone their money away..it has to be earned by trading a good and logical manner.....
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