DislikedI agree with the indicator assessment. However the TrendMagic itself alone will provide enough winners to make it worthwhile. One sure way is to trade the open London and trade every signal till goal is achieved. Total $ made is like at least 2 to 1 if say the s/L is 10 pips. Most days achieve goal of say 20 pips within an hour from the open.Ignored
- #4,564
- Jul 22, 2010 4:31pm Jul 22, 2010 4:31pm
- Joined Apr 2007 | Status: vincit qui se vincit | 6,251 Posts
Vincit qui se vincit.
- #4,565
- Jul 22, 2010 5:30pm Jul 22, 2010 5:30pm
Paul the Lion,
what a pleasure to see you back here. You know, I wanted to PM you but you had it disabled so I'm going to lay out most of what I wanted to say right here (I would still like to have a more private conversation later on, though).
I stumbled upon your profile on July the 8th, if memory serves me right. From there, it wasn't a long way to this thread. It seemed quite interesting and in 11 days or so I read the whole thread. I tested 90% of the indicators posted here, scrapping some and keeping others. I traded you original system and I also traded Edgetrader's many systems that he laid out in this thread (those that have read the whole thread know that Edge kept improving his systems and by the end of the thread, he had quite a few of them, though he was only using one or two at a time).
I learned a lot from this thread. I learned a lot from you Paul (your loyalty to the original system was something that I found very useful, especially the constant reposting of charts with the original setups; your constant references to the original setup were like a warm reminder of what the thread was all about, sort of like being in a foreign country with an old friend to keep you company), from TudorGirl (haters gonna hate, but her posts were very enlightening taken in context), from Nisha4x (pivots were a nice addition) and most of all, from Edgetrader (his thorough and lengthy explanations pushed me one step closer to realizing what this is all about, especially his position that it's not about the # of pips, but % in your account). Reading this thread also introduced me to the 'ignore' button, which is kind of sad because the users that ended up there could've just used the system and ask for help instead b...ing.
Here are the three key things that I learned (might differ from others' experience):
1 It matters a lot when you trade. Leaning on the information gleaned from this thread, I've come to appreciate the London/Asia overlap and the London/US overlap sessions. On more active days, I also like the time in between. One nice thing about limiting myself to the overlapping sessions is that I will limit my time spent behind charts to a set amount that is not to be exceeded. This means better concentration and more free time. I like it.
2 If you're going to use indicators, you don't need a lot of them. But you do need to know what they're about, whether they repaint and if they can be replaced or improved (more on that later) and whether they complete each other or show the same thing in a different way. I've never been an indi 'hater', but I've always had doubts about them. I am now wiser when it comes to indicators.
3 Pips don't matter as much as percentages do. I feel like a bonehead because it took me so much to finally realize this. Thanks, Edge!
After having finished reading the thread last Sunday, I came away with 16 templates in my MT4 folder. Or was it 18?
Well, I guess we all know that that's just a tad bit too much, isn't it? So I spent this week 'stress testing' those systems. I also spent some time stress testing the indicators and I discovered quite a few surprising things (I will post the results in another post). As of today, I have 4 templates - two of which I use to trade with and two that I haven't yet had the time to test. I can tell you that your original setup was one of those two that survived the tests. The other was a variation of Edge's 5 minute scalping setup (if any of the new readers want to know what I'm talking about, don't bother asking, just read the thread. Yes, the whole thread).
I will post my indicator stress test results soon. Getting real late here, better head off to bed.
what a pleasure to see you back here. You know, I wanted to PM you but you had it disabled so I'm going to lay out most of what I wanted to say right here (I would still like to have a more private conversation later on, though).
I stumbled upon your profile on July the 8th, if memory serves me right. From there, it wasn't a long way to this thread. It seemed quite interesting and in 11 days or so I read the whole thread. I tested 90% of the indicators posted here, scrapping some and keeping others. I traded you original system and I also traded Edgetrader's many systems that he laid out in this thread (those that have read the whole thread know that Edge kept improving his systems and by the end of the thread, he had quite a few of them, though he was only using one or two at a time).
I learned a lot from this thread. I learned a lot from you Paul (your loyalty to the original system was something that I found very useful, especially the constant reposting of charts with the original setups; your constant references to the original setup were like a warm reminder of what the thread was all about, sort of like being in a foreign country with an old friend to keep you company), from TudorGirl (haters gonna hate, but her posts were very enlightening taken in context), from Nisha4x (pivots were a nice addition) and most of all, from Edgetrader (his thorough and lengthy explanations pushed me one step closer to realizing what this is all about, especially his position that it's not about the # of pips, but % in your account). Reading this thread also introduced me to the 'ignore' button, which is kind of sad because the users that ended up there could've just used the system and ask for help instead b...ing.
Here are the three key things that I learned (might differ from others' experience):
1 It matters a lot when you trade. Leaning on the information gleaned from this thread, I've come to appreciate the London/Asia overlap and the London/US overlap sessions. On more active days, I also like the time in between. One nice thing about limiting myself to the overlapping sessions is that I will limit my time spent behind charts to a set amount that is not to be exceeded. This means better concentration and more free time. I like it.
2 If you're going to use indicators, you don't need a lot of them. But you do need to know what they're about, whether they repaint and if they can be replaced or improved (more on that later) and whether they complete each other or show the same thing in a different way. I've never been an indi 'hater', but I've always had doubts about them. I am now wiser when it comes to indicators.
3 Pips don't matter as much as percentages do. I feel like a bonehead because it took me so much to finally realize this. Thanks, Edge!
After having finished reading the thread last Sunday, I came away with 16 templates in my MT4 folder. Or was it 18?
Well, I guess we all know that that's just a tad bit too much, isn't it? So I spent this week 'stress testing' those systems. I also spent some time stress testing the indicators and I discovered quite a few surprising things (I will post the results in another post). As of today, I have 4 templates - two of which I use to trade with and two that I haven't yet had the time to test. I can tell you that your original setup was one of those two that survived the tests. The other was a variation of Edge's 5 minute scalping setup (if any of the new readers want to know what I'm talking about, don't bother asking, just read the thread. Yes, the whole thread).
I will post my indicator stress test results soon. Getting real late here, better head off to bed.
If you don't risk, you don't ever have to lose.
