**Steinitz** Method Revealed Here - page 65
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
It definitely means you shouldn't give them back! Withdraw the money or put in a subaccount in case a single stop loss or margin call strikes. I like trading with a very calculated risk. I like to look at my win:loss ratio using that risk. I like to calculate the projected loss from consecutive losses, and profits from average gains. Some people trade without SL and only close trades in profit. That does work, but the entire account = stoploss. On Steintz demo trading he won't ever kill the demo account because it would take 50,000 pip loss at 10 lots to kill a $5,000,000 account. I'd rather pay my dues up front and know what my losses could be in advance, or I can't sleep well. By all means, keep the pips you've made. Withdraw the money at regular intervals.
Not quite. The 50mil account was traded at only 10 lots a trade. If I had traded that with live money I would have 10,000.00 in the account and trade 1 lot per currency pair at most. So in essence I could have traded 500 lots per trade and kept within my style of trading on the demo but didn't.
I just loaded the account with the most money available. You don't have to agree with me and frankly I don't mind. I have traded many ways in the past with litlle to no success with stops. I can't count how many times my trades came back to profit but my emotions got the best of me.
Some people think without a stop my account will explode. That is silly. I spread my rsik across 10 pairs. I would need all pairs at once to go down the toilet to the tune of 100 pips each or 1000 pips concurrently.
My whole life as a gambler is based around "advantage in % times action = profit." I have made more money from this equation over the last 32 years at games of chance then most people you will ever talk to.
I will do what I feel is best and continue until I see different.....
Backtesting
Thank you Steinitz for this interesting method and everybody contributing to the further understanding and discussing and developing of it!
I would appreciate if anybody would have insights to the backtesting issue I'm having. If I would like to test scalping opportunities while having the 4 hour TF as the highest TF and finding cases where a lower TF would turn back to this 4h trend direction. Well, when I look historically different points in time, the 4h bar (however many squares it might be in the lower window, depending on the TF) may show different color now than what it showed at the time, when it still was forming. So I might historically have a different scenario than in realtime.
So, what do you do?
1. Determine the general trend by looking at the main chart on the 4h TF?
2. Use the latest 4h period that would have closed on the bottom window?
3. Something else?
Would appreciate to hear how you have tackled this issue.
Thanks,
Tuulis
re:backtesting
In my almost 1 full year live trading, I have never attempted to "backtest".
To me it is a waste of time. Better to forward test and get better results.
What do you think? By the way, I'm one of those guys who doesn't use stoploss. I always trade 10percent of my live account and always take
profits....I'm lucky I guess......
Andrews Pitchfork Ebook
Not to take from your thread or shoot you down,
But I see the frustrations of several of the posters.
I'm sure the reason they are frustraded is because of late entries, and or not fully understanding your system. Many of them most likey did not read the entire thread.
I do not visit many forums as often as I used to, and hate the Forex factory forum, too many Pussys over there.
Attached is an indicator made by a Russian programmer, Talex,
Elsewhere on this forum someone posted an ebook on the pitchfork (came from a Chineese forum) Do yourself a favor and read about the pitchfork
now add Talex's indicator to your chart and system, there should not be any doubts about your trade
Thanks for comming to this forum Stienitzforeverold, I searched for the Andrews Pitchfork ebook on this forum but couldn't find anything. Do you happen to know which thread it was on?
Thanks....
foreverold, I searched for the Andrews Pitchfork ebook on this forum but couldn't find anything. Do you happen to know which thread it was on? Thanks....
Hi GoFX,
This link might be helpful: https://www.mql5.com/en/forum
Regards,
Chrisstoff
A different twist on things based on pure price action. Add these two exploratory indicators to your \experts\indicators folder. Place the "MTF Blutonian_Throttle" on your chart and nothing else. Set your chart to the M1 TF. Perform righteous low-level scalping right on up to the H1 TF using the traditional bottum-up 4 MTF HAS Bar method. Compare notes & Enjoy.
hi
How about your own thread on This subject with your idicators?
Txs
Hi GoFX,
This link might be helpful: https://www.mql5.com/en/forum
Regards,
ChrisstoffThanks a lot Chrisstoff, to my rescue again...
Kind regards,
Lilly
Stops explained
On my last post I said I don't use stops. That is not entirely accurate. I don't use stops in the manner most people envision. Most traders use stops that don't correlate to any technicals. I've heard this said before that they want to draw a line in the sand and say if the trade goes past this point I have had enough.
Some traders use pivots, fibs, Gann lines etc etc. My stops are once again driven only on price movement and are not set on the hopes that these previous technicals will magically be hit.
I am not putting these technicals down but what I am saying is if you have enough tools in your toolbox plotted on the charts the chance is high that one of these technicals will happen to get hit. If these techs were so accurate you wouldn't need so many variations of them.
So going back to my stops. My method gets you out when the color tells me that particular TF I was trading has made it's first sign of a reversal. Once that happens I exit. I have not had that happen yet. Will it occur? Yes. My hopes and expectations are that I will have made plenty of profits and won't mind an occasional stop hit.
Will my account explode? No. I trade according to my assumed edge and divide the capital spread out across UP to 10 currencies pairs where some are correlated and some not. This stop feature is being programmed in the alert/EA between Lee and myself.
pdf, word or powerpoint
Can you guys suggest to me what you feel is the best way to present documentaion and chart images to be put into am e-book of sorts.
I want to shortly put a complete instruction manual together and need your ideas which is the best way to go.
I need links where to purchase the programs. So far I am beta testing "Snagit" which transfers snapshots to my word doc file.
Any suggestions is appreciated.
P.S. Keep those PM's coming for membership. We are over 200 now.
steinitz, I understand what you're saying about spreading your risk with 10 pairs, but the logic still eludes me. Can you explain it a bit more?
I suppose another way of asking it using a gambling analogy would be: Are you increasing or decreasing your risk of going bust by playing poker at 10 different tables at the same time? (Lets assume the casino allows it and you're able to keep up with 10 games simultaneously for argument sake)