Part Time Wealth Building Trading System - Daily Scalping

Quoting Blackinc

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Well all those results tell me, is that i can't use this EA to print money..

I don't mean to be facetious isto, and it was good of you to put in some effort to gain these results, but perhaps you could've posted them over at the Daily Scalping EA thread first of all. And second, this strategy should be used with
a) Common sense
b) Money Management
c) Emotional control
d) a pair with a decent amount of volatility


I'm having success with this method, and from this thread, i know there's others having success too. Are our rules exactly as per post #1, i don't think so, and while EA's have there place, i don't think its here in this thread.


IMHO Sharing logical constructive ideas is your best bet here.

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Quoting brett1234

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I am not the one who posted the results but is this not the Scalping thread? I am curious too if anyone has been using an EA that works because my backtested results were bad too. Thanks.

Brett

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Quoting howard

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isto

Daily Scalp method in its existing form as described by TKimble was created for GBP/JPY, it does not work on other pairs, the parameters need to be changed.

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Quoting yezbick

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You may want to check out the following thread for info on a working EA using the tKimble Daily system.

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

Also you can find a copy of the EA I use for this system at the following location.

http://forexfactory.com/showpost.php...3&postcount=10

Hope this helps. Best of luck.

yezbick

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Quoting isto

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Hi folks,

Don't get me wrong - I do not want to ruin TKimble method, neither to show that it does not work.

On the oposite - it seems to me reasonable and this is why I put it into backtest ...

I was surprised from the results and decided to share them with you for further comments.

Furthermore the method seems still reasonable for me nevertheless backtesting (which I might scew up somewhere), so I'm going to test it on a demo account and will post the results here.

wealthy trade

I



OK I didn't find that but anyway here is the result from GBP/JPY Daily backtest for the period Jan 01 2000 - Apr 11 2007

GBP/JPY Daily
Bars in test 2051
Initial deposit 10000.00
Total net profit -8364.10
Gross profit 3668.57
Gross loss -12032.67
Profit factor 0.30
Absolute drawdown 8364.10
Maximal drawdown 8364.10 (83.64%)
Relative drawdown 83.64% (8364.10)
Total trades 33
Short positions (won %) 19 (0.00%)
Long positions (won %) 14 (35.71%)
Profit trades (% of total) 5 (15.15%)
Loss trades (% of total) 28 (84.85%)
Largest
profit trade 1637.00
loss trade -573.36
Average
profit trade 733.71
loss trade -429.74
Maximum
consecutive wins (profit in money) 2 (839.50)
consecutive losses (loss in money) 9 (-3828.30)
Maximal
consecutive profit (count of wins) 1637.00 (1)
consecutive loss (count of losses) -3828.30 (9)
Average
consecutive wins 1
consecutive losses 6

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Quoting hans123

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A daily backtest from Jan 01 2000 until april 11 2007 and only 33 trades? Seems something is going wrong.

Hans

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Quoting isto

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Nothing wrong - just money disapeared... ;-)



On the other hand there is always a chance to be wronk on my tests...
This is why I'm going to test it on a demo

I

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Quoting bmcorcoran

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If you only had 33 trades in seven years you are not back testing the daily scalping method. U should get your info straight before you start to bash the system.

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Quoting isto

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Nothing wrong - just money disapeared... ;-)



On the other hand there is always a chance to be wronk on my tests...
This is why I'm going to test it on a demo

I

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Quoting Carolyn

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Sorry isto, there is atlest one trade a day on the Daily system....if you only had 33 trades in 7 years you did something wrong. Carolyn

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Quoting yezbick

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Also you can find a copy of the EA I use for this system at the following location.

http://forexfactory.com/showpost.php...3&postcount=10

Hope this helps. Best of luck.

yezbick

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Quoting brett1234

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I am not the one who posted the results but is this not the Scalping thread?
Brett

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Quoting gagiul

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Well, it seems its becoming a custom that Thursdays and Fridays are untradeable for this strategy and probably for others too. I hate this bunch of fundamental crap. We should develop a special Trichet indicator to keep us out of trades when Trichet speaks. Thanx to him, even today the market looks stuck.

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Quoting C.E.O.

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Demo results from March 1. No discretion used, just SAR and EA, 1 lot trades, no MM because I want to know pips, not value. Tkimble has asked not to discuss EA's here as he believes in manual trading. I will keep my comments to the EA thread. Just wanted to show the system does work, both live and in hundreds of backtests.

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Quoting gagiul

Disliked

Well, it seems its becoming a custom that Thursdays and Fridays are untradeable for this strategy and probably for others too. I hate this bunch of fundamental crap. We should develop a special Trichet indicator to keep us out of trades when Trichet speaks. Thanx to him, even today the market looks stuck.

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Quoting Blackinc

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I've gotta ask, what pair(s) were you trading?

I'm about breaking even on the GBP/JPY (-6 pips or so)
And after i went short on the pound (3 days up, today short),
Short @ 1.9792
Stop @ 1.9822 (-30, plus 3 for spread -33)
Long @ 1.9822
Open at 1.9863 (+41)

PS - Trades opened @ 23:00GMT

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