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Pitbull Trader with Position Building

  • #681
  • Feb 4, 2012 1:57am Feb 4, 2012 1:57am
Quoting tommbstone
Maybe we have the same wife?

I'm not an advanced trader, I'm a novice I guess, If I was advanced I'd not be here and I'm betting you would not either. My questions are not "how the *uck do I install the script?" (that gets annoying I know)

My last real question was on freezing DD but no one has answered it.

I though since this tread and the others like it have had so much negativity and so much abuse from other members that you'd be willing to help out people who want to leave that crap behind. I'm trying to stretch out my mind here.
I guess you guys don't have the patients to teach an old dog new tricks after all, and that's cool, its your thread.

As always much respect.
T
Hi Crew,

I can’t speak for Chips but I do wish to just say this

wooowww slow down everyone.. no need to shout and lose patience with anyone APART from rude indignant thread attackers who have left us alone.
So please may I request calm. Posts are like emails... Easy to miss read the intentions and inflection.

There is no need for anger or intolerance. The brilliant thread is run by the jedi CHIPS who is clever, thoughtful, NEVER rude , and repeats his message quite a lot for all of us to follow. Now if we act like a bunch of toddlers he is going to leave the kids squabbling in the playground. We all lose!
Losing patience with a poster is not a good indication of the right mindset for a trader! As Chips says... “one love”

So Please in respect of all contributions please wait before you press submit and really think about what you are about to post, if its rude or intolerant delete it.

I am a coach and trainer by profession and we have a saying you have all heard. “There are no stupid questions”
I don’t wish to patronise anyone here but reading this thread from the beginning whilst demoing so you make discoveries is truly the best way.
There is nothing better than a A HA moment.
Work through it steady and thorough whilst taking notes and writing down questions and working the demo to see the results. It matters not if you mess up the demo,,, don’t fear doing that. Chips has said in almost every post “demo” BJ said it over and over “demo” and that’s exactly how I learnt this system.

But lets not get to a point where questions are not tolerated becasue someone can't quite "see it"

As for freezing... we know that you can’t actually “freeze” a trade (would be nice though). You could consider hedge to balance the profit loss,
and this is described in this thread by Chips. Often the hedge will enter DD especialy if you up the lot size but cycles around and then I pick of the erant trade.

OK I have a wife also, and a business to run, and stuff to do and the first match of the greatest sporting tournament (The Six Nations) to watch this weekend when Wales will beat Ireland ... so I have to go... bye.

CW
  • #682
  • Feb 4, 2012 1:59am Feb 4, 2012 1:59am
Quoting Marlin Man
Good morning Courtney! Have a nice weekend. You working today?
Morning Marlin...

Just popped in before the boss gets up to catch up wht the thread. I don't like to fall to many posts behind as its hard work catching up.

How did you do last week. I ended +3% so happy with that.

CW
  • #683
  • Feb 4, 2012 2:14am Feb 4, 2012 2:14am
Quoting chips
So the indicators started in Jan...and I'm adding positions ..floating profit

if your account can handle it...using proper postions sizes..

Now i can pick off profit as I want..and add positions as I see fit...and let it grow....NO Stop Loss.

This is the ultimate way of trading the forex managing DD positions..using proper size on strong curencies..freezing loosing trades and let other grow... compounding other positions.... monitor daily..

As my bal increase and equity grows..I can add larger positions and stacking even more positions........
This post is deceptive.

It reads so easily yet it is really *packed* full with insights and tips.... read this post and really think about its content, think about what each point really means..... seriously its a gem.

It reiterates
Adding positions
Proper lot size
Pick off profit
No SL
Manage DD
Lot size on strong currencies
Freezing
Adding larger positions as equity grows. All said in a few lines. Smashing thank you Chips.

CW.
  • #684
  • Feb 4, 2012 3:33am Feb 4, 2012 3:33am
Quoting chips
Good to know you are having fun.

May I suggest that everyone checkout Brijon's thread at stevehpwoodforex.com, but only after you've done the basic preparation.

he is testing a few eas that could potentially make 2:1 sales over the long term. I think we could make living off it, if we have correct settings.

check it out.
the url doesn't exist or offline
Trade with 60
  • #685
  • Feb 4, 2012 3:57am Feb 4, 2012 3:57am
there is a typo in the url - http://www.stevehopwoodforex.com
  • #686
  • Feb 4, 2012 4:18am Feb 4, 2012 4:18am
Quoting mobthehop
there is a typo in the url - http://www.stevehopwoodforex.com
10x
Trade with 60
  • #687
  • Feb 4, 2012 6:17am Feb 4, 2012 6:17am
Brijon's Pitbull thread on steve hopwood's forum: http://www.stevehopwoodforex.com/php....php?f=4&t=252

Nice indicator George put together for the pitbull strat: http://www.stevehopwoodforex.com/php...php?f=27&t=321
  • #688
  • Feb 4, 2012 6:32am Feb 4, 2012 6:32am
Hi guys, first time posting here.
this thread got me inspired caused it opened my eye.
Its like using the broker as a "supermarket" and getting the "product" (the Pairs) that are most sought after hence the bottom two currencies.
I cant wait to try this method next week
thank you so much to chips and courtneywild for their informative posts.

Btw, what is the best starting capital to trade this method?
Atleast the minimum amount which able to withstand the DD of the indicator.

again, thx.
  • #689
  • Feb 4, 2012 6:33am Feb 4, 2012 6:33am
Tommbstone - Your question on DD. Someone mentioned earlier, several posts ago, about brokers who do allow hedging for US customers. Just go back some posts and have a look. You may also look for an offshore broker, again, you have to do your research. They are getting harder & harder to find. Someone else mentioned opening sub accounts with your current broker but remember you also have to fund the sub account. I am certainly not an expert by any means. Hedging I think is the simplest way of controlling dd. Courtney had an excellant example some pages ago of how he handles dd, which I really liked. Go back and re read some of his earlier posts. In hedging, what I do a lot of times when a trade is going in the wrong direction I simply open a larger sized position in the other direction of said pair. This is where it gets tricky and where I have to look at charts for support & resistance points. This takes practice, patience, confidence & balls. When this happens and your larger trade starts to get in profit I will put a sl at be so this trade does not become a loser! Its all about using dd control. Another technique I use is when the pair starts to go back in your favor I will open another trade on the way back (and closing out your hedge position in profit, sometimes your larger hedge position profits will offset your loss but I DO NOT usually close out the loss). When the pair finally reverses it usually happens fast as other traders are taking profits, ect. I hope this makes sense. These techniques can make lots of $$ when properly employed. They are not for the faint of heart. I'm sure lots of folks will rip this technique but thats what I do and it really helps. Do this only on demo until you get comfortable with it. Another thing Chips has said is trading the triple swap pairs like audusd on Wednesdays (long only). I have not tried this yet because I forgot & was travelling at the beginning of the week. This also aids in controlling dd because your earning the swap. Another idea for you is to open your basket on a demo account and then place your trades on your live account, again this is something previously discussed. These are just a few of my most effective techniques. Practice, practice, practice on demo! Let me know if this helps at all. Good luck.
  • #690
  • Feb 4, 2012 6:46am Feb 4, 2012 6:46am
Quoting courtneywild
Morning Marlin...

Just popped in before the boss gets up to catch up wht the thread. I don't like to fall to many posts behind as its hard work catching up.

How did you do last week. I ended +3% so happy with that.

CW

Courtney, I have been trading this for about 10 trading days now and I'm up 5%. I am basically demoing this on a small micro account because my demo results are always different than my live results. I made many, many mistakes my first 3 days but thats how I prefer to learn. If you take my account from its lowest point I am up 25%. I am still learning and trying to break old habits.
  • #691
  • Feb 4, 2012 6:50am Feb 4, 2012 6:50am
Quoting DrPip
Hi guys, first time posting here.
this thread got me inspired caused it opened my eye.
Its like using the broker as a "supermarket" and getting the "product" (the Pairs) that are most sought after hence the bottom two currencies.
I cant wait to try this method next week
thank you so much to chips and courtneywild for their informative posts.

Btw, what is the best starting capital to trade this method?
Atleast the minimum amount which able to withstand the DD of the indicator.

again, thx.
About the starting capital,i'm demoing it with 100 euros see post #667 because i will not deposit more than 250 Euros i guess so i need that to test. Follow this thread and i will be posting more results Monday cheers and happy trading.
Trade with 60
  • #692
  • Feb 4, 2012 7:07am Feb 4, 2012 7:07am
kumetto thx for the reply, looking forward to your results
whats your trading session? i might start the trade during new york open rather than london according to courtney. still got class to go to XD
  • #693
  • Feb 4, 2012 8:05am Feb 4, 2012 8:05am
Quoting DrPip
kumetto thx for the reply, looking forward to your results
whats your trading session? i might start the trade during new york open rather than london according to courtney. still got class to go to XD
Since i'm unemployed for the F@#!@@!!#!ing stupid country economic,corruption and low salary(arround 170Eur) per month and prices like Germany or UK,i don't think that is honest and i will not work.So my trading session is 24/5 but I live in Europe +2 GMT so generaly i trade from 9 am untill 19 pm ,sometimes more.

P.S.:Forgot to mention unemployment rate is about 35%-40%
Trade with 60
  • #694
  • Feb 4, 2012 8:41am Feb 4, 2012 8:41am
Quoting kumetto
Since i'm unemployed for the F@#!@@!!#!ing stupid country economic,corruption and low salary(arround 170Eur) per month and prices like Germany or UK,i don't think that is honest and i will not work.So my trading session is 24/5 but I live in Europe +2 GMT so generaly i trade from 9 am untill 19 pm ,sometimes more.

P.S.:Forgot to mention unemployment rate is about 35%-40%
damn.. you got it bad... i pray for good days ahead of you
  • #695
  • Feb 4, 2012 9:18am Feb 4, 2012 9:18am
I do have a question about the lot size. I understand that we use 0.01 lots on the basket indicator and enter with 0.04 lots in live trading. Now how did we come up with the X4 lot? Is it just arbitrary or is it a part of the system? I am really curious. Sorry if it was answered before...
  • #696
  • Feb 4, 2012 11:18am Feb 4, 2012 11:18am
Quoting The7
I do have a question about the lot size. I understand that we use 0.01 lots on the basket indicator and enter with 0.04 lots in live trading. Now how did we come up with the X4 lot? Is it just arbitrary or is it a part of the system? I am really curious. Sorry if it was answered before...
use whatever lotsize you want. but importantly proper lotsize for account bal. dont be gready. Plan your daily target and trade it.

Most ppl get greedy because its so easy to print money... This sytem is a printing money machine..seriously. but it is deceiving.....Controlling your DD is the key...to unlock the press.

control the DD....involves many techniques.....practice them...

ppl think the thread is confusing because they are still looking for the step by step aproach to operate the press.

there are no lines..or ma's...to back test and find realationship with...

the simple concept is hard to understand...

There is no step by step aproach...sorry.

Demo..hardwork...always thinking...remove BIAS ans greed...think business management...

I keep saying the same thing over and over...

I showed..the approach now you will have to find yours...

Theres is no wrong or rightway...the basics are outlined...

look and the results..use 15 mins..study the dates..and times..



One Love
  • #697
  • Feb 4, 2012 11:55am Feb 4, 2012 11:55am
Quoting courtneywild
Hi Crew,

I can’t speak for Chips but I do wish to just say this

wooowww slow down everyone.. no need to shout and lose patience with anyone APART from rude indignant thread attackers who have left us alone.
So please may I request calm. Posts are like emails... Easy to miss read the intentions and inflection.

There is no need for anger or intolerance. The brilliant thread is run by the jedi CHIPS who is clever, thoughtful, NEVER rude , and repeats his message quite a lot for all of us to follow. Now if we act like a bunch of toddlers he...
Hey CW,
His tone was very condescending and pointed at me more than liberty. My response was based on his tone and I though I was very diplomatic and respectful. But If you feel otherwise I'll try and have it removed.

I'm not trying to start trouble. I'm giving the pit bull the benefit of the doubt even though my core teachings say this system is very flawed. Example: your basket rolls over and your big winners become big losers and your old small hedged losers become baby winners,or your hedging and stacking winners and you run out of account margin.

These are the things I'm trying to wrap my mind around. Holy grail it is not, but IF you can control the DD say even for a week, and end the week with 200 pips profit you CAN make a great living off this system.

So my eyes are open to the potential of this system. I see some examples where guy's are not even looking at charts, just playing the numbers. Wow talk about less stress, I see some guys stacking up the bottom pairs making 50 pips or less in a hour total profit and walking away. I mean who would have thought you could scalp like that with pit bull? There are so many different ways to trade this methodology and new one's are being added over in at Steves (SH) place.

I'm going to pm you later but right now the sun is shinning and I need to get out of the house. I live on 2 aces so I need to check the property, and see if my dog still loves me.

Again I'll try and pull the post down if you find it offensive in anyway.
Much respect
T
  • #698
  • Feb 4, 2012 12:12pm Feb 4, 2012 12:12pm
Quoting Marlin Man
Tommbstone - Your question on DD. Someone mentioned earlier, several posts ago, about brokers who do allow hedging for US customers. Just go back some posts and have a look. You may also look for an offshore broker, again, you have to do your research. They are getting harder & harder to find. Someone else mentioned opening sub accounts with your current broker but remember you also have to fund the sub account. I am certainly not an expert by any means. Hedging I think is the simplest way of controlling dd. Courtney had an excellant example some...
Thank you marlin man, that does help.
As I stated a few post up, yes I have a finfx account and I think tradefort also takes USA clients. Soooo I'll demo with finfx for a bit and forget about American brokers. Jumping from sub account to main account all day seems like a debacle waiting to happen. Only if I have to.
  • #699
  • Feb 4, 2012 12:42pm Feb 4, 2012 12:42pm
Quoting courtneywild
This post is deceptive.

It reads so easily yet it is really *packed* full with insights and tips.... read this post and really think about its content, think about what each point really means..... seriously its a gem.

It reiterates
Adding positions
Proper lot size
Pick off profit
No SL
Manage DD
Lot size on strong currencies
Freezing
Adding larger positions as equity grows. All said in a few lines. Smashing thank you Chips.

CW.

This is an honest request to Chips, Courtneywild and the rest who are successful in trading the system. Would you be kind enough to discribe to us how your normal trading day in managing your trades is. For instance Courtneywild normally close his position at the end of the day. The followng day, you started anew set of trades. Perhaps, you can described how you manage those trades, from your first entry until you close them for a profit. It is some sort of a journal describing your trades and why you did enter those trades. Perhaps, you encountered a breakaway pairs coming from - that have not been moving for a couple of days. Perhaps you have a dd of 100/200 pips, and seems to be moving still. Do I hedge/freeze it?

Chips on the other hand lets his indicator running without closing them. One question that I want to ask is the spacing of your entry. Do you use s/r. What t/f do you use in monitoring your trades. These are the kinds of question people ask. If you can enlighten us onward the better. But guys your journal is very important to us.

Thanks and God Bless you.

Edd
  • #700
  • Edited 3:27pm Feb 4, 2012 2:11pm | Edited 3:27pm
I started a $5000 demo account January 27 to be exact. During the first two days, DD went as high as $150, but managed to bring down to $50/$90 levels as the rest of the week progressed. As the issue on jpy government intervention to weaken their currency is all over the fourm, I put a .05 lot pending orders on my jpy pairs at the start of Feb in the buy direction, until I realized I am too close. 3 pairs triggered a trade that let my dd high as as $120 for a couple of days. It eventually went north in my direction resulting to nice profit.

GU pair running so nicely at the end of the week, including EURUSD covering most of my dd. My profit increase to $280 with standing dd at $61+. Lesson learned: emotions and concern on dd deminished. I need also to space my entries. There were two instances that I closed a profitable .01 pair indi and replaced it with a new one, that time dd was down to $40. I have .03 positions in my stock that is still on the negative terrirory. I will let the market decide as to where they go. Planning to add a couple of trades more when the market open Sunday. By the way I am treating the whole 10 pairs indi as a basket, running and watching if my bottom 2 pairs sustain a momentum, jumping or just on sideways.
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