**Steinitz** Method Revealed Here - page 68
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
I need order execution 101
Hello:
Just traded multiple positions today of which I closed out many with profit. I am having the same issues where I get these phantom new trades in the opposite direction when attempting to either:
1. Close out positions OR
2. Add a TP limit
I have not used any 3rd party EA's so that is not my problem that I thought in the past. The issue must lie with trying to add a buy limit or sell limit.
I have used many platforms and never have I had this problem. I need someone to explain to me exactly how I place a sell limit or buy limit. Do I enter a "new order" or "modify delete"?
Also does instant execution tie into sl & tp options by default?
Does pending orders only deal with buy & sell limit?
I have attached my statement and you can see where I openned some unwanted trades and then closed rapidly when I discovered they were openned without my knowledge.
I am sorry I have to waste time on this but I need to have clean statements to post on this thread.
I have just read the tutorial and it sucks big time!
Geeeeeesh!
currency pairs I trade
People ask which currency pairs I trade. See attached image of my platform with those pairs.
Hello:
Just traded multiple positions today of which I closed out many with profit. I am having the same issues where I get these phantom new trades in the opposite direction when attempting to either:
1. Close out positions ORRight click the order in the window and click "close" then OK.
Right click the order in the window and choose modify.
Much different from ECN style trading, a limit order is a pending order and has it's own type. Pending trades are either "buy limit" "sell limit" "buy stop" or "sell stop". A pending "limit" order expects the price to go in the same direction, while a pending "stop" order expects the price to hit the point specified and then reverse. I think you want to enter in Buy Stop and Sell Stop orders with HAS method but I'm not sure what you're trying to accomplish with pending (rather than instant) orders.
Instant execution (buy or sell) can be made with SL & tp when the order is made. In manual trading, there are no defaults.
yes. Buy Stop and Buy Limit also have different polarity in relation to current price. A buy limit would be used when the price is below the intended entry. A buy stop would be used when the price is above the intended entry.
I found the Metatrader help files quite informative for trading, and the documentation online excellent for programming - with a few exceptions (allowed object types per method... *grumble*)
With regard to your betting strategy as it applies to forex: it is possible to only close profitable trades but still have the account decline in equity. A simple example will clarify this, but multiple losses can stack up and destroy the account.
Assume 10 simultaneous trades (which is my impression) and all trades are only closed in profit. Let's assume that the intention is to open up 3 uncorrelated trades at a time.
trade 1 = Slot A
trade 2 = Slot B
trade 3 = Slot C
In this example, we'll assume trade 1 shoots up to profit and we close it out. trade 2 languishes and trade 3 plummets. We open up a new trade, trade 4 in Slot A. trade 2 looses a little more. trade 3 stays down. trade 1 hovers in a channel. trade 2 exits at a profit from a news event and trade 1 falls. trade 3 stays about the same. Now we have 2 trades closed at profit, and 2 trades open and loosing. More trades are opened and our FreeMargin dips more and more. If we actually open up more slots, we are more at risk *because all trades close independently*. Now I'll assume that the closed trades profit covers the margin requirements of the open trades, but we still have issues.
If 3 trades are open at 1 lot each and we have $10,000 'breathing room' (cash minus initial margin requirements) then it would take a little under a 300 pip movement on 3 currencies to kill the entire account. (depending on broker, some have 60% margin requirement, others have over 100% margin requirement) Since the currencies are unrelated, this is unlikely but all currencies tend to jump one way or another during news (even distant news). 300 pips on 3 currencies is unlikely, but a steady 200 pip loss trade with a few other losses hanging around makes the account more susceptible. I saw your demo account with 7 open losses before - and that is very dangerous. 7 open losses on 1 pip each is indeed less risk than 7 lots on one currency. On the other hand, the total number of open losses can grow over time since you aren't closing losses when you close wins! While we might start out with 3 trades, we might end up with 5 open trades, 3 of them losses. Next 7 open trades, 4 heavy losses...
I don't think this invalidates the entire strategy, I think a more complete explanation is required before people start using it. If multiple losses are floating, they need to do the "gambler's math" and figure out what they should do.
Now I am a little vague on a point you made. If you have a $10k account and have a maximum of 1 lot, is that 1 lot open total, or 1 lot per currency? At 1 lot total, each individual trade needs to be split, and a few open losses will reduce the amount you can enter on new (potentially quick profit) trades becomes 0.2 or 0.1 lots.
A more complete explanation or references to other resources would help people successfully adopt your 'no stoploss' strategy. I prefer knowing in advance what my stops are, knowing what my losses are but that just fits my temperament.
Steinitz E-Book
Hello all!
I'm pleased to report that version one of the HAS e-book will be ready soon. I've been travelling a lot and this has really slowed down progress. Tomorrow is also my birthday and I have to go to Detroit overnight (dang it!!).
Steinitz - I use the snipping tool in Windows Vista to do my images, but Snagit will work really well. If you want to create a document then turn it into a *.PDF you can do a Google search for *.PDF converters that install as a printer driver for Windows (and are supported by advertising) OR you could use Open Office (I think it's www.openoffice.org) and it converts Word compatable docs right into *.PDFs for you. Open Office is Free.
WB
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.I have traded for years in live accounts and have experience in my fills. I have traded under the worse conditions being a deal desk. I have never had any rediculous spread or slippage issues. Only when I traded the news was it rediculous slippage since my order was being held in que. I think comments about demo vs live are hinge on being a "cop out" for not being successful as a trader.
You may think what you want, but if you had that long experiance, you will know that with a demo account, funds aren't being sent to the bank to find another person to fill the other end of the order. But on a live account, your funds have to reach the bank and the other side of the trade needs to be filled too. This causes a delay when compared to a demo account. which will cause different order filling between live and demo. Using scalping in demo or backtest is useless, but don't listen to me you had your experiance, so you know what your doing, I was only trying to help its my problem I gave advice to the wrong people, I should let them learn from thier mistakes.
my 2 cent
...........
Trial comparison
Right click the order in the window and click "close" then OK.
Right click the order in the window and choose modify.
Much different from ECN style trading, a limit order is a pending order and has it's own type. Pending trades are either "buy limit" "sell limit" "buy stop" or "sell stop". A pending "limit" order expects the price to go in the same direction, while a pending "stop" order expects the price to hit the point specified and then reverse. I think you want to enter in Buy Stop and Sell Stop orders with HAS method but I'm not sure what you're trying to accomplish with pending (rather than instant) orders.
Instant execution (buy or sell) can be made with SL & tp when the order is made. In manual trading, there are no defaults.
yes. Buy Stop and Buy Limit also have different polarity in relation to current price. A buy limit would be used when the price is below the intended entry. A buy stop would be used when the price is above the intended entry.
I found the Metatrader help files quite informative for trading, and the documentation online excellent for programming - with a few exceptions (allowed object types per method... *grumble*)
With regard to your betting strategy as it applies to forex: it is possible to only close profitable trades but still have the account decline in equity. A simple example will clarify this, but multiple losses can stack up and destroy the account.
Assume 10 simultaneous trades (which is my impression) and all trades are only closed in profit. Let's assume that the intention is to open up 3 uncorrelated trades at a time.
trade 1 = Slot A
trade 2 = Slot B
trade 3 = Slot C
In this example, we'll assume trade 1 shoots up to profit and we close it out. trade 2 languishes and trade 3 plummets. We open up a new trade, trade 4 in Slot A. trade 2 looses a little more. trade 3 stays down. trade 1 hovers in a channel. trade 2 exits at a profit from a news event and trade 1 falls. trade 3 stays about the same. Now we have 2 trades closed at profit, and 2 trades open and loosing. More trades are opened and our FreeMargin dips more and more. If we actually open up more slots, we are more at risk *because all trades close independently*. Now I'll assume that the closed trades profit covers the margin requirements of the open trades, but we still have issues.
If 3 trades are open at 1 lot each and we have $10,000 'breathing room' (cash minus initial margin requirements) then it would take a little under a 300 pip movement on 3 currencies to kill the entire account. (depending on broker, some have 60% margin requirement, others have over 100% margin requirement) Since the currencies are unrelated, this is unlikely but all currencies tend to jump one way or another during news (even distant news). 300 pips on 3 currencies is unlikely, but a steady 200 pip loss trade with a few other losses hanging around makes the account more susceptible. I saw your demo account with 7 open losses before - and that is very dangerous. 7 open losses on 1 pip each is indeed less risk than 7 lots on one currency. On the other hand, the total number of open losses can grow over time since you aren't closing losses when you close wins! While we might start out with 3 trades, we might end up with 5 open trades, 3 of them losses. Next 7 open trades, 4 heavy losses...
I don't think this invalidates the entire strategy, I think a more complete explanation is required before people start using it. If multiple losses are floating, they need to do the "gambler's math" and figure out what they should do.
Now I am a little vague on a point you made. If you have a $10k account and have a maximum of 1 lot, is that 1 lot open total, or 1 lot per currency? At 1 lot total, each individual trade needs to be split, and a few open losses will reduce the amount you can enter on new (potentially quick profit) trades becomes 0.2 or 0.1 lots.
A more complete explanation or references to other resources would help people successfully adopt your 'no stoploss' strategy. I prefer knowing in advance what my stops are, knowing what my losses are but that just fits my temperament.Thank you for your long but thorough explination. I have to admit that I did exactly what you said and I still ended up with these phantom trades. After 12 years of trading on deal desks and ECN's I understand this and a lot more complex trading like OCO's and stoplimits etc.
One quicky question. I noticed that you can get to the same orders "instant and pending by way of "new order" or "Modify". Illogical programming if you ask me. The modify order is only accessed by "modify" tab. Call me crazy but this is confusing. Also, please explain the modify screen in regards to the "level X points?
As far as my risk model goes. I devide my total risk by "x" numbers of trades concurrently openned. I will brainstorm on this more later when I finish up the EA that Lee and I are working on. I will be a bit more agreesive then most since I have a better feel for my own strategy and I am prepared to accept losses if indeed they happen.
Trading with an edge is similiar to gambling with an edge. If I start out winning my bankroll will grow allowing myself to stay in business even after a substantial loss(s). I might even increase the size of the lots or decrease depending on how well my account is moving.
When I decide how much to trade I will take into account what I think my worst drawdown will be. I doubt I will ever consider worst case scenerio including simultaneous drawdown on all 10 currencies. If I need that assurance I need not be a risk taker but rather put my money in a MM and get 3.5%
You may think what you want, but if you had that long experiance, you will know that with a demo account, funds aren't being sent to the bank to find another person to fill the other end of the order. But on a live account, your funds have to reach the bank and the other side of the trade needs to be filled too. This causes a delay when compared to a demo account. which will cause different order filling between live and demo. Using scalping in demo or backtest is useless, but don't listen to me you had your experiance, so you know what your doing, I was only trying to help its my problem I gave advice to the wrong people, I should let them learn from thier mistakes. my 2 cent
Noted and thank you for sharing!
Hello all!
I'm pleased to report that version one of the HAS e-book will be ready soon. I've been travelling a lot and this has really slowed down progress. Tomorrow is also my birthday and I have to go to Detroit overnight (dang it!!).
Steinitz - I use the snipping tool in Windows Vista to do my images, but Snagit will work really well. If you want to create a document then turn it into a *.PDF you can do a Google search for *.PDF converters that install as a printer driver for Windows (and are supported by advertising) OR you could use Open Office (I think it's www.openoffice.org) and it converts Word compatable docs right into *.PDFs for you. Open Office is Free.
WBWB......
Decided to download it since free is hard to beat!
Thanks