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Daytrading/scalping with high leverage - my proven strategy

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  • #2,781
  • Apr 20, 2013 12:08pm Apr 20, 2013 12:08pm
I would say if we use the original MM we just need to make 4 trades of 20 pips each (compounded) to double the account so we can decide to only take very good signals, that could mean no counter trend trades.
My name is Martin... Martin Gale
  • #2,782
  • Apr 20, 2013 12:13pm Apr 20, 2013 12:13pm
Quoting condor666
I would say if we use the original MM we just need to make 4 trades of 20 pips each (compounded) to double the account so we can decide to only take very good signals, that could mean no counter trend trades.
condor666, I myself don't trade counter-trend.

I'm proud of the guys who counter-trade using pattern "TMA M1 beyond TMA M5/M15", but as I said I don't use this pattern for trading, I use it for exits.

But that doesn't mean that they should stop trading this way - obviously they really MASTERED this method and they are very good at it, so why stop if it makes money?
Gentlemen always play by the rules. If they can't, they change the rules.
  • #2,783
  • Apr 20, 2013 12:20pm Apr 20, 2013 12:20pm
Yes that's sure, as long that it works why stop but personnally i wouldn't do so cause i wish at least 20 pips each time and i don't think countertrending can achieve this.
My name is Martin... Martin Gale
  • #2,784
  • Apr 20, 2013 1:21pm Apr 20, 2013 1:21pm
I'd like to share these scripts I've use for MM.
Hopefully some may find it useful.

I prefer to set my trade size and SL according to ATR.
In the case of M5, I usually set my lots at 1% of a 200% 10 ATR period,
with a minimum of a 7pip SL.
e.g. 1% of $1000 for a 200% ATR(10) = 25pips would be - 0.4 lots

Simply enter the ATR Timeframe, Risk %, ATR Periods, ATR Multiplier and minimum SL
and the script takes care of the rest. After the order has been set, drag the SL script to set the SL.
Attached File(s)
File Type: mq4 Buy Script ATR.mq4   3 KB | 339 downloads
File Type: mq4 Sell Script ATR.mq4   3 KB | 325 downloads
File Type: mq4 SetInitialSL_ATR.mq4   2 KB | 334 downloads
  • #2,785
  • Apr 20, 2013 1:22pm Apr 20, 2013 1:22pm
First --- Sorry for my english if sometimes I make any mistakes, because I am Spanish and I donīt like translators at all!!

Second and more important... THANK YOU GUYS!! every one... master traders (Favourite and the "kamikaze" DNA, hehe) who give us the opportunity to try their strategies and also the testers because without them we never will be able to have a Post like this one!!!

And now the reason cause Iīm writing to you!! Has anyone tried to do partial exits? I use to trade in 1min with another strategy, and I get some cash when the price give me 4-5 pips, then if the price go against me, I donīt lose very much. I think that it could be fine to this strategy when we enter to counter trend.

I was reading the post for 2 days and I have just finished!!! I thought that this day will never arrive, because you post messages faster than I read!! hehehe.
I will be here reading almost everyday, I would like to do backtest but I read that it is not posible, so I will try in demo account for a while.

Another question... I have studied PA for a little, watching some videos of Al Brooks, but when I opened the Lance Beggs books and I saw more than 600 pages... is it necessary to read this PA manual or it should be enough with the al brooks summary in his videos? I read some comments in this post as post 2598 that I didnīt know with my PA knowledge, I will detect this kind of problems after the Lance Beggs book???

Thanksss a lot!! I will try to contribute here as much as I can
  • #2,786
  • Apr 20, 2013 1:54pm Apr 20, 2013 1:54pm
Quoting Favorite
DNA, I think there are traders who are comfortable with locks, and there are traders that are uncomfortable with locks, and it is normal, people are different.
Regarding locking as oppose to taking a loss with a normal stop.

My thoughts are to take the loss as it occurs rathet than use a lock, I say this for 3 reasons.

1) I struggle to unlock the lock successfully as i get impatient and find myself taking too much risk getting out of it and very often just add to the loss.

2) If you lock a pair you tend to wait for that pair to set up again to unlock it and this can take time.

3) It costs twice as much in spread so again adding to the loss to be recovered.

So this is my personal recomendation. Just take the loss as it is and then just carry on trading to cover that loss so say it was a 30 pip loss then just keep trading until you win the 30 pips back. This means you don't have to trade the pair where the loss occurred but can just trade the best pair setting up best.

All you have to say to yourself is " My first 30 pips profit covers that last loss".

This I find removes the pressure to trade the locked pair which might not set up for sometime. Also only cost one spread for the loss taken.

I think we can get too hung up on associatting the loss to the pair it occurred on, we don't have to make it up on that pair, far better to trade the pair that is setting up best to cover the loss.

Just my 2 cents worth.
Feel the Fear and do it anyway!!!
  • #2,787
  • Apr 20, 2013 2:01pm Apr 20, 2013 2:01pm
Quoting clivepackham
1) I struggle to unlock the lock successfully as i get impatient and find myself taking too much risk getting out of it and very often just add to the loss. 2) If you lock a pair you tend to wait for that pair to set up again to unlock it and this can take time.
That's exactly what I meant when I said that I didn't have some secret, just the discipline.

Quoting clivepackham
Just take the loss as it is and then just carry on trading to cover that loss so say it was a 30 pip loss then just keep trading until you win the 30 pips back.
clivepackham, I respectfully disagree. What you described is exactly what people call "a revenge trade" and people lose much more money in the revenge trades than even in the unsuccessful unlocking, as a matter of fact I think revenge trading and over-leveraging are two main reasons why people blow up their accounts.

But, of course, I'm not saying that all the participants have to switch to locks, locks are NOT for everybody, you have to master them and it is not easy.
Gentlemen always play by the rules. If they can't, they change the rules.
  • #2,788
  • Apr 20, 2013 2:10pm Apr 20, 2013 2:10pm
Quoting Favorite
That's exactly what I meant when I said that I didn't have some secret, just the discipline. clivepackham, I respectfully disagree. What you described is exactly what people call "a revenge trade" and people lose much more money in the revenge trades than even in the unsuccessful unlocking, as a matter of fact I think revenge trading and over-leveraging are two main reasons why people blow up their accounts. But, of course, I'm not saying that all the participants have to switch to locks, locks are NOT for everybody, you have to master them and...
I agree with Favourite reply in most, I think that the best way to face a lost trade is to forget this trade and continue trading with any changes.

I have a question cause I dont know if I am understanding it correctly... When you say LOCK a pair, you mean to not operate it for a while???

PD: FAVOURITE, try to sleep with the market closed!!! you have to do it at least in weekends! hehehe
  • #2,789
  • Apr 20, 2013 2:10pm Apr 20, 2013 2:10pm
Quoting Favorite
I respectfully disagree. What you described is exactly what people call "a revenge trade" and people lose much more money in the revenge trades than even in the unsuccessful unlocking, as a matter of fact I think revenge trading and over-leveraging are two main reasons why people blow up their accounts.
  • #2,790
  • Apr 20, 2013 2:11pm Apr 20, 2013 2:11pm
Favorite i wanna thank you so much for your contribution. I've learned so much. But even more important..I made green pips since years! To all readers: i wish everybody a lot of green pips too.
  • #2,791
  • Apr 20, 2013 2:30pm Apr 20, 2013 2:30pm
Quoting ber_tdf
Yes, ber_tdf, sometimes I myself just can't believe how smart I am!
Gentlemen always play by the rules. If they can't, they change the rules.
  • #2,792
  • Apr 20, 2013 2:33pm Apr 20, 2013 2:33pm
oh, all this time `locking` was mentioned on this thread, I thought you were referring to locking-in profits but you were actually talking about sort of hedging
  • #2,793
  • Apr 20, 2013 2:39pm Apr 20, 2013 2:39pm
Quoting tonny47
oh, all this time `locking` was mentioned on this thread, I thought you were referring to locking-in profits but you were actually talking about sort of hedging
tonny47, it is no big deal anyway because locks are NOT the part of Babon system, I don't recommend them for everybody. Locks or SLs - it is just a personal preference, exactly like the pairs you trade, or your MM, or trading/not trading gaps, or BE/trailing.
Gentlemen always play by the rules. If they can't, they change the rules.
  • #2,794
  • Apr 20, 2013 2:43pm Apr 20, 2013 2:43pm
thats good, still lot to learn about babon trading. locking would just be overwhelming

Quoting Favorite
tonny47, it is no big deal anyway because locks are NOT the part of Babon system, I don't recommend them for everybody. Locks or SLs - it is just a personal preference, exactly like the pairs you trade, or your MM, or trading/not trading gaps, or BE/trailing.
  • #2,795
  • Apr 20, 2013 2:48pm Apr 20, 2013 2:48pm
Quoting tonny47
thats good, still lot to learn about babon trading. locking would just be overwhelming
Yes, I think locks is the last thing a good trader has to learn, not because they aren't important but because they are kind of "the next level".
Gentlemen always play by the rules. If they can't, they change the rules.
  • #2,796
  • Apr 20, 2013 3:41pm Apr 20, 2013 3:41pm
the lock helps to understand quietly a mistake, there is time to think that went not so, gives chance to beat off $......SL won't give such opportunity..... and who prevents the lock to turn in SL..... if it strains
man is capable of much, only not everyone knows, on what he is capable
  • #2,797
  • Apr 20, 2013 3:57pm Apr 20, 2013 3:57pm
Quoting zapad13
the lock helps to understand quietly a mistake, there is time to think that went not so, gives chance to beat off $......SL won't give such opportunity..... and who prevents the lock to turn in SL..... if it strains
Yes, zapad13, I agree with everything you said, locks have a lot advantages comparing to SLs, that's why I use them!
Gentlemen always play by the rules. If they can't, they change the rules.
  • #2,798
  • Apr 20, 2013 4:06pm Apr 20, 2013 4:06pm
Favorite Hello.
Make the block means to do hedging, ie open a position in contrast to those existing in because loss.
But it is not banned in any state?
  • #2,799
  • Apr 20, 2013 4:43pm Apr 20, 2013 4:43pm
Quoting Matrix8756
Favorite Hello. Make the block means to do hedging, ie open a position in contrast to those existing in because loss. But it is not banned in any state?
Sure for US people this cannot work.
My name is Martin... Martin Gale
  • #2,800
  • Apr 20, 2013 4:47pm Apr 20, 2013 4:47pm
Quoting condor666
Sure for US people this cannot work.
thanks condor666
I remembered reading when I opened the account, which was banned in some states (I do not know why) even if I was being allowed in Italy.
Hello again.
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