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1% Trading System

  • #21
  • Jan 8, 2013 11:51am Jan 8, 2013 11:51am
Quoting Favorite
I sent you PM.
After reading the thread very carefully, I just realized this system was better than Merlin's AMAZING Strategy, which I extensively studied before. But I have to put a warning: This system is certainly not for newbies! Only seasoned traders can understand the edge behind it.

Sorry about my previous post if it sounded bitter....
  • #22
  • Edited 12:07pm Jan 8, 2013 11:55am | Edited 12:07pm
Quoting Forexgogo
I'm trying to understand your trading, but not quite there...
(1) If all the SL and TP are random, why not the same number? ie TP=20 SL=18 for all 40 trades.
(2) If sell/buy is random, why not all the same? either sell or buy?
(3) Where do you get the winning rate of 60%?
(4) Why risk is 1%? arbitrary?
(5) Could you explain more about your fib-trading?

Thank you!
(1) If all the SL and TP are random, why not the same number? ie TP=20 SL=18 for all 40 trades. - To have some thrill in this boring business.
(2) If sell/buy is random, why not all the same? either sell or buy? - Ditto above
(3) Where do you get the winning rate of 60%? - That was an example
(4) Why risk is 1%? arbitrary? - No. That will save my ass (but not the pussy) if I get 40 or 50 consecutive losing trades.
(5) Could you explain more about your fib-trading? I normally use key fibs as supports or resistances.
The Thief of Wall Street
  • #23
  • Jan 8, 2013 12:46pm Jan 8, 2013 12:46pm
Very Interesting :nerd:

So to make it simple & short:

1. Risk = Reward
2. S/L & T/P are random but not that much that we wait long time
3. Sell/Buy is random but trade is only taken if it is according to S/R level.
4. Risk = 1% , because one should sustain lots of continuous losses
5. Entrance Level = Use any tool you have to identify Support/Resistance levels to get a better chance! IF identified correctly your wining rate would be more than 50%. Anything higher than this number is enough to be profitable in a long series of trades. A trader could use the confluence idea to get a better win rate.

--> I think a high level of DISCIPLINE is needed by the trader & IF he concentrates on picking the best trades it will be profitable. Experience is a must here.

I will be looking to see how this goes...
Manage probability while following the TREND.
  • #24
  • Jan 8, 2013 5:21pm Jan 8, 2013 5:21pm
Quoting khanderoo
Very Interesting :nerd:

.........................................I will be looking to see how this goes...
I assure you, 5 or 10 consecutive losses and everybody will be looking for some other magic thread............... wish I could trade my this speculation.
The Thief of Wall Street
  • #25
  • Edited 7:13pm Jan 8, 2013 6:39pm | Edited 7:13pm
Memorandum

Buy Level: 1.2980.6

Sell Level: 1.3118.7

Likely to hit 1.3041.6, void if it gets above 1.3090.8
The Thief of Wall Street
  • #26
  • Jan 8, 2013 11:23pm Jan 8, 2013 11:23pm
this is exactly how i trade Chicky.......except i do it the hard way, build a sophisticated strategy first and pretend the buys and sells arent random

Quoting Chicky
Buys and sells are just random.
  • #27
  • Jan 8, 2013 11:47pm Jan 8, 2013 11:47pm
Quoting Chicky
Memorandum

Buy Level: 1.2980.6

Sell Level: 1.3118.7

Likely to hit 1.3041.6, void if it gets above 1.3090.8
1.3103.8 is another sell level.
The Thief of Wall Street
  • #28
  • Jan 8, 2013 11:50pm Jan 8, 2013 11:50pm
Quoting PeterE
this is exactly how i trade Chicky.......except i do it the hard way, build a sophisticated strategy first and pretend the buys and sells arent random
This strategy has great MM logic. I too discovered this after great deal of effort. Can go with any reasonable trading method.
The Thief of Wall Street
  • #29
  • Edited Jan 9, 2013 12:44am Jan 8, 2013 11:55pm | Edited Jan 9, 2013 12:44am
I have a slight discripancy in my calculation and trade.

Calculation indicates 1.3041.6 (provided 1.3090.8 remains valid), but my tp is 6 or so pips away from 1.3041.6. Won't change my trade, .........this is not an exact science anyway.
The Thief of Wall Street
  • #30
  • Jan 9, 2013 6:53am Jan 9, 2013 6:53am
I have chosen poll
and my favorite R : R is
1:Less than 1
and
R: R = 1: I

salaam
  • #31
  • Jan 9, 2013 1:45pm Jan 9, 2013 1:45pm
Quoting Chicky
I have a slight discripancy in my calculation and trade.

Calculation indicates 1.3041.6 (provided 1.3090.8 remains valid), but my tp is 6 or so pips away from 1.3041.6. Won't change my trade, .........this is not an exact science anyway.
Missed tp by 1 pip or so. Trade still running.

ps. If it decides to go down, next trade will be a short for 27 pips with 30,100 units of currency. 1.2980.6 a likely target.
The Thief of Wall Street
  • #32
  • Jan 10, 2013 8:39am Jan 10, 2013 8:39am
Hit SL.

I have no level atm. Calculating levels.

B/E after 6 trades.
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The Thief of Wall Street
  • #33
  • Jan 10, 2013 8:51am Jan 10, 2013 8:51am
Quoting Chicky
............
I have no level atm. Calculating levels...................
1.3333.5

ps. void below 1.3035.5
The Thief of Wall Street
  • #34
  • Jan 10, 2013 9:04am Jan 10, 2013 9:04am
Quoting Chicky
Hit SL.

I have no level atm. Calculating levels.

B/E after 6 trades.
trade 7 short for 27 pips
The Thief of Wall Street
  • #35
  • Jan 10, 2013 9:28am Jan 10, 2013 9:28am
Quoting Chicky
trade 7 short for 27 pips
That was quick. Hit SL
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The Thief of Wall Street
  • #36
  • Jan 10, 2013 9:50am Jan 10, 2013 9:50am
Quoting Chicky
Ralome, the first part says 6 winners out of 10 trades and 11 winners out of 20. That is, winners more than losers.

40 trades are not two blocks of 20 trades. This may look strange at first, but it has a logic. Let me explain.

If a trader can generate 60% winners (60:40 win:loss ratio), this also needs defining the total population, without such definition, this statement is incomplete. For example few traders may be expert enough to consistently generate 6 winners out of every 10 trades. That will be win:loss ratio of 60:40. In this case,...
Your approach to the market with this "system" is very similar to what I have been doing on my website for 1 year now. It's basically playing probabilities where support/resistance gives you the long term edge. You've even selected 1% risk and 1:1 risk to reward ratio which is same as I have, ha ha. Doesn't get much simpler than that. The only difference I see is that I don't have the TP and SL predefined. My targets are sometimes beyond 50 pips but no more than 100 pips. It will be interesting to see if your targets (which are all within 51 pips) generate similar results to those that are not predefined. In such a small range I expect there to not be much of a difference over shorter periods of time. In such small windows it usually just comes down to the s/r holding up or not. Best regards!
  • #37
  • Jan 10, 2013 11:08am Jan 10, 2013 11:08am
Quoting Trade2Day
Your approach to the market with this "system" is very similar to what I have been doing on my website for 1 year now. It's basically playing probabilities where support/resistance gives you the long term edge. You've even selected 1% risk and 1:1 risk to reward ratio which is same as I have, ha ha. Doesn't get much simpler than that. The only difference I see is that I don't have the TP and SL predefined. My targets are sometimes beyond 50 pips but no more than 100 pips. It will be interesting to see if your targets (which are all within 51 pips)...
LOL. This is a small world. I learned this by reading Trading in the Zone. That has very good logic.

I do not pre-define my levels, this I did here to create some interest in this thread. I liked your tactic of not going beyond 100 pips. Like Warren Buffet said in one of his interviews "short-term rolling".
The Thief of Wall Street
  • #38
  • Jan 13, 2013 11:30pm Jan 13, 2013 11:30pm
Revised pending buy order price. Now at 1.3119
The Thief of Wall Street
  • #39
  • Jan 15, 2013 9:22am Jan 15, 2013 9:22am
Quoting Chicky
1.3333.5

ps. void below 1.3035.5
Entered long for 27 pips. 1.3333 area may hold. Previously it significantly overshot this level.
The Thief of Wall Street
  • #40
  • Jan 21, 2013 6:01am Jan 21, 2013 6:01am
This is the latest position, losing about 2%.

The next Trade #9 will be a short for 36 pips
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The Thief of Wall Street
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