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Daily 95 pips from the forex market [set and forget]

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  #21 (permalink)  
Old 03-28-2011, 10:03 AM
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Join Date: Dec 2008
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zhang706 is on a distinguished road
thanks for this method and the ebook...........
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  #22 (permalink)  
Old 03-29-2011, 01:04 AM
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Join Date: Feb 2011
Posts: 3
shepherd is on a distinguished road
This looks like a very interesting system. I've actually thought of a similar one before, but your's has a few interesting modifications.

Peter
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  #23 (permalink)  
Old 10-09-2012, 03:14 PM
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Join Date: Jul 2010
Posts: 1
windsorftw is on a distinguished road
Great strategy, thank you!
I just started using this strategy with amazing results. I've tweaked it a bit, I have EAs running that move my stop losses on trades 2 and 3 to breakeven once trade 1 hits the target of 15 pips.

I was wondering, does anyone have an EA out there that can automate this whole process?
Enter 6 trades, and once the first two trades hit their targets move the stops on the other two to break even?
Also, what about if the EA doesn't trade in the opposite direction once one set of trades has been set off?

EAs or Scripts to open 3 trades with the same entry, stop loss and diff TPs would be much appreciated! Thanks again!
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  #24 (permalink)  
Old 10-15-2012, 10:46 AM
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Join Date: Oct 2012
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hleeboy is on a distinguished road
Can anyone please share a script of this strategy?
Thank you!
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  #25 (permalink)  
Old 10-18-2012, 05:14 AM
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Join Date: Apr 2012
Location: Canada, Ontario
Posts: 264
hermes777 is on a distinguished road
Spikes will take you from the trades very fast! Brokers and market maker like the strategy. Similar to Karl Dittmann's Set and Forget system. It should be set and forget (the money).
Hermes
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i trade manually just reverse its give me good results
  #26 (permalink)  
Old 11-06-2012, 04:09 PM
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Join Date: Jun 2012
Posts: 1
sapta is on a distinguished road
Quote:
Originally Posted by bossxero View Post
This trading methods that you will be reading shortly is not new at all and many of you could already be familiar with it. I am simply keeping the transmission of the knowledge ongoing for the benefit of those who are into forex trading research. I urge you not to take anything that you read on the forex trading for granted and do you own personal efforts to verify all the claims made. You should demo/practice/paper-trade all these methods before you decide to move onto trading them on your live account with some real money.

The Daily95 pips method has been said to be very profitable in the past and could still keep making money in the future as well, however, as we all know the adage, 'past performance does not guarantee future returns...'.. you should always bear this in mind. Having said all these, let us move to the strategy.

Overview of the method

This system is a pure 'set and forget' trading method and is 100% mechanical as well. There is no need to analyse anything at all to make trading decisions. When the time comes, you simply open your charts, place your orders, then close everything. It is similar to the weekly method we wrote about last week except that this one works on the daily with a twist on the money management system. We will be using a 30 pips stoploss and all orders will be placed on Monday, Tuesday, Wednesday, Thursday and Friday.

As I said earlier, the basis of this trading method is well known as we will be simple placing pending orders 5 pips above the PREVIOUS day's HIGH and 5 pips BELOW the PREVIOUS day's LOW. Yeah, indeed as simple as this, it is a daily breakout system and there is nothing secret about it. However, the secret lies in the 'twist' in the money management we spoke about above. With this twist, we will try to make 95 pips from a 50 pips move! I will explain how to get this done, no worries.

EXECUTING AND PLACING THE TRADES

1. Determine at what time your broker closes its daily candle as this varies from broker to broker. After you have done so, bookmark this time as you will be placing your trades at this exact time everyday.

2. After the new daily bar opens, place 6 pending orders on the PREVIOUS daily candle. 3 Pending buy orders above the High which should be as follows:

Buy/Long Orders:
i. #1 - Entry = HIGH+5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = HIGH+5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = HIGH+5pips, Take Profit=50pips, S/L=30pips

And 3 pending sell orders below the daily LOW as follows:

Sell/Short Orders:
i. #1 - Entry = LOW-5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = LOW-5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = LOW-5pips, Take Profit=50pips, S/L=30pips

Thats it, we have all our six orders in place. Since it is a set and forget method, you are free to go strolling around once you have placed your trades as these trades need no monitoring at all and the only possible outcomes are already known all the time... you will not be having any surprises at all. The possible outcomes are as follows:

1. All the 3 pending trades get triggered on ONE side and hit takeprofit, you end up with +95pips on a 50pips move (+95)
2. All 3 pending trades are triggered, two of them hit the takeprofit (+45) and the 3rd one is stopped by the stoploss resulting in -30pips loss totaling in +15pips (+15)
3. All 3 pending trades are triggered, first hit the takeprofit of 15 pips, the rest are stopped and the pips loss is -60, the total is (-45)
4. All 3 pending trades are triggered, all of them hit the stoploss resulting in -90pips loss.

These are the only possible outcomes for the pending orders placed on one side, now you can broaden the outcomes if trades on both sides gets triggered. So, with the strategy as is, the maximum that you can lose on one side is -90pips and the maximum you can make on one side is +95pips. However, if you are inclined to monitor your trades, you can move the stoploss to breakeven when trades are in profit to minimize the risk or you can use a trailing stop as well. This will solely depend on you at your own discretion.

The other aspect which need to be taken into consideration is the amount of lots you put on the trades. It is advised that we use less than 3% of the trading capital at anytime and keep the lots amount fixed for all positions, starting with the least available lots by your broker. However, you can play and tweak the system to make it your own for example you can use a bigger lot for the first order with the smallest Takeprofit as it is more likely to be hit and you can decrease the lots amount as you climb up the orders. You can also try other scenarios like using more that 3 orders with a higher takeprofit in an attempt to make 150pips from a 80pips move for example.

Please do take some time to read and study the method, then put some real time into the practice and demo so that you can gauge the performance of the system and know if it can suit your style or now. Suggestions and trading ideas are welcomes. Please report back. Good luck.
Quote
  #27 (permalink)  
Old 10-03-2014, 03:18 PM
Currency Trader
 
Join Date: Oct 2014
Posts: 2
captainron211 is on a distinguished road
Quote:
Originally Posted by bossxero View Post
This trading methods that you will be reading shortly is not new at all and many of you could already be familiar with it. I am simply keeping the transmission of the knowledge ongoing for the benefit of those who are into forex trading research. I urge you not to take anything that you read on the forex trading for granted and do you own personal efforts to verify all the claims made. You should demo/practice/paper-trade all these methods before you decide to move onto trading them on your live account with some real money.

The Daily95 pips method has been said to be very profitable in the past and could still keep making money in the future as well, however, as we all know the adage, 'past performance does not guarantee future returns...'.. you should always bear this in mind. Having said all these, let us move to the strategy.

Overview of the method

This system is a pure 'set and forget' trading method and is 100% mechanical as well. There is no need to analyse anything at all to make trading decisions. When the time comes, you simply open your charts, place your orders, then close everything. It is similar to the weekly method we wrote about last week except that this one works on the daily with a twist on the money management system. We will be using a 30 pips stoploss and all orders will be placed on Monday, Tuesday, Wednesday, Thursday and Friday.

As I said earlier, the basis of this trading method is well known as we will be simple placing pending orders 5 pips above the PREVIOUS day's HIGH and 5 pips BELOW the PREVIOUS day's LOW. Yeah, indeed as simple as this, it is a daily breakout system and there is nothing secret about it. However, the secret lies in the 'twist' in the money management we spoke about above. With this twist, we will try to make 95 pips from a 50 pips move! I will explain how to get this done, no worries.

EXECUTING AND PLACING THE TRADES

1. Determine at what time your broker closes its daily candle as this varies from broker to broker. After you have done so, bookmark this time as you will be placing your trades at this exact time everyday.

2. After the new daily bar opens, place 6 pending orders on the PREVIOUS daily candle. 3 Pending buy orders above the High which should be as follows:

Buy/Long Orders:
i. #1 - Entry = HIGH+5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = HIGH+5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = HIGH+5pips, Take Profit=50pips, S/L=30pips

And 3 pending sell orders below the daily LOW as follows:

Sell/Short Orders:
i. #1 - Entry = LOW-5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = LOW-5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = LOW-5pips, Take Profit=50pips, S/L=30pips

Thats it, we have all our six orders in place. Since it is a set and forget method, you are free to go strolling around once you have placed your trades as these trades need no monitoring at all and the only possible outcomes are already known all the time... you will not be having any surprises at all. The possible outcomes are as follows:

1. All the 3 pending trades get triggered on ONE side and hit takeprofit, you end up with +95pips on a 50pips move (+95)
2. All 3 pending trades are triggered, two of them hit the takeprofit (+45) and the 3rd one is stopped by the stoploss resulting in -30pips loss totaling in +15pips (+15)
3. All 3 pending trades are triggered, first hit the takeprofit of 15 pips, the rest are stopped and the pips loss is -60, the total is (-45)
4. All 3 pending trades are triggered, all of them hit the stoploss resulting in -90pips loss.

These are the only possible outcomes for the pending orders placed on one side, now you can broaden the outcomes if trades on both sides gets triggered. So, with the strategy as is, the maximum that you can lose on one side is -90pips and the maximum you can make on one side is +95pips. However, if you are inclined to monitor your trades, you can move the stoploss to breakeven when trades are in profit to minimize the risk or you can use a trailing stop as well. This will solely depend on you at your own discretion.

The other aspect which need to be taken into consideration is the amount of lots you put on the trades. It is advised that we use less than 3% of the trading capital at anytime and keep the lots amount fixed for all positions, starting with the least available lots by your broker. However, you can play and tweak the system to make it your own for example you can use a bigger lot for the first order with the smallest Takeprofit as it is more likely to be hit and you can decrease the lots amount as you climb up the orders. You can also try other scenarios like using more that 3 orders with a higher takeprofit in an attempt to make 150pips from a 80pips move for example.

Please do take some time to read and study the method, then put some real time into the practice and demo so that you can gauge the performance of the system and know if it can suit your style or now. Suggestions and trading ideas are welcomes. Please report back. Good luck.
Quote
  #28 (permalink)  
Old 10-03-2014, 03:24 PM
Currency Trader
 
Join Date: Oct 2014
Posts: 2
captainron211 is on a distinguished road
Hi, I tried your system and for the first time I finally made a profit!!! My question is this: When the trading starts my mt4 changes all my T/P to the same, so I end up with 3 of the same trades. What is your advice? Thanks
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