Third Screen Strategy - Dr. Alexander Elder | Page 118 | Forex Factory

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Third Screen Strategy - Dr. Alexander Elder

  • #2,341
  • Jul 10, 2013 7:24am Jul 10, 2013 7:24am
Quoting Ati Baia
hi, anyone can tell what is the main difference between the two attached trade explorers? Thanks.
Pairs and SL/TP settings. Just follow the link on post #1 to the SL & TP settings. There you'll find what you ask for.
  • #2,342
  • Jul 10, 2013 7:32am Jul 10, 2013 7:32am
Quoting Olarion1975
I would like to give you some facts about my 2 weeks trading the Third Screen Strategy on my live account. Period: 27/06/2013 - 10/07/2013 Pairs: 20 (pairs, SL & TP settings according to 100PipsADay's demo #2) Max. positions: 8 Delay hours: 6 Trading style: mixed (EA for entering trades, partly manual intervention) Risk / exposure: 1 standard lots per $2500 / max. 100 open positions Trades: 138 Gain: 81.75% (calculated by myfxbook), 23.74% (June), 46.88% (July) Total pips: 11,848 Win rate: 68.5% Profit factor: 6.35 Risk of ruin: <0.01% Floating...
Do I understand correctly that during 2 weeks you won 95 trades out of 138 (i.e 68,5%)? All these trades have been entered and closed within 2 weeks and no floating result taken into account?
Your average win seems to be 125 pip then. Does it mean that you close most trades manually long before they reach the target? What about initial SL and RR ratio?
  • #2,343
  • Edited 8:12am Jul 10, 2013 7:46am | Edited 8:12am
Quoting Indrek
{quote} Do I understand correctly that during 2 weeks you won 95 trades out of 138 (i.e 68,5%)? All these trades have been entered and closed within 2 weeks and no floating result taken into account? Your average win seems to be 125 pip then. Does it mean that you close most trades manually long before they reach the target? What about initial SL and RR ratio?
Honestly, I am not quite sure if the stats are 100% correct. Somehow myfxbok f***cked up my open trades and stating > 100 even though they were only 34.

You are right, I party closed trades before they reached TP. Anyhow, most of them were closed early a few days ago as soon as I switched to the new EA from Khaled (which had a bug at that time). After I attached the latest EA, the positions were opened again and are now floating. So this fact could lead to the average win of 125 pips.

Floating result has not been considered into the stated pips/ gain.

Initial risk was 1:2 for all trades, excatly the same SL/TP settings as in 100PipsADay's demo #2.
  • #2,344
  • Jul 10, 2013 1:50pm Jul 10, 2013 1:50pm
Strategy is everything in Forex market. You will win for your good strategy as well as you will lose for your poor strategy. Your success in Forex market depends on your strategy.
  • #2,345
  • Jul 10, 2013 3:05pm Jul 10, 2013 3:05pm
JPY pairs pull me down. Waiting for trend reverseal if theres any.
  • #2,346
  • Jul 10, 2013 3:08pm Jul 10, 2013 3:08pm
Quoting Adoetted
Strategy is everything in Forex market. You will win for your good strategy as well as you will lose for your poor strategy. Your success in Forex market depends on your strategy.
You think? So please define yours.
  • #2,347
  • Jul 10, 2013 3:12pm Jul 10, 2013 3:12pm
Demo1 has 26K floating loss now. Balance is $112,261 and equity $86,158. If it was a live account then we should consider also margin that would be around $50,000 for 38.5 lots...
  • #2,348
  • Jul 10, 2013 3:15pm Jul 10, 2013 3:15pm
Quoting Indrek
Demo1 has 26K floating loss now. Balance is 112,261 and equity 86,158. If it was a live account then we should consider also margin that would be around 50,000 for 38.lots.
I already stated last week that I accidentally opened up 3 lots instead of .3 for both Gold and Silver. That needs to be taken into consideration...

Also, in terms of negative floating profit it is -$15,000 for just those two trades alone. Also, not sure if you know or not but Gold/Silver uses a lot more margin then currency pairs.

So, figure those two trades into your theory / formula...
  • #2,349
  • Jul 10, 2013 3:17pm Jul 10, 2013 3:17pm
Quoting Indrek
Demo1 has 26K floating loss now. Balance is $112,261 and equity $86,158. If it was a live account then we should consider also margin that would be around $50,000 for 38.5 lots...
I've always said this and pippy knows - to trade 20+ pairs with stops like this you could end up with hundreds of open positions. EA is good but stick to a few pairs.
  • #2,350
  • Jul 10, 2013 3:19pm Jul 10, 2013 3:19pm
Quoting claudia1
{quote} I've always said this and pippy knows - to trade 20+ pairs with stops like this you could end up with hundreds of open positions. EA is good but stick to a few pairs.
Hi Claudia. How many pairs do you trade or recommend with this system? 4 or 5 max?
  • #2,351
  • Jul 10, 2013 3:19pm Jul 10, 2013 3:19pm
Quoting 100PipsADay
{quote} I already stated last week that I accidentally opened up 3 lots instead of .3 for both Gold and Silver. That needs to be taken into consideration... Also, in terms of negative floating profit it is -$15,000 for just those two trades alone. Also, not sure if you know or not but Gold/Silver uses a lot more margin then currency pairs. So, figure those two trades into your theory / formula...
I just wanted to point out that we cannot ignore margin. I have noticed that people forget it when making calculations.
If trading 1.6 lots with $5000 account as you suggested, it is important to realize that maximal margin needed to open the trades is around $2000.
  • #2,352
  • Jul 10, 2013 3:21pm Jul 10, 2013 3:21pm
Quoting Indrek
{quote} I just wanted to point out that we cannot ignore margin. I have noticed that people forget it when making calculations. If trading 1.6 lots with $5000 account as you suggested, it is important to realize that maximal margin needed to open the trades is around $2000.
Correct. Everybody needs to remember that "Available Margin" will vary depending on the amount of Leverage your particular broker offers.

1.6 Lots for $5k balance is definitely NOT a "one size fits all" calculation. This is why I said as as "rule of thumb" when I posted that recommended Money Management post. Nothing is set in stone or black and white when it comes to trading. It is hard to calculate "margin" in a general post due to the various leverage offered by various brokers, wouldn't you agree?

Common sense is a must especially when you're dealing with your hard earned money
  • #2,353
  • Jul 10, 2013 3:22pm Jul 10, 2013 3:22pm
Quoting MKFXTrader
{quote} Hi Claudia. How many pairs do you trade or recommend with this system? 4 or 5 max?
Well I got 5 on the go but pips is the one to ask. Also depends on size of account of course if you can afford a huge draw down trade every thing.
  • #2,354
  • Jul 10, 2013 3:25pm Jul 10, 2013 3:25pm
Quoting MKFXTrader
{quote} Hi Claudia. How many pairs do you trade or recommend with this system? 4 or 5 max?
Hi MKFX,

I know this question was directed to Claudia but my personal recommendation is to trade at least 4 pairs and no more than 10 at any given time.

Obviously this will depend on risk tolerance, account balance, leverage, and your overall financial goals.
  • #2,355
  • Jul 10, 2013 3:26pm Jul 10, 2013 3:26pm
Quoting claudia1
{quote} Well I got 5 on the go but pips is the one to ask. Also depends on size of account of course if you can afford a huge draw down trade every thing.


As always, if I could only choose 4 it would be EUR/AUD, GBP/AUD, AUD/JPY, CAD/JPY.
  • #2,356
  • Jul 10, 2013 3:27pm Jul 10, 2013 3:27pm
Quoting 100PipsADay
{quote} Hi MKFX, I know this question was directed to Claudia but my personal recommendation is to trade at least 4 pairs and no more than 10 at any given time. Obviously this will depend on risk tolerance, account balance, leverage, and your overall financial goals.
Hi pips pretty much what I said above.
  • #2,357
  • Jul 10, 2013 3:28pm Jul 10, 2013 3:28pm
Quoting claudia1
{quote} Well I got 5 on the go but pips is the one to ask. Also depends on size of account of course if you can afford a huge draw down trade every thing.
I agree with you that 5 pairs at any one time, is more then enough. The problem I see with most on here is GREED and the lack of discipline. Instead of thinking and acting as a serious trader, they are trying to use the system as a get rich quick scheme. Very dangerous. Anyways, happy trading.
  • #2,358
  • Jul 10, 2013 3:30pm Jul 10, 2013 3:30pm
Quoting MKFXTrader
{quote} I agree with you that 5 pairs at any one time, is more then enough. The problem I see with most on here is GREED and the lack of discipline. Instead of thinking and acting as a serious trader, they are trying to use the system as a get rich quick scheme. Very dangerous. Anyways, happy trading.
Two words discipline and patience is all you need
  • #2,359
  • Jul 10, 2013 3:32pm Jul 10, 2013 3:32pm
Quoting MKFXTrader
{quote} I agree with you that 5 pairs at any one time, is more then enough. The problem I see with most on here is GREED and the lack of discipline. Instead of thinking and acting as a serious trader, they are trying to use the system as a get rich quick scheme. Very dangerous. Anyways, happy trading.
Yep! That is all too common in the world of FOREX. As long as they don't blow their accounts and then come back here and say the system doesn't work!

LOL

**Fear & Greed are the two worst enemies for traders / investors**
  • #2,360
  • Jul 10, 2013 3:34pm Jul 10, 2013 3:34pm
Quoting 100PipsADay
{quote} Yep! That is all too common in the world of FOREX. As long as they don't blow their accounts and then come back here and say the system doesn't work! LOL **Fear & Greed are the two worst enemies for traders / investors**
Check out cable on the hour that is going heavy south.
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