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Nanningbob 4h trading system ver. 5.0

  • #661
  • Aug 13, 2010 1:39pm Aug 13, 2010 1:39pm
hi can anyone help with best method for tp, the new dashboard has several options fixed ,atr, bands etc 1 have it set at 100 but i read that 100 move are rare and 30-50 is more realistic any advice would be helpful, i have only started trading this and have modest gains this week but a few have been profitable and since retraced
  • #662
  • Aug 13, 2010 2:11pm Aug 13, 2010 2:11pm
Quoting censura
hi can anyone help with best method for tp, the new dashboard has several options fixed ,atr, bands etc 1 have it set at 100 but i read that 100 move are rare and 30-50 is more realistic any advice would be helpful, i have only started trading this and have modest gains this week but a few have been profitable and since retraced
Bob's documentation offers a comprehensive list of profit-taking options. Read it properly and you will find all you need to know. I did.

  • #663
  • Aug 13, 2010 2:19pm Aug 13, 2010 2:19pm
Quoting astral77
Although it is not a nice experience being on the receiving end it does make people think twice and reevaluate what they want to say. Bob`s Patience is legendary, he replies patiently to the silliest questions.

You guys are all amazing. I don't want to compare one from the other, but Bob has all the qualities of an educator. He lived his motto: GIVE A MAN A FISH, YOU FEED HIM FOR A DAY; TEACH A MAN TO FISH, YOU FEED HIM FOR A LIFETIME. I have been here for over a week and I find him very approachable. This reminds me of the Great Teacher who said " What gain you get if you only help those of your stature? "
  • #664
  • Aug 13, 2010 2:32pm Aug 13, 2010 2:32pm
steve, i understand but i opened up the folder 5.2 , read through each document 2 times and can no ref to tp this folder has ea1,2,3, multilevel, trading sys, bb, trade like a dealer - cant find it -happy to read if you can let me know where thought it was in the folder
  • #665
  • Aug 13, 2010 2:44pm Aug 13, 2010 2:44pm
Here is my list of results for the week:

gbpcad 10
audcad 10
eurchf 125
audnzd 10
euraud 10
usdjpy 10
eurjpy 10
cadjpy 12
usdchf 10
chfjpy 10
gbpcad 86
chfjpy 41
eurgbp 16
eurjpy 72
nzdjpy 16
nzdusd 20
eurusd 6
eurgbp 10
eurcad 2
eurusd 3
eurcad 10

499 pips for the week. A tiny bit down on my total for last week (527) but a shed-load up in cash due to my reckless upgrading of my lot size from 0.01 to 0.03.

Next week, it is a further increase to 0.05 to reflect the increase in my balance to just sub $500. This is IBFX with their limit of 1:100 leverage, so a lot size of 0.01 per $100 seems about right.

I did not get into 2.4.2 territory this week. I have 4 trades still open, none of them within hailing distance of 2.4.2 territory. Yet.

I have enjoyed the last two weeks. The auto-trader is doing rather well also, but only on demo. What I describe above is pure live, manual trading. Real guts and blood cash success.

  • #666
  • Aug 13, 2010 2:54pm Aug 13, 2010 2:54pm
Quoting censura
steve, i understand but i opened up the folder 5.2 , read through each document 2 times and can no ref to tp this folder has ea1,2,3, multilevel, trading sys, bb, trade like a dealer - cant find it -happy to read if you can let me know where thought it was in the folder
Ahh, sorry; I mis-understood. I am good at this - misunderstanding, I mean.

There is no hard take profit offered by Bob - unless I have missed something. Taking your profits is a different matter. Here is what I have been doing, closing trades when:

 

  1. market hits mptm Atr tp: does not happen very often.
  2. market retraces to mptm jumping stop loss/breakeven + 10: the most common closure.
  3. whitey streaks to the opposite extreme and leaves bluey behind.
  4. market has made a decent profit and is hitting against a major support/resistance, whilst being a few pips shy of its tp.
  5. I have balsed up and am bailing out when I have the opportunity (see some of the tiny profit trades in my earlier post).

I cannot speak for anyone else; this is what I have been doing. Closing trades by hitting a tp figure is rare.

  • #667
  • Aug 13, 2010 4:15pm Aug 13, 2010 4:15pm
This is an answer to a question emailed to me by a thread follower.

I noticed one month you had a negative 3000 pip drawdown (that's what you said) actually 1 month I hit a 4000 pip DD using version 4. After i study this system, and if i use it, i will be using a $50,000USD a/c. i am worried that if i am unlucky and get two 3000+ pip drawdown months, that i would be unable to continue... what is the base capital you are using with your system?

As I explain in my booklets, I trade one penny per hundred dollars. If I had 50,000 I would drop that to 1 penny per 2 or 3 hundred if I traded at 100:1 leverage. If you trade 1.00 = 1 USD on 50K and went 3000 pips in the hole you would be about -3000 and that would be very comfortable. Since my 2.4.2 system requires increased lots on recovery trades the money DD would be closer to 4500 dollars or 10 % of your account. This would be safe trading for your amount. So start with one dollar lots or less and play safe. If you attained results similar to mine over the last 5 weeks at 1 dollar lots you would have made over 5000 dollars or about 10% of your account. You would not have had any problems of endangering your account but would still be making good money on the amount you are using. If I was trading that amount of money that is what I would trade one penny per 2-300 dollars. This gives you plenty of room for using my 2.4.2 recovery system and keeps your account usage to less than 5% almost all the time. 5-10% a month is a great return on your money and I think it would be fairly low risk. The month I had a -4000 DD was the biggest move month since OCT. 2008. So it was a good test of the system. It bends but does not break.

WARNING: I know two guys now that did not follow my advice and rules concerning lot sizes and leverage. One invested over 5000 dollars and another 3000. Both thought they could use one dollar lots when I told them to use dimes. One guy to save his account has had to borrow money and has over 12K and is in the hole 8000 dollars. The other has reduced his 3000 dollar account to 1800. Greed kills you in this business and I cant help them because they dont have enough room to execute my 2.4.2 recovery system so their only course is to wait it out for a reversal, take a SL, or wipe out the account. I dont know how many times I have had to preach this and it seems new traders never learn this lesson until its too late but

SHOVE YOUR D........... GREED IN THE TRASH CAN AND JUST TRY TO GET 10% A MONTH USING DIMES OR PENNIES. DANG IT. YOU ARE NOT GOING TO MAKE A FT LIVING TRADING A COUPLE OF THOUSAND OF DOLLARS, IT IS FOOLS GOLD.

The guy with 50K maybe able to knock down 4-6000 month but you aint doing it with 5K so quit trying. SHEEEEEEEEEEEEEEEESH.
  • #668
  • Edited 4:42pm Aug 13, 2010 4:25pm | Edited 4:42pm
Quoting censura
steve, i understand but i opened up the folder 5.2 , read through each document 2 times and can no ref to tp this folder has ea1,2,3, multilevel, trading sys, bb, trade like a dealer - cant find it -happy to read if you can let me know where thought it was in the folder
The TP section is in the RWB section of the manuals, (Hey I used manual instead of book, I am learning) but simply I have several listed.
1. when white sto reaches other side.
2. When blue sto reaches other side.
3. Stay if blue and white run together, dont stay if they are wide apart. White goes but blue does not.
4. When price reaches the middle BB
5. When price reaches oppposite BB
6. When white or blue cross the red line.
7. When price hits a S/R line (my most common approach)
8. Take the profit, there are plenty of trades. (my 2nd most common approach)
9. One guy here sets his at 50 so every trade he does is +50 from the EA or +10 from the MPTM
10. Some of my TP are based on currencies. Very Volatile 70-100+, NZD and AUD pairs 40+,
11. GUYS taking TP is market reading. If price is bouncing around I take lots of those 20-50 pip profits. If its big news time 100+. Most of my TP are in the 20-50 pip range. I feel I do better grabbing the profit and taking the reentry on the retrace rather than sitting to see if it will move a lot of pips.
12. JPY and early EURO I take 20-50 pips and grab them/ early USD and closing EURO is when you hit the jackpot of 100+ most of the time. After Euro close back to grabbing 20-50. My TP are market time sensitive.

I checked my account for the last 5 weeks. I took 19 profit trades of bigger than 10 dollars. That is 100+ pip moves. I took losses of over 10 dollars 9 times. So my ratio of 100+ pip winners to 100+ pip losers is 2 to 1. I will take that. It also showed my that 12% of my trades are for more than 100 pips or lets say 1 in 10. So take the profit is my motto. It has a lot to do with reading the charts and knowing the market. That you have to learn by experience.

 

  1. My #1 RULE: Dont let a profit trade turn into a lose trade. NEVER NEVER NEVER.
  2. Me I violate that rule still too much. Dumb Bob Dumb Bob.

  • #669
  • Aug 13, 2010 4:29pm Aug 13, 2010 4:29pm
here's my result this week in money US cents (nano lot):

gbpusd-171(L1)248(L2)
gbpcad102.79
eurusd97(L1)10(L1)
eurgbp20.46
audusd49
usdchf75.15
audcad37.65
chfjpy37.58(L1) -128.67(L1)-42.11(L2) 458.59(L3)
eurchf220.29
eurjpy93.51(L1) 105.88(L1)
nzdjpy11.64
cadjpy82.63
cadchf73.4
usdcad96.48
nzdusd39

Total 1 517.27 cents

i use TS 50pips, BE at 10 pips
  • #670
  • Aug 13, 2010 4:30pm Aug 13, 2010 4:30pm
Boy oh boy, but do I recognise a cry (or two) of rage and frustration when I read one?

Hang on in there Bob. Remember the dimwits cannot be saved from themselves. The rest of us recognise the pure gold we are receiving here.

Only a moron fails to recognise what 10% a month represents. These people will fail anyway. There is nothing you can do about them.

Follow my principle. Every time you receive a stupid pm, add the lunatic to your 'ignore' list. They will bother you no further.

  • #671
  • Aug 13, 2010 5:34pm Aug 13, 2010 5:34pm
Hi

The iExposure shows the Breakeven based on the number of trades open. The missing information is , what lot size should be placed at the current price to breakeven with the least amount of retracement.? ie say 20pip retracement at a lot size of ?? will reach Breakeven.

So that a smaller lot size you would need a bigger retracement, and visa versa.


A little difficult to put what i'am meaning into words, hopefully easier to program!!!!
  • #672
  • Aug 13, 2010 5:40pm Aug 13, 2010 5:40pm
Quoting npmjh
Hi

The iExposure shows the Breakeven based on the number of trades open. The missing information is , what lot size should be placed at the current price to breakeven with the least amount of retracement.? ie say 20pip retracement at a lot size of ?? will reach Breakeven.

So that a smaller lot size you would need a bigger retracement, and visa versa.


A little difficult to put what i'am meaning into words, hopefully easier to program!!!!
That info is already there. This is your BE line with the lots you are using. That is the information you want to know. Go read the 2.4.2 section again it tells you how to use lot sizes.
  • #673
  • Aug 13, 2010 5:55pm Aug 13, 2010 5:55pm
Great trading over the last month. I'm beginning to rethink my ultra conservative strategy with this system. I'm spending too much time on the sidelines when I get a couple of trades that go to L2 or L3 against me and afraid to take additional trades on new setups. Your style of trading just about every setup seems to keep you out of trouble with winners adding to your balance while you wait for your negative runners to turn around. I think I'm going to lower my lot size and start taking a lot more secondary trades. As you have said, secondary trades especially with divergence, have even a better chance at a quick TP than a primary trade. Question for you. I've seen you on occasion, take profit on a L3 trade and let the first two levels continue rather than wait until the three trades zero out. What is your thought process on these trades? I'm guessing you're looking at S/R levels. You also have a feel for when to take a loss on a trade and again I'm thinking S/R has a lot to do with your decision. A couple months ago, I saw you take a loss(using profits from other trades to cancel it out) on the USD/CHF. I followed that trade and it eventually would have turned into a death trade even using the 2,4,2 recovery. That feel you have is something I don't have yet so I'll continue to watch and learn from you. Thanks for all your insight and sharing with us.
  • #674
  • Aug 13, 2010 6:11pm Aug 13, 2010 6:11pm
Quoting Toothman
Great trading over the last month. I'm beginning to rethink my ultra conservative strategy with this system. I'm spending too much time on the sidelines when I get a couple of trades that go to L2 or L3 against me and afraid to take additional trades on new setups. Your style of trading just about every setup...
When price is turning around there is 24 hours or more price will bounce up and down so I will take those 30-60 pip trades. If you get 3 of them that can equal the DD after a retrace and you are free. See the 4 black check marks
Attached Image (click to enlarge)
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  • #675
  • Aug 13, 2010 6:48pm Aug 13, 2010 6:48pm
is it possible to trigger a sendmail when RWB cross?
  • #676
  • Aug 13, 2010 7:07pm Aug 13, 2010 7:07pm
Hi,
I have spent some time reading. Where is a good spot to start in this method of trading. Thank you. Ron
  • #677
  • Aug 13, 2010 7:17pm Aug 13, 2010 7:17pm
Try this

http://www.forexfactory.com/showthread.php?t=246113


  • #678
  • Aug 13, 2010 7:27pm Aug 13, 2010 7:27pm
my bestest week since i fully move to NBv5.2

yeah to bob... yeah to bob... yeah to bob... yeah to bob... yeah to bob...

ps : my lot size is inconsistent as i take larger risk, when ever due necessary in price movement.. , my 0.01 = 1 penny/pip

Attached Image (click to enlarge)
Click to Enlarge Name: profits.jpg Size: 229 KB


ps : anyway to find out the pip gains rather then seeing it in term(dollars), as it will be difficult to post my results..
  • #679
  • Aug 13, 2010 7:34pm Aug 13, 2010 7:34pm
Quoting packgreen49
Hi,
I have spent some time reading. Where is a good spot to start in this method of trading. Thank you. Ron
page 1 post 1 and start with primary trades only. When you get the hang of it you can try some of the other setups. Once you get good at reading the BB, you can try some of the other methods.
  • #680
  • Aug 13, 2010 7:39pm Aug 13, 2010 7:39pm
Quoting Forces
my bestest week since i fully move to NBv5.2

yeah to bob... yeah to bob... yeah to bob... yeah to bob... yeah to bob...

ps : my lot size is inconsistent as i take larger risk, when ever due necessary in price movement.. , my 0.01 = 1 penny/pip

ps : anyway to find out the pip gains rather then seeing it in term(dollars), as it will be difficult to post my results..

What I normally do is sort by Symbol and Show profit by Points ..... you can then quickly summarize the various pairs quickly by Currency and Pips, and even then apply the Weekly filter (or customize)
Attached Image (click to enlarge)
Click to Enlarge Name: profits.png Size: 259 KB
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