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Murrey Math Daily System

  • #221
  • Edited 1:17pm Oct 28, 2009 8:52am | Edited 1:17pm
mmperiod 15 it's ok?

edit: what's P for in the indi?

edit 2: after figuring it out myself, I noticed that a template was present in the package, lol
  • #222
  • Oct 28, 2009 10:24am Oct 28, 2009 10:24am
Scott=bloomin genius!

All my trades closed in profit or locked into profit and still running.

I learned from you to set tp just a little less and sl just a little more. Saved my hide on both ends. Proves the power of Murrey Math lines.

Disappointed in getting stopped out with a smaller profit sometimes but its so much better than my managing the trade. I can become very dangerous to myself.

Thanks for great teaching in this thread.

Steve
  • #223
  • Oct 28, 2009 11:05am Oct 28, 2009 11:05am
Quoting stevewide
Scott=bloomin genius!

Yes! So far this seems like it's too good to be true! I keep trying to find the weakness...Scott, have you ever experienced days where every trade went to the full emergency stop? How often does this happen?
  • #224
  • Oct 28, 2009 12:08pm Oct 28, 2009 12:08pm
Guys, I'll just say what Scott will say: there will be losses, sometimes multiple losses in a row. Sometimes your emergency stop will be hit.

Just because things are going well right not, don't be lulled into thinking you've found the hold grail. It does not exist.
You are in a maze of twisty little passages, all alike.
  • #225
  • Oct 28, 2009 12:30pm Oct 28, 2009 12:30pm
Quoting stevegee58
Guys, I'll just say what Scott will say: there will be losses, sometimes multiple losses in a row. Sometimes your emergency stop will be hit.

Just because things are going well right not, don't be lulled into thinking you've found the hold grail. It does not exist.
LOL, that's too bad We definitely had another amazing day!
  • #226
  • Oct 28, 2009 12:38pm Oct 28, 2009 12:38pm
Quoting stevegee58
Guys, I'll just say what Scott will say: there will be losses, sometimes multiple losses in a row. Sometimes your emergency stop will be hit.

Just because things are going well right not, don't be lulled into thinking you've found the hold grail. It does not exist.
The Hold Grail..thats a new one lol.

It does exist, of course it does. Its you. Scott knows what to expect, he has back tested his method. He doesn't care whether it might lose or whether it might win. All he knows is that he has to press the buttons when a signal appears. Don't get too excited about your wins, they will cover future losses. Don't get too down about losses as you'll have future wins. If you let your emotions get to you and think too much you will miss the juicy trades that will make your profits. Its the same with any trading edge.
  • #227
  • Oct 28, 2009 1:01pm Oct 28, 2009 1:01pm
Quoting Porkpie
The Hold Grail..thats a new one lol.

It does exist, of course it does. Its you. Scott knows what to expect, he has back tested his method. He doesn't care whether it might lose or whether it might win. All he knows is that he has to press the buttons when a signal appears. Don't get too excited about your wins, they will cover future losses. Don't get too down about losses as you'll have future wins. If you let your emotions get to you and think too much you will miss the juicy trades that will make your profits. Its the same with any trading...
Perfect! It's going good now, but you have to expect that sometime maybe tomorrow, next week, next month, there will be losses as Mer has stated. With that said, close the thread! j/k lol. Seriously, people should venture out and try multiple strategies along with this strategy, as they might find the 'Holy grail' within multiple strategies!
  • #228
  • Oct 28, 2009 3:17pm Oct 28, 2009 3:17pm
Quoting stevegee58
Just because things are going well right not, don't be lulled into thinking you've found the hold grail. It does not exist.
Agreed. And I fully understand this. I'm just trying to understand what kind of drawdowns we might typically expect and if this method is consistently profitable over the long haul.

There's always bumps in the road! I'd just like to know if I need big knobby off-road tires or if regular street tires will do
  • #229
  • Oct 28, 2009 3:27pm Oct 28, 2009 3:27pm
Quote
Yes! So far this seems like it's too good to be true! I keep trying to find the weakness...Scott, have you ever experienced days where every trade went to the full emergency stop? How often does this happen?
I'll tell you this, with any strategy you'll have weaknesses. The thing is, how you deal with the weaknesses is what make your strategy stronger. That is why I double up on my losses, to overcome the weakness. With regards to the emergency stops, I can tell you this much, they can and will be hit on occasion, especially if the Murrey Lines are tightly grouped on a volatile pair or if a huge news spike arises (like the NFP). In the few years I've demo and live traded this I have hit the emergency stop over a dozen times at the most only because we normally close out the bad trades well before it is an issue. I can say I've never had all my trades hit the emergency stop in one day, and you probably never will because there is too much diversification with multiple open trades, so I wouldn't worry too much about that.

I will never claim this to be a "holy Grail" at any time during thread as we all know by now it doesn't exist, period! What I urge you all to do is to take the Trading Simulator and play with it over a weekend or something. Use it to look back and you'll see what I have seen, consistency. Even with the losses I've had, I was able to consistently bank profitable trades because I trusted my trades and trusted how the market will react to these levels.

I personally think that even when the market goes through it's normal changes over time, this strategy will survive because it is based on mathematical facts and not speculation or sentiment. It is emotionless and cold, not letting greed overtake the situation. Let's be honest though, do I wish every trade goes right to the target? Yes. Am I upset that I lost 3/4's of the pips I should have had? A little. If you become emotional when you trade, you might as well give up now and not waste your time and money. Just give it to me and I'll save you the agony. Once you realize that once your emotions are in check that trading becomes more mathematical and analytical.

You have to understand that this is a business, and in this business you main goal in trading is to have strong, consistent profits over the long haul, not the short term. That's why Warren Buffet does not flip stocks, he holds them over time to let them mature. And he looks for the most consistent stocks to buy, he does not just pick any old stock and hopes it goes his way.
  • #230
  • Oct 28, 2009 3:42pm Oct 28, 2009 3:42pm
As for the trading, both of my other two trade have close out for profit.

My Gbp/Usd trade has closed out @ BES with 52 pips for a profit of $4160.00 with 8 lots.

My Gbp/Nzd trade has closed out @ Target with 443 pips for a profit of $12,925.39 with 4 lots.

that is a grand total of $19,582.19 for yesterday's trades. We are now over 2100+ pips in roughly over 3 weeks of trading.

Just to let everyone know that I will be traveling out of town tonight and will not be able to place any trades as I will be on a plane. I will be back Thursday night for trading though and I will have my laptop with me to check in on everything. The only thing I would warn everyone on is with all the movement we have had, be very cautious of retraces and would advise to use lower lot as a precautionary measure.
  • #231
  • Oct 28, 2009 3:50pm Oct 28, 2009 3:50pm
Scott:
Thanks for more wisdom from you.

This is first winning strategy for me that I have so little emotion attached...place entry, let EA manage it and try not to touch anything. At the end of the day, close losers according to 1 rule, keep any active trades still open that meet new entry rules and of course load up new entries according to several real easy to learn rules.

Tried doubling up successfully today...brilliant! And you handled the doubters with alot of respect.

You did this to help people.

Please know you have helped me more than I can thank you. I owe you! Now I have my first edge in forex after 3 years of failure.

Thanks, thanks, thanks!

Steve

PS: I have another winning method that requires reentering with limit orders every 60-70 pips; I was thinking of expanding my use of it till you came along. This is much safer, even with the doubling up occassionally.
  • #232
  • Oct 28, 2009 3:54pm Oct 28, 2009 3:54pm
Quoting mer071898
My Gbp/Usd trade has closed out @ BES with 52 pips for a profit of $4160.00 with 8 lots.

My Gbp/Nzd trade has closed out @ Target with 443 pips for a profit of $12,925.39 with 4 lots.
Wow! Its been a long time that I obtain similar results as my mentor. Look how good you teach others!
S
  • #233
  • Oct 28, 2009 3:59pm Oct 28, 2009 3:59pm
Thanks stevewide, and I appreciate the comments. I have had many people from this forum help and guide me along the way and I felt I should do the same. My strategy is not for everyone, but for those who use it and find that it has helped you, you are more than welcome.
  • #234
  • Oct 28, 2009 6:42pm Oct 28, 2009 6:42pm
I made a spreadsheet so I can enter the pertinent numbers and it calculates the Stealth EA's inputs for me.
Here are my trades for tonight. EURNZD I'm a little worried about because it breached 2 levels but it's only 1 lot anyway.

http://i37.tinypic.com/2vl9s45.jpg
You are in a maze of twisty little passages, all alike.
  • #235
  • Oct 28, 2009 7:25pm Oct 28, 2009 7:25pm
Quoting stevegee58
I made a spreadsheet so I can enter the pertinent numbers and it calculates the Stealth EA's inputs for me.
Here are my trades for tonight. EURNZD I'm a little worried about because it breached 2 levels but it's only 1 lot anyway.

http://i37.tinypic.com/2vl9s45.jpg
Same trades except Eur/Nzd, Gbp/Nzd and Eur/Jpy.
Eur/Nzd, Gbp/Nzd breached more than one Murray Level(gbp/nzd not in a clearly/decisive way).
Eur/Jpy closed at about 2/3 of the way to the 5/8 target Murrey level.
Didn't trade them because I'm usually conservative.

edit: anyway eur/jpy already reached TP
  • #236
  • Oct 28, 2009 7:37pm Oct 28, 2009 7:37pm
as far as I'm concerned:

GY short
GC long
EU short
EG short
EY short
UC long

Some pairs mer is trading my broker doesn't offer, but six pairs in one time is more than enough.
42
  • #237
  • Oct 28, 2009 7:49pm Oct 28, 2009 7:49pm
ej and eu both stopped out at the BES points (for a small profit)
You are in a maze of twisty little passages, all alike.
  • #238
  • Oct 28, 2009 8:18pm Oct 28, 2009 8:18pm
Quoting stevegee58
I made a spreadsheet so I can enter the pertinent numbers and it calculates the Stealth EA's inputs for me.
Here are my trades for tonight. EURNZD I'm a little worried about because it breached 2 levels but it's only 1 lot anyway.

http://i37.tinypic.com/2vl9s45.jpg
Hi Steve

Would you mind posting your spreadsheet?

Much appreciated.
  • #239
  • Oct 28, 2009 8:22pm Oct 28, 2009 8:22pm
Quoting spymez
Hi Steve

Would you mind posting your spreadsheet?

Much appreciated.
BTW gj just stopped out at the BES stop.

Sho' thang:
Attached File(s)
File Type: xls murrey calc.xls   23 KB | 585 downloads
You are in a maze of twisty little passages, all alike.
  • #240
  • Oct 28, 2009 9:43pm Oct 28, 2009 9:43pm
4 out of 4 last night , here are my entries tonight e/u sell, a/u sell, chf/usd buy. gbp/aud, eur/gbp and eur/cad are also great entries as well.
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