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Magic 5 - five pips only

  • #461
  • Dec 12, 2014 1:02pm Dec 12, 2014 1:02pm
Quoting IceHot
could it work with DAX (De30)?
nein!
always draw trendlines
  • #462
  • Dec 12, 2014 1:29pm Dec 12, 2014 1:29pm
Quoting IceHot
could it work with DAX (De30)?
maybe... take a look at the M5 timeframe and check the signals
  • #463
  • Dec 12, 2014 4:37pm Dec 12, 2014 4:37pm
Quoting tk5
{quote} its not about speech, it really floods the thread...i asked him to develop and share here. besides, i did many back-testing..some tests didn't even bring any trade. EA is too complicated. no ATR needed there for instance. moreover, I am more than sure people won't trust EA, the wont trade it in real...many are newbies here.
I have been using this method unaltered from how it was laid out in the first of TK5`s posts in the old thread. Folks it works. And the flashiest EA on the planet is no replacement for hundreds of hours of screen time watching those candles dance. Be patient and the picture will paint itself for you. I love it when a big HA candle breaks out from 2-3 hours of sideways price action. The moment that second 15 min HA candle lights up the kill rate for 5 pips plus spread is damn impressive.
Here`s my 2 cents on RR and MM. 1% rr is a waste of your time. Start with a $200 account and run your RR at %10-25. Double your account 5 times[that's 40-100 pips per doubling of account] and you have $6400. I know what some are thinking. With that RR the losses could be swift and staggering and yes that is true if you think of it in terms of losing $6400. But look at it as only losing your original $200 and its a lot easier to take. Most traders are not profitable for years so whats your rush. If you lose your $200 just trade demo for a bit take a deep breath and reload the account another $200. I find with higher RR you get a lot more selective about trade entry.
I am not suggesting this will double your account to infinity. That is not realistic. But lets say you double it 4 times. Take 2000 out and buy a dog, pay the rent or what ever it is you do with your cash. Just start the week with $1000 and run it till Friday. Take out the profit and start Monday again with $1000. If you blow up your $1000 start again with $200. That`s your little punishment for being careless. You have to start from scratch with $200. Think of withdrawing money from your account the same way as closing a trade. It is not a profit until you close/withdraw. Now you can see how 10 to 25% rr is not such a crazy thing.
Yesterday was a good day for me.....6 trades in 6 hours with no losses. Risk was 25% per trade. 39.5 pips net. The account did not double but came damn close. Entry was pure unadulterated TK5 magic 5......people you have some powerful tools at you disposal here. Try not to over think this so much.enjoy the week-end.
  • #464
  • Dec 12, 2014 5:27pm Dec 12, 2014 5:27pm
Hi again! I've been deeply looking into Dave's EA code, and although I don't understand many things, but I've found another big error in it: The conditions for BUY alert and SELL alert (or BUY trade and SELL trade) are exactly the same!

Well, I just use it in Alert Mode. But now I can remember that during the 4 hours I've been testing it this afternoon (in M1 TimeFrame) I haven't seen any SELL alert, but about 30 or 40 BUY alerts! (of course, I try to filter the 90% of them and take just the better ones). I saw some possible SELL trades and wondered why the EA didn't alerted me on them... Now I've found the answer.

It must be a stupid copy-paste mistake, and I think that even myself is able to correct it and upload the new version. But I respect the creator of the EA, so I prefer to wait for him to say something.
  • #465
  • Dec 12, 2014 6:16pm Dec 12, 2014 6:16pm
Just to clarify my previous post. Using the term RR is not the best way to explain this. I set a drop dead SL of 20 pips and a TP of 10 in case of a computer glitch or the house catches fire. I manually SL/TP based on the 1 and 5 min chart PA along with support and resistance levels. [chart time baby]
By 10%-25% i mean 1-2.5 lots per $1000 account balance. RR is not a set percentage but rather it is dynamic based on PA. In other words RR is different for every trade. This way of looking at the trade makes RR redundant.
  • #466
  • Dec 12, 2014 6:19pm Dec 12, 2014 6:19pm
TK`5 entry system used correctly goes into the black very quickly a high percentage of the time. It takes the terror of drawdown out of the picture
  • #467
  • Dec 12, 2014 6:36pm Dec 12, 2014 6:36pm
Let me start off by saying that Forex trading is a highly volatile activity that requires Resilience, High levels of determination, Patience, Discipline, Persistence and a Keen Eye. Anyone can succeed in this Business, You need plenty of time to understand the Market through continued education and a tried and tested Trading Strategy, which TK has provided here. TK has kept it simple and to the point. Practice, Practice....... go over charts again and again
The Human Mind is more powerful than an EA. Expert Advisors were made for people who have NO Patience, NO Discipline, tremble with Fear and have no idea how to trade. There are no guarantees as to how long these EA will be profitable before crapping out. Just my opinion.
  • #468
  • Dec 12, 2014 6:38pm Dec 12, 2014 6:38pm
Quoting PipCop
Let me start off by saying that Forex trading is a highly volatile activity that requires Resilience, High levels of determination, Patience, Discipline, Persistence and a Keen Eye. Anyone can succeed in this Business, You need plenty of time to understand the Market through continued education and a tried and tested Trading Strategy, which TK has provided here. TK has kept it simple and to the point. Practice, Practice....... go over charts again and again The Human Mind is more powerful than an EA. Expert Advisors were made for people who have...
  • #469
  • Dec 12, 2014 6:58pm Dec 12, 2014 6:58pm
This may help the new people on the block, Trend Lines......Lines are color coded with the RSI so that you can see how beneficial the RSI comes into play
S/R and FIbs Watch how Price reacted as it moved up to the 50% level stalled,consolidated, then continued to the 61.8 then Resistance and 78.6 retrace to the 61.8
TK's thread is about grabbing 5 , if you were in this for the long haul this is how its done. Keep a keen eye because this stuff repeats itself over and over.
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  • #470
  • Dec 12, 2014 8:15pm Dec 12, 2014 8:15pm
Quoting PipCop
Let me start off by saying that Forex trading is a highly volatile activity that requires Resilience, High levels of determination, Patience, Discipline, Persistence and a Keen Eye. Anyone can succeed in this Business, You need plenty of time to understand the Market through continued education and a tried and tested Trading Strategy, which TK has provided here. TK has kept it simple and to the point. Practice, Practice....... go over charts again and again The Human Mind is more powerful than an EA. Expert Advisors were made for people who have...
I do not post much, however, excellent words deserve some attention.... I have played the EA game myself and at the end of the day...too much work...remember, Complexity is the ENEMY of EXECUTION....
Complexity is the Enemy of Execution...
  • #471
  • Dec 13, 2014 4:39am Dec 13, 2014 4:39am
Quoting PhilippineFX
{quote} I have been using this method unaltered from how it was laid out in the first of TK5`s posts in the old thread. Folks it works. And the flashiest EA on the planet is no replacement for hundreds of hours of screen time watching those candles dance. Be patient and the picture will paint itself for you. I love it when a big HA candle breaks out from 2-3 hours of sideways price action. The moment that second 15 min HA candle lights up the kill rate for 5 pips plus spread is damn impressive. Here`s my 2 cents on RR and MM. 1% rr is a waste of...


"The moment that second 15 min HA candle lights up the kill rate for 5 pips plus spread is damn impressive."

"I find with higher RR you get a lot more selective about trade entry."

"If you blow up your $1000 start again with $200. That`s your little punishment for being careless."
always draw trendlines
  • #472
  • Dec 13, 2014 4:41am Dec 13, 2014 4:41am
Quoting PhilippineFX
Just to clarify my previous post. Using the term RR is not the best way to explain this. I set a drop dead SL of 20 pips and a TP of 10 in case of a computer glitch or the house catches fire. I manually SL/TP based on the 1 and 5 min chart PA along with support and resistance levels. [chart time baby] By 10%-25% i mean 1-2.5 lots per $1000 account balance. RR is not a set percentage but rather it is dynamic based on PA. In other words RR is different for every trade. This way of looking at the trade makes RR redundant.
I'll give this idea a go in january... this strategy works really great and like you said, if we double/trible the account it is fine. When kill it, there will be always the next small deposit I keep you guys up to date how it performs
  • #473
  • Dec 13, 2014 6:17am Dec 13, 2014 6:17am
Ok I don't understand how your going to kill accounts with this even using some leverage unless you cant let go of a trade that's not panning out (cut it 15-20 pip at the most and flip or re enter in a better spot, don't wait for it to come back, it might not, make new money) or one cant pick the right direction so many times that you probably shouldn't be trading real coin in the first place? Last month with my variation of the method netted 130% of original balance even with the low US leverage limits. I see no reason one couldn't multiply many times over however you cant multiply to infinity for sure, but I don't see why one couldn't make a very comfortable and stable weekly/monthly income from this once your good at it? Keep an open mind you might be surprised what you can do with it.
  • #474
  • Dec 13, 2014 6:54am Dec 13, 2014 6:54am
Pls confirm, to be sure.Thanks
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  • #475
  • Dec 13, 2014 8:29am Dec 13, 2014 8:29am
Quoting Mr.Ma
{quote} I'll give this idea a go in january... this strategy works really great and like you said, if we double/trible the account it is fine. When kill it, there will be always the next small deposit I keep you guys up to date how it performs
When the goal is reached, instead continuing playing with the whole account ... restart with the initial $200
MT4/MT5 EAs/Indicators/Alerts coder
  • #476
  • Dec 13, 2014 11:01am Dec 13, 2014 11:01am
Try this MM
PC
Attached File(s)
File Type: pdf 20PipMM.pdf   75 KB | 1,063 downloads
  • #477
  • Dec 13, 2014 3:52pm Dec 13, 2014 3:52pm
Quoting js5020
Ok I don't understand how your going to kill accounts with this even using some leverage unless you cant let go of a trade that's not panning out (cut it 15-20 pip at the most and flip or re enter in a better spot, don't wait for it to come back, it might not, make new money) or one cant pick the right direction so many times that you probably shouldn't be trading real coin in the first place? Last month with my variation of the method netted 130% of original balance even with the low US leverage limits. I see no reason one couldn't multiply many...
Good points......whether the leverage is 50 to 1 or 500 to 1 its still a powerful tool. Double a small account a number of times. Take the cash out. Repeat. The amounts are not the issue. Just get your money out. Who in their right mind would park a large pile of cash in a trading account only to have a small % of it working for you???
  • #478
  • Edited 5:09pm Dec 13, 2014 4:44pm | Edited 5:09pm
People who rubbish EA's simply don't understand them.

There is a major misconception that an EA is an auto trader. EA's can be advisory and discretionary.

If you have a simple set of rules and you make money without an EA, that is great. But then start adding the following ingredients.

Greed
Discipline
Mistakes
Support/resistance
Pivot Points
Consolidation
Fibs
and literally 1000's of other rules, the human mind does not always function that well.

You people need to be realistic and enter the 21st century. Did we have this forum 15 years ago?

I have personally been trading forex since 1997 and stocks and shares since 1971 and have made the transition. There is no such thing as a continually profitable EA but the EA is an invaluable tool to assist you in trading and I suspect that many of the knockers simply do not understand or have narrow minds.
Forex is about discipline and sound money management both of which many of us lack. Enter the computer !

I'll give you a hint. Never/ever buy a "black box" EA. Use these forums to give ideas, make suggestions so that we all benefit. My role as a programmer is to read very carefully and take on board intelligent ideas and help whenever I can. I discontinued posting to this thread for apparent reasons but I feel compelled to say my piece when I see the absolute b..t coming out at the moment.

If you think it is as easy as put in $500 double it and then start again then "hello". Don't be fooled by the flippant posters and start using the tools at your disposal and let this thread be enhanced by educated ideas.
  • #479
  • Dec 13, 2014 5:06pm Dec 13, 2014 5:06pm
The limit for US Traders is 50:1 and 400:1 and higher with offshore accounts, just for grins and giggles check this web site https://www.100forexbrokers.com/high-leverage-brokers

PC
  • #480
  • Dec 13, 2014 6:14pm Dec 13, 2014 6:14pm
Quoting Dave_C
If you think it is as easy as put in $500 double it and then start again then "hello".
Did PhilippineFX did this with success? It seems easier to say but difficult to do.
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