**Steinitz** Method Revealed Here - page 13
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Just an update
The pristine beauty of those incremental profits makes me weep aloud with wonder!
Just an update
Hey Don, in that statement would you say most of those trades have been made via the scalp method you mentioned? Just curious.
Steinitz, thank you!
And for anyone here that wants to read about the original method please go to the following link and read my word doc.
Here is the link:
------------------------------------------------------------------------
Steinitz: Hello!
Your strategy is indeed one of the nice and most practical trading system.
You are so kind and generous to teach us.
Here many of us are learning your trading strategies and getting benefit of it.
And we all thank YOU, for your help and generocity.
And all means, we all here unitedly support you!
As you know, unscrupulous people, they don't do anything good to anybody, but they always try to sabotage everything.
Time to time, this what happening here (recently, similar thing happened with another great thread, River's- author-Power Trader) and everywhere!
Steinitz, you don't have sideline your efforts for these anti-forces.
May be, these counter and destructive forces are part of our evolution.
Steinitz, personally I thank you, for your genuine efforts and sharing your strategies, knowledge and time with us.
Learning things from nice person like you, is indeed great feeling and great experience!
With regards,
Sincerely,
rswamy4449
trend change
1. Start at the highest TF
2. Now move down TF by TF until you see a counter trend
3. Once found you enter on this counter trend in the direction of the main trend.
i checked the charts and it works pretty well just eyeballing it. one thing i noticed is to look out for a trend change which you can spot if all the time frames go from one color to the other, like one after the other.
Hello Mr. Steinitz and thank you for sharring your system!
I've read your doc and understood your ideas about exit situations. But what could you recommend for the stop loss putting?
Thank you anyway!
Signals shows too delay and miss out the tops/bottoms of the entry and exit. Not worth it.
Major Breakthrough/Observation !!!!!!!!!!!
This post came to me as I was waking up this morning. I am still closing out profitable trades they were floating losses. In fact the largest floating loss was Cable that hit a 170 PIP drawdown and came back to show a 40 PIP profit but I was sleeping. It is now around 15 PIPS winner but I am holding out for a little more.
Let me give you some information on how I started trading and why it didn't work. I started out with "DMI" as my indicator showing good trend strength and I would buy on dips and sell on rallies using the MACD. I would typically go to a 30M DMI trend and use it for scalping. What would happen is I would book a few 5M profitable scalps then the inevitable change in trend would occur and my LAST trade would be a loser and wipe out too much of my scalping profit.
So I turned to the 4hr DMI trend and the same thing occurred there too. A bunch of 5M winners and the inevitable last trade became a loser since the 4hr DMI trend reversed.
So now I come up with this method using the HAS as my trend indicator and instead of using it for scalping I noticed it had pretty good entries but horrible exits. I mentioned this all throughout my initial postings on "Forex Factory". I said we need exit strategies.
Well here is my final thoughts on this matter. Anybody who has a strategy including myself that picks a TF to trade irregardless of style is attempting to fade the overall trend. In fact I would go so far to say that the exits that killed me before were actually entries. What? Did I say that correctly. Yes! They were entries back to the original trend direction.
So here it is. I will consider the "Steinitz" method as only ONE method. If you choose to use the original method you better take your trade profits early and figure out when to close it. I won't be focusing on that anymore. That trade methodology is probably going to show profits but you will have to be psychic knowing when to TP's and can't walk away from the computer.
So for now on I am only going to discuss and work on alerts and EA's for my present system. It's all about scalping medium to long term TF's and the availability to walk away from the computer knowing that if by chance I miss my move to the some profit level it will come back again.
Also, people talk about whippy trading and low volatility etc etc. When I am in my trade I have already set myself up for success since the currency pair is trending already all the way up to the monthly timeframe. <<<<<<< That is the key to this method.
I am up around 680 PIPS since April 1st. Also, don't ask me about stops as they are not part of my method. I will always be trading about 10 currencies at one time evenly distributing my risk. I couldn't care less about a stop or how far down my trade is going. When I enter a 4hr trade against a daily, weekly and monthly trend I will see some floating drawdown. If you can't handle that don't choose that longer TF to fade. Pick 15M or 30M.
No wonder why so many people fail including my 8 years to figure this out. We are all using these short term TF's that we attempt to trade on but behind the scenes is the BIG BLACK HOLEthat sucks your trade into the main trend direction.
Larry Williams once said while explaining his %R indicator and I quote "If the trade looks wrong, it is probably right".
Think about that!
DELETED
HAS Method & EUR/USD
HAS gave a very good buy signal on the 8:00 candle & has been moving up
since. This trade is an example of getting a signal from 15M & 30M for entry.
Yes the exit is another matter, but so are the exits with any method. Each
trader will have to develope there own method. For me, ADX & RSI as well as RVI (Relative Vigor Index) help with the exits. From the rules that Steinitz gives for his scalp method that seems to be a great way to trade this method & I will start to put the scalp method into play over the next several days. From the looks of Steinitz's account balance I would say it is working.
$Trader
This post came to me as I was waking up this morning. I am still closing out profitable trades they were floating losses. In fact the largest floating loss was Cable that hit a 170 PIP drawdown and came back to show a 40 PIP profit but I was sleeping. It is now around 15 PIPS winner but I am holding out for a little more.
Let me give you some information on how I started trading and why it didn't work. I started out with "DMI" as my indicator showing good trend strength and I would buy on dips and sell on rallies using the MACD. I would typically go to a 30M DMI trend and use it for scalping. What would happen is I would book a few 5M profitable scalps then the inevitable change in trend would occur and my LAST trade would be a loser and wipe out too much of my scalping profit.
So I turned to the 4hr DMI trend and the same thing occurred there too. A bunch of 5M winners and the inevitable last trade became a loser since the 4hr DMI trend reversed.
So now I come up with this method using the HAS as my trend indicator and instead of using it for scalping I noticed it had pretty good entries but horrible exits. I mentioned this all throughout my initial postings on "Forex Factory". I said we need exit strategies.
Well here is my final thoughts on this matter. Anybody who has a strategy including myself that picks a TF to trade irregardless of style is attempting to fade the overall trend. In fact I would go so far to say that the exits that killed me before were actually entries. What? Did I say that correctly. Yes! They were entries back to the original trend direction.
So here it is. I will consider the "Steinitz" method as only ONE method. If you choose to use the original method you better take your trade profits early and figure out when to close it. I won't be focusing on that anymore. That trade methodology is probably going to show profits but you will have to be psychic knowing when to TP's and can't walk away from the computer.
So for now on I am only going to discuss and work on alerts and EA's for my present system. It's all about scalping medium to long term TF's and the availability to walk away from the computer knowing that if by chance I miss my move to the some profit level it will come back again.
Also, people talk about whippy trading and low volatility etc etc. When I am in my trade I have already set myself up for success since the currency pair is trending already all the way up to the monthly timeframe. <<<<<<< That is the key to this method.
I am up around 680 PIPS since April 1st. Also, don't ask me about stops as they are not part of my method. I will always be trading about 10 currencies at one time evenly distributing my risk. I couldn't care less about a stop or how far down my trade is going. When I enter a 4hr trade against a daily, weekly and monthly trend I will see some floating drawdown. If you can't handle that don't choose that longer TF to fade. Pick 15M or 30M.
No wonder why so many people fail including my 8 years to figure this out. We are all using these short term TF's that we attempt to trade on but behind the scenes is the BIG BLACK HOLEthat sucks your trade into the main trend direction.
Larry Williams once said while explaining his %R indicator and I quote "If the trade looks wrong, it is probably right".
Think about that!Bravo, steinitz. The brokers love day-traders and short-term scalpers. Somebody once said, "A true wise man learns from others mistakes." I have been steering clear of daytrading because it way too difficult to decide where to take profits and risky as hell to begin with in my honest opinion with news releases, etc.
Long-term scalping is a great way to trade. Trends are more reliable and easier to make money on corrections/retracements if you want. Most don't understand the power of getting 25 pips a day on average and compounding your gains. It's possible to turn 1k into 22,000,000 in less than a year getting 25 pips a day, 125 pips a week.
680 pips since April 1st is nothing to scoff at, either. Thanks again for what your doing. Very selfless. Leachers and newbies, take notes.