dannydon786 Posted September 28, 2012 Author Report Share Posted September 28, 2012 Dave123 as said stop loss is very tight...and that is why I monitor my trades and since I can do that I enter trades without stop loss but in saying that I know the price is going my way and as soon as we can make profit I put breakeven........my entry is VERY VERY PRECISE and you can expect 0 to 5 pips drawdown most of the timeWith difficult.o I use weekly/daily/4hr s/r levels (which are good) along with trendline, pattern breaks/pullbacks. Stop loss has never been 5pips. It will be interesting what Danny has to offer, can't wait. :-) Quote Link to comment Share on other sites More sharing options...
dannydon786 Posted September 28, 2012 Author Report Share Posted September 28, 2012 It is interesting to know that so many people need help with forex trading Quote Link to comment Share on other sites More sharing options...
a777 Posted September 28, 2012 Report Share Posted September 28, 2012 3. ...will open further 20 pips trade if price goes against me.....to a maximum of 1 dollar a trade.... Hi Danny, Can you please clarify the above? Did you mean when price goes against you, you will add in more 20 cents a pip trades up to 5 times, until trading 1 dollar a pip max? Or when you say "to a maximum of 1 dollar" your total SL is $1? (20 cents/pip x 5 pips = $1) Thanks for sharing. Quote Link to comment Share on other sites More sharing options...
dannydon786 Posted September 28, 2012 Author Report Share Posted September 28, 2012 a777...no one knows where price is going hence sometimes price can go against us...and in that case.....I might open 1 or 2 more trades for example and see where price is going.......usually it is 1 or 2 more trades...example: 20 cents a pip.....price goes against me 5 pips...open 1 more trade......price goes against me another 5 pips open 1 more trade 20 cents a pip....thats it...rarely more than that....and than price will go in my direction....so in this case the drawdown for the intial position is 10 pips which equates to $2.00...(however when there is breakeven for the first trade...we are in profit by 15 pips) and this is to maximize the profit...or we can leave the trade as it is without opening more trades but the reward is less....1 or 2 trades more is opended if confident the price is going to go in my direction??? Sometimes I leave the trade as it is and get out at breakeven if not sure...but the beauty is price will come my way.... Hi Danny, Can you please clarify the above? Did you mean when price goes against you, you will add in more 20 cents a pip trades up to 5 times, until trading 1 dollar a pip max? Or when you say "to a maximum of 1 dollar" your total SL is $1? (20 cents/pip x 5 pips = $1) Thanks for sharing. Quote Link to comment Share on other sites More sharing options...
a777 Posted September 28, 2012 Report Share Posted September 28, 2012 Sometimes I leave the trade as it is and get out at breakeven if not sure...but the beauty is price will come my way.... I understand now, you scale or average in which resets your breakeven point closer than it was for your first trade. When you show your trade examples we will be able to better understand how you can be confident about "the beauty is price will come my way..." You use a SL which is very important. I recall someone at ForexFactory who always scaled in on losing trades multiple times expecting a retracement to bail him out and used no stop loss. He had a high winning % for a few months building a large account and looked great until a margin call. But again his problem was he used no stop loss. Danny, can you post a quick screenshot of one of your trades? It doesn't have to be fancy for now just something that explains how/why you entered the trade. Something to whet our appetite until you set up the demo account. Thanks. Quote Link to comment Share on other sites More sharing options...
rick1713006413 Posted September 28, 2012 Report Share Posted September 28, 2012 Yep....saw a signals provider do this and he got away with it for a while.....was making a killing....HOWEVER, no SL...and then he went into a rabid trading revenge mode and wiped out everybody's account (had trade copier)......lucky for me...I was on the sidelines....the signals service was forexmeister.com.....gone...now Quote Link to comment Share on other sites More sharing options...
dannydon786 Posted September 29, 2012 Author Report Share Posted September 29, 2012 Rick I will be using stop loss Yep....saw a signals provider do this and he got away with it for a while.....was making a killing....HOWEVER, no SL...and then he went into a rabid trading revenge mode and wiped out everybody's account (had trade copier)......lucky for me...I was on the sidelines....the signals service was forexmeister.com.....gone...now Quote Link to comment Share on other sites More sharing options...
Trader99 Posted September 29, 2012 Report Share Posted September 29, 2012 Very interested in your approach and I really like your precise entry and trade management.... it fits somewhat with what I am currently exploring. Look forward to hearing more. T99 Quote Link to comment Share on other sites More sharing options...
DrJack Posted September 29, 2012 Report Share Posted September 29, 2012 Please add me to the list. I like using SKYPE as it allows all parties to participate and learn a new system. Quote Link to comment Share on other sites More sharing options...
Nukem Posted September 29, 2012 Report Share Posted September 29, 2012 Please add me to the list. I like using SKYPE as it allows all parties to participate and learn a new system. Is there a list? Quote Link to comment Share on other sites More sharing options...
Johnkayode2010 Posted September 29, 2012 Report Share Posted September 29, 2012 Nukem, no list for now..:) But you can bet a lotta peoples eyes are fixed on this thread waiting for danny to post his precise entry system. We are waiting for you Danny Quote Link to comment Share on other sites More sharing options...
e24 Posted September 30, 2012 Report Share Posted September 30, 2012 There will be a lot of people to critique this system not because it will not work but purely traders will have different opinions on how the entries are decided, unfortunately that is the nature of trading and that's why trading is so difficult for everyone. Me for one i am interested to see your version of precise entries. Quote Link to comment Share on other sites More sharing options...
PauloGomes Posted October 2, 2012 Report Share Posted October 2, 2012 My curiosity is at its highest... Does anyone know when this will start? Come on Danny, let's do it! i'm sure this will be a good opportunity for everyone to learn. Quote Link to comment Share on other sites More sharing options...
PauloGomes Posted October 4, 2012 Report Share Posted October 4, 2012 Danny, Don't forget us struggling forex traders... and please don't let this thread die. We're all wating for you buddy. Quote Link to comment Share on other sites More sharing options...
doky Posted October 4, 2012 Report Share Posted October 4, 2012 yes, very curious on the entries. I've been using a similar approach (similar to martingale) in the past- up to 3 trades in total if the first goes against me. Could make money unless the market goes way too far from your initial expectations. As a whole my losses were much bigger than profits long-term. I'm sure Danny has something quite interesting (lazer entries with insignificant drawdown and exit rules) Looking forward to it Quote Link to comment Share on other sites More sharing options...
Loustar1 Posted October 6, 2012 Report Share Posted October 6, 2012 It will be interesting to see what danny finally posts. Quote Link to comment Share on other sites More sharing options...
PauloGomes Posted October 9, 2012 Report Share Posted October 9, 2012 Come on Danny, say something... there's a lot of interest in your strategy, give us some hope. Please don't let the thread die. Quote Link to comment Share on other sites More sharing options...
a476713 Posted October 16, 2012 Report Share Posted October 16, 2012 Need an interest fo 20 people to get it going otherwise it is no use wasting my time Hi Danny, Count me in, please Quote Link to comment Share on other sites More sharing options...
juicyt Posted October 16, 2012 Report Share Posted October 16, 2012 It's been like 3.5 weeks since the thread started, i guess Danny isn't doing well in health or trading... or just couldn't give a ****'ola. Quote Link to comment Share on other sites More sharing options...
rick1713006413 Posted October 16, 2012 Report Share Posted October 16, 2012 Guys....as the thread says...it's the "perfect" system......do you think you will get it that easy? Do we get anything "perfect" in life that easy? NEVER!! especially when we show up all needy and desperate......this is too funny! Quote Link to comment Share on other sites More sharing options...
shabz Posted October 16, 2012 Report Share Posted October 16, 2012 We each have our own "perfect" system. Something that is perfect for one trader, may not suit another trader's personality, timeframe, risk/profit criteria etc. Learn to develop your own "perfect" system, there is plenty on this forum to suit & adapt to your own needs. Quote Link to comment Share on other sites More sharing options...
rick1713006413 Posted October 16, 2012 Report Share Posted October 16, 2012 We each have our own "perfect" system. Something that is perfect for one trader, may not suit another trader's personality, timeframe, risk/profit criteria etc. Learn to develop your own "perfect" system, there is plenty on this forum to suit & adapt to your own needs. Yes...very well expressed! Quote Link to comment Share on other sites More sharing options...
e24 Posted October 17, 2012 Report Share Posted October 17, 2012 If the system was so good and is currently been traded with perfect entries and exits then should not be a delay to provide details, but if it does not exist then i think we will be waiting for a long time Just my opinion Quote Link to comment Share on other sites More sharing options...
capsmart Posted October 18, 2012 Report Share Posted October 18, 2012 (edited) A system without indicators is a system that is based on support/resistance lines and trendlines. You could also add some candle formations like reversal bars and dojis. Get the "Naked forex" from Walter Peters, read it 2-3 times, backtest backtest backtest and finally you will have a system that will make you money. There is no holly grail, there are no magical indicators. You need to exercise your eyes (and brain) and anticipate the moves, then be disciplined and trade what you see and not trade your hopes and bias and finally apply a solid money management. If for every trade you lose your wins make twice as much, just tossing a coin will make you money. Edited October 18, 2012 by capsmart chandu1713006579 1 Quote Link to comment Share on other sites More sharing options...
rick1713006413 Posted October 18, 2012 Report Share Posted October 18, 2012 (edited) Right now....at this moment...gbpusd is a prime example...if you look at the day chart, you can see it is coming down off a 1.6309 high...scroll back and see that it bounced off that 2 previous times!!!! This is the 3rd try...now scale down to the 4hr...and you will see a bearish engulfing candle off each high on the 4hr mark....this is the SIGNAL...now...1 hour is the entry....in my case...1.6128 with a 20 pip stop loss....keep in mind that news is coming out though, so risky....all of it is Price Action and trendlines.....and some luck....(probablilities)... Edited October 18, 2012 by rick Quote Link to comment Share on other sites More sharing options...
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