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  • #81
  • Jul 11, 2009 3:22pm Jul 11, 2009 3:22pm
Quoting stevecartwright
If this helps anyone, be my guest
Hi

Please fix your ma(12). It should be on 'weighted close' not 'close' as in your template.

Thanks
Make money Not pips
  • #82
  • Jul 11, 2009 3:24pm Jul 11, 2009 3:24pm
Quoting rgontar
..."numbers don't lie" so try this: 2%x15days and compound it monthly. 7500*1.3^12=174735.6 a year so monthly average is 14561.3 and it seems quite realistic to me. Your approach makes me wonder.
Why 2%*15 days? There are about 20 working days in a month.
How come your compounding monthly? Edge stated that the goal in percent, is directly related to the account balance. Account balance changes every day not just once a month.

=7500(1.02)^250
=$1 059 507.91

If you're wondering where the 250 came from..
There are about 261 weekdays in a year. I decreased it to 250 days to take into account holidays.
there are 261 weekdays but I reduce to 250 to include holidays
  • #83
  • Jul 11, 2009 3:25pm Jul 11, 2009 3:25pm
Quoting Ace284
That's pretty modest. Only 2% - 4% a day?

Since you're a full time trader, if thats the modest case then with a $7500 account, in a year you should be making...

+2% Daily

=7500(1.02)^250
=$1 059 507.91

+3% Daily

=7500(1.03)^250
=$12 144 158.86

+4% Daily

=7500(1.04)^250
=$135 955 283.00

Edge if you keeping going at that rate (2% a day), then you'll be the richest man on the planet in just a short 807 working days. Thats just above 3 years and around 60 Billion Dollars.

...............................................................................................
I...

hi ace284,

i've seen other traders make this type of calculations in other threads. well, the point you're making is valid. but u gotta consider a few points. it all depends on the market n making profits consistently. then it's your broker, will they be an obstacle in your path 2 profits??

we're all driven by greed in our journey 2 accumulate wealth. but there will come a day when u think that you've made enough. u will start 2 comtemplate about how 2 spend it n live off it.

think about this also. of all the great n proven forex traders who had millions n billions at their disposal. trading 4 banks n funds or 4 their own acct. do they own the world now???

the world's financial system is based on fiat currency. doesn't matter if u have a zillion dollars. if one day the system collapses, then you're worth nothing. just stuck with useless paper. trade well
  • #84
  • Jul 11, 2009 3:29pm Jul 11, 2009 3:29pm
Quoting cobraforex
Hi Folks

Please let me explain something:

My comment about scalping in relation to a 5M TF wasn’t meant negative, it’s just that the word scalping stands for ultra short term trades, aiming for few pips with relative high pip value.

If someone wants to call an eagle a goose it’s ok for me, but it’s not true.

What speaks for the word scalping in this thread name is the low pip quantity (10) which Edge is aiming for, but not the TF.

[font=Arial]So,...

i think cobra is just picky about the definition of the word n doesn't mean anything else.
  • #85
  • Jul 11, 2009 3:36pm Jul 11, 2009 3:36pm
Quoting Ace284
Reading comprehension is fun especially if the sentence right after states that his preference is to USUALLY take 30 pips or so DAILY. Last I heard, taking 30 pips total profit, won't leave you with a negative balance. Also im pretty sure that the ( - ) can stand for a minus sign, or act as a bridge from one number to another. ( $70 - $100)

But who knows...


You may be right but he said "I seek only enough trades to allow me to reach +2/-4% to account balance daily."

I assume the "/" is the thing that separates the +2 and -4.

This has just devolved into a utterly pointless argument. Newbies have to learn for themselves what to listen to and what to ignore. Let's just focus this thread on the system that Edge has laid out which every single person will end up trading differently anyways. Those are his results and probably enhanced with years of experience.

Also why would anyone want to trade 250 days out of the year. Take some time off, spark up a doobie and enjoy life - you only got one.
  • #86
  • Jul 11, 2009 3:46pm Jul 11, 2009 3:46pm
Quoting TudorGirl
No doubt some will tell me that "scalping" 100 pips off a Daily chart is not scalping!! Who cares?

The only point I am making is that Edge's setup works from M1 to MN1.

Please be aware that the Trix indicator from MQ4 doesn't actually implement the Triple Exponential ("Trix") algorithm as invented by the legendary Robert Goodall Brown, the "Father of Time Series Analysis". It contains several bugs. Every derivative of the indy up to and including Swingman's smTrix (when he converted the line indy to a histogram) hasn't spotted the...
I'm not knocking it, it was just a question. That's really what I like most about your indicators is that they give help provide the confidence to hang in there for a little or a lot longer for more pips.
  • #87
  • Jul 11, 2009 3:53pm Jul 11, 2009 3:53pm
Quoting MIA_Austrian

I assume the "/" is the thing that separates the +2 and -4.


Yes you are right. He stated this many times before over at paul's thread :

Quoting Edgetrader
My own goals are +1.5%/-3.5% of account value using as many contracts as leverage will allow and suffering as little market action as PA will force me to.

Sometimes I can do well on 4-5 trades daily, sometimes it takes more if I encounter win/loss, win/loss, win/loss type trading. Sometimes, I simply get me hide skinned and PA rules the day. One thing for sure, it is always varied trade to trade and day to day.

Regards.
  • #88
  • Jul 11, 2009 3:55pm Jul 11, 2009 3:55pm
I just read this whole thread on my iPhone in the N. Kuwait desert. I have enjoyed the testimonials from ppl who have been working this method.
When I get back to the city I'll download the indi's to my MT4.
I just read Trading in the Zone and the essence of good trading is discipline, no matter the method. So, accd'g to M.D. a trader should log trades for consistency in sets of 20. I would like to try that.
TudorGirl, I hope you post the trix for MT4. I have been looking for that for awhile. I use a 15,9 on my stockcharts. Good leading indicator.
Year of the Dragon Wise Choices-Good Fortune!
  • #89
  • Jul 11, 2009 4:10pm Jul 11, 2009 4:10pm
Quoting Ace284
Id rather be nit picky instead of simply entering bliss mode like an average person who starts reading the thread. Tell me whats better, a bunch of people simply thanking Edge for his strategy, and what seems to be an above average level of vocabulary? (The first part is fine and anyone would be welcome, the second part seems an assault on my perceived ability to articulate my methodology) Or questioning? ([u][i][color=purple]Questioning what? How does one question that which they have neither the...
I do not mind the skeptics as we do indeed live in a cynical world. Lets address your concerns further here.

It is very early in the thread and not one trade has been taken since its inception. As such, the method is neither viable nor disproved. It is simply one of the hundreds offered in the FF to ponder, which is exactly what most FF followers do (ponder). Especially 'newbies', who are seeming destined to wander the FF year after year in the holy grail search. Questioning the system before even applying ANY effort at all at trading such is not exactly going to endear you, or anyone else, to others at this stage of the game. In fact, neither you, nor anyone else, can provide substantiated fact (other than opinion) upon which to do so.

I am introducing a very modest trading plan in order to ascertain if there are those who will at least challenge themselves to see if they have the potential to trade a short term strategy effectively. The basic set of tools necessary to do so have been provided. There is, however, no way to teach one to overcome the mental issues present for every trader. Especially when scalping.

You yourself have less than 1 year trading under your belt. Not a 'newbie' per se, but not quite sufficient experience at this stage to question the method.

About Ace284
Birthday Aug 3 Country Canada City/Town Toronto


Trading Specs
Trading Experience Less than 1 year Trading Style(s) Chartist, Fundies Preferred Trading Strategy/System(s) 4H Box Breakout Preferred Currencies GBP, EUR, JPY Preferred Trading Platform(s) Metatrader 4, Other Markets Traded US Stocks

However, everyone here, regardless of experience level, is on the exact same playing field. As mentioned in the opening post, you will need to proof up any indi's you intend to introduce. You will also need to qualify your concerns as viable. The only way to do such is through trading efforts. I will look forward to your own trades being posted and will be able to decide for myself if you have any ability at this stage of your career or not to question my methodology any further.

That said, it is quickly going to be ascertained if you are here to trade, or are you here to be a clown in the parade? I think that you are the former who is simply treading lightly and exhibiting due caution. At least that is my hope.

I think ALL posters here need to lay to rest this thing on my own personal modest goals. At a +2/-4% level, trading is relatively calm for me at this stage of my career. Making assumptions based on simplistic mathematical calculations and idly tossing out the 'numbers do not lie' phrase is not a course of action you want to follow here. Not a one of you know anything about my financial condition, nor will you ever. In respect, I know nothing of yours either, nor do I wish to.

Further, that formula is my own personal goal based on HOW OFTEN I trade the market. All I did was tell you WHEN I trade. An assumption that I sit here day in a day out trading for 8-10 hours per day is preposterous. In addition, playing around with hypothetical numbers in an effort to add some measure of merit to an allegation of my projecting untold wealth if you trade this plan is absurd. How am I to know if you, or anyone else, possesses the mental competency to trade this plan or any other?

OK. I think we can move on from here. None of this really matters anyway. Time to ante up and show your ability to trade or not. The thread is about TRADING a simple methodology.

It does not fall to anyone trying to trade this method to disprove anything YOU are saying. It is incumbent on YOU to proof up your initial position as you stated in your post.

In short, I have nothing to prove to anyone here ever, it is up to you to prove EVERYTHING.

Trading starts Monday.

Regards.
  • #90
  • Jul 11, 2009 4:40pm Jul 11, 2009 4:40pm
Quoting cobraforex
Hi Folks

Please let me explain something:

My comment about scalping in relation to a 5M TF wasn’t meant negative, it’s just that the word scalping stands for ultra short term trades, aiming for few pips with relative high pip value.

If someone wants to call an eagle a goose it’s ok for me, but it’s not true.

What speaks for the word scalping in this thread name is the low pip quantity (10) which Edge is aiming for, but not the TF.

[font=Arial]So,...
Hey Snakeman,

There is no anomosity derived from your posting.

In the end, I think that taking a few pips worth $100-$300 each is a pretty pure scalp.

What I have presented here is only meant to ascertain if there are some who have ability to trade first. Will work on the mental aspects after I have seen enough to isolate those who can from those who cannot trade a short term method.

Needed to start somewhere.

Love your current thread. Some pretty astute folks you have wandering around in there at times. That is what I am shooting for here. We will see starting Monday.

Regards.
  • #91
  • Jul 11, 2009 4:49pm Jul 11, 2009 4:49pm
Quoting winningfx
hi edge,

u mentioned in paulus's thread that you're considering starting your own thread. now u started 1 n i must say it's impressive. it's really simplicity at work. now it's up 2 the individual trader 2 make a success out of it.

what worries me is whether this thread will boom or doom like all the other good threads. will it veer off course in a matter of weeks??

will b sticking around. trade well.
It will not be allowed to veer as I will only give it a couple of weeks at best in order to decide whether to stick with it or not.

Am just looking for a few individuals who can trade, or at least show an aptitude for the business. Once done with evaluations, mission here is complete and will move on from that point. I have no intention of sticking around for months with something as basic as this.

If a potential trader cannot recognize these simple trading setups, and trade them with some measure of profit, then all is for naught. Am curious to see some who step to the forefront as it is inevitable. At that point, they will have a solid grasp on this method, and meaningful trading efforts can progress from that.

Regards.
  • #92
  • Jul 11, 2009 4:59pm Jul 11, 2009 4:59pm
Wheeee .... 7 pages of posting already and most of it idle pointless carping and NO trading because market not even open yet.

Heed well the words of Edge above ... a promise lies therein. Those who are willing to learn & trade & post their charts & results & learn some more will be amply rewarded.

To those who can only nit-pick I suggest starting your own thread: "Non Trading for the Terminally Disgruntled"
******************* I'd rather make money than be right.
  • #93
  • Jul 11, 2009 5:04pm Jul 11, 2009 5:04pm
Quoting balle1973
Hi

Please fix your ma(12). It should be on 'weighted close' not 'close' as in your template.

Thanks
Good observation, there were a couple of other input errors in that template as well.. I'm posting a new version of the white bg one with corrected ma and no HA candles as I prefer the straight candles as well. You can add in HA or the HA bars like Indrek uses.
Attached File(s)
File Type: tpl c4 scalper_whitebg.tpl   3 KB | 1,570 downloads
******************* I'd rather make money than be right.
  • #94
  • Jul 11, 2009 5:12pm Jul 11, 2009 5:12pm
Quoting chanchu
I just read this whole thread on my iPhone in the N. Kuwait desert.
Now THAT is devotion to Forex!!

Quote
I just read Trading in the Zone and the essence of good trading is discipline, no matter the method.

Absolutely.
I have heard one could trade successfully by drawing a straight liine across a chart at random & going long when price closes above it and short when it closes below
Of couse it is better to have a methodology that gives you a bit more 'edge' (pun intended) but the bottom line is, a disciplined trader can make more money from a crappy system than an undisciplined one does with the world's best system.
We're having handed to us a killer system, all we need do is bring focus & discipline to the table



Quote
I use a 15,9 on my stockcharts. Good leading indicator.

Is that a Trix setting?
******************* I'd rather make money than be right.
  • #95
  • Jul 11, 2009 5:25pm Jul 11, 2009 5:25pm
Quoting Ace284
Why 2%*15 days? There are about 20 working days in a month.
How come your compounding monthly? Edge stated that the goal in percent, is directly related to the account balance. Account balance changes every day not just once a month.

=7500(1.02)^250
=$1 059 507.91

If you're wondering where the 250 came from..
There are about 261 weekdays in a year. I decreased it to 250 days to take into account holidays.
there are 261 weekdays but I reduce to 250 to include holidays
"Why 2%*15 days?" it's simple, nobody wins every day 250 days a year. These 5 days a month are losing or B/E days.
"How come your compounding monthly?". Since he trades for a living I assume he pays himself monthly out of the winnigs.
I think your calculations missed the point if you assume he trades 250 days a year never having a losing day. Get real man.
  • #96
  • Jul 11, 2009 5:28pm Jul 11, 2009 5:28pm
Ok thank you although the difference is minute.
Quoting balle1973
Hi

Please fix your ma(12). It should be on 'weighted close' not 'close' as in your template.

Thanks
  • #97
  • Jul 11, 2009 5:34pm Jul 11, 2009 5:34pm
i'm glad that there's another cool thread to watch. TD Girl's live results look very encouraging! i just hope we can maintain an adult environment (while still having fun!) and not something derivative of high school.
change the future, not the past
  • #98
  • Jul 11, 2009 6:16pm Jul 11, 2009 6:16pm
edge -


hey man do any of your indies repaint? I remember fx-fariz or whatever did.


if they do repaint, people posting historical charts of entries is kinda pointless isn't it?


thx for your hard work man! appreciate it
-2 SCOOPS OF PROFITABLE RAISINS
  • #99
  • Jul 11, 2009 6:41pm Jul 11, 2009 6:41pm
Quoting scoops
edge -
hey man do any of your indies repaint? I remember fx-fariz or whatever did.
if they do repaint, people posting historical charts of entries is kinda pointless isn't it?
thx for your hard work man! appreciate it
No they dont repaint
  • #100
  • Jul 11, 2009 6:53pm Jul 11, 2009 6:53pm
I don't have charts to post but I will post my trades for the one day I was able to trade this week, unfortunately I lost my old trade journal when my boards crashed. with the basic methodology as outlined by Edge. The only difference between him and I is a single indicator that I use to judge trend strength. As I have said in the past I agree with his thoughts on taking small high percentage trades versus looking for that long pip run. The timeframes I trade are 1H and 5m:
GBP/USD 1 S 1.63516 1.63489 2.7 0.27 0.00 7/9/2009 15:10 7/9/2009 15:13
EUR/JPY 1 S 129.623 129.370 25.3 2.73 0.00 7/9/2009 11:06 7/9/2009 11:08
GBP/USD 1 B 1.62313 1.62413 10 1.00 0.00 7/9/2009 10:10 7/9/2009 10:18
GBP/USD 1 S 1.62250 1.62309 -5.9 -0.59 0.00 7/9/2009 09:30 7/9/2009 09:37
EUR/USD 1 B 1.39951 1.39964 1.3 0.13 0.00 7/9/2009 08:45 7/9/2009 08:53
EUR/JPY 1 B 130.195 130.295 10 1.07 0.00 7/9/2009 08:45 7/9/2009 08:46
EUR/USD 1 S 1.39880 1.39859 2.1 0.21 0.00 7/9/2009 08:35 7/9/2009 08:39
GBP/USD 1 S 1.62397 1.62539 -14.2 -1.42 0.00 7/9/2009 08:26 7/9/2009 08:30
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