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As simple as possible: 00 level trading

  • #17,281
  • Sep 3, 2014 12:56am Sep 3, 2014 12:56am
Quoting liuxiaobing
hi mastermind: udine's method is so profitable why don't we create an EA? If you are interested in EA I can help you. cheers!
There is already a very accomplished coder doing exactly that right now...........XUX99!

You can search it at: http://www.forexfactory.com/showthread.php?t=494769

Hope that's useful to you.

Your own coding skills though would always be greatly appreciated here as other members have also contributed a lot for example, pending order scripts,WUKAR NEWS and WUKAR trailing EA, and its many variations as well as many others.

Very nice of you to offer your coding skills to this thread.

I also have comments about trading this system automatically but will refrain purely because of the discretionary factor which plays a big role in keeping the % of winning trades up nice and high.

I salute your enthusiasm for wanting to help!

Masterrmind...........
Master your Mind then Master your Trades
  • #17,282
  • Sep 3, 2014 1:00am Sep 3, 2014 1:00am
Quoting kopiOkosong
{quote} Shouldn't it be this excluding commission etc? 1. 10/10 trades = 50 pips =100% [no loss trade] 2. 9/10 trades = 35 pips = 70% [only 1 losing trade] 3. 8/10 trades = 20 pips = 40% [only 2 losing trades] 4. 7/10 trades = 5 pips = 10% [only 3 losing trades] 5. 6/10 trades = -10 pips = -20% [only 4 losing trades] To win, we can't afford to lose any trade ... as it eats up the profit fast especially with commission..
As I said it depends how you work it out but I only provided a basic example which does not include commission, spread etc since almost everyone trading here has variations meaning that they will need to account for their commission and other broker related expenses.

I think you get the point though.

Masterrmind............
Master your Mind then Master your Trades
  • #17,283
  • Sep 3, 2014 1:14am Sep 3, 2014 1:14am
GBPAUD TP
Attached Image
The problem is not giving offence but taking offence!
  • #17,284
  • Sep 3, 2014 1:21am Sep 3, 2014 1:21am
Quoting Masterrmind
{quote} As I said it depends how you work it out but I only provided a basic example which does not include commission, spread etc since almost everyone trading here has variations meaning that they will need to account for their commission and other broker related expenses. I think you get the point though. Masterrmind............
I am not referring to other expenses as well. Just purely based on your examples TP and SL. Its huge diff from your table. Just to correct the example. I know this is just an example and you must have type it in a hurry.

And thanks for all your charts.


1. 10/10 trades = 50 pips =100% [no loss trade]
2. 9/10 trades = 35 pips = 70% [only 1 losing trade] (9 trades x 5pips TP = 45pips - 10pips SL) = 35pips.
3. 8/10 trades = 20 pips = 40% [only 2 losing trades] (8 trades x 5pips TP = 40pips - 20pips SL) = 20pips.
4. 7/10 trades = 5 pips = 10% [only 3 losing trades] (7 trades x 5pips TP = 35pips - 30pips SL) = 5pips.
5. 6/10 trades = -10 pips = -20% [only 4 losing trades]
Trade what you see. Not what you think.
  • #17,285
  • Sep 3, 2014 1:36am Sep 3, 2014 1:36am
Quoting Masterrmind
{quote} I very quick calculation shows that with a TP = 5 pips and a SL = 10 pips that if you have just 1 loss in 10 trades your % drops from 100 down to 70. Here are a few quick examples based on 10 trades: 1. 10/10 trades = 50 pips =100% [no loss trade] 2. 9/10 trades = 35 pips = 70% [only 1 losing trade] 3. 8/10 trades = 20 pips = 40% [only 2 losing trades] 4. 7/10 trades = 5 pips = 10% [only 3 losing trades] 5. 6/10 trades = -10 pips = -20% [only 4 losing trades] This does not consider spread, commission or other related "cost of doing business"...
interesting stuff...
my calculation is worse. if from 10 trades 6 (6/10) are only a profit the pips result is -10
so for the longterm you need at least 8/10 (only 2 ST and 8 TP) to be profitable with +20pips.
  • #17,286
  • Sep 3, 2014 1:42am Sep 3, 2014 1:42am
Quoting kopiOkosong
{quote} I am not referring to other expenses as well. Just purely based on your examples TP and SL. Its huge diff from your table. Just to correct the example. I know this is just an example and you must have type it in a hurry. And thanks for all your charts. 1. 10/10 trades = 50 pips =100% [no loss trade] 2. 9/10 trades = 35 pips = 70% [only 1 losing trade] (9 trades x 5pips TP = 45pips - 10pips SL) = 35pips. 3. 8/10 trades = 20 pips = 40% [only 2 losing trades] (8 trades x 5pips TP = 40pips - 20pips SL) = 20pips. 4. 7/10 trades...
Yes that is of course correct!

Meaning you need to be winning at >= 70% of your trades. (based on a simple example of 10 trades)

ps. the initial post was meant to be an indication of how important choosing your trades is to the success rate but I should have been more accurate.

pps......should of drank my coffee first !

I have edited the post and thanks for your input.

Masterrmind...........
Master your Mind then Master your Trades
  • #17,287
  • Sep 3, 2014 1:52am Sep 3, 2014 1:52am
ok guys, girls,

As I mentioned before my August holidays, I was looking into an indicator to give you confirmation and more confidence to enter a trade...

well here it is... nothing special but very effective.. its from igorad... Its a simple Absolute Strength Histogram, where I adjusted the settings somewhat..

This morning would have given confirmation for EJ / GJ / EA shorts, all before Frankfurt open, all winners... (BTW I drew the vertical lines manually)..

check it out for yourself, you will miss trades, but so what, you only need two winners.. now go get them winners with less risk....(stacking the odds in your favor)

cheers

Udine
Attached Images
Attached File(s)
File Type: mq4 AbsoluteStrenghtHisto.mq4   8 KB | 3,064 downloads
File Type: ex4 AbsoluteStrenghtHisto.ex4   17 KB | 2,366 downloads
Sleep less, live fast, as it aint gonna last
  • #17,288
  • Sep 3, 2014 1:53am Sep 3, 2014 1:53am
This is why choosing your trades is very important...you need to get that part right.

The system is designed to get your 2 initial trades to TP and then that's it for the day.

Returning the next day to look for your best 2 trade setups is what it should be about at least if you are new at this and still trying to come to grips with how it is applied.

As experience increases then maybe you can add in another trade BUT I don't think that's what this system is designed to do. I think it works fantastic if you search for only the 2 best trades to get your 2% for the day.

PDF and BCC .............

Masterrmind............
Master your Mind then Master your Trades
  • #17,289
  • Sep 3, 2014 2:03am Sep 3, 2014 2:03am
Trade #1

AUDJPY out by TS

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 56 KB


Comment: TS strikes again..........from now on it won't!

Masterrmind...........
Master your Mind then Master your Trades
  • #17,290
  • Sep 3, 2014 2:14am Sep 3, 2014 2:14am
Quoting Masterrmind
Trade #1 AUDJPY out by TS {image} Comment: TS strikes again..........from now on it won't! Masterrmind...........
does this mean, you are going to trade without TS?
  • #17,291
  • Sep 3, 2014 2:17am Sep 3, 2014 2:17am
EURJPY SL
Attached Image
The problem is not giving offence but taking offence!
  • #17,292
  • Sep 3, 2014 2:21am Sep 3, 2014 2:21am
GBPUSD TS
Attached Image
The problem is not giving offence but taking offence!
  • #17,293
  • Sep 3, 2014 2:24am Sep 3, 2014 2:24am
EJ short @ 137.800 SL
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH1.png Size: 60 KB
  • #17,294
  • Sep 3, 2014 2:25am Sep 3, 2014 2:25am
Quoting Udine
ok guys, girls, As I mentioned before my August holidays, I was looking into an indicator to give you confirmation and more confidence to enter a trade... well here it is... nothing special but very effective.. its from igorad... Its a simple Absolute Strength Histogram, where I adjusted the settings somewhat.. This morning would have given confirmation for EJ / GJ / EA shorts, all before Frankfurt open, all winners... (BTW I drew the vertical lines manually).. check it out for yourself, you will miss trades, but so what, you only need two winners.....
Good morning Udine, first of all thank you for this too. But how to read it ? When vertical bars are red short confirmed and when they are green long confirmed ? In this screenshot example was the short confirmed or not ?
Attached Image (click to enlarge)
Click to Enlarge Name: EJ_SL.jpg Size: 122 KB
Porta itineris dicitur longissima esse
  • #17,295
  • Sep 3, 2014 2:26am Sep 3, 2014 2:26am
Quoting ChrisGC
EURJPY SL {image}
I guess EJ could go out by TS. Trail is 3.5 pips.
  • #17,296
  • Sep 3, 2014 2:32am Sep 3, 2014 2:32am
Quoting modeco
{quote} does this mean, you are going to trade without TS?
I will for a short time to see how it goes BUT I'm not suggesting anyone else does...........TS is for insurance!

Recently I see that several of my TS trades would have been TP's and for this reason it will get turned off temporarily.

Masterrmind..........
Master your Mind then Master your Trades
  • #17,297
  • Sep 3, 2014 2:32am Sep 3, 2014 2:32am
Quoting bubincka
{quote} Good morning Udine, first of all thank you for this too. But how to read it ? When vertical bars are red short confirmed and when they are green long confirmed ? In this screenshot example was the short confirmed or not ? {image}

first of all put the settings back as I put them please...

red = short only
green = long only

correct

Udine
Sleep less, live fast, as it aint gonna last
  • #17,298
  • Sep 3, 2014 2:36am Sep 3, 2014 2:36am
Quoting Udine
{quote} first of all put the settings back as I put them please... red = short only green = long only correct Udine
Thank you. Unfortunately my first use was a loss... It will be better on next trades !!

P.S.
as for the colors, I left the defaults unchaged ...
Porta itineris dicitur longissima esse
  • #17,299
  • Sep 3, 2014 2:38am Sep 3, 2014 2:38am
Hi Udine many thanks for your indicator but mine looks like this with the default settings.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYH1 setings.png Size: 60 KB
  • #17,300
  • Sep 3, 2014 2:41am Sep 3, 2014 2:41am
Quoting Udine
{quote} first of all put the settings back as I put them please... red = short only green = long only correct Udine
Thanks Udine. I load it as is and it looks like this. I don't think you settings carried over?
Attached Image
The problem is not giving offence but taking offence!
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