I'm new to trading (3 weeks) and I have had some lucky and unlucky experiences on demo accounts.
I've used Blessing3 EA, Cowabunga Trading System, Gann Box, and now looking into the Mad Scalper Method you guys are presenting.
I tried the scalping method today for the first time, ended up with just about +5 pips overall. I missed some good opportunities because I was sleeping.
This method works pretty well IMO.
I have a few questions about this method and I hope someone can help me answer them.
1.) which TF works better for you? 5M by pete or 1M by Jan?
2.) how many pairs, at max, should I concentrate on when trading and which are the best for this method? Today, I used this method on EU, GU, U/CAD.
3.) If trading on 1M TF, what is a good TP target? Should I consider trailing stop loss?
4.) Does the MM rule of 2-3% still apply?
5.) How many trades should I make a day, or, should I just set a daily goal? (when goal is reached, i stop trading)
Thanks so much in advance!
--- still a noob
Last edited by izgonn; 06-17-2010 at 12:02 AM.
What a great 2 days we have had.. Amazing.
Does anyone happen to know a facilty in MT4 where we can replay days activity allowing you to execute as well?
I am trying to train someone up on this system so they can try replicating my deals.
Hi everyone from sunny Wales, U.K.
Can anyone tell me how to create the shading which goes with the candlesticks as I only use the I.G.Index advanced charts; This company is regulated by the F.S.A. of the U.K.
If this is not possible, is there any other way of calculating how much drawback to allow before an entry is achieved.
The files do download but they are files that windows 7 does not recognise.
Hope your trading has continued to be good. I am trying to understand your substrategy 2 but I don't think I have grasp the concept. If I don't misunderstand, your #1 play is that in a long trend, you set your SL point in the direction of the trend as it progresses. SL point is set at the last Lower high or highest low depending on downtrend or uptrend. However, I don't understand 1) how to place entries in your substrategy 2; 2) how to identify the presence of a possible big trend and 3) how to exit at the end of a major trend.
Would you kindly enlighten me again. Thanks!
Did you ever post a template or indie for your setup because with the original petefader's indies & template I have so many S/R & PP lines that it can be confusing. Sometimes when I see an entry but a horizontal line is 4-5 pips away I wait to see if that line will be crossed. In short I'm getting in too late on entries and thus losing some profitable pips. Many thanks for all your imput. D
"There's a fine line between genius and insanity. I have erased this line." Oscar Levant
Do we use Heikin-Ashi for this system or just candlesticks?
Also does anyone know how to get a volume indicator on Oanda?
Im on a mac so cant use MT4, Any help is appreciated.
I'd be happy to post any results here, i think this system may work very nicely for me.
Thank you and Thanks to Pete for sharing your system.