Dear Bernadette

[tim_nn]

Originally posted by bernie1968
Really I was just looking for the simplest method TRIED and TRUE to legitimately scalp 10 pips per day from the EUR/USD. I've looked at the charts and the movements. I KNOW it can be done.

Ah, the owner of the thread has reappeared!

Hope you're really not serious about being put off from asking more questions!

Yes, of course it can be done, though some would say that limiting yourself to just the EUR/USD is giving yourself an unnecessary handicap.

The way I do it is by using a 10-minute price-bar chart of the EUR/USD with no indicators at all, identifying 1-2-3-high and 1-2-3-low formations and Ross-hooks and trading them with really tight stops and sometimes using the "Trader's Trick Entry". Some you win, some you lose, of course, but it's really not difficult to net 10 pips profit per day after some practice.

If you're not familiar with 1-2-3's, Ross-hooks and TTE's and you'd like to be, just say so and I'll dig out a url where I think you can read, download and print one of the Joe Ross trading manuals free of charge. It's probably the single most valuable resource I ever discovered, myself (says he, casting an anxious glance along two shelves full of various trading books!).

If there's absolutely nothing doing on the Euro, you can look at other currency-pairs and almost always find something somewhere that's tradable with these exact techniques. The difficult part (for me, anyway) is giving up all the indicators and being willing to rely on price-bar patterns to dictate your trading.

[bernie1968]

Yes, tim_nn...I am interested. I need to learn all I can.

[KPcurrency]

This is how I do it. It is easy to get 10 pips but you should try to get the most out of a directional swing as you can.

I target 10 pips, take off half the position and then trail the rest.
I think you should focus on one pair, and the most liquid with the best spread is the Euro. (Remember since you want to target 10 pips, the spread is a big concern). Who's your broker and what do they charge?

[jtb790]

Originally posted by TrendlineBreak
Sorry if I'm being obtuse, but could you explain the reasoning behind this style of trading.

Take 27th Dec for instance, that day on EURUSD gave me 1 trade for 90 pips

So,

1 Trade, 1 commission of 3 pips for 90 pip profit

jtb 13 Trades, 13 commissions 39 pips for 29 pips profit.

Even if lets assume I closed my trade at a stupid time and made the same as jtb, surely paying one commission, only doing a single trade in the day and only having 1 risk is preferable to risking 13 times.

Or am I missing something ?

Sure.

The system I am using is one of my scalping methods.

Every one of the 63 positions opened resulted in my being able to close the trade at various times - screen shots posted (getting FLAT) - and have the ending balance go UP. Never down.

I've explained this a number of times, there are a few flamers on this thread that do not want to see it, or who see it but are just trying to confuse matters for the readers. This is typical for message board losers to do.

The bottom line is, keep your eye on my ending balance, not on minor $ flucuations that occur while the trade positions are being cleared once I click close trade.

The clearing of the trade (position(s) only takes a matter of seconds, and yes, there are back office clearninghouse flucuations in the numbers while the positions are being cleared - that makes no difference.

The main thing is, the strategic placing of each position I opened assisted the trade to profit and win, not lose. Therefore they are all wins, no losses.

63 straight wins, 37 more to go.

I'm not trading again until we get some volume, will probably start back first of the year.

Just disregard the naysayers and imbeciles on this thread - they cannot close even a single trade in a win, let alone 63 wins in a row, therefore they are just crying sour grapes and kicking up dust.

They are trying to say that my making almost 1% profit on the account in two days trading is actually somehow losing. I call that winning, they call it losing. Go figure.

Happy NY!

[MickMason]

Originally posted by Truville
Well, jtb790, you asked for it. It’s a shame you aren’t going to reply, because I’m about to expose you as a liar. Just for future reference, it is one thing to lie on a web board, nothing new there. But it is quite another thing entirely to actually furnish the means to expose your own lies. If you had simply bragged, and not posted your account statements, I never would have been able to disprove your claims. But you did, so here we go.

As I stated earlier, I called OANDA as jtb790 requested. I spoke to Troy at customer service, and asked him to review the attached screenshot that jtb790 provided.

I asked Troy: “Look at ticket #97573295, at the very top. Doesn’t this mean a loss?”
Troy told me: “Yes, that is a loss.”

Again, in no uncertain terms, Troy did confirm for me:

“The last 3 trades were losses”

I asked: “The person I got this screenshot from said: I've closed LIVE trades in which every single open position was hundreds of points IN SOLID PROFIT just to watch the balance (while in clearning) go deep into the negative WHILE the trades were in the process of being closed then see that the ENDING FLAT BALANCE went UP significantly. What does this mean?

Troy told me: “I have absolutely no idea what that means.”

Neither do I, Troy. Neither do I.

I asked him if it was possible to show a loss on the account “while in the process of being closed”, only to have it show profit once it finally did close. He explained to me that there really isn’t a “process of being closed”. Trades are cleared in just a few moments, usually before you can count to 2. Troy told me the only time this takes longer is during periods of high volatility, but gave me two reasons why this doesn’t explain the loss on jtb790’s sheet. One, there were no periods of high volatility during the time frames indicated. Two, even during those times, open trades do not show up on the account statement as a loss. They show as open positions.

I asked what possible explanation he had for the account statement showing a loss, while the trader [jtb790] said he has 65 wins in a row. Troy’s answer? “He’s just wrong, is all. Those last three trades were losses.”

So there you have it folks. A loss as indicated by jtb790’s own account report, and confirmed by the broker himself! So much for “Many wins in a row”.

Jtb790, next time you lie, try not to make it so easy to find out, ok?

Great job Truville!

[jtb790]

Originally posted by forex1


Are you embarrassed yet jtb790? ... suppose not ...

What will your next screen name be? Remember now - jaba_is_my_toy, locomack, pipssqueek, coinz, overload and jtb790 have all been used before.

Embarrassed for making almost 1% profit on the account in two days trading from the very start with 63 straight wins and no losses??

I think not.

Starting balance: $100,000.00
Ending balance: $100,812.94.

63 trades down - 37 left to go.

[bernie1968]

Hey, thanks all. I am with Forex.com, and they only charge 3pips for the EUR/USD and 4pips for the USD/JPY. Right now these are the only two currencies I trade.

KPCurrency, your charts almost looks like something I am using but on a larger time frame. I recently entered the following post on another thread, but if any of you are using the Free StrategyBuilderFX from the MoneyTec people, maybe you could help me with the programming, too?



I am so grateful to MoneyTec for providing such an awesome tool for us to use. Unfortunately I have absolutely NO CLUE on how to program the strategies I would like to test

Could I ask someone to help me out by programming the following strategy so I can backtest it and see if I am on to anything?

Step1
I am using the hi-lo bands composed of:
hi-band = MA of the last 7 highs
lo-band = MA of the last 7 lows (this needs to be a modifiable field in case I want to change the period)

Step2
I am trading for starters ONLY the EUR/USD on a 30minute chart

Step3
When closing price is = or > hi-band, then buy at open of next candle. Initial stop is the current value of lo-band.
Trailing stop at the close of each 30min candle is the new value of lo-band.

Step4
When closing price is = or < lo-band, sell at open of next candle. Initial stop is the current value of hi-band. Trailing stop at the close of each 30min candle is the new value of the h-band.

Step5
The trade opens 2 lots (I an only trading mini lots = $1/pip). The first lot sets it target at 10 pips profit. The second lot has no target, and will keep the trailing stop until it is hit.

Step6
Eventually I would also like to add another indicator or two to filter out when is the best conditions to actually enter the trade. I was thinking about some type of overbought/oversold oscillator.

I know this may sound primitive to some of you, since I have read your posts and am just astounded at the amazing knowledge in this community.

But if somehow, someone has the time and can program this for me, I would sssoooo appreciate it. I can imagine that such a strategy has much to be desired and will probably go through waves and waves of changes and modifications before it is "just right", but I have to start somewhere.

Humbly and with many thanks,

Bernadette

[tim_nn]

Originally posted by bernie1968
Yes, tim_nn...I am interested.

Well, I've certainly found the Joe Ross books more valuable than anything else I've read that's to do with trading. The problem is that they're pretty expensive, around $200 each, I think. However, the "trading manual" one that you can download and print free (one chapter at a time, in pdf format) will at least help you decide whether or not you want to spend more on them! It's available here (go about a third of the way down the page and you'll see all the links):

http://www.nqoos.com/Articles_and_Reprints.htm

Hope it helps, or at least interests you!

Originally posted by KPcurrency
I think you should focus on one pair

Why do you think that, though, KP? Hope you don't mind my asking, but I've quite often seen it said and never really understood it.

My own view is slightly different, I must say. I think that for people starting off, focusing on one _pair_ almost inevitably leads to overtrading, which is the great enemy of progress, learning and profit.

I think it's much better to focus on one _set-up_, and make it a really good reliable one that works out well a high proportion of the time. That way, if people are getting bored from lack of trading opportunity, rather than sitting on their hands (which is inevitably difficult) they can look around safely and find something else to trade, rather than trying out any "second-best" trades instead.

The great thing about most of Joe Ross's time-honoured techniques is that they work over a huge range of time-scales and markets, so a little bit of learning (comparatively) can often take people quite a long way. And in practice it's an enormous confidence-booster for people to be able to master one technique and find that they can use it fairly reliably on a large number of different charts.