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  • #1,941
  • Jul 21, 2009 4:44pm Jul 21, 2009 4:44pm
I thought I had read this entire thread very carefully but I must have missed the discussion RE: using +5 pips instead of +10.

Would someone please point me at the approximate message number where this started?

Thank you...
Old Benjamin was right
  • #1,942
  • Jul 21, 2009 4:45pm Jul 21, 2009 4:45pm
Quoting PipsRider
Thanks you for you time Pahadi i will try again later ! i m short on time right now !

Luk
  • #1,943
  • Jul 21, 2009 4:48pm Jul 21, 2009 4:48pm
Quoting Lou G
I thought I had read this entire thread very carefully but I must have missed the discussion RE: using +5 pips instead of +10.

Would someone please point me at the approximate message number where this started?

Thank you...
As Edge says....this strategy is not pips oriented...you can decide to make 10 pips...if you want....and if you feel the PA can do it...or you can make 5 pips...more easy...with more lots...
Market is like a puzzle, YOU have to fit the pieces!!
  • #1,944
  • Jul 21, 2009 4:49pm Jul 21, 2009 4:49pm
PGPB, since Anne is all tied up with work, I'll answer for her regarding the purchase of the renko script for MT4. Yes, you can load that onto as many computers as you want. I have it on two desktops and one laptop. There are no restrictions. The seller just trusts us, amazingly, to not share it with others.
  • #1,945
  • Jul 21, 2009 5:25pm Jul 21, 2009 5:25pm
Hi Edge,
Finally took the plunge after more than 2 years as "Guest". I Only get to trade for short periods before and after the day job hence my admission to using the 1m timeframe with a 5m confirmation. Rules as per page 1 but only "shootin for two's" (well anything between 2 - 10 dependant on feel - I think you would class it as same ammo - smaller charges!!).

Keep up the good work

Dave.
  • #1,946
  • Jul 21, 2009 5:44pm Jul 21, 2009 5:44pm
Quoting Lou G
I thought I had read this entire thread very carefully but I must have missed the discussion RE: using +5 pips instead of +10.

Would someone please point me at the approximate message number where this started?

Thank you...
#1533 section #4, again in #1685 and in #1736.


Regards.
  • #1,947
  • Jul 21, 2009 5:45pm Jul 21, 2009 5:45pm
Quoting Dr.Scalpall
Hi Edge,
Finally took the plunge after more than 2 years as "Guest". I Only get to trade for short periods before and after the day job hence my admission to using the 1m timeframe with a 5m confirmation. Rules as per page 1 but only "shootin for two's" (well anything between 2 - 10 dependant on feel - I think you would class it as same ammo - smaller charges!!).

Keep up the good work

Dave.
Welcome aboard.

Excellent avatar and signature. Very creative indeed.

Regards.
  • #1,948
  • Jul 21, 2009 5:50pm Jul 21, 2009 5:50pm
Quoting f4mnect
ok just my thoughts on the bug in the swingman indicator alerts....what bug, i have never had a issue, never 1 problem...loaded them, turn off the alerts, use them with no alerts. [b][color=red]Alerts? were scalping, not swing trading and i'm watching PA with the signals the trix gives me. a alert would just make me pull up a chart, figure out what the pa and indicators and past couple of hours direction is and by then, i would be too late for the trade anyway. Theres more to PA and scalping the 5m then alerts, if your not focused on the chart,...
Finally.

If you do not have time to watch 5m charts for a while and scalp with some real focus, you will blow a limb off.

Good posting.

Regards.
  • #1,949
  • Jul 21, 2009 6:07pm Jul 21, 2009 6:07pm
wooow!
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  • #1,950
  • Jul 21, 2009 6:29pm Jul 21, 2009 6:29pm
Quoting Dr.Scalpall
Hi Edge,
Finally took the plunge after more than 2 years as "Guest". I Only get to trade for short periods before and after the day job hence my admission to using the 1m timeframe with a 5m confirmation. Rules as per page 1 but only "shootin for two's" (well anything between 2 - 10 dependant on feel - I think you would class it as same ammo - smaller charges!!).

Keep up the good work

Dave.
Love that tagline, too!!
  • #1,951
  • Edited 10:01pm Jul 21, 2009 6:30pm | Edited 10:01pm
Quoting DarkDays
Another good day, made 7 trades: 5 winners and two losers. Net pippage +13 with an account increase of 2.3%.


I do have a question for Edge. You subscribe to the +2/-4% strategy for each day, but if you have faith in the probability theorum, when you reach +2 or -4% why wouldn't you just continue to trade valid signals according to your criteria? Sure it is increased market exposure, but if you have the EDGE it should work out in the long run...
How much is enough? That is the question I have.

Been trading since Noah finished the Ark, and simply do not like sitting there hour after hour any longer. It is not about the money for me, and it should not be about the money for anyone else either. It is about mental discipline, trading quality setups, obtaining goals, taking minor defeats and steadily moving forward.

Pretty much everything I state when speaking about trading focuses around a $10k account generating 2% or $200 daily for a beginning trader. These are the exact same goals I set forth in either business or individual settings when I talk to others on trading in general. Yep, sewing circles of my own there too.

As such, how does that equate out if a trader with perhaps 5 years experience can trade a $100k account. A 2% daily account growth there = $2000 per day. We are already talking 1/2 million in annual income and that is with leaving the accounts beginning principle intact, trading a couple hours a day and enjoying life.
Numerous traders have $100k accounts. It is not all that much money in trading account capital as it affords a trader the ability to trade 16 standard lots based on my MM parameters. Do you think this trading plan can produce at this level? Lets look at the numbers and see what we need at a $100k level.

Now, 1 lot ($10 per pip) x 16 (lots) = $160. If your goal is 2% net to account daily ($2000) you need to obtain 12.50 pips in order to succeed each day and get by on a half of a million dollars annually. Not bad! I need the 4 pairs to provide 3.125 pips each to reach goal every day.

I would almost bet my life on this plan producing at that level pretty damn consistently. Almost!

How about the multitudes of traders who have $1m accounts? Do we even need run those numbers?

Be very cautious and diligent in controlling GREED. There is good reason why it is one of the seven deadly sins, biblically speaking.

As time passes, one learns to respect the market and be grateful for it providing them with 'one' pip. Tread very lightly, and know when you are matched against something that can rip you to shreds without even contemplating the action. This is the only time in trading when a healthy 'fear' will save your account balance, your sanity and perhaps even your life. Very few things are as distressing to a person as seeing their hard earned money evaporate in front of their eyes. Especially through greed.

This is why I preach mental attitude so much. A weak mind is so detrimental in trading as to be associated to a terminal disease.

Regards.

Regards.
  • #1,952
  • Jul 21, 2009 6:47pm Jul 21, 2009 6:47pm
Awesome post Edge.

"Be very cautious and diligent in controlling GREED" - I Learnt this the hard way...But I have it under control now!!

A couple of +5's on GU & AJ in the early Asian session
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  • #1,953
  • Jul 21, 2009 7:16pm Jul 21, 2009 7:16pm
Quoting Edgetrader
How much is enough? That is the question I have.
Most of us could do with another reading of that post.

Wise words indeed.
  • #1,954
  • Jul 21, 2009 7:43pm Jul 21, 2009 7:43pm
It's hard to resist these near perfect set-ups during off hours when you are itching to blow things up! Kaboom!
Q
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The Only Constant Is Change!
  • #1,955
  • Jul 21, 2009 8:10pm Jul 21, 2009 8:10pm
Nice thread indeed! No non sense from me. Im excited to review this setup.
Market Makers are the best
  • #1,956
  • Jul 21, 2009 8:45pm Jul 21, 2009 8:45pm
Not sure how many here realize they're attending forex university for free.
  • #1,957
  • Jul 21, 2009 9:39pm Jul 21, 2009 9:39pm
Quoting stevecartwright
I hope this works. :-)
editted:
Each Pair is identified on the left with its own row. Against this is an indication of the trend L=Long S= Short for both 15m and 60m TF's. On the right is a display of the major currencies position against the open. The ?? are potential trades. It is possible then to identify which pairs are likely to give a trade and then can be dragged to the top screen for closer inspection. I aso have individual tabs for each pair. This saves having to inspect each screen individually.
Better showing this dashboard in swingtrader thread for discussion

http://www.forexfactory.com/showthread.php?t=183801
  • #1,958
  • Jul 21, 2009 9:58pm Jul 21, 2009 9:58pm
Quoting lrathi
Better showing this dashboard in swingtrader thread for discussion

http://www.forexfactory.com/showthread.php?t=183801
In it's present form, I would agree with the 'doc' here.

In a 5m scalping thread, many have difficulty handling 2-3 pairs as a group, much less 12 or more.

Perhaps a modified dashboard with perhaps 4-6 pairs might be useful, but you still need very good focus and one hell of a quick trigger finger.

Also, should one really have faith in this methodology, a 4-6 pair dashboard with a solid 'ea' attached to OPEN trades may be consistent with scalping efforts applied to multiple pairs simultaneously. There is something for the 'cerebral's' to chomp on.

Perhaps a friendly note to 'Cobra' might expedite efforts on that front. I believe that his site has an ea running currently that seems well trusted to perform efficiently.

Just throwing some stuff out there for review.

Regards.
  • #1,959
  • Jul 22, 2009 12:24am Jul 22, 2009 12:24am
Edge, post 615 to me is the most perceptive in the thread. Fiscal management and mental discipline is primary. Trading is the vehicle but the former is the driver. Your actions must become second nature and never deviate from the step by step plan.
  • #1,960
  • Jul 22, 2009 12:48am Jul 22, 2009 12:48am
Just in case some haven't noticed it yet, and are doing some visual backchecking with this method..
the latest ultrasupertrix_mtf_pv_4col does indeed repaint. I am watching it repaint 5 bars back right now.
Just fyi, could be deceiving when visually back testing.
Otherwise, have to say I love this method, thanks Edge. Looking forward to see what you have in store for us next (a bombs?
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