The old mans trades

[BeginnerJoe]

I wonder if doing the opposite of your strategy would make a difference ? Buy when it wants to sell and sell when it wants to buy.

 

[theoldmanstrades]

Pending orders:

aud/usd buy @ 1.0326
nzd/usd buy @ .8340
usd/cad sell @ .9810
gbp/usd buy @ 1.6190
usd/chf buy @ .9364
eur/usd sell @ 1.2919
gbp/yen sell @ 1.2584
gbp/usd sell @ 1.6130


Open trades:
usd/chf sell @ .9350 stop .9364 limit .9310
eur/usd buy @ 1.2941 stop 1.2919 limit 1.3000
eur/yen buy @ 101.10 stop 100.79 limit 101.35
nzdusd sell @ .8311 stop .8340 limit .8290
usd/cad buy @.9834 stop .9810 limit .9850
gbp/yen buy @ 126.17 stop 125.84 limit 126.60
aud/usd sell @ 1.0290 stop 1.0326 limit 1.0261

Total profit in pips:

-211 pips

Closed trades:

Sell usd/chf @9425 stop 9438 limit 9413 = -13
Buy eur/usd @2821 stop 2802 limit 2838 = +17
gbp/usd buy @ .6119 stop .6108 limit .6130 = +11
usd/chf sell @ .9424 stop .9440 limit .9410 = +14
eur/yen buy @ 100.03 stop .9977 limit 100.26 = +23
eur/usd sell @ 1.2891 stop 1.2913 limit 1.2871 = -22
usd/chf buy @ .9379 stop .9363 limit .9393 = -16
eur/yen sell @ 100.51 stop 100.72 limit 100.33 = -21
eur/usd sell @ 1.2911 stop 1.2928 limit 1.2895 = -17
nzd/usd sell @ .8301 stop .8318 limit .8288 = -17
aud/usd sell @ 1.0370 stop 1.0386 limit 1.0357 = -16
gbp/yen sell @ 125.86 stop 126.05 limit 126.65 = -19
usd/cad buy @ .9826 stop .9812 limit .9836 = -14
usd/cad buy @ .9810 stop .9798 limit .9820 = +10
nzd/usd sell @ .8298 stop .8325 limit .8278 = +20
aud/usd sell @ 1.0368 stop 1.0405 limit 1.0338 = +30
gbp/yen sell @ 125.94 stop 126.35 limit 125.54 = -41
eur/yen sell @ 100.53 stop 101.05 limit 100.03 = -52
usd/chf buy @ .9376 stop .9350 limit .9396 = -26
eur/usd sell @ 1.2898 stop 1.2941 limit 1.2858 = -43
gbp/usd sell @ 1.6134 stop 1.6156 limit 1.6095 = -22
gbp/yen sell @ 125.90 stop 126.17 limit 125.40 = -27
gbp/usd buy @ 1.6156 stop 1.6120 limit 1.6186 = +30

 

[theoldmanstrades]

I wonder if doing the opposite of your strategy would make a difference ? Buy when it wants to sell and sell when it wants to buy.

If I could make a system so bad that I could do the opposite and win, I'd be a rich man. The spread usually ruins any opposite system. But some days I wish I did the opposite.

 

[BeginnerJoe]

At what point would you see the challenge as a fail ? If the bleeding is not stemmed, you could well be joining the others in asking if a stop is a good idea .

 

[theoldmanstrades]

At what point would you see the challenge as a fail ? If the bleeding is not stemmed, you could well be joining the others in asking if a stop is a good idea .

I'd say 100 pips per pair drawdown, so 800 pips down I'll look to retool.
No where near a fail yet, to me. Just takes patience. A 40 pip winner on each and I'm back up, for example. So well within my tolerance so far.

 

[BeginnerJoe]

Well the bleeding feels a bit rapid to me and attaining 800ml of blood isn't that hard. Unless you are doing some kind of basket trading, cutting back on the simultaneous trades could buy you more time to adapt.

 

[DionysusToast]

Does posting this journal on so many forums perhaps take your attention away from the trades?

I made 1 trade today and posted it on one forum and I managed to fook that up!!!

 

[BeginnerJoe]

I made 1 trade today and posted it on one forum and I managed to fook that up!!!

Ahhh, perhaps you were busy vendoring at the same time ?

Can't help but give you a poke. But don't worry, unlike choccy biccy's, I am vendor neutral.

 

[pboyles]

This thread has a familiar ring to it. I wonder what will happen next.

 

[theoldmanstrades]

Pending orders:

usd/cad sell @ .9810
gbp/usd buy @ 1.6190 stop 1.6130 limit 1.6245
usd/chf buy @ .9364
eur/usd sell @ 1.2919
gbp/yen sell @ 1.2584
gbp/usd sell @ 1.6130


Open trades:
usd/chf sell @ .9350 stop .9364 limit .9310
eur/usd buy @ 1.2941 stop 1.2919 limit 1.3000
eur/yen buy @ 101.10 stop 100.79 limit 101.35
usd/cad buy @.9834 stop .9810 limit .9850
gbp/yen buy @ 126.17 stop 125.84 limit 126.60


Total profit in pips:

-161 pips

Closed trades:

Sell usd/chf @9425 stop 9438 limit 9413 = -13
Buy eur/usd @2821 stop 2802 limit 2838 = +17
gbp/usd buy @ .6119 stop .6108 limit .6130 = +11
usd/chf sell @ .9424 stop .9440 limit .9410 = +14
eur/yen buy @ 100.03 stop .9977 limit 100.26 = +23
eur/usd sell @ 1.2891 stop 1.2913 limit 1.2871 = -22
usd/chf buy @ .9379 stop .9363 limit .9393 = -16
eur/yen sell @ 100.51 stop 100.72 limit 100.33 = -21
eur/usd sell @ 1.2911 stop 1.2928 limit 1.2895 = -17
nzd/usd sell @ .8301 stop .8318 limit .8288 = -17
aud/usd sell @ 1.0370 stop 1.0386 limit 1.0357 = -16
gbp/yen sell @ 125.86 stop 126.05 limit 126.65 = -19
usd/cad buy @ .9826 stop .9812 limit .9836 = -14
usd/cad buy @ .9810 stop .9798 limit .9820 = +10
nzd/usd sell @ .8298 stop .8325 limit .8278 = +20
aud/usd sell @ 1.0368 stop 1.0405 limit 1.0338 = +30
gbp/yen sell @ 125.94 stop 126.35 limit 125.54 = -41
eur/yen sell @ 100.53 stop 101.05 limit 100.03 = -52
usd/chf buy @ .9376 stop .9350 limit .9396 = -26
eur/usd sell @ 1.2898 stop 1.2941 limit 1.2858 = -43
gbp/usd sell @ 1.6134 stop 1.6156 limit 1.6095 = -22
gbp/yen sell @ 125.90 stop 126.17 limit 125.40 = -27
gbp/usd buy @ 1.6156 stop 1.6120 limit 1.6186 = +30
nzdusd sell @ .8311 stop .8340 limit .8290 = +21
aud/usd sell @ 1.0290 stop 1.0326 limit 1.0261 = +29

 

[theoldmanstrades]

Well the bleeding feels a bit rapid to me and attaining 800ml of blood isn't that hard. Unless you are doing some kind of basket trading, cutting back on the simultaneous trades could buy you more time to adapt.

In the old days they thought a bleeding could cure ailments.

 

[theoldmanstrades]

Does posting this journal on so many forums perhaps take your attention away from the trades?

I made 1 trade today and posted it on one forum and I managed to fook that up!!!

I joined and post on 4 forums. Trying to see which one is most enjoyable. This is the only one with any comments or discussion. (I actually tried 5, but one wasn't user friendly so I dumped that one).

Copy and paste only takes a minute.

 

[theoldmanstrades]

Pending orders:

usd/cad sell @ .9810
gbp/usd buy @ 1.6190 stop 1.6130 limit 1.6245
gbp/yen sell @ 1.2584
gbp/usd sell @ 1.6130
eur/yen sell @ 100.79

Open trades:

eur/yen buy @ 101.10 stop 100.79 limit 101.35
usd/cad buy @.9834 stop .9810 limit .9850
gbp/yen buy @ 126.17 stop 125.84 limit 126.60
usd/chf buy @ .9364 stop .9330 limit .9398
eur/usd sell @ 1.2919 stop 1.2970 limit 1.2869

Total profit in pips:

-197 pips

Closed trades:

Sell usd/chf @9425 stop 9438 limit 9413 = -13
Buy eur/usd @2821 stop 2802 limit 2838 = +17
gbp/usd buy @ .6119 stop .6108 limit .6130 = +11
usd/chf sell @ .9424 stop .9440 limit .9410 = +14
eur/yen buy @ 100.03 stop .9977 limit 100.26 = +23
eur/usd sell @ 1.2891 stop 1.2913 limit 1.2871 = -22
usd/chf buy @ .9379 stop .9363 limit .9393 = -16
eur/yen sell @ 100.51 stop 100.72 limit 100.33 = -21
eur/usd sell @ 1.2911 stop 1.2928 limit 1.2895 = -17
nzd/usd sell @ .8301 stop .8318 limit .8288 = -17
aud/usd sell @ 1.0370 stop 1.0386 limit 1.0357 = -16
gbp/yen sell @ 125.86 stop 126.05 limit 126.65 = -19
usd/cad buy @ .9826 stop .9812 limit .9836 = -14
usd/cad buy @ .9810 stop .9798 limit .9820 = +10
nzd/usd sell @ .8298 stop .8325 limit .8278 = +20
aud/usd sell @ 1.0368 stop 1.0405 limit 1.0338 = +30
gbp/yen sell @ 125.94 stop 126.35 limit 125.54 = -41
eur/yen sell @ 100.53 stop 101.05 limit 100.03 = -52
usd/chf buy @ .9376 stop .9350 limit .9396 = -26
eur/usd sell @ 1.2898 stop 1.2941 limit 1.2858 = -43
gbp/usd sell @ 1.6134 stop 1.6156 limit 1.6095 = -22
gbp/yen sell @ 125.90 stop 126.17 limit 125.40 = -27
gbp/usd buy @ 1.6156 stop 1.6120 limit 1.6186 = +30
nzdusd sell @ .8311 stop .8340 limit .8290 = +21
aud/usd sell @ 1.0290 stop 1.0326 limit 1.0261 = +29
usd/chf sell @ .9350 stop .9364 limit .9310 = -14
eur/usd buy @ 1.2941 stop 1.2919 limit 1.3000 = -22

 

[theoldmanstrades]

I wanted to try to be able to trade for about 8-10 hours a day, and not have to monitor trades for exits or have to manage trades in any way. I wanted to be able to put a stop and a limit and let them run. Just check at regular intervals for a trade setup. The way I'm doing it now, I have been getting long trades inside a short trade I'm already in, and so far I have just been reversing, and annoying occurances like that. So this isn't what I was looking for. I really think I could have gotten to profit this week, but this isn't something I would like to trade going forward, so I am going to scrap it in light of a new method.

I did get an email of a system that claims to work. I've heard that of course many times. But it is so simple, and fits what I'm looking for, I think I should move on and have a look at this new method. I'm told it wins well over 2-1, but really no backtested has been done, so just going on the word of someone convinced it works who has been using it a few months. Even if it doesn't work as is, perhaps we can make something better from it. (winning 2-1 on small scalps can still be a losing system with spreads).

I'm going to abandon threads at other forums and stay here where the forum is easy to use, and you actually get some discussion along the way.

I think this is one of the most simple methods I've seen (if I understand it correctly). But it would be a lot easier to understand with pictures of course. If someone wouldn't mind telling me the easiest way to make and add a picture to a post, that would be great. Also if a few others understand it, markets can be monitored more easily for set ups. Someone might see a setup on a pair that others miss.

So I am hoping something will come from this. But I have seen a lot of people be successful for a few months, just to find what they are doing stops working, even though they were emphatic they had found a winning trading system. But as long as it can net 100 pips a month or more and can trade the hours I want, that would be great.

I'm going to look back on the charts and see how the setups looked and went. I can post images as I go, if I can figure it out or someone explains how. So if anyone wants to help take a look at this method, feel free.

 

[theoldmanstrades]

The way it works, which is probably hard to understand without picutes, is using the waves of the market. If we get a high on an upswing, then market waves down, we look for another high which is higher than the last high, but doesn't close above the last high. If this occurs, we can go short on a break of the low between the highs. If the market goes higher there is no trade. The opposite for a long trade. Again sounds simple enough, but can be a little confusing determining waves, and not seeing a picture. There is no set TP, so I'll have to figure that out. Profit was taken at discretion anywhere between a 1-1 ratio for the trade. I was thinking I might just start with 10 pips TP and see how that works out, or perhaps use the 1-1 ratio as the TP. As long as I don't have to manage the trade, I'll be happy. The next setup I see I'll post the trade. Feel free to ask any questions about this method.

 

[BeginnerJoe]

With the amount of your experience, I thought you know how to trade already without needing to buy into other people's stuff ?

As you are an old man, I shouldn't be telling you this: there ain't no easy way to make money old boy. If your long term trading system works, then it is best that you stick with it no matter how hard work it is. Perhaps if you increase the size and make bigger wins, then you won't need to trade so often, and so allowing yourself a breather.

Equities definitely offers the best low intensity trading if you don't want too much work. If you get a nice portfolio of them running for you, you just need to check them once a day, which can be done in 15 minutes or less. If you know them already, the classic chart patterns work just as good in equities as in forex. Except equities move a lot slower and gives you plenty of thinking time.

Short TF forex is very much a mug's game - you'd get mugged. It may seem like the quickest way to make money, but in fact it's probably the quickest way to lose money because they chase your stops from one end of the chart to the other all day long.

Lastly I'd be weary of promises of quick money with this system or that system. If it's that easy, they would be making the money already rather than trying to sell the system to you. But, it's your money. So try them out and post up if you wish.

Next to the post button, there is the Go Advanced button. If you click on that, it will allow you to "Manage Attachments". You can use that to browse an image file on your PC and then upload it as an attachment for the post. Then submit the post. Once the attachment appears in the post, click on it to enlarge it. Then right click it to select "Copy Image URL". You can then edit you post and insert that URL in the text of your post to make the attachment appear already enlarged at a location of your choice in the post. The URL should be enclosed in between the text "

" like so (WITHOUT THE QUOTES): "

". This produces the cat:

 

[theoldmanstrades]

This is my attempt to post a pic.

 

[theoldmanstrades]

With the amount of your experience, I thought you know how to trade already without needing to buy into other people's stuff ?

As you are an old man, I shouldn't be tell you this: there ain't no easy way to make money old boy. If your long term trading system works, then it is best that you stick with it no matter how hard work it is. Perhaps if you increase the size and make bigger wins, then you won't need to trade so often, and so allowing yourself a breather.

Equities definitely offers the best low intensity trading if you don't want too much work. If you get a nice portfolio of them running for you, you just need to check them once a day, which can be done in 15 minutes or less. If you know them already, the classic chart patterns work just as good in equities as in forex. Except equities move a lot slower and gives you plenty of thinking time.

Short TF forex is very much a mug's game - you'd get mugged. It may seem like the quickest way to make money, but in fact it's probably the quickest way to lose money because they chase your stops from one end of the chart to the other all day long.

Lastly I'd be weary of promises of quick money with this system or that system. If it's that easy, they would be making the money already rather than trying to sell the system to you. But, it's your money. So try them out and post up if you wish.

I didn't buy anyones stuff. This was shared with me. I'm not looking for an easy way to make money. (maybe an easier way). I agree with you 99% that scalping is a losing idea, but you never know I guess. So I'll spend some time on it. See if I can convince myself it is 100% impossible.

I always wanted to try scalping as a challenge. Early retirement leaves me lots of time. I could sit here and watch the eur and aud short I've been sitting in for days and days now, but that isn't very amusing.

Money is nice, but its more the challenge to me and keeping me busy. Not trying to get rich quick at all. My goal is as I stated previously. See if I can manage 100 pips a month and have it not interfere with sleep. See if I can be one of those mythical scalpers you hear about. Nothing wrong with extra money if I can do it, but more to see if I can actually do it. And if I can't that's OK too.

Thanks for the image help. Just spent a bit of time on google and I think I found the way. So I'm going to see if I can make something from this. It's an interesting idea.

 

[theoldmanstrades]

If you look at the pic above, it has a vertical line at the beginning of a down move. the market then falls to the grey line and heads up. Low at grey line. the market then pierces the grey line but doesn't close below it (marked with red line). the high between the two lows is marked by the green line, where you enter on a break of it. As long as green line is crossed before red line. red line is stop, green line is enter, take profit between green line and yellow. (yellow line is same distance from green line as red line). Its that simple, yet can be confusing at times when you see some other examples.

This one didn't make the yellow line, so a loser if you went 1-1, but opportunity to scalp some. So the issue is when to TP, so I might just try 10 pips unless the distance is even smaller then that. Someone has been successful doing this for a couple of months now, so maybe there is something to it. Worth a look I think.

 

[natureboy]

Now hold up. I disagree with the whole "if it worked they'd be trading it and not selling it". I was not the one with this system for oldman... However I've been calling and trading setups that work, and I'm not the only one on this forum offering something that can work.. Plus I licensce my tools. If more people buy at the prices I'm buying at, it's more supportive for that price - thus to my advantage. True it would take money on a huge degree to drastically affect prices in FX, still the concept is the one that makes sense to me..

Oldman - if you want 100 pips monthly, why scalp? Unless you enjoy plunging.. Better use of time and less paying of trading costs could probably get you that from a swing or day system