Dislikedhey! thanks for that! that helps a lot.
just do the math. we'll be taking less trades obviously. but i mean even if we do 40 trades a month.... winning 24 of those and losing 16 of them (60%) @ 100 pips per trade multiply by the lot size you use..... that's a lot of money. using half lots or .3 lots per se.
Ignored
- #467
- Sep 22, 2010 11:37am Sep 22, 2010 11:37am
woooo....i just see now that the majority are at -500 and have cut their losses on this one.....
i don't know.... if i should try from here or just cut it where it is right now.
Sometimes doing that costs me, but I use the 500-600 pip range to do these types of hedges IF the RWB's are looking pretty.
If the RWB's are shite and I am at -550 pips, I just let it go and either close it out or hedge it for a later date.
We are our own best indicator.
- #468
- Sep 22, 2010 11:38am Sep 22, 2010 11:38am
hey! thanks for that! that helps a lot.
i ran it through all the charts.
you remember we've been talking about straight up trading? and my calculations of how much we could make if we could win even 60% of the time?
i think this ATR will really help a lot. maybe even close to +10% in our favour which is a lot.
i saw you mentioned rather following this over the macd.
i have no comment on that. But i think overall, atr + the stoch and bb and the ea..... i really think we can score close to 60% win rate.
just do the math....
We are our own best indicator.
- #469
- Sep 22, 2010 11:43am Sep 22, 2010 11:43am
I started trading the NB method about a week and a half ago, Im on lv3 on 2 of my trades currently and lv2 on one.
only 3 trades made profit, but far less profit than is being lost.
I am following the strategy to a T and only entering in on Primary trades.
Please someone tell me that the reason for this is because of the market conditions... and if so is this common? also is there any way to filter out trades in conditions like this?
I have read many good things about the strategy, but am yet to experience any positive performance.
This is probably the worst or 2nd worst since I have started.
I think the key is that you measure your performance in a Month, not on a daily basis. You will have too many emotional roller coasters if you evaluate daily and let it bother you.
I think you have to say to yourself, OK, drawdown @ 10%, cool, that just means more pips down the road.
More sweat equity that you have poured into your business.The road to ruin is the idea that you can avoid DD and cut your losses using this strategy. If DD is too much, than lower your lot sizes.
If you do this and follow this strategy, you will make 6% to 15% per month! Yes, you will have a month where you will maybe lose 10%!
Big whooooop!
Keep the faith, stay the course, everything retraces and usually to the 50% fib!
Mark that fib on your chart, and just spend time away from your charts and keep telling yourself you did everything right, so if it fails it isn't you that failed, it is just a bad month. Trust me, this month is not soo good, but I am excited because I already picked up 300 pips today! haha... Edit: Sorry, 230 pips. $1.1 per pip = woohooo....
We are our own best indicator.
- #470
- Sep 22, 2010 11:48am Sep 22, 2010 11:48am
Last week I started this system...
Already 1400pips DD....and get only small pips....
It is hard to have patience....
I am -7000 pips drawdown on one account! haha...
Am I worried, nope. I will make it back. I don't let it bother me because I have made the decision not to let it bother me.
If you expect to win every day or every month, then trading is not for that person. You will lose lots of money.
That is why I have always found success in business. I realized from reading lots of books and seminars, audio's etc.. that the truly wealthy people all took on some educated risk. (not so for the employee type)
You are no dummy, this system has performed for quite a while, market dynamics haven't changed significantly enough to worry anyone.
Next week everyone will forget about this and be talking about how cool the pips are etc... Then 2 weeks from now we will all be complaining about XXX/XXX pair going crazy and we hope there is a retrace... haha...
We are our own best indicator.
- #472
- Sep 22, 2010 12:02pm Sep 22, 2010 12:02pm
You picked a hell of a time to start. Hahaha...
This is probably the worst or 2nd worst since I have started.
I think the key is that you measure your performance in a Month, not on a daily basis. You will have too many emotional roller coasters if you evaluate daily and let it bother you.
I think you have to say to yourself, OK, drawdown @ 10%, cool, that just means more pips down the road.
The road to ruin is the idea that you can avoid DD and cut your losses using this...
Also has anyone tried programing any of these EA's for use with NinjaTrader? I dont specifically like retail forex brokers and would like to run this system on IB or something a bit more professional.
PS. 4H Pinbar on EUR/USD, we may be headed south finally
- #474
- Sep 22, 2010 2:00pm Sep 22, 2010 2:00pm
It is a shame I think he had a lot to offer and I know he will be reading these from time to time. So Hippo If you are reading, please come back my friend. In life I always try to be polite my philosophy being that you can get more out of people by being polite to them, but that is me. I think hippo has some ideas which may be useful in the long run. The way I think of it is if people make 1000 suggestions of which 999 is rubish but one is quite useful then the whole excersie is worth it!
By the way Blue when you say ATR does not work, did you...
It is just some more fuzz on the screen to me with this technique. I went through quite a bit of historicals from the original ideas and it didn't 'ring' to me. It may work with a non-discretionary EA or make it take less trades.
However, when you are pippin left and right trying to get at least 30 here, 30 there, I don't see this as a benefit.
People are focused on NO DD. Good luck...
Not my battle. While they are focused on 'improving', I will be focused on growing my bank account. Not to say they won't be doing both...
EDIT: one more comment. At what point and at how many indicators will it be to the point where no DD occurs? I guess maybe I am a bit more pessimistic, but all I see is people who want to remove the risk due to fear. Nothing wrong with that because a healthy 'fear' of the market is key, but it becomes an obsession from people who actually never make money and just contaminate their thinking to you.
Just my 2 cents..
We are our own best indicator.
- #475
- Sep 22, 2010 2:04pm Sep 22, 2010 2:04pm
I hear ya, I just picked the wrong time to start. Currently my risk% for all 3 open trades is barely 5.5% so I started extremely tight. I did this because I went straight to live account. Reason for this is the system seems to be 90% mechanical and 10% discretionary and I am no dummy so I knew i would pick it up fairly quickly. I usually just trade PA using Fib retracements, S & R and areas of confluence on the daily and am doing fairly well, however I wanted something more. So far I like what Ive read and I like the attitude of the traders on this...
I love NT 7, but boy is it buggy! I wouldn't put an EA/Strategy on that thing live for quite a while...
That pinbar was looking good until it just retraced 40 pips! Keep going baby! If you don't, I still love you anyways... hahahaha...
We are our own best indicator.
- #476
- Sep 22, 2010 2:54pm Sep 22, 2010 2:54pm
Hey Buddy, keep the faith!
I am -7000 pips drawdown on one account! haha...
Am I worried, nope. I will make it back. I don't let it bother me because I have made the decision not to let it bother me.
If you expect to win every day or every month, then trading is not for that person. You will lose lots of money.
That is why I have always found success in business. I realized from reading lots of books and seminars, audio's etc.. that the truly wealthy people all took on some educated risk. (not so for the employee type)
You are no dummy,...
7000pips!!!
You are strong....is it your biggest drawdown?ummmm....of course I know I must be patient with a certain drawdown, but 7000pips...? ummmm......
Check out my drama! haha... this is a Micro test account. I am at about 1300 balance with 50% DD (10 cent trades)... I am not worried. Getting ready to close out a couple L1's for losses if the market moves further. Larger account (25K, $1.1 per pip is 6% DD).
- #478
- Sep 22, 2010 3:57pm Sep 22, 2010 3:57pm
i only put up the atr on all my charts for the first time thanks to astral a couple of hours ago.
you know what it reminded me off? it reminded me of the coral in the thv system.
you know what it reminded me off? it reminded me of the coral in the thv system.
I did extensive backtesting and research on the ATR. I don't think it helps.
No Ninja... I disagree that others are more 'professional', but that is relative and subjective...
I love NT 7, but boy is it buggy! I wouldn't put an EA/Strategy on that thing live for quite a while...
That pinbar was looking good until it just retraced 40 pips! Keep going baby! If you don't, I still love you anyways... hahahaha...
We will see if it breaks the top of that pinbar, it seemed like a picture perfect one, long nose and just about touching a key point of resistance!