Vegas new algorithm for short term trading

[skid-z]

You may remember "Vegas" & his 1-hr, 4-hr, & Wealth Builder systems...

 

I haven't used it yet, but here are the details & download page link:

 

link:

http://vegasonforex.blogspot.com/

 

Details (as written by Vegas himself):

 

Ok, it’s time to deliver the goods.

 

But before you go racing off to the download links please read this entire post. That’s all I’m asking.

 

To download ALL MY FILES [there are others too] go to my blog at the following link:

VegasForex

 

My new algorithm is “The Vegas Short Term Algorithm”; 41 pages in PDF and is ready for download. It is for day traders and scalpers only. You need to also download 2 other PDF files: 1) “The Marble Game”, and 2) “Vegas in Print”. These 2 files are referenced in the algorithm and you need to read them.

 

Even though I explain everything in detail [i think] in the algorithm file, I will reiterate an important detail here to avoid confusion and get you up and running very fast.

 

When you trade on the MT4 platform [demo or real], do you have pricing for EUR/USD with 4 or 5 digits after the decimal place? 1.40105 bid [5 digits pricing], or 1.4010 bid [4 digits pricing]?

 

If 4 digits: download “Vegas STA4 Long.mq4” and “Vegas STA4 Short.mq4”.

If 5 digits: download “Vegas STA5 Long.mq4” and “Vegas STA5 Short.mq4.

These are the *.mq4 files for the 5M candlesticks.

 

If you are a Newbie to all of this, don’t worry, I explain everything in excruciating detail in the Appendix. I guide you through everything. In addition, if you are a complete Newbie to Forex, please download and read “Forex For Newbies”. 38 pages in PDF also.

Edited August 28, 2011 by skid-z

[fxlauk]

the following indicator is no longer available. Please upload the link. Thanks in advance.

 

If 4 digits: Vegas STA4 Long.mq4 & Vegas STA4 Short.mq4

[freddy]

All the 5 files in one zip file to ease your life! :)

 

 

“The Vegas Short Term Algorithm”

“The Marble Game”

“Vegas in Print”

“Vegas STA5 Long.mq4”

“Vegas STA5 Short.mq4.

 

 

 

 

http://www.multiupload.com/9OROG4VBQC

 

 

As Fxlauk mentionned, 4digits not available.

 

But i don't think it is so difficult to adapt, just change

 

//Model #1 21

if(RiskModel==1)

{

ExtMapBuffer3=ExtMapBuffer2+210*Point;

 

ExtMapBuffer4=ExtMapBuffer2-210*Point;

 

}

 

to

 

 

//Model #1 21

if(RiskModel==1)

{

ExtMapBuffer3=ExtMapBuffer2+21*Point;

 

ExtMapBuffer4=ExtMapBuffer2-21*Point;

 

}

 

Repeat for other Models.

 

I don't have 4digit broker, but it should work.

 

An expert in mql4 coding could confirm if what I am suggesting is ok!

 

 

P.S. I've never used Vegas, did someone have success with this?

Also, did you notice the last post in blog is dated December 19, 2010! no more updates ??

[skid-z]

Good work, freddy.

 

I had moderate success with Vegas original 4-hr system when I first started trading. Haven't used it in years... I've already got a solid price action system that I use (if I could just maintain solid discipline, lol) so I'm going to see what people think of the new algorithm before doing any personal testing.

[Gaugas]

my today test is not very fair, i wanted to see how it will behave.

 

http://xmages.net/storage/10/1/0/5/2/upload/c76d0945.gif

 

the risk model would be better at the moment ?

[yogesheena]

hello sir , if u say that u already have sold price action system why not you share with us hope to eanfew pips fro your system

 

:) thanks

[Gaugas]

new order

 

http://xmages.net/storage/10/1/0/5/2/upload/d0c0464d.gif

[PSmith41]

Good work, freddy.

 

I had moderate success with Vegas original 4-hr system when I first started trading. Haven't used it in years... I've already got a solid price action system that I use (if I could just maintain solid discipline, lol) so I'm going to see what people think of the new algorithm before doing any personal testing.

 

Any chance that you could share your system?....I Loooove price action systems.

 

Regards, and good trading,

Paul.

[skid-z]

Any chance that you could share your system?....I Loooove price action systems.

 

Regards, and good trading,

Paul.

 

Paul (& yogesheena),

 

I use a combination of PA that I learned from Nial Fuller (who uses Pring & James16 style PA), Forex4noobs.com, and Hector DeVille (not sure where he gleaned his PA stuff from, but pretty sure its not his original). I shouldn't call what I do a "system" because it really is not. I use key S&R, psych levels, and fibo (between 38-62) to define my areas of potential trading. I never use timeframes lower than 1-hr and I use a timeframe that is 4x my actual trading timeframe to define the trend direction and I NEVER EVER trade against the trend. Pinbars, inside & outside bars, "fakies", and 1-2-3 price patterns that break S&R or "smooth" trendlines are how I enter a trade.

 

LOL, I know that I've pretty much named off every price action tool there is, but that is what I've learned and I use whatever tool fits the situation.

 

I've found that my weakness is actually discipline. Sticking to a set RRR & lot sizing accordingly. Sometimes I tend to overtrade which is why I try and trade only on the 4-hr and daily charts although I will do some scalping off the 1-hr charts as well. Overtrading has been a demon to me since I started trading forex over 4yrs ago. I guess it may have to do with the fact that I have a fulltime job and feel like I'm "missing out" if I'm not in a trade. I guess everyone has their own personal demon to overcome otherwise we would all be filthy rich, no?

 

I've always been intrigued by Vegas' stuff for some reason, but this 5-min chart scalping thing makes me feel uncomfortable because I've never had much success trading low timeframes.

 

I don't make a living from trading (yet). You really don't want to follow what I do...

 

skid

Edited August 25, 2011 by skid-z

[hermanhess]

As far as I know Vegas was Joel Resnik ..... of infinityyield

[skid-z]

As far as I know Vegas was Joel Resnik ..... of infinityyield

 

Hermanhess, have you ever read the following before? I pulled it from another forum. It was written by a guy that signs off as "TheRealThing". Possibly Resnick AKA Vegas...???

 

 

 

 

Can this forum handle some truth? Note: this is not a negative post.

 

I've been trading for a living for many years. Using robust methods that have worked for decades, and I trust will continue for more decades. I've had good years and slow years, while very successful over the long haul, thought I better tell those who think that trading can replace their job have the better odds winning the Powerball. Really! There are hundreds more who have won big in the Powerball than actually earn their money from private trading.

 

Thinking otherwise is denying reality and the facts. It is easy to ignore because the facts about trading are difficult to dig out, and only the determined care to find out anything or succeed at anything worthwhile.

 

After reading many posts in these threads, I decided I had to weigh in on a couple of things. I would have to agree with -Isotonic- that a very small subset of posters are actually trading for a living.

 

Most of my friends are traders, many of whom I helped bring into the winning fraternity. We all have to keep on our game every day, 100% , or some mistake could eradicate months or years of progress.

 

"Making a living" is very much a similar question as of what "is" is.

 

All of the professional traders I know, whether they trade forex or futures markets, do not make "so much per day". That is a phrase used by marketers, because they know what beginners are looking for, and that is a steady income so they can get rid of their jobs. Money from the market that you can count on does not come steady or nicely "so much per day". Real traders make profits, budget their expenses, save some profits, add some profits to their accounts for further building of the account, etc. Just like any business, which is what real trading is.

 

Most of the trading setups that you see bandied about are "tricks". Most "tricks" have small edges, and trading them continually teaches little about the big picture, and the big picture is where the big money is made. When a marketer is trying to separate you from your money, he is likely promoting a "trick".

 

Nothing wrong with trading these "tricks", if you know that they have a strong, provable edge. But, to know that a "trick" has a definable edge, you already have to have an underlying construct or context to compare and/or use that edge.

 

Almost like the chicken and the egg. To know something has an edge you have to know what an edge is.

 

Quickly, name all your friends who have that going for them. A couple of great trades, or a month of great trades, or a year of great trades is nowhere near enough. To make 50 thousand-plus trades and be ahead, to be able to survive years of changing markets, politicians, governments, wives, ex-wives, good health, bad health--- while trading profitably is what you need from an edge.

 

Private, profitable traders (those who've done the above) can tell you their edge immediately, and can prove it. Unfortunately, this set of traders is very small, estimated a few years ago by a research company at less than 800 in America--- and most of you reading this will never among them. And that is not a bad thing. That doesn't mean that you won't make money from your trading. You might even have more richness in your life by doing something else than trade.

 

I will tell the only way a trader is able to make $1,000,000 from trading.

 

Here's an example of 10 thousand trades. Of these trades, you might lose on 6000 of them for small losses, win on 3800 of them for moderate profits, and win fairly big on 200 of them. You make your million from this series of trades by losing only $9 million on your total of losing trades while making $10 million dollars on your total of profitable trades. This means averaging $50 a trade per lot or contract (in the case of futures), which is really good after expenses. Very doable with robust methods. And, you have to stay on your game or you won't do this well.

 

But this is nothing like you've been promised by the "gurus" and promoters of the "money per day" foolishness.

 

Trading for a living is demanding mistress. Read on if you can stand it.

 

99% of my success has come from trading and working breakouts. Primarily larger breakouts. Why? They work!

 

When you learn that breakouts "work" as a trading concept, over the years you continually seek the best breakouts like seasoned surfers all continually seek the best waves. The best breakouts use and highly reward your acquired skills better than lesser ones. Then you stay trading in the zone where the greatest edge is and trade the best breakouts and ignore less useful ones.

 

For, example, I know that the Vegas material (I have no personal connection with him whatsoever) dealing with the one hour tunnel has a firm statistical edge. A rock-solid statistical edge.

 

But it takes a professional to trade it. And the method's breakouts are small in expectation relative to others available. But, as in most tradeoff situations, there are more of them.

 

I wouldn't have any problem encouraging someone to follow the concept for trading. But, I would be willing to bet that less than 1 percent of the people who have downloaded his material are trading it, and probably an equally small percentage of them will profit long term from trading with it.

 

Trading as a lifestyle is like being a fireman who gets paid per fire. You don't make any money until a fire happens, and you don't make any money if you die in the fire or quit before the fire is over.

 

I know that posting this may not encourage trading as a career, but if I can shine a little light on the reality of trading, I'm happy to do it. I wish someone had illuminated for me what I was in for 25 years ago when I got serious. It wouldn't have stopped me for a second, but it would have helped me prepare for the future differently.

 

I know that anything I could say would never discourage someone who is meant to be a trader, because nothing can dissuade a real trader, which is as it should be.

 

I personally love trading, and believe that it is the one thing I am best suited to do on earth. There are times trading is fun, but mostly it is details, details, and risk management. The best times are after a long trading campaign (fire) and you are relatively flat for a while. You can take time to get perspective. And get mentally prepared for the next one.

 

Most people think that communities like this forum make it easier to learn how to trade, but I am certain the opposite is true. If most of the posts are from non-winners the only logical reaction for an individual who wishes to win is fade the advice you see in these forums.

 

Everyone posting has a motive, even me. Most motives are simple self promotion, aspiring traders trying to make themselves feel good, look smart. A few posters have the motive to help others. Many figure that if they can't win, maybe they can help someone else and that makes them a winner somehow. Maybe so. But likely it is a case of the blind leading the blind.

 

I'd bet you'd rather make money from trading the markets the way things really are, not the way some very literate, but non-winner says they are. Think of that the next time you read a "helpful" post. 99.9% odds the post is from a non-winner.

 

Trading is a solitary business, with few peer get-togethers except by phone. And when you get discovered by people hoping to accomplish what you've done with extreme care and trial by fire (amazing fireman analogy again!) they demand your help and time (hard won by now) but don't want to compensate you because they think you should just give to them because you've been so fortunate.

 

Perhaps this missive will be useful to someone. If no one believes it, that is ok too.

 

I'm off to tend a fire in the metals, the other currencies.

 

Best wishes on the NFP report in an hour.

 

 

-TheRealThing-

Edited August 28, 2011 by skid-z

[skid-z]

my today test is not very fair, i wanted to see how it will behave.

 

http://xmages.net/storage/10/1/0/5/2/upload/c76d0945.gif

 

the risk model would be better at the moment ?

 

Gaugas,

 

I have not traded it, but I did read through the rules. From your entry, the yellow & plum colored EMAs have crossed many times before the rally that took you up to the aqua exhaustion point line. One of the exit rules to exit whenever the yellow/plum lines cross against the direction of the 4-hr trend defining chart. Also, the goldenrod (brown) line is the 34 EMA and was downturned when you made your entry long. I would wait for better upward EMA definition of trend before entering. Thats just me though. I'm very picky.

 

BTW, I noticed the two EMAs on the 4-hr chart have been very close together lately just "snaking" along. This, in my opinion, does not make for a good time to trade. I would wait until the two EMAs are showing greater separation which would indicate a healthier trend to trade with.

 

I haven't looked at the ADR for EUR/USD lately, but maybe your risk model needs to be adjusted also.

 

What do you think?

Edited August 25, 2011 by skid-z

[⭐ Nihilistic]

Skid-z, an excellent post. Thank you.

[freddy]

Shurely you're a great trader......... And you're right when you say to don't believe to the posts in these forums.

In fact, next NFP will be Friday Sept, 2nd !!!:))

You're Right!

How can we believe to people who says he's trading 25 years and doesn't know when NFP is released.....?

=D>

 

 

 

On Aug, 25th, 2011 skid-z wrote (Post #11)

 

Dear Atradindo,

You can read, is not it?

Yes? So maybe you should reread the post # 11 written by Skid.

Especially carefully reread the first sentence and you will see the nonsense in your comments.

 

What you quoted is not written by Skid but by "-TheRealThing-"

funny? no? ;))

 

 

@ Skid, perhaps by surrounding the text in quotation marks, would have been more readable! at least for Atradindo ;)

[Atradindo]

Apologize

 

Ok guys, I Apologize,

English is not my native language, and sometimes I experience difficulties in understanding the whole sense of the phrases....and I loose some basic concepts :">

 

Thanks for your explanations!

I will remove my post! :D

 

Atradindo

 

Dear Atradindo,

You can read, is not it?

Yes? So maybe you should reread the post # 11 written by Skid.

Especially carefully reread the first sentence and you will see the nonsense in your comments.

 

What you quoted is not written by Skid but by "-TheRealThing-"

funny? no? ;))

 

 

@ Skid, perhaps by surrounding the text in quotation marks, would have been more readable! at least for Atradindo ;)

[skid-z]

Ok guys, I Apologize,

English is not my native language, and sometimes I experience difficulties in understanding the whole sense of the phrases....and I loose some basic concepts :">

 

Thanks for your explanations!

I will remove my post! :D

 

Atradindo

 

Forget about it. Lets go make some pips.

[PSmith41]

Thank's for the info skid,

Pin bars have always been a favourite of mine.

 

I always tend to get out of a trade to quickly...something only I can find a solution to.

 

Cheers,

Paul.

[skid-z]

Thank's for the info skid,

Pin bars have always been a favourite of mine.

 

I always tend to get out of a trade to quickly...something only I can find a solution to.

 

Cheers,

Paul.

 

Me too. I am almost overcoming that issue by taking 1/3 of my position out after I'm say 15-20 pips into profit and then I set the remainder at breakeven.