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  • #5,541
  • Nov 30, 2011 9:48am Nov 30, 2011 9:48am
I would have made roughly $910 on my $1750 account...hahaha
  • #5,542
  • Nov 30, 2011 9:50am Nov 30, 2011 9:50am
I was going to trade NY open today for sure. Shortly before the opening i got distracted and missed the entry by ~ 1 minute. By this time the price traveled faaaaaar away

But the good thing is, it doesn't bother me at all, because this won't be the last epic win in my trading history that i can catch.
  • #5,543
  • Nov 30, 2011 10:42am Nov 30, 2011 10:42am
I feel you... I missed it too Whenever I missed an auction on eBay, my dad would say "there's always another deal."
And "there's always another trade"

Quoting SmartGXL
Man, I am kicking myself UP AND DOWN for missing this one...hahaha!!
AAARGHHHH!!!!
Those who can kneel before God, can stand before anyone.
  • #5,544
  • Nov 30, 2011 11:25am Nov 30, 2011 11:25am
I was kind of surprised that I got filled, price was soaring literally. Anyway, this is an example that deserves to be updated on the first page.
I bet Tony is checking the new CLS after this... Or is the DBS, lol?
r u ready?
  • #5,545
  • Nov 30, 2011 12:10pm Nov 30, 2011 12:10pm
Quoting rtrs111
I was kind of surprised that I got filled, price was soaring literally. Anyway, this is an example that deserves to be updated on the first page.
I bet Tony is checking the new CLS after this... Or is the DBS, lol?
I agree, this should go on the first page as a CLASSIC example of how the system works.

I just found this thread last night, actually (I have been going through the threads one at a time), and as I was reading the thread, I had a strange feeling, intuition, if you would, that this strategy would have a winner today, LOL...oh well. I read in the posts above that there are many Epic Wins per year, the key is to have the tenacity to keep placing trades, even two months in a row, until you hit that winner...so I will buckle down and get started tomorrow (I know we might not win tomorrow, or we may win again - does not matter).

Should I skip Friday's NYO because of NFP?
  • #5,546
  • Nov 30, 2011 5:35pm Nov 30, 2011 5:35pm
I saw RAC's posts (#4855 and #4866) and I think that it does make money over the LONG term, as long as you are not over leveraging yourself, and as long as you have the tenacity and psychological profile to not give up after 2 or 3 losses in a row. Sure, there are going to be times where the strategy does not win for a month or so at a time, that happens, but as we have seen over the long term, the "epic wins" do happen. The question is, do they happen often enough to compensate for the 20 or 30 or 80 days in a row where there was no winner at all (although yes, I know that half of those days where there was no 140-pip Epic Winner, were BE days, and that is good)? The answer is, I think Yes, it does. The next question was, what is the ideal TP, is it 140, or 100, or 20 pips, etc.

If Tony ever reveals the "pip recovery" technique (which appeared to be a method of moving to +3TP on your first trade after a loss, instead of simply going to BE), then that will help make this strategy a winner.

The other key here, is to understand, that this is a LONG-TERM strategy. Sometimes, the Epic Wins come in clusters, 2 or 3 per month, other times, you dont see Epic Wins for 2.5 months. So, this strategy is not good for someone who needs to generate monthly income; it is better to be traded on a yearly cycle, where you compound your wins and then after the 1-month cycle, you look at your net profit for the year, and whatever that amount is, THAT is your trading income for the year, PERIOD, and you can choose to party with it, or buy a car or have a down payment for a house, or whatever, and then you start the cycle over again right away the next day. If someone wanted to live EXCLUSIVELY off of this, then they would need to keep working at their job the first year while trading this, and then they can go full time after that first year, but they had better make enough from that one year, to pay all of their expenses...housing, car, food, insurance, travel, clothes, taxes etc.
  • #5,547
  • Nov 30, 2011 6:12pm Nov 30, 2011 6:12pm
Maybe if we SHOUT REALLY LOUDLY and write in pretty colors Tony will tell us his recovery method!

Alternatively, we could just move our SL to +3 pips once we get 20 in profit (still shooting for the 140 TP) after a loss, and hope we don't get bounced... and maybe my terrible idea will compel him to break the silence.

Quoting SmartGXL
If Tony ever reveals the "pip recovery" technique (which appeared to be a method of moving to +3TP on your first trade after a loss, instead of simply going to BE), then that will help make this strategy a winner.
Those who can kneel before God, can stand before anyone.
  • #5,548
  • Nov 30, 2011 6:43pm Nov 30, 2011 6:43pm
Yeah, it is very rare. Way more losses than wins. If we logged them all we'd frighten the newbies. But it has enormous payoff expectancy over the long run.

~Josh

Quoting ConstantFX
this epic win is very rare, and this thread gets sunk into the pages of the forum until an epic win. if it is that good to consistently do could you not keep a every day update of a win/loss rather than just posting winners.
Those who can kneel before God, can stand before anyone.
  • #5,549
  • Nov 30, 2011 6:44pm Nov 30, 2011 6:44pm
Quoting jrodatus
Maybe if we SHOUT REALLY LOUDLY and write in pretty colors Tony will tell us his recovery method!

Alternatively, we could just move our SL to +3 pips once we get 20 in profit (still shooting for the 140 TP) after a loss, and hope we don't get bounced... and maybe my terrible...
Sorry, I meant to say move "SL" to +3, not the actual Take Profit...the Take Profit point will still remain the same. Thanks for clarifying that.
  • #5,550
  • Nov 30, 2011 7:29pm Nov 30, 2011 7:29pm
Interesting to note, that the UDJPY has a 0.8 pip spread at Oanda, in the evenings here in the US. Not sure if this makes a good time to trade that pair, or not. Like maybe trade the USDJPY in the evening, and then wake up and trade the EURUSD at 8am EST.

I guess, the only problem with that variation, is that if one pair is still active when the next currency's trade time arrives, you would have a dilemma: Do you close the current trade to open the new one (and risk the current paurt going all the way to Epic Win), or do you risk keeping the existing trade going, and sacrifice the new trade...so, I guess this variant wouldnt work.

So far, seems like it is best to stick with the system as it currently exists.
  • #5,551
  • Edited 8:40pm Nov 30, 2011 8:23pm | Edited 8:40pm
Tokyo opens at 7pm EST. The UJ's average daily range is significantly less than the EU's. About half of it, lately. Also I've heard/noticed that JPY pairs tend to have more volatility. I suspect the choppiness would kill our narrow SL more often, and the shorter swings would require a lower TP (which in turn would pay back fewer losses).

Like you say, I think I'll stick with the EU.

~Josh

Quoting SmartGXL
Interesting to note, that the UDJPY has a 0.8 pip spread at Oanda, in the evenings here in the US. Not sure if this makes a good time to trade that pair, or not. Like maybe trade the USDJPY in the evening, and then wake up and trade the EURUSD at 8am EST.
Those who can kneel before God, can stand before anyone.
  • #5,552
  • Nov 30, 2011 8:36pm Nov 30, 2011 8:36pm
I just found this thread last night. It's good to see others using this type of scalping. I just happened to stumble on trying the 5 second TF this past summer, when I was messing around in demo with trading the news and scalping the market opening on Sunday. I turned a 500K demo account into 1.6 million by scalping the first hour of Sunday's opening, two weeks in a row. But I was using no SL. I won't even go into how much I was losing if I timed it wrong.("Oops, $49,000 mistake. Let me try again.") Yes, the tight SL is a must. Glad to see others really profiting from this.
Time turns trend. - W.D. Gann
  • #5,553
  • Nov 30, 2011 10:44pm Nov 30, 2011 10:44pm
Quoting jrodatus
Maybe if we SHOUT REALLY LOUDLY and write in pretty colors Tony will tell us his recovery method!

Alternatively, we could just move our SL to +3 pips once we get 20 in profit (still shooting for the 140 TP) after a loss, and hope...
Hi, this made me smile. I have gone through a lot of pip recovering techniques, all were fails. The pip recovering technique I use now is guaranteed. I use business revenue to compensate a little bit for a pip lost here and there. In other words, when I can set my trade to 0SL I'm happy... if I can't, at the end of the week I will refund a few pips lost with my fix revenue. I guess it would be the average working person's salary
Invest in alarm clocks
  • #5,554
  • Dec 1, 2011 5:37am Dec 1, 2011 5:37am
That's fair enough. We're grateful that Mr. Big Capital did the testing for us
I did notice that price occasionally bounces off the 0SL, not touching it, before returning for an epic win, and so the slightest "lemme get just +1 pip!" approach would ultimately reduce winnings, which we can't afford

~J

Quoting Tony112
Hi, this made me smile. I have gone through a lot of pip recovering techniques, all were fails. The pip recovering technique I use now is guaranteed. I use business revenue to compensate...
Those who can kneel before God, can stand before anyone.
  • #5,555
  • Dec 1, 2011 6:25am Dec 1, 2011 6:25am
Quoting jrodatus
That's fair enough. We're grateful that Mr. Big Capital did the testing for us
I did notice that price occasionally bounces off the 0SL, not touching it, before returning for an epic win, and so the slightest "lemme get just +1 pip!" approach would ultimately reduce winnings, which we can't afford

~J
hi all.. im newbie here..
and want to ask some question...

so... when NY or London open... we wait 5 seconds after the market open... and open position with the same direction as the 5 sec price did... is this right??

how long it will take profits??? within seconds?? or minutes??
  • #5,556
  • Dec 1, 2011 7:07am Dec 1, 2011 7:07am
Ok, so I started with the London Open this morning, went Short, but the volatility was too fast, so I got stopped out (-2 pips).

Just now, I went long,and was able to get to 0SL, and the market went up, then retraced and hit the 0SL.

Now, I cant wait until Monday morning!!! (I am skipping tomorrow due to NFP).
  • #5,557
  • Dec 1, 2011 10:40am Dec 1, 2011 10:40am
I still think this is a real mind game. It is so hard to keep taking losses and not miss a single trade. In my time zone I stay up till midnight for this and everytime it loses, I feel like I wasted my time again.
The reason scalping EAs are popular is the exact opposite of this system
With those you win lots but ultimately lose, But because you win so many times you feel better about it.
Getting over this is probably the hardest part of this system
  • #5,558
  • Dec 1, 2011 11:35am Dec 1, 2011 11:35am
Quoting PipsRus
I still think this is a real mind game. It is so hard to keep taking losses and not miss a single trade. In my time zone I stay up till midnight for this and everytime it loses, I feel like I wasted my time again.
The reason scalping EAs are popular is the exact opposite of this system
With those you win lots but ultimately lose, But because you win so many times you feel better about it.
Getting over this is probably the hardest part of this system
opposite is the word... you're right
which makes the difference between win or lose, between the majority of the population and a few rare, between success or failure

you're not wasting time, only investing time... and eventually you'll hit your target... statistically you know that most of the time you'll fail, it's part of the game
Invest in alarm clocks
  • #5,559
  • Dec 1, 2011 11:53am Dec 1, 2011 11:53am
Quoting PipsRus
I still think this is a real mind game. It is so hard to keep taking losses and not miss a single trade. In my time zone I stay up till midnight for this and everytime it loses, I feel like I wasted my time again.
The reason scalping EAs are popular is the exact opposite of this system
With those you win lots but ultimately lose, But because you win so many times you feel better about it.
Getting over this is probably the hardest part of this system
I agree, this system is primarily a test of psychological discipline. One must have that in order for this to work.

That is why, it might be good to develop a second, side system, that works on the same principal, with a SL of no more than 2, but with a TP of something like 20 pips...it might not make as much money as this version, but the fact that you get more consistent wins, helps the trader stay in the game and not lose hope and confidence in the strategy. I mean, I am going to trade the original version (0SL Classic), and I started this morning as a matter of fact, but it might be fun to tinker with something in the side that has a TP of only 20 pips.
  • #5,560
  • Dec 1, 2011 1:23pm Dec 1, 2011 1:23pm
As Tony says, we are not wasting our time, we are investing our time. Most of the time spent trading any system is waiting anyway. This is just a different way of waiting and being patient.

My only problem is still that I can't get up at 2:45am to be ready for the London open! If I can get my statistical analysis done that will give me the motivation I need!
Luck occurs when preparation meets with opportunity.
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