**Steinitz** Method Revealed Here - page 106
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Don, you sent me a PM on ff.com asking me to check out your EA. I followed your instructions to check out your thread and I read all 136 pages with great eager. I am in great appreciation that you contacted me with heads up on your project as I believe that your team has developed the ultimate EA. It is obvious that you and Robert have put in many hours and make a great team. Robert is a programming genius.
Question - although I am not that familiar with any EA, does your program come with any type of instructions? Do you have instructions as to what the settings are and how to adjust the settings?
Idea #1 - Since your EA can be used on a demo account, have you considered allowing people to check out your program as a free demo that has a one month restricted time usage on it. After traders see the obvious profitable trades they will want to purchase the EA. The EA can either be converted to a full version EA after payment is made and a code is received to activate it or they could receive a full version EA by email. I believe that you will make more sales by doing so.
I have considered that once the limited time 50.00 offer is over. When I have my website finished: Forex Robot Trader - Investment and Finance
I will consider options like the one you suggest since the price will be more expensive.
Idea #2 - Have you considered starting up a conference room where traders can share ideas, settings and compare actual trades? Maybe a program where charts can be viewed.
I would be happy to help in anyway I can. Right now I can be reached by the following:
Skype = donsteinitz
MSN = Steinitz
Email = steinitz@cox.net
website = Forex Robot Trader - Investment and Finance (under contruction
Yahoo group = steinitz : Steinitz HAS MTF method & EA
Don
I wish you continued success!
WHTenn
Happy 4th of July to everyone!
Happy 4th of July to everyone!
Don
Hi steinitz,
Welcome to the forum.
Hi all,
I've got 2 questions after checking Steinitz's thread here and FF (i've already got the indicators and template).
1) Are we attempting to join in the trend? Or are we trying to catch the counter-trend wave?
2) Do we work from a top-down approach? (D1->H4->H1, etc) or are we working from a bottom-up approach? (15m->30m->H1->H4)
Would really appreciate if someone can make the effort to explain.
Cheers!
It depends on you. The very old version that I have is top-down approach - we just followed monthly chart's trend on smaller timeframes.
You can decide what chart to use instead of MN. But thats my uber-old version. Ask in commercial thread.
Seems this idea/ea started for free and now its trying to be pushed for sale.
What a shame.
Seems this idea/ea started for free and now its trying to be pushed for sale. What a shame.
The EA is actually the cheapest EA I have seen. As with all good EA's comes the vast improvements needed. Since Don is not an EA expert, he enlisted the help of Robert whose work with EA's is well known within the forex community. Don's theory is that if you want the best EA, you must hire the best EA programmer. Being the expert Robert is, his services are not free. Don needed to place a price on the EA to offset the cost of improvements and future developments. Looking at the prices of the EA's that are available to traders, Don decided to make the EA appealing to all by offering a price that can be afforded.
I have seen many EA's which cost a few thousand dollars and still did not show the results of this low cost EA. I am sure that this low priced EA will not exist much longer. Anyone interested in this EA should jump in and get it before the price goes up. Whatever the price, I am sure that it will be well worth the value.
I wish many pips to all...
Concerning the #Signal_Bars_v6.ex4 indicator
I downloaded them, but "ex4" and "tpl" do not work with metatrader, however mq4 does work with metatrader.
Askjo;
The #Signal_Bars_v6.ex4 made my PC CRASH and constantly drained my memory. I am glad I found the culprit indicator!
[The ... #Signal_Bars_v3.ex4 ..... seems to work just fine which I now use instead]
IMO
ut2DaMax
Same here. I came to the conclusion that without additional filters the potential drawdown of the system as it is, is way more than anyone with real money will be able to stand unless they trade very tiny. I think w/o any stops the system is doomed as it inverts the risk/reward ratio. Taking a few hundred pips heat to make 25 pips avg isn't such a good idea. You HAVE to draw the line in the sand somewhere because there will come a day when the price DOES NOT revert and before you know it all your gains for the month are gone on a single bad trade.
You will be well advised to create an additional filter for entry - and I don't mean another indicator. I mean money/trade mgt. For example AFTER you get a signal put your order in away from the market X pips or wait X # of bars to see if the trend has developed as expected. The bad trades usually go bad right away. We could filter out these by putting orders in X pips from the market when the signal is given - that way if the trade is bad it will not hit this mark. If it is good it will pass through it and keep going.
Also exits need to start being discussed - such as taking half the trade off the table after X pips profit while moving the stop for the other half up to breakeven so that a winner does not revert to a loser. The idea is to cut the risk off a trade ASAP.
The idea in trading is to MAKE MONEY, not to be right all the time.
Anyway, I'm not criticizing Steinitz or the system - only trying to move it forward with improvements to reduce drawdown.Sorry, I was not aiming that comment at you as I did not see you say that - I was just stating that as a general word of advice to everyone. My thinking is it is probably better to stop out early and then reenter instead of riding a trade down that far as this will cut your risk off totally from the trade that never comes back. I learned this the hard way Steinitz last year in a great Martingale scheme I had concocted. It was never wrong until that fateful day I took a $20k hit which took a couple of months hard work out. I took a month off on other business and when I checked the charts on the trades I would have taken I was horified to see I would have been cleaned out if I had continued to trade that way.
The problem with the logic the way I see it is MOST of those 10 pairs are HIGHLY correlated. That means when things go wrong, its not going to go wrong on just one pair. All the sudden you are going to get hit with a major trend reversal almost instantly on say the USD (or whatever) and you wake up to see you are hundreds of pips negative not just on one pair, but several - or even worse - to a margin call itself.
There are HUGE dangers in "trading not to lose" - that goes for martingaling, gridding, and other mean reversion techniques that employ "letting your losses run and cutting your winners short".
Anyway I'm not bashing you or the system at all. Just putting out some constructive criticism and ideas for everyone to brew over. Just trying to save someone. I learned the hard and expensive way.hmmmm....it sucks being right all the time
The EA is actually the cheapest EA I have seen. As with all good EA's comes the vast improvements needed. Since Don is not an EA expert, he enlisted the help of Robert whose work with EA's is well known within the forex community. Don's theory is that if you want the best EA, you must hire the best EA programmer. Being the expert Robert is, his services are not free. Don needed to place a price on the EA to offset the cost of improvements and future developments. Looking at the prices of the EA's that are available to traders, Don decided to make the EA appealing to all by offering a price that can be afforded.
I have seen many EA's which cost a few thousand dollars and still did not show the results of this low cost EA. I am sure that this low priced EA will not exist much longer. Anyone interested in this EA should jump in and get it before the price goes up. Whatever the price, I am sure that it will be well worth the value.
I wish many pips to all...What I did was set up an IB for people who used a system that I spent months of time ironing out trading bugs in. The EA wasn't of my design and it has fragile settings. Steinitz system will have massive drawdowns that may crash the account or you can pull the plug. Rather than charging for such systems, it might be advisable to set up an IB somewhere and let people trade at no cost to them but still generate some income.
I should probably put a disclaimer: the IB system didn't work so well for Phoenix. Very few people joined because they could get the EA without joining the IB. The IB was also a non profit, meaning I took no money out for my living expenses, and put a lot of money in for banking, running errands, filing paperwork, etc. The corporate IB program is over 90 pages, while the personal IB program is about 20 pages so this could still be viable.