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  • #3,781
  • Feb 3, 2011 7:42pm Feb 3, 2011 7:42pm
the market got me out of all trades that had a L2 except the EU. The EU was my worst trade.

Got out of the GU that L1 was -200
EA that L1 was -600 and L2 was -200+
EurCad that L1 was -500 and L2 -180

WOW, made 64% of my weekly goal today and that was just getting out of recovery. I have met my min weekly goal so far!!!

Man this is great, it is amazing how things fall into place when you find a system that matches your brain.

Thanks Bob
  • #3,782
  • Feb 3, 2011 9:05pm Feb 3, 2011 9:05pm
Quoting Radio
the market got me out of all trades that had a L2 except the EU. The EU was my worst trade...Man this is great, it is amazing how things fall into place when you find a system that matches your brain.

Thanks Bob
I am glad it worked out. You have demonstrated few things:
1. As Scoobs says trading forex you need BS (no, not that one it stands for Balls of Steel"
2.Importance of correct lot sizing (keep reminding people -2000, -3000 pips is not uncommon with this system).
3. Bobs law regarding a big enough retrace even in a trend (with EXCEPTION of super news stories).

If tomorrow`s NFP is not as good as unemployment news today it may give you a chance of getting out of the EU trade also. crossing our fingers.

I have not been actively manual trading NB since xmas and only taking occasional trades here and there. Will do more by end of the month when we have done our 2010 taxes (the SOBs are trying to overcharge my company). However, I am running the BEAST and NB autotrader by Steve (BOTH based on BOB`s method). Was a good day for the BEAST also. Thus far my account is up by $450 (since 20 OCT 2010), I am running it on FXDD Malta with an opening balance of $2000. Trading 0.01 lots only, recovery 1,1,3,3. So far the highest DD has not exceeded $120.

Once I finish the fight with the dreaded taxman will start proper trading. In the meantime it would be nice if others share their experiences (GOOD or BAD), otherwise, this thread becomes sort of a PM service between the two of us. People should bear in mind we learn more from BAD trades than Good trades.

Off to bed 03:05 gmt, Kind Regards
  • #3,783
  • Feb 4, 2011 1:25am Feb 4, 2011 1:25am
Quoting astral77
I am glad it worked out. You have demonstrated few things:
1. As Scoobs says trading forex you need BS (no, not that one it stands for Balls of Steel"
2.Importance of correct lot sizing (keep reminding people -2000, -3000 pips is not uncommon with this system).
3. Bobs law regarding a big enough retrace even in a trend (with EXCEPTION of super news stories).

If tomorrow`s NFP is not as good as unemployment news today it may give you a chance of getting out of the EU trade also. crossing our fingers.

I have not been actively manual...
you know it is true about the "Balls of Steel"....going thru the recovery process and waiting and waiting and indecision about closing out a loser that is -700 on L1 and -300 on L2 with 4 times the L1 lot size.........one news report, spike, unexpected EU country going down or a fat finger and my acct is done or I am a hero.

even after yesterday I am -500 on the EU. so I am praying the NFP helps me.

I am going to bed now and will get 5 hours sleep!
  • #3,784
  • Feb 4, 2011 1:51am Feb 4, 2011 1:51am
Quoting astral77
In the meantime it would be nice if others share their experiences (GOOD or BAD), otherwise, this thread becomes sort of a PM service between the two of us. People should bear in mind we learn more from BAD trades than Good trades.

Off to bed 03:05 gmt, Kind Regards
I do enjoy reading your take on things as well as Radio's trades.

I did get out of the EurAud trade that I had been sitting on for a long time and which at one point was at -500. I had 4 failed attempts at recovery which were all stopped out at BE+10, that plus the positive swap made some nice profit even though I made just one pip on the recovery trade itself.

The swap was so nice I even started thinking about carry trades, it's like a savings account where your broker is so nice to put lots of extra money in it. Only downside is that you may blow your account when price just moves and moves into the wrong direction.

I'm still in the GU trade unfortunately, lvl1 is at -450 and lvl2 only just kicked in and is now at +4. If it hasn't moved much in 8 hours I will close it before the weekend. Monday and Tuesday I won't have computer access so I won't be opening any new trades today.
  • #3,785
  • Feb 4, 2011 3:42am Feb 4, 2011 3:42am
Quoting MorningMania
I do enjoy reading your take on things as well as Radio's trades...The swap was so nice I even started thinking about carry trades, it's like a savings account where your broker is so nice to put lots of extra money in it...
Hi

Thanks for the update. Yes it is nice when you get some money for swap instead of paying out. You should read Brijon`s threads. He is the master of carry trades and makes good money doing that (http://www.forexfactory.com/showpost...postcount=1070 ) . His style of writing is a bit different, but once you get used to it there is a lot of good advice and examples from one of the most experienced traders in FF.

Kind Regards
  • #3,786
  • Feb 4, 2011 4:58am Feb 4, 2011 4:58am


It's always good to read about your sucessful recoverys/trades/month reports, it gives faith to me too!

I'll try to be more active in the thread, and post useful things.

Here is my progress report, from 29th november 2010:
https://www.myfxbook.com/portfolio/jadefx-real/67596
Please don't call me a jerk, I know it's REALLY kamikaze, but I have to risk bucause of my criminal's minimum lot size (Actually I am lazy to open a new company account at a different broker, because it's really complicated and I cannot open an individual one, because of the tax laws in my country. What's more the spreads are much better at my current broker, than at some 0.01 ones.). My account is around 4000 pips deep atm, and I'll change the lot sizes only beyond 12000. I have to pray until that day.
I'm running TheBeast on 4 pairs now (EJ,GU,AudCad,NzdChf), 1-1 pair with the 8 majors.

Btw, the all of the AUD pairs look good for a trade, I choosed AU (#4 sell), AJ (#1 sell).
  • #3,787
  • Feb 4, 2011 9:24am Feb 4, 2011 9:24am
Thanks all you Guys out there esp Bob. patience is paying off, first ever 60+ pips trade made off a solid trading decision backed by a solid system.

The good thing about the system is you can tweak it to fit your style as long as you abide by the basic foundations not to trade in the chaotic zone using the sixth indicator.

Next in line is to practice the recovery method, which i have setup 2 trades for.
  • #3,788
  • Feb 4, 2011 10:51pm Feb 4, 2011 10:51pm
Any one caught Aud/Usd ytd? it triggered a setup, but i didnt made a position only after the NFP... went out with 30-40++ pips..
  • #3,789
  • Feb 5, 2011 12:51pm Feb 5, 2011 12:51pm
I wanted for the first time figure up how many pips I made and see the correlation to my profits.

First off let me say this is very weird and is shocking data (for me anyway). Until Wed I thought this week would be a bust. I was about -3000 pips in DD and had 4 L2's open at once. 3 -L2's were around -200. not fun for sure, but I could not force myself to close out a L1 for some reason. I hate losers and know how hard it is to recover from a -600 pip loser.

My net Profit for this week was +2.3% of my account....what a turn around!!!!
My net pips this week is -109. What?

How did I make profits and lose in pips? The answer is the recovery system with proper lot sizing.


I never noticed profitable weeks with negative pips before and I have not read it in this thread, but it may be there.

my floating DD is down to -535...

  • #3,790
  • Feb 6, 2011 10:32am Feb 6, 2011 10:32am
Quoting qazw
Hi guys,

Wow what a mean dude. Oh well. I personally never found those trading mentallity books useful. I have been rakin some pips with my own scalping technique. Serves me pretty good.

lookin to expand upon that. Anyways, why so many templates? could the blank template suffice.

Guys it is like having numerous women. One should make you plenty happy
(that laast statement was a joke incase I offend anyone)
I only use 2 templates. The blank and the #3.
  • #3,791
  • Feb 6, 2011 12:04pm Feb 6, 2011 12:04pm
Quoting Radio
...

Hey, I understand that it takes a while to get this trading deal. Before I found this system I traded demo for 6 months straight, this is after trading/sitting in front of my computer from 1am to 4am for about 2 years since that was my only free time. I almost put myself into chronic fatigue. I immersed in trading a system that did not fit who I am as a person.

I have traded 4 systems. FXknight.com and it is very similar to Bob's system except you trade from the inside out not the outside in.

2. no brainer support and resistance

3....
Radio,

I traded the system as is until about 2 months ago but I took away some valuable things, most importantly the recovery system. You can take almost any system, flip a coin and regardless of market direction come out on breakeven. I now trade your #2(no brainer support/resistance) and when I'm wrong I just go into recovery. Work just great for me. No stress. No screaming. Nothing but small consistent profits. The cool thing about no brainer support/resistance is that many times it breaks out into a trend.

Anyways, I am glad I ran into Bob's thread and I will continue to monitor his systems so I can implement into my own and share with others. e's a great, selfless guy.
  • #3,792
  • Feb 6, 2011 12:47pm Feb 6, 2011 12:47pm
Quoting Radio
I wanted for the first time figure up how many pips I made and see the correlation to my profits.

First off let me say this is very weird and is shocking data (for me anyway). Until Wed I thought this week would be a bust. I was about -3000 pips in DD and had 4 L2's open at once. 3 -L2's were around -200. not fun for sure, but I could not force myself to close out a L1 for some reason. I hate losers and know how hard it is to recover from a -600 pip loser.

My net Profit for this week was +2.3% of my account....what a turn around!!!!
My net pips...
Radio,

This is a "unique" property of nightingale systems, which our recovery process employs(albeit on a limited basis). Be careful in its use. It can burn you if used incorrectly. Just a matter of time. Try limiting the number of active pairs while in recovery or better yet try to avoid multiple entries on the the base or cross currency. They tend to move in the same direction and you end up adding to your risk.
  • #3,793
  • Feb 6, 2011 1:58pm Feb 6, 2011 1:58pm
Quoting sebring001
Radio,

I traded the system as is until about 2 months ago but I took away some valuable things, most importantly the recovery system. You can take almost any system, flip a coin and regardless of market direction come out on breakeven. I now trade your #2(no brainer support/resistance) and when I'm wrong I just go into recovery. Work just great for me. No stress. No screaming. Nothing but small consistent profits....
I fell the same... I will always use the recovery system!!!! no SL's for me.

I like the No Brainer style but I tended to over trade it and could not get out of trades the right time or tell the difference between small and large S/R. it was frustrating

I take small profits now and could probably trade it better now, but I am happy where I am.

I am still looking at the bob trend system so hopefully now that I am out of DD I can catch a trend or 2.
  • #3,794
  • Feb 6, 2011 2:01pm Feb 6, 2011 2:01pm
Quoting sebring001
Radio,

This is a "unique" property of nightingale systems, which our recovery process employs(albeit on a limited basis). Be careful in its use. It can burn you if used incorrectly. Just a matter of time. Try limiting the number of active pairs while in recovery or better yet try to avoid multiple entries on the the base or cross currency. They tend to move in the same direction and you end up adding to your risk.
I am still working on understanding all of that.

I did find that for me to keep a clear head I don't limit my entries on new entries. It makes me tight and no one can perform when they are tight or stressed. I also use those profits to offset a possible loss. I do tend to take profit while in DD earlier so that the potential of reversal does not put me deeper in DD.
  • #3,795
  • Feb 6, 2011 4:21pm Feb 6, 2011 4:21pm
Quoting sebring001
...limiting the number of active pairs while in recovery or better yet try to avoid multiple entries on the the base or cross currency. They tend to move in the same direction and you end up adding to your risk.
Hi

Very sound advice indeed, as you can see from the earlier versions we used to have this problem every 6 months or so, however, since April / May last year till nearly the end of 2010 we seemed to have Runners galore!

It is very sensible to limit the trades of the same base or cross currency. For instance if you have buy signals on GBPAUD, GBPCAD, GBPNZD. Only trade one pair only not the three of them. That way if GBP goes on a prolonged period of good economic indicators then you would need to go into recovery on one pair rather than 3. There are a number of good correlation table indicators by smjones and others in dreamliners thread. You can use them to see which pairs are in correlation.

Kind regards
  • #3,796
  • Feb 6, 2011 4:23pm Feb 6, 2011 4:23pm
I just turned #1's on these pairs

chfjpy
EG
eurcad
audjpy
euraud

#4 on usdchf

I will update the progress
  • #3,797
  • Edited 4:37pm Feb 6, 2011 4:31pm | Edited 4:37pm
Quoting astral77
Hi

Very sound advice indeed, as you can see from the earlier versions we used to have this problem every 6 months or so, however, since April / May last year till nearly the end of 2010 we seemed to have Runners galore!

It is very sensible to limit the trades of the same base or cross currency. For instance if you have buy signals on GBPAUD, GBPCAD, GBPNZD. Only trade one pair only not the three of them. That way if GBP goes on a prolonged period of good economic indicators then you would need to go into recovery on one pair rather than 3. There...
Thanks for the tip on the dreamline thread. It'll be very useful. And you're right about those runners. We had runners galore and it reenforced the lessons of taking on too many postions relative to account size. I'm just so glad for the recovery system; i never use stoplosses in the tradtional sense. They are placed so far out that it is highly unlikely to get hit. I do this because you never know what may happen. Like I could end up in a hospital for a few months and no one would know to close out my postions lol. I also use exaggerated TP for the same reason.
  • #3,798
  • Feb 6, 2011 4:43pm Feb 6, 2011 4:43pm
Quoting astral77
Hi

Very sound advice indeed, as you can see from the earlier versions we used to have this problem every 6 months or so, however, since April / May last year till nearly the end of 2010 we seemed to have Runners galore!

It is very sensible to limit the trades of the same base or cross currency. For instance if you have buy signals on GBPAUD, GBPCAD, GBPNZD. Only trade one pair only not the three of them. That way if GBP goes on a prolonged period of good economic indicators then you would need to go into recovery on one pair rather than 3. There...
do you have links to those threads?
  • #3,799
  • Feb 6, 2011 5:35pm Feb 6, 2011 5:35pm
Quoting Radio
do you have links to those threads?
The one preceding this one is the Version4 which can be found here http://www.forexfactory.com/showthread.php?t=169309 , it is useful to see the fit falls with NB system in general. Bob also had a trend trading system which he abandoned after he judged it to be unsustainable which can be found here http://www.forexfactory.com/showthread.php?t=169309 .Funny enough I was doing OK with the trend trading system and only abandoned it when bob decided it had no future.

kind regards
  • #3,800
  • Feb 6, 2011 7:23pm Feb 6, 2011 7:23pm
Quoting astral77
The one preceding this one is the Version4 which can be found here http://www.forexfactory.com/showthread.php?t=169309 , it is useful to see the fit falls with NB system in general. Bob also had a trend trading system which he abandoned after he judged it to be unsustainable which can be found here http://www.forexfactory.com/showthread.php?t=169309 .Funny enough I was doing OK with the trend trading system and only abandoned it when bob decided it had no future.

kind regards
Funny you should say that. Part of the reason I ventured out on my own two months ago was due to the contant change of the system. Bob adapts quickly to market changes and it was hard for me to keep up with long term testing due to the frequency of change. I found all of Bob's systems to be profitable once you spend time and understand how to trade them. Actually, as long you use his recovery system and mind your money management, all of his systems will pan out.

I look forward to all the trading ideas he brings. I pick and choose what works for me and make it my own. IMHO, nothing was wrong with version 5.0 series, even with a US broker. Once again mm is the key.
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