**Steinitz** Method Revealed Here - page 29
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Euro/usd
Hi Guys
Trying to get to grips with this system. At the moment(20.04 BST) on the euro /usd chart the weekly is blue, daily is blue, 4hr is blue, 1hr is red, are we saying
that now is the time to go long? even though up trend has been going for quite
awhile. Could the red on 1hr be indicating a possible downturn?
Any advice much appreciated
Kind Regards
Geoff
Onetarmizi,
I had that problem using metratrader download from nextt, try a different broker like alpari.co.uk
detailed report
This is a demo. Also, the instructions using the help button are describing a much different list of options that I don't see available to me.
I am trying to weigh in all the + and - of all the brokers and they all have issues. So far EFX has the best pricing but crappy platform. IB has the best platform but 50:1 margin. I don't want a MM.
Anyway I am really disappointed since I really wanted to see if I could show a statement with no losses. All losses on my statements are bugs.
Any ideas out there???????Mr Steinitz,
please attach the detailed report of your trades (even with the few bugs). It can give us valuable information about your system.
Regards
JB
no books to recommend?
Occupation:
Trader
Trading Experience:
More than 5 years
Trading Style(s):
Chartist
Preferred Currencies:
USD, CAD, GBP, EUR, CHF, JPY, AUD
Preferred Broker(s):
EFX
Favorite Trading Book:
None so far
"I have studied the stock and forex market for about 8 years now and put in about 11,000 hours in front of my computer looking at charts." (Steinitz)
Steinitz, why don't you have a favorite trading book? I'd like to hear a recommendation from you.
Occupation:
Trader
Trading Experience:
More than 5 years
Trading Style(s):
Chartist
Preferred Currencies:
USD, CAD, GBP, EUR, CHF, JPY, AUD
Preferred Broker(s):
EFX
Favorite Trading Book:
None so far
"I have studied the stock and forex market for about 8 years now and put in about 11,000 hours in front of my computer looking at charts." (Steinitz)
Steinitz, why don't you have a favorite trading book? I'd like to hear a recommendation from you.If I had a favorite book I might not need this forum......But really I believe that any book might give you something valuable. I like Martin Pring. He looks at MTF's. I also liked books published by the "Pristine" traders. That was when I was in the stockmarket. Excellent theories.
Hope that helps
Hi Guys
Trying to get to grips with this system. At the moment(20.04 BST) on the euro /usd chart the weekly is blue, daily is blue, 4hr is blue, 1hr is red, are we saying
that now is the time to go long? even though up trend has been going for quite
awhile. Could the red on 1hr be indicating a possible downturn?
Any advice much appreciated
Kind Regards
GeoffGet your ass in that trade. Yes it looks wrong but it's right. The 1hr turndown is not going to be the "big bang". It is just a little piss ant of a reversal. Now things get trickier when you are fading 4hr and up TF's. You will have to have some Pepto Bismol nearby.
90 members and growing
Hey guys we are 90 strong right now. I am saving everybodies PM in a word document. Why? I don't know I might use it one day. I will of course delete names and email addresses if I ever do something with it.
I have sent the alert to all of you so far. It is usefull to get in the scalp trade. Keep it and lets try to get the same alert to sound on the close as well. It would compliment the system.
I am going to attach my detailed statement in the hopes somebody can figure why when I close a trade (winning one) it sometimes places another trade in that same closed direction. That is suicide.
You will notice my losing trades were little and not lasting long. If I actually had a real loser you can bet your life it wouldn't be 30 pips. It would be a lot more then that.
If you want to see how I am doing take my statement and delete all losing trades leaving NO LOSERS.
I am not blowing smoke up your ying yang. I am being truthful and explaining why this is.
Steinitz is a phony. He's gathering email addresses so he can send a trojan horse to everyone. He is showing his account with 5 million dollars so he can trade huge lots like 1000 lot sizes.
Anyone can get lucky for years without a loss. I'm doing it myself. It's a no-brainer. Anyone can win everytime. Try it and see.
Yeah that Steinitz he is so full of himself he can't see straight. Why are you guys following this guy? He is the devil. He wants you all to loose your money and gives you opposite signals.
Wait a minute...........I am steinitz what the hell am I saying here?!@#$%%
Trace......
I am in your trades that you posted last night. I believe one of them is EUR/USD. This is not for everybody. I am going to keep trading this way until I see an indication that this will spank the trader more times then resonable.
Most traders I have listened to or talked to complain that they get whipped out of a trade to find it come back. You entered last night on some really short TF's. I don't see why you would want to get out so soon.
What I have found with the original idea is you will get in on two like colors and get stopped out quickly or ride a good move from the get go. You are going to find losing trades with that method and you will not be immune from losses.
You will also find some great moves to offset the small losers. The moderator who runs "GVI" called me one day and told me that the most successful trader he new was a woman who never had a stop. She was extremely profitable for years and some firms wanted her to work for them.
That's what is great about any method. You can give it to 100 people and come up with 100 different results.
What I'm going to do is sit down with a spreadsheet and go back and manually backtest this as far back as I can go and see what sort of results I can get. That will increase my confidence level in it or prove to myself it's not for me. I guess my lack of confidence in it comes from not knowing exactly where to draw the line in the sand as to when to take a loss or wait and see if it reverts. Backtesting should show what the avg drawdown is before profit levels are reached, etc.
I'm a mechanical trader and find I screw up alot if I rely on discretionary methods. LOL... So for me to come up with some hard rules would put the mind at ease. It's the open ended stuff that freaks me out when dealing with real money.