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  • #81
  • Oct 19, 2014 7:35am Oct 19, 2014 7:35am
Quoting dee50
32 Pip Stop Loss. NO WAY. The thread starter does not use a stop loss. I chose 32 pips for illustration purposes "only". If you read my post I was asking the thread starter how he would minimize the potential losses for the 2 potential losing positions and I just presented 3 possible scenarios as examples. So please get rid of the notion of a 32 pip stop loss, it is purely fictitious.
Dee, keep calm, I am not suggesting a 32 s/l, it is purely to work out the net gain as per your pic that's all buddy Lets move on
  • #82
  • Oct 19, 2014 7:36am Oct 19, 2014 7:36am
Quoting Indrek
{quote} The problem is that in this case people should scalp for few pips on hourly TF without hard SL. Which means that if even one candle turns against the trade, all gains are gone.
That was the point. No SL means that the risk is infinite ... risk of ruine (or at least to give back the pips earned) is 100% soon or later. No matter the winrate %.
MT4/MT5 EAs/Indicators/Alerts coder
  • #83
  • Oct 19, 2014 7:36am Oct 19, 2014 7:36am
Quoting dee50
32 Pip Stop Loss. NO WAY. The thread starter does not use a stop loss. I chose 32 pips for illustration purposes "only". If you read my post I was asking the thread starter how he would minimize the potential losses for the 2 potential losing positions and I just presented 3 possible scenarios as examples. So please get rid of the notion of a 32 pip stop loss, it is purely fictitious.
No SL is killing anyway.
  • #84
  • Oct 19, 2014 7:41am Oct 19, 2014 7:41am
Quoting FerruFx
{quote} That was the point. No SL means that the risk is infinite ... risk of ruine (or at least to give back the pips earned) is 100% soon or later. No matter the winrate %.

The threadstarter had a mental stop loss where he get out of the trade he did not use a hard stop loss shown on chart. Atleast this is the way i understand it.
  • #85
  • Oct 19, 2014 7:50am Oct 19, 2014 7:50am
Quoting reinerh
{quote} DEE50 used the wrong pair. GPDUSD only, he clearly stated that several times........................
For gods sake.!! The thread starter trades GU only because "life is hectic enough. Any more it would be like have two wives!"

If you are scalping for 4 pips you can trade anything even your grannies bloomers would yield 4 pips.
Cut your Losers short and let your Winners run.
  • #86
  • Oct 19, 2014 7:52am Oct 19, 2014 7:52am
Quoting jgadefelth
{quote} The threadstarter had a mental stop loss where he get out of the trade he did not use a hard stop loss shown on chart. Atleast this is the way i understand it.
Mental stop is as good as mental trading system. No specific rules, just discretion. It can work for a very good and experienced trader. Just 99,9% of traders are not that good.
  • #87
  • Oct 19, 2014 7:55am Oct 19, 2014 7:55am
Quoting Indrek
{quote} Mental stop is as good as mental trading system. No specific rules, just discretion. It can work for a very good and experienced trader. Just 99,9% of traders are not that good.
I dont think you can place a stoploss knowing at what price the indicators turns against you thats why he has a mental stop so when he see this then he gets out.

Best regards
  • #88
  • Oct 19, 2014 7:57am Oct 19, 2014 7:57am
Quoting Indrek
{quote} Mental stop is as good as mental trading system. No specific rules, just discretion. It can work for a very good and experienced trader. Just 99,9% of traders are not that good.

Where is the problem to close the trade at the described point ?
  • #89
  • Oct 19, 2014 8:16am Oct 19, 2014 8:16am
Quoting jgadefelth
{quote} The threadstarter had a mental stop loss where he get out of the trade he did not use a hard stop loss shown on chart. Atleast this is the way i understand it.
Yes I agree ... as long as the trader has an hard strong mental like said Indrek.
MT4/MT5 EAs/Indicators/Alerts coder
  • #90
  • Oct 19, 2014 8:47am Oct 19, 2014 8:47am
And the nonlagma ... lag
  • #91
  • Oct 19, 2014 8:48am Oct 19, 2014 8:48am
Wow!

It only took one day for this new topic to be torn to shreds.

ComoxBlueJay outlined what he does in order to earn a living from forex. If it works for him then that is awesome and I congratulate him on finding a method that works.

I am sure others will continue to describe why his method won't work, and that is meaningless because ComoxBlueJay stated it is working for him and that is all that matters.

Maybe others will find something useful from this method and be able to apply it to their own style of trading.

I don't understand why anyone would be willing to share what works for them publicly when so many are standing by waiting for the chance to rip it to shreds.

1greyfox
  • #92
  • Oct 19, 2014 9:04am Oct 19, 2014 9:04am
Quoting 1greyfox
Wow! It only took one day for this new topic to be torn to shreds. ComoxBlueJay outlined what he does in order to earn a living from forex. If it works for him then that is awesome and I congratulate him on finding a method that works. I am sure others will continue to describe why his method won't work, and that is meaningless because ComoxBlueJay stated it is working for him and that is all that matters. Maybe others will find something useful from this method and be able to apply it to their own style of trading. I don't understand why anyone...
  • #93
  • Oct 19, 2014 9:15am Oct 19, 2014 9:15am
am in
  • #94
  • Oct 19, 2014 9:24am Oct 19, 2014 9:24am
No one will believe this, but the TP and SL will make no difference to the final profit.
Test 1,000 trades with a 4 pip TP and a 10 pip SL. Then test 1,000 trades with a 4 pip TP and a 100 pip SL and you'll get the same result.
The win % will vary greatly but the profit or loss will be the same.
  • #95
  • Oct 19, 2014 9:32am Oct 19, 2014 9:32am
Quoting ComoxBluejay
{quote} Hi santos23. It's late here & I've had one or two nips. But I'll do my best for you. I nearly always ride out any draw down, but it can get hairy. This is what I did at first, & still do, if the trade doesn't 'feel right'. [Once the trade turns on you, at some point a bar will form in the nonlag window directly under the current price it will come & go as the price fluctuates....a new bar is forming. If it's a different color to the direction of your trade, get out. It is often a false signal to follow, the trade can turn round again, but...
ty comox
YOUR MOTHERS ASS
  • #96
  • Oct 19, 2014 9:33am Oct 19, 2014 9:33am
Quoting billbss
No one will believe this, but the TP and SL will make no difference to the final profit. Test 1,000 trades with a 4 pip TP and a 10 pip SL. Then test 1,000 trades with a 4 pip TP and a 100 pip SL and you'll get the same result. The win % will vary greatly but the profit or loss will be the same.

Please explain more what you mean ? And also what the end result will be ?


Best regards
  • #97
  • Oct 19, 2014 9:40am Oct 19, 2014 9:40am
Quoting jgadefelth
{quote} Please explain more what you mean ? And also what the end result will be ? Best regards
I can't explain what I mean any more than I have. The placement of the TP and SL will not matter over a large number of trades.
I don't know what the result will be for this system as I have not tested it.
If it is not a profitable system the result will be the number of trades x spread. With a spread of 3 pips, over 1,000 trades it will lose 3,000 pips.
  • #98
  • Oct 19, 2014 9:41am Oct 19, 2014 9:41am
Two years of forward testing is worth more than all of your opinions combined.

He essentially has a system which is borderline profitable but has adapted it with discretionary stoploss and takeprofit to bring it up to profitable levels.

Kudos to Commox.

I notice that the NonLag indi seems to smooth out the moves like a moving average. This would keep you in the direction of the trend but you will get killed when it ranges or whipsaws.
Enter Signature
  • #99
  • Oct 19, 2014 9:47am Oct 19, 2014 9:47am
Thank you ComoxBlueJay, simple things in life are sweet
cheers
hannele
  • #100
  • Oct 19, 2014 9:48am Oct 19, 2014 9:48am
Quoting 1greyfox
Wow! It only took one day for this new topic to be torn to shreds. ComoxBlueJay outlined what he does in order to earn a living from forex. If it works for him then that is awesome and I congratulate him on finding a method that works. I am sure others will continue to describe why his method won't work, and that is meaningless because ComoxBlueJay stated it is working for him and that is all that matters. Maybe others will find something useful from this method and be able to apply it to their own style of trading. I don't understand why anyone...
I agree with what you say.
As long as the system is profitable for the person he should not be bothered with what others say or think or believe.
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