OzFx System :) 100-800 Pips Per Trade

[Hawkeye]

First off thanks OzFX this looks to be a great tool for this beginner. I just have one question. I downloaded the zip file and followed the instructions on how to use it in my MT4 software. I am just a little confused about how to install the 200SMA filter. Sorry if this is a no brainer I guess it's all the great info this forum has to offer.!! That's clogging the brain at the moment. What does SMA mean (Simple Moving Average?) and were should I see this indicator on my chart?
Thanks, I appreciate any help.

[gawee]

Hello, Im quite new to Forex. I think your system is great OzFx, however, I'm
confused on the money management part. Could someone elaborate it for me? Any help would be appreciated.

[Sweet Pip]

Originally Posted by Hawkeye

First off thanks OzFX this looks to be a great tool for this beginner. I just have one question. I downloaded the zip file and followed the instructions on how to use it in my MT4 software. I am just a little confused about how to install the 200SMA filter. Sorry if this is a no brainer I guess it's all the great info this forum has to offer.!! That's clogging the brain at the moment. What does SMA mean (Simple Moving Average?) and were should I see this indicator on my chart?
Thanks, I appreciate any help.

Babypips school to the rescue...you can brush up on Moving Averages by clicking this link: Simple Moving Average - 4th Grade: Moving Averages - Beginner's Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

To apply the indicator to your chart, locate it in your list of MT4 indicators and either double click it, or click-hold-drag to the chart. Either way, it's properties window will open next and you can change the period setting to 200, MA method to "Simple", and even the color/thickness of the line. Then you should see a line running across the chart.

Hope that helps

[Sweet Pip]

Originally Posted by gawee

Hello, Im quite new to Forex. I think your system is great OzFx, however, I'm
confused on the money management part. Could someone elaborate it for me? Any help would be appreciated.

Not sure what part you are confused with i.e. the logic, or the how to, so here's my interpretation using MT4:

Money Management:

* Trade with 5 Lots with Stop Loss 100 pips away

• When you open the New Order window, in the volume box enter .5 if using a mini account, or 5 if a standard lot.
  
• Then enter the stoploss price value to be 100 pips lower if a long order, or higher if a short order, and leave take profit at 0.00

* Take Profit on 1st Lot at 50 pips. Move Stop Loss to Break Even (BE).

• When the price has moved 50 pips of profit, right click on the order and select "Close Order" The close order window will pop up. Change the volume to .1 or 1 accordingly and hit the "Close" button (This will only close 1 lot).
  
  
• Then right click on the order again and select Modify/Delete Order.
  
• Change the StopLoss value to the price you initially bought or sold at altering a little to allow for slippage or spread.
  Click on Modify button to effect the change.
  
  
• You've locked in 50 pips worth of profit and if the price goes against you, you shouldn't suffer a loss no matter what.

* Take Profit on 2nd Lot at 100 pips.

• Once you've reached another 50 pips, repeat as above to Close 1 more lot, however do not change the stoploss. You now have 3 lots remaining open at this point and locked in 100 pips profit (50 previously + 50 now ).

* Take Profit on 3rd Lot at 150 pips.

• When you've gained another 50 pips, close another lot...2 open now and 150 pips in profit

* Take Profit on 4th Lot at 200 pips.

• When you've gained another 50 pips, close another lot...1 open now and 200 pips in profit.

* Let the 5th Lot run until you see an opposite entry signal.

• At this point, if you're still playing (havn't been stopped out yet) you still have 1 lot left, and it's pretty self explanatory when to close it..

Hope that helps

[gawee]

Thanks Sweet Pip, now I understand why. The reason that I don't know this is that I didn't even think that it is possible. I haven't tried it to my demo account.....

[BarryPips]

This has been an eye-opener to me. However, I have one question. Here is part of the original quote of Sweet Pip:

Originally Posted by Sweet Pip

* Take Profit on 1st Lot at 50 pips. Move Stop Loss to Break Even (BE).

• When the price has moved 50 pips of profit, right click on the order and select "Close Order" The close order window will pop up. Change the volume to .1 or 1 accordingly and hit the "Close" button (This will only close 1 lot).
  
  
• Then right click on the order again and select Modify/Delete Order.
  
• Change the StopLoss value to the price you initially bought or sold at.
  Click on Modify button to effect the change.
  
  
• This way if the price moves against you, you've locked in 250 pips worth of profit (50 pips x 5 lots ) and you won't suffer a loss no matter what happens after this point.

This bolded part confuses me. You sold one lot for a gain of 50 pips, and then moved the remaining 4 lots to break even. If the price moves severely against you, you should wind up with the 50 pip gain and the other 4 lots at break even (perhaps even loss due to spread and slippage).

In order to lock in the entire 250 pips you would have had to sell one at a 50 pip gain, and move the stop losses up to the 50 pip gain level.

Hopefully someone can explain this to me.

Thanks,
Barry
\

[dannybly]

G'day Oz - thanks for sharing - I'm looking forward to testing the system and will share my results!!

[Sweet Pip]

Originally Posted by BarryPips

This has been an eye-opener to me. However, I have one question. Here is part of the original quote of Sweet Pip:



This bolded part confuses me. You sold one lot for a gain of 50 pips, and then moved the remaining 4 lots to break even. If the price moves severely against you, you should wind up with the 50 pip gain and the other 4 lots at break even (perhaps even loss due to spread and slippage).

In order to lock in the entire 250 pips you would have had to sell one at a 50 pip gain, and move the stop losses up to the 50 pip gain level.

Hopefully someone can explain this to me.

Thanks,
Barry
\

Hi Barry, you're right, I got it backwards ...it was really late and I was really tired when I was typing it. Thought it sounded a little too good to be true...I will correct my post...Thanks

[leilacr1]

Hi OzFX

This looks great, but am having some trouble understanding some of the points as I am a complete beginner

I have applied the EAs I found over on the other forum. I am confused about what these EA will do for me? What does an EA do?

Secondly, how do we trade on a daily chart? For eg, if I go to MT now and look at the daily chart and apply all the stuff, do I need to wait to the end of the day (or candle) to end? A bit unsure of when I am supposed to enter the market.

The other thing is that I have subscribed to your email list and have gone to your blog and can't seem to register on your forum. It keeps taking me back to accepting the terms. Is it me or is there something wrong.


OK if you or someone could clarify these points for me then that would be great.


Cheers

PS I am also an Aussie in WA.

[Hawkeye]

Originally Posted by Sweet Pip

Babypips school to the rescue...you can brush up on Moving Averages by clicking this link: Simple Moving Average - 4th Grade: Moving Averages - Beginner's Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

To apply the indicator to your chart, locate it in your list of MT4 indicators and either double click it, or click-hold-drag to the chart. Either way, it's properties window will open next and you can change the period setting to 200, MA method to "Simple", and even the color/thickness of the line. Then you should see a line running across the chart.

Hope that helps

Yup it sure did, I figured we had been talking about a moving average and that we were applying the simple form. I just wasn't sure I was understanding the SMA obreviation right.When I went to applied it to my chart it was no where to be found and I immediately thought I was doing something wrong. Then I tried it today on a different chart and whala there it is. I guess the line was out of sight on the other and I just wasn't seeing it. Thanks again for the clarification.