Pro Scalping, by Tommy Charles - page 4

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static:
Nice! You are a much better coder than I. I'm a bit tired right now as well so this maybe something obvious that I am missing, but TP is handled internally right? And profit is calculated based on dollar profit and not pips right? Only thing I could think of would be a bool switch for %R and possibly a start and stop hour to trade only specific sessions but I can do that myself when I am a little more coherent.

Thanks for the compliment. Trust me, there are BETTER coders out there than am I.

To answer your questions, yes and yes. The TP is handled internally, one pip TP would not be allowed to be set as it is to close to market. I think it is BS, but, that is the way it is. The profit is currently based on profit and not pips. I for some reason am having difficulty converting the profit into pips. I would simply use Ask + 1 or Bid - 1, but you have to take into consideration the swap (occasionally) and commissions (if you have a broker that charges commission) and then add that into the mix.

A bool switch for the %R is easy enough. A start and stop time is easy, too. If you haven't done it yet, I will start on it.

Don

 
Mr.Marketz:
Cyclesurfer,

You're absolutely right in regards to this statement. Different participants come and go randomly, thus making it less of a "group concentrated activity". I guess roll with it and see how it goes. The reason I'm expressing some interest in the thread is because I use hedging exclusively in my trading. The difference being that it is more discretionary, and directional. When you add an edge to this technique it really shines. I agree with a previous comment you made about market activity being primarily a random occurance... however, even the slightest advantage of swinging the odds in your favor affects the equity curve exponentially. Something to think about.

By the way, would I be correct in assuming that you are somewhere between your 2ND or 3RD year of trading? Just curious.

2nd year, yep. I started out with moving average crosses, moved onto Brain Trend and then tried my hand at what people call 'scalping'. Placing very short term one direction trades to catch a few pips. Each technique has it's up and down and I made money with all. Really any indicator will give you money, if you know when to use it. Enter filters, lol.

I'm glad to not be using indicators anymore, at least not usually.

 
don_forex:
Here you go. The only thing that needs to get fixed is the ProfitTarget, BuyProfit, SellProfit. They need to be converted to pips. And somebody might want to look at the Hole Profit check routine. I threw in a Williams R% for shits and giggles. It is easily removable.

Don

EDIT - Also, I kept screwing up the SELL_STOP and BUY_STOP. So, just as a quick fix, I placed a SELL and a BUY instead. That will need to be changed as well... Sorry for the screwed-up code, I'm tired.

Thanks Dan!

 

Nice system, to be studied more

Hi there

i am a protrader since 20 years now and i find this system to be interesting.

I will ask my IT department to look into it monday in order to create an ea out of it because it reminded me of a system a fellow trader of mine used a long time ago and believe it or not made money for his clients

I usualy dont believe in ea's and never permit any of my team to use them but i will make an exception this time for old time sake.

Good work guys and always good trading

aleccoh

 
aleccoh:
Hi there

i am a protrader since 20 years now and i find this system to be interesting.

I will ask my IT department to look into it monday in order to create an ea out of it because it reminded me of a system a fellow trader of mine used a long time ago and believe it or not made money for his clients

I usualy dont believe in ea's and never permit any of my team to use them but i will make an exception this time for old time sake.

Good work guys and always good trading

aleccoh

I'm not a great fan of EAs (and the metatrader back tester in paticular) but if you guys can program it, great.

 

As I continue pondering this, I started thinking on opening trade why not wait for 5-10 pips, put in pocket and start from there. Obviously there is no risk except spread on first trade so going for more means more in pocket to open up? Thoughts?

 

Cyclesurfer,

Thank you for posting your profitable method! I think I follow your system but would love to see a chart example. Could you post a couple examples?

Thank you,

Glen

 

Well, for something to do tonight I have decided to trade this with a mini acct to see in action. Went long and short eurusd...my short went +1 and I put in pocet, it continued going down and as of now my long is -7 (remember when I took my +1 it was already -5 so its only gone down a couple more)..Ill update later

 

As I wait for the comeback move I am pondering some more ideas....What about building in some kind of different lot sizing as we go in and out? I am also thining the opening trade should be to wait for 4 pip profit, this will measn you have overcome the spread. Otherwise, it appear to me, you need to put away 4 +1's at beginning? Does this make sense? In other words, when you exit your opening trade your losing trade is automatically down -5 at that time, so if it comes bac and you get back in again you are always trying to overcome the spread. You need to try this live to see what I am saying? In my first trade, Im actually going to wait for long to come back to about -2 (but that could easily never happen)...But it did as I was typing. I have now re-entered short when the losing trade was only -2 so I have almost overcome the loser. BUT as soon as I enter, I have another 2 pip spread. so when the next one goes +1, my loser is still at -5. This means I have done well but I still have 3 pips to go to Breakeven. How I see this is if you are perfect, your hole will be -5 at very best when you are done. DO you need to pocket 10 before you oversome the hole. ALmost thin you are better of going for 10 on first trade and not hoping it comes back to allow you to enter, thisw way you only need one or two whipsaws, not 10. Not sure how its possible to ever get ovger the hump but we will see

 

ok, closed long now +1...so it came all the way back....But of course now my hole is back to -5, so I have 2 in pocket, and -5 and Ive done everything perfectly. The problem I am seeing is because you need to overcome the spread, if a traend happens anytime within 10 trades, you will lose. I hope I am making sense, I am typing fast and trying to trade this live and give real feel. As I type the hole is now -7, I need to hope it comes back to -2 before it goes to -20 (this is where the problem lies)...basically the systme will fail when and if the currency ever moves 20 points without a retrace. Obviously currency doesnt move 20 pips straight all the time, but the system fails if it starts a 20 pip move and may go down 10, come back 5 and go 15, same result. Lose.

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