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ALF revisited - simple, effective daytrading

  • #221
  • Jun 3, 2010 12:05pm Jun 3, 2010 12:05pm
Use buy, sell and close scripts that you can hot-key to place and close trades.

If you can't find such scripts by searching (but you can) I will post the ones I use (once I modify them - right now they only work on 4 decimal brokers).
Old Benjamin was right
  • #222
  • Jun 3, 2010 12:11pm Jun 3, 2010 12:11pm
Quoting Lou G
... for demo-addicted traders.

I know that this is true because I have done it:

If you are demo-addicted but really want to learn to trade, open a mini account and trade real money. Use 10 cent pips if you have to. Trading only on demo is like playing Monopoly when you aspire to be a real estate investor.

Trading real money changes the game, even if a 20 pip stop represents a risk of $10 or less. You will absolutely do things differently when cash is involved.

IMHO...

So true Lou, and not to mention it won't do a damn thing for your discipline and patience, which happen to be the 2 BIGGEST needs for trading.
Demo should only be used to get a "feel" for your trading platform, nothing more.

MM
  • #223
  • Jun 3, 2010 12:45pm Jun 3, 2010 12:45pm
Quoting Lou G
Use buy, sell and close scripts that you can hot-key to place and close trades.

If you can't find such scripts by searching (but you can) I will post the ones I use (once I modify them - right now they only work on 4 decimal brokers).
EDIT: Or, since using scripts will force you to learn how to compile code, use F9 to get into the standard ordering screen, place your order instantly by clicking BUY or SELL and set stop/take profit later by using the MT4 order-modify process. Lots will use the default you have set in Tools/Options/Trade on your MT4 platform.

Either way, the point is to place your order promptly once a decision to trade is reached. Practice doing this on demo (the only thing demo is really good for).
Old Benjamin was right
  • #224
  • Jun 3, 2010 1:05pm Jun 3, 2010 1:05pm
Made +20 today GU but left a lot on the table

LouG please do comment

thanks

http://content.screencast.com/users/...06-04_0401.png
  • #225
  • Edited 1:24pm Jun 3, 2010 1:05pm | Edited 1:24pm
Quoting Lou G
... has everyone who has had platform/indicator issues gotten them resolved?

I hate seeing a post that says "the indicators don't appear" followed by a half dozen members riding to the rescue, followed by .......... nothing!

If you are having trouble getting the setup working, speak now.

Thanks for continuing the work, Lou. It is all looking very good. Thanks for your generosity in sharing this.
Blessed is the man who finds wisdom...
  • #226
  • Jun 3, 2010 1:12pm Jun 3, 2010 1:12pm
Quoting hoichoi
Made +20 today GU but left a lot on the table

LouG please do comment

thanks

http://content.screencast.com/users/...06-04_0401.png
All looks good to me. You might want to post your charts as thumbnails in the future to avoid having them re-appear when quoted - try File/Save As Picture/Active Chart (as is)/OK and then save your chart and post from there...
Old Benjamin was right
  • #227
  • Jun 3, 2010 1:14pm Jun 3, 2010 1:14pm
... is still alive. Good for 70+ pips last I looked.
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 10 KB
Old Benjamin was right
  • #228
  • Jun 3, 2010 1:17pm Jun 3, 2010 1:17pm
Quoting Lou G
First possible exit at bar C (exit rule #2) when bar turned green (which it did as soon as it opened) was good for +30 or so.
Blessed is the man who finds wisdom...
  • #229
  • Jun 3, 2010 1:21pm Jun 3, 2010 1:21pm
Quoting MrSmith
Excellent.
Old Benjamin was right
  • #230
  • Jun 3, 2010 1:21pm Jun 3, 2010 1:21pm
Quoting Lou G
... for demo-addicted traders.

I know that this is true because I have done it:

If you are demo-addicted but really want to learn to trade, open a mini account and trade real money. Use 10 cent pips if you have to. Trading only on demo is like playing Monopoly when you aspire to be a real estate investor.

Trading real money changes the game, even if a 20 pip stop represents a risk of $10 or less. You will absolutely do things differently when cash is involved.

IMHO...
I did exhaustive demo trading, which was somewhat beneficial, but when I started live trading -- that was a completely different experience. The adrenalin and emotions have to be felt in order to understand how to deal with them and make the correct decisions without letting them influence your rules.
Blessed is the man who finds wisdom...
  • #231
  • Jun 3, 2010 1:30pm Jun 3, 2010 1:30pm
Quoting MrSmith
I did exhaustive demo trading, which was somewhat beneficial, but when I started live trading -- that was a completely different experience. The adrenalin and emotions have to be felt in order to understand how to deal with them and make the correct decisions without letting them influence your rules.
Thank you!

I put "Trading In The Zone" by Mark Douglas on the required reading list for the original ALF thread. That still holds good...
Old Benjamin was right
  • #232
  • Jun 3, 2010 1:58pm Jun 3, 2010 1:58pm
...an illustration of Exit Rule #1.

PA and ALF meet - +49 pips net spread.

Obviously, this exit rule is only invoked when the price move is long enough to allow ALF to bend with the trade.

Shorter trades need either rule #2 or 3.
Attached Image (click to enlarge)
Click to Enlarge Name: alf.gif Size: 11 KB
Old Benjamin was right
  • #233
  • Jun 3, 2010 2:11pm Jun 3, 2010 2:11pm
Think of this method as a toolbox containing the best power tools money can buy. They will make your job of building a house much easier - but you will still have to learn how to build a house.
Old Benjamin was right
  • #234
  • Jun 3, 2010 4:14pm Jun 3, 2010 4:14pm
Quoting Lou G
...an illustration of Exit Rule #1.

PA and ALF meet - +49 pips net spread.

Obviously, this exit rule is only invoked when the price move is long enough to allow ALF to bend with the trade.

Shorter trades need either rule #2 or 3.
I took the exactly same trade!
  • #235
  • Jun 4, 2010 6:16am Jun 4, 2010 6:16am
Quoting bbolss
i have win 7 and all works fine
Congrats Bbolss! Could please post a couple of screenshots with your entries? TIA!
  • #236
  • Jun 4, 2010 6:19am Jun 4, 2010 6:19am
Quoting Lou G
Think of this method as a toolbox containing the best power tools money can buy. They will make your job of building a house much easier - but you will still have to learn how to build a house.
Lou,

For a short trade, are you waiting for the color of the candle to change red in color before entering below the ALF (if candle is peeling/pulling away)? B/c the candle could start out as black/white and change colors...Right? TIA!
  • #237
  • Jun 4, 2010 6:26am Jun 4, 2010 6:26am
Quoting bnbb2004
Lou,

For a short trade, are you waiting for the color of the candle to change red in color before entering below the ALF (if candle is peeling/pulling away)? B/c the candle could start out as black/white and change colors...Right? TIA!
ALF_Candles also looks at S/R - better if PA breaks through prior S/R before taking the trade. The color change takes place when S/R is broken.
Old Benjamin was right
  • #238
  • Jun 4, 2010 6:54am Jun 4, 2010 6:54am
Big move down but I most happy with the 25pips I take on NFP day Thx again to you LouG
  • #239
  • Jun 4, 2010 7:07am Jun 4, 2010 7:07am
Quoting driftwood
Big move down but I most happy with the 25pips I take on NFP day Thx again to you LouG
Hats off to those brave enough to trade on NFP day - nice going.
Old Benjamin was right
  • #240
  • Jun 4, 2010 7:13am Jun 4, 2010 7:13am
ahha brave or dumb?
NFP expect be good for dollar and French PM make bad euro comment so I base ALF trade on them things to
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