DislikedI'm bumping this thread, just wanted to know if anyone is still using it? I'm really interested in this idea, as well as all idea's that are based on the Equity Millipede concept!Ignored
I agree with Chuchuflito's analysis about the 2nd Trade, and actually I am not using the 2nd trade (I should have mentioned that before).
Also, I am running with the initial system for now...trades opened every 100 pips, with the 100 pip SL. I will also track the 50-pip entry method that Mordre proposed, but will go for 100 for now.
I agree, that this will be a long term system. I see most systems as falling into two categories. They are either:
A. Income Systems, which are designed to generate a monthly income, like a paycheck, or
B. Growth Systems, which are designed to compound and grow equity over a long period of time.
This system falls into the second category. I see this as a system that is designed to grow your equity; one can start this with $1000 and keep compounding it, and every year or so that $1000 might turn into $5000 or more. As long as those results hold up over time, then your $1000 will turn into approx $125,000 after 3 years. Wishful thinking? Well, maybe, but I like to think of the possibilities
One could also, every year, while compounding this, start a new trading account with $1000 in it, with a "maturity date" 3 years down the road. So Day 1 in Year 2013 , you start the first account with $1000, which will hopefully grow to $125000 at the end of 2015. But along the way, you start another account on Day 1 in 2014, with $1000, that will grow to $125000 at the end of 2016. You keep starting a new account every year, so that every year, you are making a $125000 withdrawal from a trading account, back to your savings account.
Also, I am running with the initial system for now...trades opened every 100 pips, with the 100 pip SL. I will also track the 50-pip entry method that Mordre proposed, but will go for 100 for now.
I agree, that this will be a long term system. I see most systems as falling into two categories. They are either:
A. Income Systems, which are designed to generate a monthly income, like a paycheck, or
B. Growth Systems, which are designed to compound and grow equity over a long period of time.
This system falls into the second category. I see this as a system that is designed to grow your equity; one can start this with $1000 and keep compounding it, and every year or so that $1000 might turn into $5000 or more. As long as those results hold up over time, then your $1000 will turn into approx $125,000 after 3 years. Wishful thinking? Well, maybe, but I like to think of the possibilities
One could also, every year, while compounding this, start a new trading account with $1000 in it, with a "maturity date" 3 years down the road. So Day 1 in Year 2013 , you start the first account with $1000, which will hopefully grow to $125000 at the end of 2015. But along the way, you start another account on Day 1 in 2014, with $1000, that will grow to $125000 at the end of 2016. You keep starting a new account every year, so that every year, you are making a $125000 withdrawal from a trading account, back to your savings account.
- #66
- Jul 16, 2012 1:26am Jul 16, 2012 1:26am
- Joined Nov 2008 | Status: Trader | 2,141 Posts
One could also, every year, while compounding this, start a new trading account with $1000 in it, with a "maturity date" 3 years down the road. So Day 1 in Year 2013 , you start the first account with $1000, which will hopefully grow to $125000 at the end of 2015. But along the way, you start another account on Day 1 in 2014, with $1000, that will grow to $125000 at the end of 2016. You keep starting a new account every year, so that every year, you are making a $125000 withdrawal from a trading account, back to your savings account.[/quote]
Yeah
playing with numbers is cool...and posibilities are there...one advantage of weekly or dayly bars is you get (maybe) less Broker Stop Hunting and cheating...
Yeah
playing with numbers is cool...and posibilities are there...one advantage of weekly or dayly bars is you get (maybe) less Broker Stop Hunting and cheating...
- #71
- Edited 12:42pm Jul 27, 2012 12:40pm | Edited 12:42pm
One could also, every year, while compounding this, start a new trading account with $1000 in it, with a "maturity date" 3 years down the road. So Day 1 in Year 2013 , you start the first account with $1000, which will hopefully grow to $125000 at the end of 2015. But along the way, you start another account on Day 1 in 2014, with $1000, that will grow to $125000 at the end of 2016. You keep starting a new account every year, so that every year, you are making a $125000 withdrawal from a trading account, back to your savings account.
playing with numbers is cool...and posibilities are there...one advantage of weekly or dayly bars is you get (maybe) less Broker Stop Hunting and cheating...
[/quote]Reading this thread with interest (who said 125.000$ ?).
But the problem is, what if the bloody trend makes a perfect V shape across 3 years ? That will destroy every profit isn't it ?
What if it makes a W ? Even worse ?
This system is nearly perfect but imo what we need is a big mechanical exit strategy bolted to it, not something timebased. Trends looks good and durable in the past but there's no warranty regarding future fundamentals.
Anyway, I will start to test SmartGXL mod.
Somebody has a script perhaps for launching the weekly grid across pairs ?
Meeeooow !!!
Somebody has a script perhaps for launching the weekly grid across pairs ?
) sends a pending buystop and sellstop with 100 pip stop-loss.Since I'm not a professional programmer, it's pretty basic script without any error handling. I made this for 5 digit broker, if you have 4 digit broker maybe there will be problems, it needs to be tested first. There are a separate scriot for Yen pairs, since on those the pips are different - if you want to trade Yen pairs, use this script on those pairs.
I will further develop this script, my plans are: proper error handling, ability to handle both normal and yen pairs in same script, automatic setting of buy and sell level (calculating from opening price), one script for multiple pairs (the tradable pairs would be an input field), risk based automatic lot sizing calculated on current equity. So a lot to do, and it will take some time, since I'm really noob in MQ4 language
So I had some free time today, and made the changes I listed. So here is the upgraded script for use.
The script sends 2 pending orders at the nearest 00 levels on multiple pairs - a buy stop at the nearest 00 level above, and a sell stop at the nearest 00 level below current price. The stop loss is 100 pips.
You can use risk based lot sizing. To use this, enter 0 to the "lots" parameter, and enter the risk in percent (without the % mark) at the risk parameter (default is 1%).
If you want to use other pairs than the defaults, it's easier to change the default values, so you don't have to type in the pairs of your choice every time when you run the script. Just open the script in the editor, change the PairsToTrade parameter to your choice, save the script, then recompile it (click the compile button at the menu bar).
The pipsfromprice parameter is used to make a buffer around the pending orders price level, because some broker doesn't allow to send pending orders if the current price is closer than X pips to the pending orders price. You can change it to 0 if your broker doesn't have this restriction.
Big kudos goes to Steve Hopwood, I used some functions in the script, developed by him.
I hope the script works without errors
The script sends 2 pending orders at the nearest 00 levels on multiple pairs - a buy stop at the nearest 00 level above, and a sell stop at the nearest 00 level below current price. The stop loss is 100 pips.
You can use risk based lot sizing. To use this, enter 0 to the "lots" parameter, and enter the risk in percent (without the % mark) at the risk parameter (default is 1%).
If you want to use other pairs than the defaults, it's easier to change the default values, so you don't have to type in the pairs of your choice every time when you run the script. Just open the script in the editor, change the PairsToTrade parameter to your choice, save the script, then recompile it (click the compile button at the menu bar).
The pipsfromprice parameter is used to make a buffer around the pending orders price level, because some broker doesn't allow to send pending orders if the current price is closer than X pips to the pending orders price. You can change it to 0 if your broker doesn't have this restriction.
Big kudos goes to Steve Hopwood, I used some functions in the script, developed by him.
I hope the script works without errors
- #80
- Last Post: Nov 25, 2012 3:57pm Nov 25, 2012 3:57pm
All sounds good, what bothers me is the "locking of 100 pips profit for a free trade"
Many people use that, and it feels good...BUT it basically goes against the golden rule of letting profits run and cutting losses...and goes against your bottom line.
Why?...if you always sell a portion in the beginning, you make sure your biggest loss is always full when you loose...but your biggest win is only half loaded when you winn...in the long run...it is always better to run the full load both ways.
If you get stoped in the beginning (full double load)...
I have never liked the idea of taking half profit.
You have spelled out (counted) why its not a good idea very clearly.
I will be saving a ref of your post for later to show why it should not be done.
Have been millipeding for quite some time now.
Just been trying to plough through the 120+ pages of Still Basketing to combine that with my millipede trade system.
See Still Basketing at http://www.forexfactory.com/showthre...91229&page=116
Good trading peoples
cheers scalpz
Target 2 : Stoploss in the green