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  • #41
  • May 17, 2010 11:20pm May 17, 2010 11:20pm
Can anyone let me know how mechanical is this system.
  • #42
  • May 17, 2010 11:27pm May 17, 2010 11:27pm
Quoting AndsX
Can anyone let me know how mechanical is this system.
Very mechanical. You have a couple of simple signals and then you react. Stop loss and target don't change although sometimes you will cut it short or cut your loss of course.

Have you watched Mikes videos on the fxpivotpoint.com youtube page? You will see the arrows on his MT4 charts and then he switches over to his trading account screen every so often...best approach when using this system sometimes too is to just break up your trade into 2-3 positions so you can exit partially.

Take care,

Donnie
  • #43
  • May 18, 2010 12:23am May 18, 2010 12:23am
Quoting uraceulose
Very mechanical. You have a couple of simple signals and then you react. Stop loss and target don't change although sometimes you will cut it short or cut your loss of course.

Have you watched Mikes videos on the fxpivotpoint.com youtube page? You will see the arrows on his MT4 charts and then he switches over to his trading account screen every so often...best approach when using this system sometimes too is to just break up your trade into 2-3 positions so you can exit partially.

Take care,

Donnie
Hi Donnie,

I checked out the videos. It looked like from the videos that there were some signals that's not taken. Is that part of the rules or it's a discretion.

Thanks for your answers.
  • #44
  • May 18, 2010 12:28am May 18, 2010 12:28am
Quoting AndsX
Hi Donnie,

I checked out the videos. It looked like from the videos that there were some signals that's not taken. Is that part of the rules or it's a discretion.

Thanks for your answers.


Ands,

You must always use your best discretion. At the same time, the whole system isn't on the videos of course. There are other "signals" that help you to know when to back off and when to go ahead and enter.

The main thing is though why a lot of those signals you see on the video are not taken is because they go against the number one "rule" when day trading the pivots...long when above daily pp, short when below.

If the system says go long when we're below S2 for the day...it's time to use some discretion and back off. This is an easy example of course and there are days where price bounce back and forth above and below but you'll either learn to trade those days or learn to not trade those days(either one works for me cause there are at least 3 other major pairs to use this system on)

Happy pippin
  • #45
  • May 18, 2010 1:41am May 18, 2010 1:41am
Quoting uraceulose
Ands,

You must always use your best discretion. At the same time, the whole system isn't on the videos of course....
Thanks Donnie. I assume the system generates some signals and based on certain more indicators like pivot you take the trade or not.

I asked more about discretion because that's the unclear part of any system and i feel that makes the system profitable or not.
  • #46
  • May 18, 2010 1:53am May 18, 2010 1:53am
Quoting AndsX
Thanks Donnie. I assume the system generates some signals and based on certain more indicators like pivot you take the trade or not.

I asked more about discretion because that's the unclear part of any system and i feel that makes the system profitable or not.
This will always have a huge affect on your profitability in any type of trading.

Discretion:the power or right to decide or act according to one's own judgment; freedom of judgment or choice: It is entirely within my discretion whether I will go or stay.

Even though you are using a system, you must always use sound judgement and not take a trade if it's wrong on 4 out of 5 TFs but correct on the "system"..
  • #47
  • May 18, 2010 2:23am May 18, 2010 2:23am
I really like to buy your ebook and try up the system. But I'm using a Mac. There is no IE to view your web.. Any advise?

Thanks
  • #48
  • May 18, 2010 2:30am May 18, 2010 2:30am
Quoting uraceulose
This will always have a huge affect on your profitability in any type of trading.

Discretion:the power or right to decide or act according to one's own judgment; freedom of judgment or choice: It is entirely within my discretion whether I will go or stay.

Even though you are using a system, you must always use sound judgement and not take a trade if it's wrong on 4 out of 5 TFs but correct on the "system"..
I understand discretion is important but system is also more important. If we have a strong confidence on the system then even if it generates lot of bad signals you will continue to hold on to that system.

If two people use the same system will they have the same performance by strictly following the system rules?

I might sound too pessimistic but it's because of various systems that i have used which promises so big but at the end the rules are very unclear and performance is way out of the line even if followed religiously.
  • #49
  • May 18, 2010 2:39am May 18, 2010 2:39am
Ands,

Have you ever messed around with the pivots just on demo or with a real small live account?
It's a lot easier to understand as you actually trade it, there will be losses don't get me wrong. But this is why you must always use strict MM.
If the system generates a lot of bad signals, I would say dump it..
2 people will never achieve the same results for the simple fact that most people trade different lot sizes...1000 dollars/ pip is going to be treated far different from 10 cents no matter how you slice it. It's nice to think that you treat your 10 cent account like the 1000 dollar guys but when you're trading 1K/pip or so and a trade runs 5 pips in your favor...you move to BE or close way quicker and vice versa.

But this is where I mean you have to just use discretion. I truly try and treat my account as if it was billions. I don't always trade it the way I should because emotions get involved and then discretion goes out the window
  • #50
  • May 18, 2010 1:47pm May 18, 2010 1:47pm
Quoting uraceulose
Ands,

Have you ever messed around with the pivots just on demo or with a real small live account?
It's a lot easier to understand as you actually trade it, there will be losses don't get me wrong....
Donnie,

I have used a pivot based system in the past. I assume i got a good understanding on it. I understand there is a huge difference between trading a $100 acct vs trading a huge account. What i meant was give the trading system to two robots will it have the same entries. We don't have to worry about the TP.

Do you have any performance history on this system
  • #51
  • May 18, 2010 1:52pm May 18, 2010 1:52pm
Quoting AndsX
Donnie,

I have used a pivot based system in the past. I assume i got a good understanding on it. I understand there is a huge difference between trading a $100 acct vs trading a huge account. What i meant was give the trading system to two robots will it have the same entries. We don't have to worry about the TP.

Do you have any performance history on this system


If you gave this system to two robots then yes it would have the same entries.

I don't know of any performance history other than my personal account balance and the amount of trades that I've taken. If you are patient, YOU MUST BE PATIENT TO TRADE THIS SYSTEM OR FOREX FOR THAT MATTER. You can trade this system with 70-80 percent success.

The harder part in the beginning is learning when to cut your losses when scalping..
  • #52
  • Edited 6:03pm May 18, 2010 3:27pm | Edited 6:03pm
Quoting uraceulose
If you gave this system to two robots then yes it would have the same entries.

I don't know of any performance history other than my personal account balance and the amount of trades that I've taken. If you are patient, YOU MUST BE PATIENT TO TRADE THIS SYSTEM OR FOREX FOR THAT MATTER. You can trade this system with 70-80 percent success.

The harder part in the beginning is learning when to cut your losses when scalping..
I think going with a hard SL and TP is better since it takes away the emotion from the trade after you enter. Will that work with this system and still have that success percentage.
  • #53
  • May 19, 2010 9:13am May 19, 2010 9:13am
Quoting fratelli
Hi

Sure I will post about this system, as I try it out.

So lets hope it produce ok

But I will let you know

Regards

Peter
Sorry for the late reply. That sounds great! I hope it does produce. Looking forward to your posts. I appreciate it.

John
  • #54
  • May 19, 2010 9:16am May 19, 2010 9:16am
Quoting realjumper
Hi John,

If it's any help to you, in a few weeks time I will post a complete month of only trading this system.....I was going to start my month last week but circumstances prevented me from doing that, but I'm on track now....
That would be great realjumper! I would really appreciate that. I hope it does well for you! Hope to see the monthly report soon. Thanks

John
  • #55
  • May 19, 2010 3:11pm May 19, 2010 3:11pm
Quoting AndsX
Thanks Donnie. I assume the system generates some signals and based on certain more indicators like pivot you take the trade or not.

I asked more about discretion because that's the unclear part of any system and i feel that makes the system profitable or not.
Donnie is right on the money.

It's not an ea.

You'll need to use 'other trigger' when making your decision.

That's why I've included content on pivots, fibs... etc.

Mike
  • #56
  • May 19, 2010 3:12pm May 19, 2010 3:12pm
Quoting AndsX
I think going with a hard SL and TP is better since it takes away the emotion from the trade after you enter. Will that work with this system and still have that success percentage.
It will.

Mike
  • #57
  • May 19, 2010 3:13pm May 19, 2010 3:13pm
Please check out my newest site.

theforexfocus.com

Mike

ps - it's free.
  • #58
  • May 22, 2010 1:51am May 22, 2010 1:51am
Quoting acumen
Please check out my newest site.

theforexfocus.com

Mike

ps - it's free.
I would like to register but I cant find your register link.
PCW
  • #59
  • May 23, 2010 7:21am May 23, 2010 7:21am
Quoting 4xjunkie
I would like to register but I cant find your register link.
PCW
when you first go to the site you should see the pic attached.

if you don't - just hit the login button and you should see the pic attached again.

thanks.

Mike
Attached Image (click to enlarge)
Click to Enlarge Name: Register.png Size: 11 KB
  • #60
  • May 23, 2010 8:06am May 23, 2010 8:06am
what is it to look at you only got one thread and 4 pages in it dont even see a link to you pdf if i would like to by it.

best regards
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