5k to a million in just Months on a Live account

[lud]

I´ve used it with 15 pip steps and although whipsawing it worked out most of the time, maybe it was just luck, but definitaly some very long trading sessions !

 

as long as you only have trades in one direction you should adjust the additonal orders with progessively smaller lots 1/0.8/0.6/... - when in good profit simply close all out- hit and run trading !

Edited May 13, 2010 by lud

[Thunder]

I just found this Thread. Does someone has the original german version too? Would be very interesting for me too read the german version. When I apply the stuff to my charts this looks like an ordnianry breakout strategy. But when I look at his trades posted on the blog there must be sth else.

[⭐ ustcer01]

I traded EJ on my live-account with strategy-3.

You cannot get results on live like you have on demo and backtesting.

 

Ok, let us assume that finding the best range is most important.

 

But what about the experiences I made on live ?

 

1. Often price whipsaws and you have one or more trades in Drawdown.

 

2. Finally, price breaks with a good move, e.g. upwards.

Now I have 2 or more Shorts in Drawdown.

 

Here is what happens in live-trading:

The move upwards sometimes went 60 Pips or more, but

from 6 Long-orders, about 4 are stopped out at BE.

 

The strategy-3 says: Place pending orders every 10 Pips.

If price moves 10 Pips in profit, move SL to BE, then trail SL with 10 Pips.

 

Oh yes, fine.

When the move upwards has reached 70 Pips, I have only a fraction of profit from it because of BE-stopouts.

But the 2 (or 3 or 4 ) short-orders are still there in huge drawdown.

 

Well, someone would suggest to close the shorts on the move up.

Oh yes, fine.

But at the end of the move, the closed losses are bigger than the closed profits.

 

And sometimes when I closed the Shorts, price reversed and I had to open new Shorts somewhere, but never got

into profit, because then the Longs were in DD.

 

It looks like getting stopped out at BE does not happen to you, kokanal.

Why ?

 

Ok, I tried the other strategy with doubling lot-sizes.

It got worse than with strategy-3.

I ended up with big lot-sizes and the SLs which were hit often .... losses piled up.

 

My observation: Shadow-strategy and strategy-3 are not as profitable as described in the manual.

 

Hi fxeasy5, thanks for the great sharing on ur experiences with strategy 3.

Can you please also advice on how did u find the ranges?

Opening hours in London session?

or you use the support and resistance line indicator for that author?

 

and also, i think if we do not use 10 pip as SL, but use 15, it will be much better i hope?

 

just a piece of thought.

[FreddyFX]

There is another conclusion of course.

IF trading would be SOO easy, then most of us would already be millionaires.

Every system works, you just need to live it, eat it, drink it, etc. ............and avoid getting greedy.

 

After all, it are only 20 pips/day and good MM to reach nice income.

[fxeasy5]

Can you please also advice on how did u find the ranges?

Opening hours in London session?

or you use the support and resistance line indicator for that author?

 

and also, i think if we do not use 10 pip as SL, but use 15, it will be much better i hope?

I am using the SR-dots drawn by the indicator and am trading when I have time, mostly at the beginning of London Session until end of US session.

 

Today I use 15 Pips distance on GJ and right now I have 2 longs and 2 shorts open.

Problem is the 7 Pips spread on GJ.

Although I have SL to BE at 10 Pips, the price just moved enough to open the second long, but not enough to trigger

the BE-stop ( I use the multi-purpose-trade-management Ea from Steve Hopwood which is available for free on Forex Factory, managing the trades manually is very hard to do because sometimes you are not fast enough and mt4 is much too slow )

 

Just try yourself and see .

 

With 2 open orders in drawdown, it is almost impossible to end in profit because of getting stopped out at BE in a move

which on the chart looks great, but in reality is a nightmare.

 

@kokanal,

I chose the range according to your advice.

Price bounced 3 or 4 times at each level, but still it is whipsawing.

 

As I said: it looks great on the chart and you can count your profits there , but in real trading it is different.

 

Update: Price fell 135 Pips on GJ,

I have 2 open Longs in DD of 135 and 120 Pips

and 1 open Short in small DD right now.

 

All the other Shorts were stopped out at BE.

 

It is what I said: you have to be lucky that price will not whipsaw, leaving you with one or two trades in DD and you have to be lucky that price moves in a way that your trades will not get stopped out at BE.

 

I would not call this a "millionaire strategy", but a "lucky luck" strategy.

Edited May 14, 2010 by fxeasy5

[lud]

just the wrong pair, I think with GJ and 7pip spread you need 20-23 pip separation between orders. that your first trade wasn´t stopped at BE is really bad though.

[fxeasy5]

just the wrong pair, I think with GJ and 7pip spread you need 20-23 pip separation between orders. that your first trade wasn´t stopped at BE is really bad though.

Yes, the distance between the orders must be more than 15 Pips on GJ.

 

Update: Price reversed up.

Now 1 Short is in DD.

I thought: maybe moving SL to BE+10 Pips after 30 Pips is better to avoid getting stopped out so often.

( on the long-move 2 longs were stopped out at BE already )

So I changed it.

 

Price reversed down.

Now I have 4 Longs in DD plus the Short in DD.

[mograst]

you must add the spread to every order... on demo the orders opens exaclty at entry point. On live this will never happen due the spread!

[lud]

how can you have 4 longs in dd ? didn´t you set the SL to BE?

[fxeasy5]

how can you have 4 longs in dd ? didn´t you set the SL to BE?

Yes, but I changed it to 30 Pips distance to avoid getting stopped out too fast.

The first longs were at 10 Pips distance. They were open already.

 

In the meanwhile price reversed and 3 longs were closed at BE.

Now I have 1 Long in DD and 3 open Shorts.

1 Short already closed at BE again.

 

you must add the spread to every order... on demo the orders opens exaclty at entry point. On live this will never happen due the spread!

Are you sure ?

I think it is identical on Demo and live.

[junglist00]

distance between orders should be minimum 80 pips on first 5 steps (GJ) ....

[fxeasy5]

distance between orders should be minimum 80 pips on first 5 steps (GJ) ....

The manual says: distance between orders = 10 Pips.

Range = maximum 80 Pips on GJ.

[lud]

keep testing, but 15 to 20 with Ej seems to work - EJ is imho better than GJ

[vampiricaura]

Where is the system, i'm lost :)

[soundfx]

vampiricaura,

 

It's worth making the effort of reading long threads like these as there are often good tips on trading the system, helpful indicators etc. all contributed by folks actively trying out the system.

 

The guy trading the system is German and his translated docs. left a lot to be desired, however the good folks here have made a better translation.

 

The system is split into 3 different ones as can be found here:

 

http://www.mediafire.com/?tjhmnmboudj

 

However, more recently I believe that the 3rd method has been beefed up to explain it better:

 

http://www.multiupload.com/0NN0R07R7S

 

Methods 1 and 2 look dangerous and could lead to massive gains or a wiped account. Method 3 seems to be the best, though as others have mentioned, it's a bit concerning that this guy keeps changing his system.

[Thunder]

http://www.multiupload.com/0NN0R07R7S

 

The password is: 0405 (Thanks Mr. Google) :)

[mograst]

Yes, but I changed it to 30 Pips distance to avoid getting stopped out too fast.

The first longs were at 10 Pips distance. They were open already.

 

In the meanwhile price reversed and 3 longs were closed at BE.

Now I have 1 Long in DD and 3 open Shorts.

1 Short already closed at BE again.

 

 

Are you sure ?

I think it is identical on Demo and live.

 

I think difference on demo and alive are spread (on demo you entere/exit exactly at your buy/sell point) On demo you dont and have to add spread at least to your exit point. Also there are slippage on live. i also saw that when the second order open the first has not ben trailed yet - yes i use 10 pips trailing on demo - (that's due what i say above slippage and spread) So you may adjust the first order manually as soon as second order opens put the first SL to BE. I will try this system next week live using 15pips distance on gbp/jpy and eur/jpy

[hermanhess]

Guys if you're trading strategy 3 you would be better of using fxcm tradestation because in this platform u can have one click execution and its very easy to move your sl and tp because you just need to move the line on the chat so its much faster than MT4 and you need to be fast for adjusting every 10 or 15 pips

[skull9971]

maybe that's one of the reason he can manage his strategy well..the author is using tradestation as he mention it already..

[mograst]

guys your rigth.... MT4 is difficoult to manage trade once the market moves quickly... but maybe with trailing stops it can be done. Problem is i do not trust the FXCM as broker. Reade to many bad news on fx peace army. Does Dukaskopy has trailing stops on one of there platformas?

[lud]

lots of hassle for him this week, but the account is almost at 2k.

 

 

anyone tested the 4h system?

[fxeasy5]

guys your rigth.... MT4 is difficoult to manage trade once the market moves quickly... but maybe with trailing stops it can be done. Problem is i do not trust the FXCM as broker. Reade to many bad news on fx peace army. Does Dukaskopy has trailing stops on one of there platformas?

I don´t know about Dukaskopy and I don´t like FXCM .

Mt4 is a trash platform when it comes to placing pending orders and managing trades generally.

It belongs into the recycle-bin.

 

I am using some tools now for order-management.

1. The Multi-purpose-Trade-Management-EA from Steve Hopwood ( available for free on Forex Factory )

2. A script which helps to place pending orders ( "BUY with SL and TP" and "SELL with SL and TP" , available for free

on Forex Factory )

 

There is a new tool available for free for placing market-orders and closing open orders with one click on Mt4 here:

http://www.toolsfortradingtheforex.com/index.html

I hope they will add the pending-order-option.

[FreddyFX]

fxeasy5

 

Good post, especially for the newbies that are not aware of what is available and/or don't know how to search for such info.

[lud]

dukascopy jforex platform has trailing stops and is highly recommended. .

 

did youn already testeed the one-clicker?

 

what about the 4h system, anybody?

Edited May 15, 2010 by hermanhess
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[fxeasy5]

dukascopy jforex platform has trailing stops and is highly recommended. if you are interested pm me to get a 20 % commission rebatte.

 

did youn already testeed the one-clicker?

 

what about the 4h system, anybody?

Sorry, the one-clicker needs open market for testing. Just found it today, but looks very good and installed and loads without problems.

 

I started to read the new H4-strategy a few minutes ago.

It looks better than those we discussed already.

Will test it next week.