**Steinitz** Method Revealed Here - page 72
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Forwardtesting then
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......Thank you snowman for your reply, which I do understand and appreciate!
Maybe forwardtesting then. But if somebody is still trying to do backtesting, I'm all ears!
All the best,
tuulis
Exit Points .... Exit Points ... Exit Points
Hi
I love the look of this method and am in the process of downloading my demo account/software (have been writting ma based auto traders on esignal previously). An open question for all those trading with this. What are your exit strategies ... can we come up with programmable logic? I see others are writing auto traders and I would be delighted to do my best to also put something together ... the rub ... as always is the exit strategy ... ideas? ...tested methods ... any suggestions????
Hopefully I can contribute something meaningful to this thread ....
Paul
Started To See Profit Using Has Method Since 17th April 2007
Just to share with you all my result from 17th to 30th April . As I mentioned earlier that I'm using scalping method and pivot point as my entry and exit . I agree with steinitz no matter what system you choose you must learn from it and give it sometimes to really see and understand how it works. Everybody will interpret differently and that is where you learn from your own system. I do agree with steinitz that stop loss must be set mentally rather than fix. This is where I loss my live account due to this problem. Before the price turn your way, you will be cut off and then you see the price goes your way again. By looking at 4 hrs TF , I think I can trust the 4hrs TF trend that eventually turn according to its color. As Pivot point matter, you have to see where price currently located. Because at this pivot is where the price make a decision to go further or backward.
Before 17th April, i'm using stochastic method which does not give me a good result.
Thanks steinitz for your effort and keep up a good work.
Here come Singapore
closed profit 13,348 and open trades -24,638 ......
are those open trades also from this metod or it is something else ?
Started to use Has method since 17th April
closed profit 13,348 and open trades -24,638 ...... are those open trades also from this metod or it is something else ?
I have started to use STEINITZ HAS method since 17th April therefore before that date I have been using different method. I do not close the account because I'm monitoring the result using HAS method.
And again today I just close with profit of $700.00.
does it matter the whole idea of these forums is to share ideas and its up to the individual to make it work the key to trading isnt entry but exit and why? because thats where you cash in the chips i personally use the stoc and pivot points when 30 min matchs 4hr thats the entry when i hit target see ya
General announcement !!!!!!
There are going to be sporatic postings from someone with a dynamically updating IP address that will drop a nonsense bomb here and there on the thread.
Pay no attention to this masked man/woman. It's just something that will happen to all threads given the time. Please do not respond to any obviously mis directed individuals.
Management.....
Scalping
Hi,
I have found the 1 & 5 HAS TF to be beneficial during news announcments, but would like to hear from other members about their scalping methods. Apparently, due to no lack of stupidity on my part, I continue to out outguess the HAS system and today was no exception. I took a long trade when there were still red candles on the 5 & 15 TF -
Al
Steinitz - ilogical trades!
Still haven't figured out why the demo is placing trades that aren't logical.
Here is my issues:
1. A position is opened. It's a buy 1 lot of GBP/JPY @ 238.98
2. I then place a pending order: "sell limit" 1 lot GBP/JPY @ 239.23 I come back to see that the price was hit but it opens a sell order and doesn't close out the original one.
1. BUY ORDER 5843697 2007.05.01 02:48 buy 1.00 gbpjpy 238.980.00 0.00 2007.05.01 08:59 239.33 0.00 0.00 0.00 292.86
2. SELL LIMIT ORDER 5843716 2007.05.01 08:45 sell 1.00 gbpjpy 239.230.00 0.00 2007.05.01 08:59 239.40 0.00 0.00 0.00 -142.23
Any ideas?????Hi Steinitz,
I know exactly where you are coming from, as the trades placed may appear ilogical due to the required MT4 trade execution procedures, which baffled me at first. CiTiFx is quite correct in his advice and I offer the following brief explanation that I hope helps to further clarify it in your mind:-
i) When you placed your buy order for GBP/JPY you opened one 'TICKET'
ii) When you placed your pending order "sell limit" for GBP/JPY you opened a second "TICKET" (that is assuming you did not right click and select "modify")
iii) OCO orders, one-cancels-other orders will only work with orders that are contained within the same "TICKET" even when both order instructions apply to the same symbol/pair. So as you had inadvertently opened a second "TICKET" with your 'sell limit' instruction, there is no way that the second ticket will talk to the first ticket.
iv) Had you right clicked on the order line in the 'Trade' window and selected 'Modify' (as the method of opening the 'Order' box), your instruction would have been automatically included in the original, first ticket and thus your TP would have been activated and of course there wouldn't have been a second ticket open, so no surprise short trade open.
v) Providing you select "modify" each time, any amount of changes can be made, all within the bounds of the same ticket and no instruction can be overlapped to affect a symbol contained within a separate order/ticket.
The MT4 execution tutorials are quite poor, so I hope this helps to clarify this issue a little.
johnny
Hi Steinitz,
I know exactly where you are coming from, as the trades placed may appear ilogical due to the required MT4 trade execution procedures, which baffled me at first. CiTiFx is quite correct in his advice and I offer the following brief explanation that I hope helps to further clarify it in your mind:-
i) When you placed your buy order for GBP/JPY you opened one 'TICKET'
ii) When you placed your pending order "sell limit" for GBP/JPY you opened a second "TICKET" (that is assuming you did not right click and select "modify")
iii) OCO orders, one-cancels-other orders will only work with orders that are contained within the same "TICKET" even when both order instructions apply to the same symbol/pair. So as you had inadvertently opened a second "TICKET" with your 'sell limit' instruction, there is no way that the second ticket will talk to the first ticket.
iv) Had you right clicked on the order line in the 'Trade' window and selected 'Modify' (as the method of opening the 'Order' box), your instruction would have been automatically included in the original, first ticket and thus your TP would have been activated and of course there wouldn't have been a second ticket open, so no surprise short trade open.
v) Providing you select "modify" each time, any amount of changes can be made, all within the bounds of the same ticket and no instruction can be overlapped to affect a symbol contained within a separate order/ticket.
The MT4 execution tutorials are quite poor, so I hope this helps to clarify this issue a little.
johnnyYes I see all that now. When this order process is done correctly according to MT4 you will see the extra pending orders within the same ticket i.e. SL and TP filled in with prices. The biggest issue I have with the platform is that I did right click on the currency pair and did perform a modify or pending and assumed it would be an "OCO" order.
Silly me!
For a great platform that sure screwed up the trading side. It's not pretty....