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  • #8,641
  • Sep 13, 2013 8:20pm Sep 13, 2013 8:20pm
tony, i read you use 98% of your account per trade.
if that was a practical example of £100, does that mean you risk £98 per trade?
  • #8,642
  • Sep 13, 2013 9:08pm Sep 13, 2013 9:08pm
Quoting jay24
tony, i read you use 98% of your account per trade. if that was a practical example of £100, does that mean you risk £98 per trade?

98% is right, on a 1:50 leverage

meaning with a £100 account balance, I will risk £3, or £4 per trade only (with a 12 pip SL e.g.)
to win approx: £13-15 per trade (with a 50-60 pip TP e.g.)

I hope it clarifies.

Let's not ''mount Everest'' the account now!
Invest in alarm clocks
  • #8,643
  • Sep 13, 2013 9:24pm Sep 13, 2013 9:24pm
Quoting Tony112
{quote} 98% is right, on a 1:50 leverage meaning with a £100 account balance, I will risk £3, or £4 per trade only (with a 12 pip SL e.g.) to win approx: £13-15 per trade (with a 50-60 pip TP e.g.) I hope it clarifies. Let's not ''mount Everest'' the account now!

well i want it to grow like mount everest
i wanted to ask whether the monday london open session trade on gbpusd is still as nice as it used to be.
ive been thinking of a mathematical approach i want to trade this mondays open (if the 10 bars are there). i want to attempt a 'pyramid' style trading method to see if this 'balls to the wall' theory will work. ill risk £5 per pip with a 10 pip stop loss and aim for a 50pip tp. it seems possible mathematically. or do you just thnk this is lala land talk?
  • #8,644
  • Sep 13, 2013 9:26pm Sep 13, 2013 9:26pm
tony, what made you change your stop loss from 3-5 to 10-15 nowadays f you dont mind me asking?
  • #8,645
  • Sep 13, 2013 9:32pm Sep 13, 2013 9:32pm
Could someone help me with this:

From Tony's paper: "Limit-buy orders and limit-sell orders will be set before the news. A Limit-buy or Limit-sell has to be place 15 seconds before the news comes out. Settings: LB 7 pips above price, LS 7 pips below price."

But buy limit order is set at the price lower than the current price, and sell limit order is set at the price higher than the current. -- Opposite what Tony says. Is it a typo or I do not understand something?
  • #8,646
  • Sep 14, 2013 12:00am Sep 14, 2013 12:00am
Quoting vincegata
Could someone help me with this: From Tony's paper: "Limit-buy orders and limit-sell orders will be set before the news. A Limit-buy or Limit-sell has to be place 15 seconds before the news comes out. Settings: LB 7 pips above price, LS 7 pips below price." But buy limit order is set at the price lower than the current price, and sell limit order is set at the price higher than the current. -- Opposite what Tony says. Is it a typo or I do not understand something?

1st page modified.
Invest in alarm clocks
  • #8,647
  • Sep 14, 2013 12:00am Sep 14, 2013 12:00am
1st page rules modified
Invest in alarm clocks
  • #8,648
  • Sep 14, 2013 2:34am Sep 14, 2013 2:34am
Quoting Tony112
1st page rules modified
Hi Tony

Thanks for updating the page.
Does this system still work?
What do you recommend for a charting program?
MT4 doesn't have 5 secs charts
Have a nice day
  • #8,649
  • Sep 14, 2013 3:13am Sep 14, 2013 3:13am
Quoting billv
{quote} Hi Tony Thanks for updating the page. Does this system still work? What do you recommend for a charting program? MT4 doesn't have 5 secs charts

Maybe Tony should put info on 1st post since this is a recurring question, the broker usually adopted to run this strategy is Oanda since they come with 5 sec charts, I just opened a live account and will start trading from monday using Tony strategy.
I also think that his former rules to trade breakout (or London/NY Open) has still some merit as long as sl is very small and moved to 0 when in profit and tp is very large.

Guys the real key here that put the trader on the profitable side is little risk for unlimited profit (this stuff remaind me Dibs thread, Pipeasy Millipede thread just to name a few here in FF) which is exactly the opposite approach as scalping systems that uses huge sl for tiny tp.
Of course one had to have an edge otherwise one could simply open a random long or short order with low sl and huge tp and become rich , unfortunately it doesn't work like that ! :|

Now here we are stopping with Reward:Risk of about (with new rules) 5:1 (using early Tony rules when he used sl 3 pips and tp 120 pips R:R was 40:1 and this is how he growth exponentially his account), let's only think about 50:1 , 100:1 , 200:1 or even more, what could do to your account!

After the trade is a free trade (sl at 0) then it should be trailed to the death for weeks/months (I know, more easily to say that to do!), that's will give the real money!
The other side of the coin is to see a very large trade going up to 500 pips (or more) then come back to 0 , there would be huge steel balls to go through this!

The only problem using Oanda is that this long term approach using 98% of nav with 1:50 leverage, doesn't let to open more than 1 order at the same time because there is no margin available for next orders, maybe using a lower nav leverage or fixed unit it's something doable.

Cheers,
Skyline
  • #8,650
  • Sep 14, 2013 5:45am Sep 14, 2013 5:45am
Skyline
Thanks for answering, I'll check out the Oanda accounts
Cheers
Have a nice day
  • #8,651
  • Edited 9:51am Sep 15, 2013 8:05am | Edited 9:51am
-----------------------------
Upcoming for the week:

German ZEW Economic Sentiment, Tue Sep 17th 5:00 am N.Y. Time

How to trade:
MARKET BUY ORDER 2 MINUTES BEFORE NEWS WITH 10 PIPS SL​* / TP 50 PIPS
Retract SL to 0 progressively as your trade goes in profit.

This is our money-maker! Don't miss it.
Trade at your own risk, market could go in an opposite way and make you lose your money!
-----------------------------

* Please note that on page 1, default SL is 15 pips. For this week I recommend 10
Invest in alarm clocks
  • #8,652
  • Sep 15, 2013 10:12am Sep 15, 2013 10:12am
Quoting billv
Skyline Thanks for answering, I'll check out the Oanda accounts Cheers

Fyi the Oanda MT4 doesn't have 5 sec charts, I needed to download their FXtrade platform
Have a nice day
  • #8,653
  • Sep 15, 2013 10:29am Sep 15, 2013 10:29am
why always is a buy and not a sell?
  • #8,654
  • Sep 15, 2013 1:42pm Sep 15, 2013 1:42pm
Quoting Tony112
{quote} 98% is right, on a 1:50 leverage meaning with a £100 account balance, I will risk £3, or £4 per trade only (with a 12 pip SL e.g.) to win approx: £13-15 per trade (with a 50-60 pip TP e.g.) I hope it clarifies. Let's not ''mount Everest'' the account now!
This is really the only area in this method of trading that I am having trouble wrapping my head around. If we always use 98% leverage NAV and have a typical SL of say 15 or 18 pips (unemployment/manufacturing PMI) and then add the spread for a total of 16 to 19 pips you are looking at risking somewhere between 5.9 and 6.9 percent of your account of those trades. For the press conferences and speeches (7 pip SL) you are looking at around 2.9 percent of your account at risk on those trades. My question is what is your plan when the account gets thrown into a deep drawdown? If we accept that probability that any of these trades has a 50/50 chance of losing there is around a 20% chance that we will take 9 straight losers in a row. With the specified risk, this drawdown would be huge. I like the idea and simplicity but I was hoping you could clear this up for me Tony.
  • #8,655
  • Sep 15, 2013 4:39pm Sep 15, 2013 4:39pm
Tony,

Since you mentioned that "News comes up 2 minutes in advance for Thomson Reuters subscribers"
Why not we join force & subscribe Thomson Reuters news service"
You can create a private forum, members interested share the subscription fee to get access to this CBBP private forum.
  • #8,656
  • Sep 15, 2013 4:49pm Sep 15, 2013 4:49pm
Quoting alberKK
Tony, Since you mentioned that "News comes up 2 minutes in advance for Thomson Reuters subscribers" Why not we join force & subscribe Thomson Reuters news service" You can create a private forum, members interested share the subscription fee to get access to this CBBP private forum.
It sounds great and all but the news is still released at a certain time and at that second it skyrockets or crashes. So it wouldn't help us because of how we are trading the news. We wouldn't have time to place our trades by the time the market moves.

Hope that helps

~Dustin
  • #8,657
  • Sep 15, 2013 4:51pm Sep 15, 2013 4:51pm
very interesting strategy. Also appreciate giving the weekly heads up about tuesday events. Well see how it goes
He who knows when he can fight and when he cannot, will be victorious.
  • #8,658
  • Sep 15, 2013 4:56pm Sep 15, 2013 4:56pm
Quoting Fedmayne
{quote} This is really the only area in this method of trading that I am having trouble wrapping my head around. If we always use 98% leverage NAV and have a typical SL of say 15 or 18 pips (unemployment/manufacturing PMI) and then add the spread for a total of 16 to 19 pips you are looking at risking somewhere between 5.9 and 6.9 percent of your account of those trades. For the press conferences and speeches (7 pip SL) you are looking at around 2.9 percent of your account at risk on those trades. My question is what is your plan when the account...
Hey Fedmayne,

If Tony risks say 6% per trade on a $100 account. After 25 losses in a row the accounts would be at $21.29

If there was 9 loses in a row the account would still be $57.29.

But if you read his post he says he risks 3-4% max per trade.

So lets say Tony always trades with 4% risk then after 9 straight loses he would still have 69.25% of his account left and with 3 wins in a row would be right back to even.

Hope this makes sense and helps. And Tony if I am wrong about anything just let me know

~Dustin
  • #8,659
  • Sep 15, 2013 4:58pm Sep 15, 2013 4:58pm
Quoting dvanderlinde
{quote} It sounds great and all but the news is still released at a certain time and at that second it skyrockets or crashes. So it wouldn't help us because of how we are trading the news. We wouldn't have time to place our trades by the time the market moves. Hope that helps ~Dustin
2 minutes in advance is definitely more than enough time to place a trade..... in correct direction!
  • #8,660
  • Sep 15, 2013 5:06pm Sep 15, 2013 5:06pm
Quoting Paludo
why always is a buy and not a sell?
Tony chose to always buy because it keeps things simple. It is a 50/50 and how we have the "edge" is that we have a good R:R ratio and eventually will end up on top.

After watching the markets on a MT4 platform with a different broker from Tony I have found that the ASK line (Top line) will widen as spread increases near news time whereas the BID line stays the same. For example if the spread is 3 pips 2 mins before the news we BUY. And closer to the news time the spread increases 14 pips the ASK line moves up 14 pips and the BID line stays where it is.

And from what I hear/understand from Oanda (The broker Tony uses) is that say the market spread widens 14 pips both the ASK and the BID line will each move 7 pips away from each other.

Basically to sum it up Tony just buys to K.I.S.S. (Keep It Simple Stupid) ;P

Let me know if you need more clarification.

~Dustin
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