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Nanningbob 4H trading system

  • #1,641
  • May 15, 2010 7:28pm May 15, 2010 7:28pm
Quoting roachroach
Well this is quite dissapointing not to be able to trade this system during crisis. Maybe I'll trying using a different SL strategy, I mean not using 242 recovery system.
There are TWO groups of people trading Forex. First group`s goal is to make money and avoid losses regardless of how many or few trades they engage in during x period of time. The second group`s goal is to be trading constantly and hoping to make money. It is for each individual to decide to which group they belong to.
  • #1,642
  • May 16, 2010 12:39am May 16, 2010 12:39am
nanningbob, greetings!
I'm newbie on this forum and use TS similar to yours.
Please tell what SL and TP do you use in your experts?
  • #1,643
  • May 16, 2010 2:01am May 16, 2010 2:01am
Quoting CanisLC
nanningbob, greetings!
I'm newbie on this forum and use TS similar to yours.
Please tell what SL and TP do you use in your experts?
Hi Canis,

Please download V4 in the attachements. You'll find all your answers
  • #1,644
  • May 16, 2010 5:28am May 16, 2010 5:28am
Quoting CanisLC
nanningbob, greetings!
I'm newbie on this forum and use TS similar to yours.
Please tell what SL and TP do you use in your experts?
Page 1 post 1 2nd sentence, you can read the book that goes with the system.

A note from a fellow trader p. 83 #1242: After a very very long time reading different threads and trying a number of different systems (Paid and unpaid), at long last I am making some profit by following the threads of two people in FF. One being your good self and other is Steve Hopwoods. It is interesting to note that both of you are Educators by profession.
I have posted the 4th editon Page. 93 post 1394. 977 people download the 2nd edition. We actally never posted version 3 because version 4 popped up very quickly so we went straigh to that one.
  • #1,645
  • May 16, 2010 6:29am May 16, 2010 6:29am
Quoting roachroach
Hi Canis,
Please download V4 in the attachements. You'll find all your answers
Thank you, I've read the manual. My english is not very good so I understand one thing - you do not use TP and close positions manually. But what about SL?

Quote
If you enter a trade and you are in profit the MPTM will move your SL up to +10 and set a jump trailing stop to protect your gains
1)What is the primary stop?
2) "you are in profit" - how much?

I found in code: "extern int StopLoss = 1000; // StopLoss" - is it correct?
  • #1,646
  • May 16, 2010 9:14am May 16, 2010 9:14am
Bob,

do you know whether anyone uses this system to trade for living, or anyone you know trade for living regardless system being used. For trading for living, what is the capital required. This sound stupid question but it could help for those who do not have such friend around.

Thank you!
  • #1,647
  • May 16, 2010 12:10pm May 16, 2010 12:10pm
Quoting CanisLC


Thank you, I've read the manual. My english is not very good so I understand one thing - you do not use TP and close positions manually. But what about SL?

1)What is the primary stop?
2) "you are in profit" - how much?

I found in code: "extern int StopLoss = 1000; // StopLoss" - is it correct?
Yes that is the stop loss setting. I use the MPTM to bring it up once the trade gets going. My profit is pips times whatever lots I am trading. I measure profit not in dollars but percentage of account. This helps those who trade small amounts. With 100:1 leverage you need to trade 1000 dollars to trade .03-.05 lots. that is 3 pennies to 5 pennies a lot. I average 10-20% a month. So far I have had 2 losing months since aug. 2009 December and probably this month. I am in the process of changing brokers and hope to have my new accont funded by the middle of the week. I am testing all my EAs on the new broker demo now to make sure everything is OK before I finish funding the account.
  • #1,648
  • May 16, 2010 12:21pm May 16, 2010 12:21pm
Quoting earthca
Bob,

do you know whether anyone uses this system to trade for living, or anyone you know trade for living regardless system being used. For trading for living, what is the capital required. This sound stupid question but it could help for those who do not have such friend around.

Thank you!
I dont know if anyone is making a living trading. Trading is more of investment to me. If you try to make a living you get into a concept of I have to make xx dollars a week or month and you put this artificial pressure on your self to always increase your account. That is simply not reasonable. No system wins every month but you want a system that is consistent over a period of time. Second if your not making your amount you want to make everyweek you have a tendency not to close a losing trade scenario. During this news market I stop trading because I want to keep my investment. I dont need to keep trying to trade to make an income. So my attitude is different. I dont need to trade this month if I dont like the market moves I can sit out and wait for the market to be more favorable. If you want an income you are desperately looking for something that will make money so you can keep trading. That is the difference. If you are looking for a steady income I dont think trading Forex is a good ticket. If you are looking for investment returns and are patient to wait out the bad times Forex can bring you better returns than other investments. To me that is the difference and how I think. During a years time the market will range 70-75% of the time, perfect for my trading systems. 20% of the time it is trending and I try to survive those runs, which I usually do. Then there are times 5-10% when the market is driven by news, like now, and my system is not good during those times, in fact no system is. If you dont know how to trade the news you will get killed during these periods. I admit I am not a good news trader so I have found out the hard way to just sit and wait these periods out. If you trade for investment taking a month or a couple of weeks off, like I did last December is not a problem. If you want a steady income you feel this false pressure to trade and get killed during these times. Unless you are a good news trader you are looking for trouble to trade during these weeks dominated by Euro bad news. So to me the best way to trade right now is to sit on your hands or hedge your trades until the market settles back down again.
  • #1,649
  • May 16, 2010 12:38pm May 16, 2010 12:38pm
In my opinion to trade for an income you would need 50-100K otherwise you are overmargining or overtrading and risking higher lots than you should to make an income.
  • #1,650
  • May 16, 2010 12:49pm May 16, 2010 12:49pm
Bob,
Do you still have those positions ( the ones you're trading for someone else) hedged. If so, at some point, won't you have to give up on them and take the loss if things continue to run? I'm really pulling for you to get out of those trades successfully. Can you share your strategy with us. thanks
  • #1,651
  • May 16, 2010 6:16pm May 16, 2010 6:16pm
Quoting Toothman
Bob,
Do you still have those positions ( the ones you're trading for someone else) hedged. If so, at some point, won't you have to give up on them and take the loss if things continue to run? I'm really pulling for you to get out of those trades successfully. Can you share your strategy with us. thanks
I am trying to unhedge them now. Using a sell on the chf/usd and buy on gbp/usd. Because the one side of the hedge has made a profit I can now come back the other way and try to reduce the debt to the profit made or get as close as I can. If it works as planned my loss will be much less than just taking a loss. Basically you hedge until you get a MA cross on a 1H or 4H chart to go back the other way. When the cross happens it is just like normal trading using my system. I add a level and away we go.
  • #1,652
  • May 16, 2010 10:44pm May 16, 2010 10:44pm
Quoting nanningbob
I dont know if anyone is making a living trading. Trading is more of investment to me. If you try to make a living you get into a concept of I have to make xx dollars a week or month and you put this artificial...
I agree. I think if you want to make a living from trading you should have at least enough money to survive 1-2 years without any trading.
  • #1,653
  • May 17, 2010 4:05am May 17, 2010 4:05am
Quoting bluemele
Hey Bob...
Hi

Bluemele sent me a PM asking how I was getting along with this system. I have attached my results for the last 2 months. As you can see I am very much in profit (this is a live account), although have some DD dating back to 29th April. I am using Bob`s Version 4 with defaults plus the mptm.

The events of first week of May resulted in less profit and hope we do not see that sort of thing again for some time to come. I had to deposit another $1K to ensure that my margins were safe. I have complete faith in BOB and his system and the events of couple of weeks ago totally vindicated the system. It may be an idea to get a revised list of recommended pairs to trade since some pairs are correlated and if the currency is going against the trade it would multiply the losses.

I hope this has helped.

Kind Regards
P.s. I am not placing any more trades till Bob thinks it is safe to do so, maybe by the end of the week.
Attached File(s)
File Type: xls nb 2 months results.xls   147 KB | 290 downloads
  • #1,654
  • May 17, 2010 7:49am May 17, 2010 7:49am
Ok, can someone help me out with what I am doing wrong?

I would be profitable, but due to these 'mistakes' I keep losing money (minor amounts) using the EA's....

Ok, I am applying the EA as usual through the template file.

I have updated all the EA's through save--> Compile

Basically, I started demo w/ .07 lots estimating a 50K account. Now, I have 600.00 and live w/ .01 lots for testing. However, it keeps reverting back to .07 lots!

It has done this now 3 times and I don't know what is going on!

I just close them when I see .07 and don't wait for profit. I would be very profitable and I would like this to stop happening.

On the attached image, you can see how it was opening .01, then it changed all the sudden to .07 and I was busy trading futures!!! Strangeeeeeeeeeeeeeeeeee..................

Again, I have recompiled all the EA's for .01 and the templates are pulling those directly.

Thanks...
Attached Image (click to enlarge)
Click to Enlarge Name: bug.jpg Size: 357 KB
We are our own best indicator.
  • #1,655
  • May 17, 2010 8:06am May 17, 2010 8:06am
Quoting astral77
Hi

Bluemele sent me a PM asking how I was getting along with this system. I have attached my results for the last 2 months. As you can see I am very much in profit (this is a live account), although have some DD dating back to 29th April. I am using Bob`s Version 4 with defaults plus the mptm.

[color=black][font=Verdana]The events of first week of May resulted in less profit...
Thanks for sharing. Great job!
We are our own best indicator.
  • #1,656
  • May 17, 2010 8:16am May 17, 2010 8:16am
[quote=bluemele;3730510]Ok, can someone help me out with what I am doing wrong?

I would be profitable, but due to these 'mistakes' I keep losing money (minor amounts) using the EA's....

[quote]

I do not know what is going on there. However, I do not bother with compling and just change the lot setting in the normal way as with any other EA. My suggestion is delete the EA files both mq4 and ex4 and reload the EA without compiling and change the lot setting in the EA`s properties menu. Bob should be up and about soon he may have better suggestion.

Kind regards
  • #1,657
  • May 17, 2010 9:58am May 17, 2010 9:58am
Set your lots to 0.01 and then save this as a new template. Do this for buy and sell. Then this should be ok.
  • #1,658
  • May 17, 2010 2:58pm May 17, 2010 2:58pm
Quoting Patreze
Set your lots to 0.01 and then save this as a new template. Do this for buy and sell. Then this should be ok.
I actually did all that, a couple of times... Now I think I have done it about 12 times to be certain... haha

Quote
I do not know what is going on there. However, I do not bother with compling and just change the lot setting in the normal way as with any other EA. My suggestion is delete the EA files both mq4 and ex4 and reload the EA without compiling and change the lot setting in the EA`s properties menu. Bob should be up and about soon he may have better suggestion.

Kind regards

Thanks! I usually let it pull directly from the EA once I save it and have 'global' settings I guess instead of changing them per screen because as I take them off, I forget to put them on. etc...

If you look at my ticket sheet, it opened up several .01 orders, and then all the sudden started opening up .07 orders after I had been away from the computer for a couple hours.

I guess that is why you never are away while the EA plays...
We are our own best indicator.
  • #1,659
  • May 17, 2010 5:18pm May 17, 2010 5:18pm
Dear Bob

If anyone had any doubts about your trading system / philosophy the events of the last two weeks should have settled their doubts once and for all. The system was put to the test and it passed with flying colours. Movements of 300, 400 or even 600 pips were in abundance. Many of us were facing large DDs and were quite anxious. Some people cut their losses, some stuck to the system religiously and rode the storm, and some people did half and half. Needless to say the second group were the winners. I belong to the last group and with hindsight wished that I had kept my nerves.

The lesson I learned from the whole saga was to realize the weak link in my trading is not the system, indicators, brokers, etc. The problem lies with discipline and psychology of trading and controlling my emotions. All of these with a $1k account and $250 DD. I dread to think of what would have been my trading behaviour if it was a $10 account and DD of $2.5K or even worse $100K account with $25K DD. I do not think my case is unique in FF. Reading people’s writings here in FF I gather most people are very much like me (i.e. mid income, full time job, Mortgage, pension, investments, family commitments, etc), trading small amounts we can lose and hoping to master forex with a view of investing more substantial sums when we are confident of success.

Whilst we are concentrating on technical aspects we are neglecting the most important aspects of trading psychology. The title of this post is "Top 4 things successful traders do" which is an article in investopedia and can be found here ( http://www.investopedia.com/articles...tner=fxweekly5). Please read it and follow the links also. I found it quite helpful, hope you do to.

Bob as our guru and an experienced trader your guidance is very much valued. I would be grateful if you could give us your input. Another topic which we need your help is the use of hedge in situations we experienced couple of weeks ago. I would be grateful if when the opportunity arises you show us an example of how this recovery is done. My apologies for such a long and boring post.

Kind Regards
  • #1,660
  • Edited 10:42pm May 17, 2010 10:26pm | Edited 10:42pm
Good article, solid read. It is organized and spelled out some solid thoughts.
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