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  • #6,401
  • Jul 30, 2012 10:23am Jul 30, 2012 10:23am
Quoting quicksliver
Can't recall reading about the true leverage he recommends. He did mention his leverage being 50, but I thought that was the broker leverage for the account.

Going all out does go against good MM. He did mention being a gambler now and then so maybe that is where it comes from ?
Actually, he similarly has little choice but to practice decent mm. He's not maxing out his margin anymore, but it's still at least 50%. Even back when he was using 90+% of his margin every trade, he wasn't risking much more than 2% each time.

The secret behind this apparent paradox lies in what I mentioned earlier...if u can keep ty our SL small, u can take big positions with minimal risk.

When he mentions being a gambler, he's referring to trade he takes that are against his own rules
  • #6,402
  • Jul 30, 2012 11:01am Jul 30, 2012 11:01am
Quoting deathbait
Actually, he similarly has little choice but to practice decent mm. He's not maxing out his margin anymore, but it's still at least 50%. Even back when he was using 90+% of his margin every trade, he wasn't risking much more than 2% each time.

The secret behind this apparent paradox lies in what I mentioned earlier...if u can keep ty our SL small, u can take big positions with minimal risk.

When he mentions being a gambler, he's referring to trade he takes that are against his own rules
If I'm limiting my risk per trade to 0.2% (or even 0.5%) of my account and I'm not maxing out my leverage - does it really matter if I have multiple trades open? You are potentially missing out on profitable trades by limiting yourself to one trade open at a time.
  • #6,403
  • Jul 30, 2012 11:12am Jul 30, 2012 11:12am
Quoting TheMaxx
If I'm limiting my risk per trade to 0.2% (or even 0.5%) of my account and I'm not maxing out my leverage - does it really matter if I have multiple trades open? You are potentially missing out on profitable trades by limiting yourself to one trade open at a time.
Well sure, but as I was telling the stats guy, that goes against the spirit of the method, which is to get in on that one big ride with everything u can throw at it. While sounding like exact opposite strategies, the endgame of this and the millipede method in another popular thread is the same.
  • #6,404
  • Jul 30, 2012 11:37am Jul 30, 2012 11:37am
Quoting deathbait
Well sure, but as I was telling the stats guy, that goes against the spirit of the method, which is to get in on that one big ride with everything u can throw at it. While sounding like exact opposite strategies, the endgame of this and the millipede method in another popular thread is the same.
thanks
  • #6,405
  • Jul 31, 2012 4:25am Jul 31, 2012 4:25am
Quoting deathbait
Well sure, but as I was telling the stats guy, that goes against the spirit of the method, which is to get in on that one big ride with everything u can throw at it.
I'm a bit curious about the entry method, though. If I understand correctly, the idea is to enter a trade once a day, in the initial direction of today's D1 bar with a very tight SL? And then move SL progressively to BE. While it sounds utterly appealing, I'm worried about one thing... Statistically speaking, the truly one-way bars (where open price is either high or low of the bar) are very rare on the long TFs (1-2% on D1 chart). How would you estimate the percentage of successful entries (surviving at least one day)?

Excuse me if it's already discussed, but I wasn't able to find an answer to that question.

Best regards,
Barbossa
  • #6,406
  • Jul 31, 2012 5:31am Jul 31, 2012 5:31am
Quoting Barbossa
I'm a bit curious about the entry method, though. If I understand correctly, the idea is to enter a trade once a day, in the initial direction of today's D1 bar with a very tight SL? And then move SL progressively to BE. While it sounds utterly appealing, I'm worried about one thing... Statistically speaking, the truly one-way bars (where open price is either high or low of the bar) are very rare on the long TFs (1-2% on D1 chart). How would you estimate the percentage of successful entries (surviving at least one day)?

Excuse me if it's already...
The confusion stems from the wrong timeframe in your understanding. It is on the 5 seconds chart.
  • #6,407
  • Jul 31, 2012 6:24am Jul 31, 2012 6:24am
Ready for the NY open ?
  • #6,408
  • Jul 31, 2012 7:34am Jul 31, 2012 7:34am
Quoting quicksliver
Ready for the NY open ?
-2
  • #6,409
  • Jul 31, 2012 8:19am Jul 31, 2012 8:19am
Is there any interest in updating Zen_Leow's EA to include a virtual stop loss? Currently it adds the stop loss to the open order and my broker only allows a 3 pip stop loss. It'd be great if the EA could monitor the stop loss and close the open order when it hit 2 pips.

Quoting Zen_Leow
Hi all,

I've considered Toothman's request and it makes sense. Most importantly, it doesn't distort the strategy. so here it is.

This new version should allow those affected by commission brokers to raise the BE level accordingly. I also did a little clean up to make the BE movement codes a little more logical (easier for me to read in future).

Inputs added

CommissionPips (default: 1)

CommissionPips is how much additional move you want the stop loss to go in order to reach your "True Break Even Point". The stop loss level...
  • #6,410
  • Jul 31, 2012 8:55am Jul 31, 2012 8:55am
Quoting TheMaxx
Is there any interest in updating Zen_Leow's EA to include a virtual stop loss? Currently it adds the stop loss to the open order and my broker only allows a 3 pip stop loss. It'd be great if the EA could monitor the stop loss and close the open order when it hit 2 pips.
No EA changes needed, try Multi purpose trade manager, starting at :

http://www.forexfactory.com/showthread.php?t=89371

NY open, -2 ..... Must say, checking the openings for the last month has been rather disappointing. Be strong, perseverance, patience
  • #6,411
  • Jul 31, 2012 9:39am Jul 31, 2012 9:39am
are we talking about

2 pips sl PLUS spread

or

2 pips sl WITH spread

in other words is this platform correctly set?
Attached Image
Don't give up
  • #6,412
  • Jul 31, 2012 9:45am Jul 31, 2012 9:45am
Quoting geomink
are we talking about

2 pips sl PLUS spread

or

2 pips sl WITH spread

in other words is this platform correctly set?
Option #2

2 pips sl WITH spread

Ding ding, wrong on the platform.
  • #6,413
  • Aug 1, 2012 2:46am Aug 1, 2012 2:46am
Who else took the LO ? Currently at 12 in the green.
  • #6,414
  • Aug 1, 2012 2:51am Aug 1, 2012 2:51am
Quoting quicksliver
Who else took the LO ? Currently at 12 in the green.
  • #6,415
  • Aug 1, 2012 3:05am Aug 1, 2012 3:05am
Quoting TheMaxx
Is there any interest in updating Zen_Leow's EA to include a virtual stop loss? Currently it adds the stop loss to the open order and my broker only allows a 3 pip stop loss. It'd be great if the EA could monitor the stop loss and close the open order when it hit 2 pips.
Please ignore - I've just looked at the code and Zen has programmed a virtual stoploss already. He's an amazing coder and has thought of everything every possible contingency. Testing it now.
  • #6,416
  • Aug 1, 2012 3:22am Aug 1, 2012 3:22am
Quoting quicksliver
Who else took the LO ? Currently at 12 in the green.
If you had 2 pip SL, you would have been taken out of the trade.
Whether you can or you can't, you are both right.
  • #6,417
  • Aug 1, 2012 3:34am Aug 1, 2012 3:34am
Out.... See you at NYO
  • #6,418
  • Aug 1, 2012 3:46am Aug 1, 2012 3:46am
ok no stats guy

why Tony112 has changed his target level from 140 to 400
is it becouse;
- he is in loss and would like to get in profit ASAP
- he feels it
- he has stats saying so

walker

Quoting deathbait
Well sure, but as I was telling the stats guy, that goes against the spirit of the method, which is to get in on that one big ride with everything u can throw at it. While sounding like exact opposite strategies, the endgame of this and the millipede method in another popular thread is the same.
  • #6,419
  • Aug 1, 2012 3:51am Aug 1, 2012 3:51am
Quoting stevewalker
ok no stats guy

why Tony112 has changed his target level from 140 to 400
is it becouse;
- he is in loss and would like to get in profit ASAP
- he feels it
- he has stats saying so

walker

I'll have to go with option 2 lol

As I mentioned a few times before, I'm looking forward to your contributions in adjusting the TP.

I'm not against stats. I use them all the time. I'm just pointing out you're moving in the opposite direction of what this strategy sets out to do regarding SL.
  • #6,420
  • Aug 1, 2012 3:54am Aug 1, 2012 3:54am
Quoting deathbait
I'll have to go with option 2 lol

As I mentioned a few times before, I'm looking forward to your contributions in adjusting the TP.

I'm not against stats. I use them all the time. I'm just pointing out you're moving in the opposite direction of what this strategy sets out to do regarding SL.
I personally am moving my stop loss in accordance with my gut feel of support and resistance - with no take profit. But I don't have the experience of Tony so I'll probably end up with worse results than having a fixed TP - but I think it's important to trade a system in a way that fits with your trading style.
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