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Starting with $50

  • #21
  • Aug 17, 2012 3:12am Aug 17, 2012 3:12am
Quoting ocd
About the FiboPiv_v2...it's an EA readily available. I need to add that to my first post so anyone who wants it can have it.
Downloaded, installed, restarted and it's in my EA list but, it seems it won't attach to the chart. I drag it there but nothing appears on the chart or in the EA list when right clicked. Have I missed something?
Ghost Rider - WWTBMD?
  • #22
  • Aug 17, 2012 3:29am Aug 17, 2012 3:29am
Quoting tsipouro

  1. You're setting the Fibonacci retracements according to the swing lows and highs of the past 10 days. Right? In the Fibo properties, are you tweaking the Fibo levels or you just leave them as they are? In the parameters, are you ticking the Ray?
  2. I'm attaching a .zip file with my indicators setup.


Please, let me know if everything's alright.

Okay, on the Stochastics settings everything is correct except on the Parameters page...go to where it says "Price field" and click on "close/close".

On the FiboPiv_v2, I left it in its default settings.

On the Fibonacci retracement, I did not click on ray. I try to use no longer than 10 days back and find the highest high and lowest low for my points.

Now for the settings, I did add some. As I recall the default settings are 61.8, 50 and 38.2...I added 6.5, 13, 23.6, 31 and 76. My reasoning?
You've probably spent a lot of face to screen time and noticed the candles will move to certain (invisible) resistance lines that the default Fib settings don't recognize.

(My explanation below sounds a little crazy even for me but it is based on trading safe)

When you add these numbers you will see the candles go to them. And here's the reason I use these specifically...23.6 is a strong resistance. If enough news/momentum isn't strong enough for a push to 38.2%, it will stick at 23.6. If you are at the zero level 13% is coming and I will buy at the 6.5% level...sometimes I get too conservative and actually think 23.6 is too difficult so my target is the 13% (yes, I chicken out occasionally).

If the candles are lingering around 23.6, then the next stop is gonna be 38.2%. If it's stuck in a very narrow trading range near the 23.6 but I anticipate an increase then I will put an entry order at 31% knowing it's gonna go to 38.2%. I do this only when I'm very conservative and the market is not swinging hard. My mindset is to always take a single or double over a strike out while trying to hit a home run (baseball metaphor).

Hope this helps but if you want the best basic settings for your Fibonacci then use 23.6, 38.2, 50, and 61.8.
Everything easy was hard at first
  • #23
  • Aug 17, 2012 3:36am Aug 17, 2012 3:36am
Quoting albchr
Downloaded, installed, restarted and it's in my EA list but, it seems it won't attach to the chart. I drag it there but nothing appears on the chart or in the EA list when right clicked. Have I missed something?
I honestly don't know. Search for it on this board as an mq4 and try to download it again because I may have somehow messed it up.

I usually just go to my indicators button on the toolbar and go to "Custom", scroll down and click on the new indicator...

I'll look into it in the morning, I'm going to bed. Goodnight everyone

BTW, I traded .03 lot size in tonights order.
Everything easy was hard at first
  • #24
  • Aug 17, 2012 3:43am Aug 17, 2012 3:43am
Quoting ocd
Okay, on the Stochastics settings everything is correct except on the Parameters page...go to where it says "Price field" and click on "close/close".

On the FiboPiv_v2, I left it in its default settings.

On the Fibonacci retracement, I did not click on ray. I try to use no longer than 10 days back and find the highest high and lowest low for my points.

Now for the settings, I did add some. As I recall the default settings are 61.8, 50 and 38.2...I added 6.5, 13, 23.6, 31 and 76. My reasoning?
You've probably spent...
That was more than helpful. I will send you some more questions tomorrow after I check, modify and work with everything above.

Thank you again.

Cheers
  • #25
  • Edited 5:34am Aug 17, 2012 3:51am | Edited 5:34am
Quoting ocd
I honestly don't know. Search for it on this board as an mq4 and try to download it again because I may have somehow messed it up.

I usually just go to my indicators button on the toolbar and go to "Custom", scroll down and click on the new indicator...

I'll look into it in the morning, I'm going to bed. Goodnight everyone

BTW, I traded .03 lot size in tonights order.


Edit: I also meant to ask if your account is a standard account.

Edit again: OK, you didn't mess up. It works as an "indicator". When you said EA, I saved it to the EA folder. Saving it to the indicators folder worked fine.
Ghost Rider - WWTBMD?
  • #26
  • Aug 17, 2012 10:27am Aug 17, 2012 10:27am
What the Firetruck?


Okay, so I got a loss. And how did I get a loss you are asking? Stinkin margin call because I had a lot size of .03 instead of .02. Had I put the order in with .02 lots I would still be in the trade because my target price was not hit...missed it by .00003 pips.

At this point though you probably get the idea behind my method. I try to go safe...that being the case I need to tighten up for a little bit on lot size.

I'd give myself a B- for the week.
Attached Image (click to enlarge)
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Everything easy was hard at first
  • #27
  • Aug 17, 2012 10:59am Aug 17, 2012 10:59am
Oh...ouch!

That's exactly why in my previous post I asked if it was a standard account. .03 or .30 cents a pip can go fast if it goes against you. Also, do you use stops or trailers?

I have about 650.00 in my standard account and I trade .02 per position and normally never more than 2 trades at a time.

In fact, just today I'm thinking of increasing my lot size to .03 or .04 max.

I do see the method and I'm still intrigued by it. Hopefully you'll throw another $50 at it and keep going.

All the best and have a great weekend.
Ghost Rider - WWTBMD?
  • #28
  • Aug 17, 2012 11:27am Aug 17, 2012 11:27am
No, this is a micro account. I won't be adding any more funds to the account because it is to show that it can be built from the original $50.

I thought about what happened and I will stick with .02 lot size until I reach $100 in the account and then I will increase lot size to .03.

This is very doable I just can't too aggressive for a while. Also to add to my maintaining a conservative approach to this, I think I will take my target exit price and subtract 50 pipettes from whatever that number is so I have a higher close ratio of successful trades.
Everything easy was hard at first
  • #29
  • Aug 17, 2012 11:35am Aug 17, 2012 11:35am
Quoting ocd
What the Firetruck?


Okay, so I got a loss. And how did I get a loss you are asking? Stinkin margin call because I had a lot size of .03 instead of .02. Had I put the order in with .02 lots I would still be in the trade because my target price was not hit...missed it by .00003 pips.

At this point though you probably get the idea behind my method. I try to go safe...that being the case I need to tighten up for a little bit on lot size.

I'd give myself a B- for the week.
Which was your SL? I had this great idea of putting it at 1.2360. I was out of the game soon.
  • #30
  • Aug 17, 2012 11:40am Aug 17, 2012 11:40am
Quoting ocd
No, this is a micro account. I won't be adding any more funds to the account because it is to show that it can be built from the original $50.

I thought about what happened and I will stick with .02 lot size until I reach $100 in the account and then I will increase lot size to .03.

This is very doable I just can't too aggressive for a while. Also to add to my maintaining a conservative approach to this, I think I will take my target exit price and subtract 50 pipettes from whatever that number is so I have a higher close ratio of successful...
hello ocd
I like this idea. Could you please help a total newbie like me? Can you give a little bit more explanation on drawing the fib extensions and how they relate to the piv points as well as the criteria for entry - do they need to line up for confirmation of entry?

Cheers
AndyG
  • #31
  • Aug 17, 2012 1:02pm Aug 17, 2012 1:02pm
Quoting tsipouro
Which was your SL? I had this great idea of putting it at 1.2360. I was out of the game soon.

I know you're gonna think I'm crazy but I'm one of those guys that does NOT use a stop loss. Many traders strongly disagree with me on this but many understand my thinking. The reason is that in the past I have been stopped out of so many trades AND THEN the trade went on to go exactly where I thought it would.

(Use a DEMO account to see if you can trade without a stop loss or determine if you just have to have one. It kind of feels like swimming naked at first The DEMO account is to try different techniques/strategies out.)

In this case I was forced to exit the trade by margin call at 1.23411...had I put the lot size at .02 it would've been fine.
Everything easy was hard at first
  • #32
  • Aug 17, 2012 1:29pm Aug 17, 2012 1:29pm
Quoting AndyG
hello ocd
Can you give a little bit more explanation on drawing the fib extensions and how they relate to the piv points as well as the criteria for entry - do they need to line up for confirmation of entry?

Cheers
AndyG

I usually use no more than 10 days of data to determine my Fib points. As an example, next week I will put my first point on the low of Friday, Aug 10th. Then I will put the other point on the high of Tuesday, Aug 14th.

If during the trading week there is a new high or low I will make an adjustment, otherwise, I just leave it alone for the trading week.

The FiboPiv_v2 is a unique little tool. Of course it changes every new trading day automatically for you because of the previous days pivot point. The Fib and FiboPiv do not need to line up because every day is different. As an example, today's trading range started off above the Pivot line at the 61.8% and Resistance 1 (R1) line. It offers no consistency but that's where your Stochastics come in.

Stochastics give you the direction of the new trend and then you adjust your projected entry and exits according to that new direction. A safe trade is either between the Pivot point and the Resistance 1 (or the Support 1 if going short) and usually there's a Fib line that is gonna be broken such as a 31% line yesterday to get to the 38.2% line (which just happened to be the R1) for an easy 25 pips. That may not sound like alot but when you start increasing lot size, that's when small, consecutive gains compound into large numbers quickly.

But for now, we build our account on small gains with small lot size.
Everything easy was hard at first
  • #33
  • Aug 18, 2012 2:43am Aug 18, 2012 2:43am
Quoting ocd
I usually use no more than 10 days of data to determine my Fib points. As an example, next week I will put my first point on the low of Friday, Aug 10th. Then I will put the other point on the high of Tuesday, Aug 14th.

If during the trading week there is a new high or low I will make an adjustment, otherwise, I just leave it alone for the trading week.

The FiboPiv_v2 is a unique little tool. Of course it changes every new trading day automatically for you because of the previous days pivot point. The Fib and FiboPiv do not need to line...
Thanks ocd, that has clarified a few things for me. I will give it a try next week. Cheers.
AndyG
  • #34
  • Aug 19, 2012 4:55am Aug 19, 2012 4:55am
Quoting ocd
I know you're gonna think I'm crazy but I'm one of those guys that does NOT use a stop loss. Many traders strongly disagree with me on this but many understand my thinking. The reason is that in the past I have been stopped out of so many trades AND THEN the trade went on to go exactly where I thought it would.

(Use a DEMO account to see if you can trade without a stop loss or determine if you just have to have one. It kind of feels like swimming naked at first The DEMO account is to try different techniques/strategies out.)

In...
Taking into consideration the times that the same thing has happened to me, I don't think you are crazy at all. After all, confidence is essential around here.
  • #35
  • Aug 19, 2012 5:22am Aug 19, 2012 5:22am
nice start, but why Demo?

I'll give you $50 to trade live if you split the profits with me after/ if you hits an agreed upon amount
H.D
  • #36
  • Aug 20, 2012 1:16am Aug 20, 2012 1:16am
Quoting Hilar
nice start, but why Demo?

I'll give you $50 to trade live if you split the profits with me after/ if you hits an agreed upon amount

uhh, no thank you.
Everything easy was hard at first
  • #37
  • Aug 20, 2012 2:05am Aug 20, 2012 2:05am
Quoting ocd
uhh, no thank you.
So ... why demo? You know once you start making 50% a week with live money it will be no where near the same. Pointless exercise.
H.D
  • #38
  • Aug 20, 2012 2:16am Aug 20, 2012 2:16am
Okay, this one is giving me fits tonight. I've been watching it since 10:20pm MS. I knew it was gonna go up based on the Stochastics of the 1 hour chart but from 10 to 11:00pm there was not much action.

Anyway, I'm thinking this loses momentum but I could be wrong. My pending order is already in and it is to short from the 31% Fib line down to just above the 50% line...from 1.23400 (entry) down to 1.23150 (exit)...right or wrong, this is my trade tonight.

BTW, I moved my Fibonacci high/low points to the low of Aug 10th and the high of Aug 14th


Let's look at some charts.
Everything easy was hard at first
  • #39
  • Aug 20, 2012 2:22am Aug 20, 2012 2:22am
Quoting Hilar
So ... why demo? You know once you start making 50% a week with live money it will be no where near the same. Pointless exercise.
No, not at all. The point of the exercise is to prove that a person with little to no money can learn how to trade and start from the bottom. Many people have experienced "financial reversals" in their lives due to divorces or economic collapse of their local economy and cannot (nor should they) except that they have to live on minimum wage for the rest of their life.

People need hope and it is my goal to see if I can offer that.
Everything easy was hard at first
  • #40
  • Aug 20, 2012 2:25am Aug 20, 2012 2:25am
Looking at the 4 hour chart we get to see where the currency should go tonight. The 5,3,3 Stochastics says that it should go up and then, after reaching an overbought condition, should tank.

Here's the picture...
Attached Image (click to enlarge)
Click to Enlarge Name: 4 hour, 8-19pm.gif Size: 38 KB
Everything easy was hard at first
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