**Steinitz** Method Revealed Here - page 10
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I know I said I would post on Friday my results. Well I lied. I am posting some new statements.
You don't use STOPLOSS ??? You have 5 opened positions (50 lots) all longs, all loosing for now, and a deposit of 5 000 000 $, we don't play the same match. Do you use some money managements rules?
The success is because you do not use stoploss, and with your deposit you stay far for a margin call. Not everybody can play this.
post 97
hi steinitz could you answer post 97
hi steinitz could you answer post 97
If you read my explination you would be able to answer that yourself. You scale down from the highest TF until you find a counter trend......
Thanks, Steinitz!
I notice a lot of questions and critics. I just want to say thanks for all your efforts. I manage a small Forex fund and have found the implementation of your MTF system a great asset! Traders worth their salt don't need their hands held on SL issues and the like. Keep it up! Thanks again.
Stop Loss explained
Let me explain some of my rules or techniques. First off I have been reading some threads on MM and using a martingale system. I could go into this much further but no MM scheme will give any negative expectation system an edge or become profitable. You must start with a method that has an edge and then various MM methods can produce desirable or undesirable results.
Sorry about that but I wanted to get that out of the way. There are many traders that believe one must employ a stop loss. There are some traders that understand that a stop being either mental or physical has no technical merit. It is only an arbitrary way to control ones emotions from seeing your method go through ebbs and flows.
Do you think I had a stop loss when I was counting down a 6 deck shoe in blackjack and dumped 5000.00 midway with a positive count (players advantage)? Hell no. I kept on putting more Benjamin's on the betting square regardless of outcomes. I am here for the long run. I will eventually make money. An edge is an edge.
I exit not on some $ value that makes me feel warm and cozy. I exit on rules. When the long term trend is telling me to do so. I look at the colors of the longer trend to see if he/she is my friend.
I started with 5,000,000.00 in my account. I have floating losses. I love losses. They tell me I am in my trade at the right time. All my losses thus far have turned into profits. I am not even trading higher lot amounts as my account grows purposely to show how many times I can scalp profitably. This way if I can show a nice win/loss ratio I can quantify my edge.
After that I could use some "kelly" wagering based off of my account balance and edge and move up or down my lot size.
I just closed out two more trades this morning with another 60 PIPS profit. How many traders do you know trading every currency pair? I also need to trade this for a period of time to trade across various market volatility enviroments.
I'm detecting an increasing air of cocky arrogance from the tone of your posts. Keep that up and at this rate, you'll be escorted out of here to another forum by your collar in a mere week or so not to mention lose the interest of the cautious followers. I also see that your method continually seems to change by the hour. Whats it going to be big guy? Spit it out.
It's not being cocky it's running two multiple threads on two forums. I am repeating myself to the point of not having enough time to change my method on the hourto the minute.
Listen, your sour disposition is very welcome actually. I was expecting more by now and was wondering if I was going to encounter a 3 standard deviation of productive posts to non productive posts. Alias you kept it at only 2 standards.
Thank you!
By the way you are going to be ignored.......
Steinitz,
Could you post all three trading set-ups for your strategy in one single document? Maybe you already have and I just can't find it. Please let me know either way. Thanks in advance.
Peace
Hey Steinitz,
I'm detecting an increasing sense of achievement! I've followed your thread on the other forum and now this forum as well. I've put the the method to use in a live account since you first started it and I've had positive results.
The method is simple, buy when it's blue and sell when it's red. That's been the method the entire time. It's so simple, a kindergartner could understand it. What Steinitz is trying to achieve now is a better strategy to increase winning trades.
I've been trying a couple of other indicators along with your MTF HAS indicator. I'm trading on the 5m and 15m.
If the MTF HAS signal says to buy, I check CCI(14) and MFI(14). If CCI(14) is above 100, I will hold off a while and let it retrace down. Once it has done that I will see if the MTF HAS still has a buy signal. If so, I will buy. If not, I let it go.
Same thing with the MFI(14) indicator. If it is above 80, I will let it retrace back down and then check if the MTF HAS still has a buy signal or not and go from there.
I only use these indicators because I feel comfortable with them. There may be other indicators that others could use in the same way. It all depends on what you feel comfortable with. Also, the CCI and MFI indicators are just helping me out. If they don't give me the "exact" number I want to see, I could still make a trade off of it. Remember, they are just indicators. In and of themselves, they don't mean anything to a winning trade.
I'm still able to get winning trades even if all my indicators aren't "perfect" because I've seen them work hundreds of times before. It comes from experience with the market and the indicators that you like to use.
With the MTF HAS indicator I've stayed in trades longer than I normally would have. I use to get my 20 pips and I'd be out of the trade. Now, I'm getting 65+ pips on a winning trade because the MTF HAS indicator was still showing a positive blue signal (or a negative red signal)
I don't use a stop loss either. I buy when it's blue and sell when it's red. It's just that easy.
Steinitz, thanks for all your hard work on developing a winning strategy with the MTF HAS indicator. If I can put something together with the CCI and MFI I will let you know.
PS. If you go to another forum, let me know because I'm following you!
Yeah, I'm ignoring that above poster too. I checked out his other posts and it doesn't look like he's made any type of positive contribution to the forum. Even critical comments would be positive, but he's just a basher.
Whats the "MFI"?
Thanks for your comments. I, too, appreciate his hard work. Please tell me what the MFI is. Thanks again.
Hey Steinitz,
I'm detecting an increasing sense of achievement! I've followed your thread on the other forum and now this forum as well. I've put the the method to use in a live account since you first started it and I've had positive results.
The method is simple, buy when it's blue and sell when it's red. That's been the method the entire time. It's so simple, a kindergartner could understand it. What Steinitz is trying to achieve now is a better strategy to increase winning trades.
I've been trying a couple of other indicators along with your MTF HAS indicator. I'm trading on the 5m and 15m.
If the MTF HAS signal says to buy, I check CCI(14) and MFI(14). If CCI(14) is above 100, I will hold off a while and let it retrace down. Once it has done that I will see if the MTF HAS still has a buy signal. If so, I will buy. If not, I let it go.
Same thing with the MFI(14) indicator. If it is above 80, I will let it retrace back down and then check if the MTF HAS still has a buy signal or not and go from there.
I only use these indicators because I feel comfortable with them. There may be other indicators that others could use in the same way. It all depends on what you feel comfortable with. Also, the CCI and MFI indicators are just helping me out. If they don't give me the "exact" number I want to see, I could still make a trade off of it. Remember, they are just indicators. In and of themselves, they don't mean anything to a winning trade.
I'm still able to get winning trades even if all my indicators aren't "perfect" because I've seen them work hundreds of times before. It comes from experience with the market and the indicators that you like to use.
With the MTF HAS indicator I've stayed in trades longer than I normally would have. I use to get my 20 pips and I'd be out of the trade. Now, I'm getting 65+ pips on a winning trade because the MTF HAS indicator was still showing a positive blue signal (or a negative red signal)
I don't use a stop loss either. I buy when it's blue and sell when it's red. It's just that easy.
Steinitz, thanks for all your hard work on developing a winning strategy with the MTF HAS indicator. If I can put something together with the CCI and MFI I will let you know.
PS. If you go to another forum, let me know because I'm following you!
Yeah, I'm ignoring that above poster too. I checked out his other posts and it doesn't look like he's made any type of positive contribution to the forum. Even critical comments would be positive, but he's just a basher.My charts:
As you can see, the MegaTrend indicator on main chart catches the beginning and end of trends much sooner than Heiken Ashi Smoothed on longer timeframes (30 min and up). I dont think its very reliable on faster timeframes as there's too much whipsawing. 30 minute is kinda suspect as well. Also allows one to trade on retracements and correction with more confidence.
*NOTE* IT DOES NOT REPAINT/REDRAW!
The FX Sniper Ergodic CCI mimics the MegaTrend but with a MA crossover type feel. Either one would work in getting as close to beginning and ends without headfakes as possible.
I personally like to trade on 4 hr charts, using 1 hr. as entry and 30 min. as warning.
Check it out.