Dont worry it is normal to lose, this is my first profitable operation, i’ve lost 4 times.
Looks like agood trade Braindamage. I have lost on my last two trades, but it is all in learning. Got my demo acct from $100k to $116k and currently just over $108k. All good though, I am learning, even though confidence has been hit a little bit. It will come back
Just going back over the history a bit and trying to see where I an increase my chances of a positive trade, the thought being that it is great to get a net positive 1-2 rades in a day, so you don’t actually need to trade all the signals. I might have a try at taking the first signal after the MA50 changes direction. That first one seems to have a higher percentage of retracement and then going back in the direction of the trend. Any thoughts from anyone?? AUD/USD and EUR/USD not far from than now.
Just wondering if there are many people struggling a bit scoring good trade entries this week?
Hello Everyone,
I am new to this system and it is really interesting, Does anyone know how to add a sound alert when 14MA crosses the 50MA?
Thanks Henry
How did you go with that one Braindamage??
I have just made a trade on USD/JPY
Short @ 81.669
TP/SL : 20 Pips
Not long after I took the trade though, it moved up. Currently back at b/e though
Frankly, I am struggling these past few days to make any pips.
looing for an entry poing on the EUR USD for a short scalp.
what patterns are most appropriate ?
Tassiefx,Today I went looking for this trade but I need the time it was made the operation(im noob).
Price:1.6051 LONG
SL:1.6036
TP:1.6061
3 questions here:
- which sl / tp standard are you using?
- when I should respect the MML lines?
- which was the main factor for me to lose that trade?
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Thanks,my english sucks.
****, someone on this thread
I don’t trade this system anymore, I use VSA…but everything you need to know to trade this is definitely explained in the thread. I suggest also learning about VSA.
Dear Petefader,
Forgive me if there is an answer for my question but, I tried looking through the trend but I couldn’t find it.
May I ask what indicator is the red and blue shade?
Thanks in advance
2Satheris:
You could have at least read the first post and download Pete’s template. The rednblue indicator is called DveMashki indicator with signals but it’s tweaked to work with this system. You really need to download the template…
Hi Braindamage. I am sorry it has taken so long to reply. I have been moving house and have been away from the internet.
SL/TP I have been using has been 20 pips each way. I think Madscalper said that earlier, but not 100% sure without looking again.
I have been a bit slow learning the MML lines, but I have been taking some notice of the Support and Resistance levels and being sure that I no longer trade if I need to break through the line.
Maybe your SL was a bit low (it was 10 pips??) as if it were closer to 20, it would have been a win (I think).
Also, I am not sure Madscalper put much emphasis on this, but after looking at the charts for the last few months using some trial and error, I have given myself a few other conditions before making a trade. I check to make sure that there is good to high volume (Australian trading days are fairly low volume, so I wait until about 2100 locally here which is approx 1100GMT) before looking too hard for a trade.
I also do not trade each time I see a signal. I have started trying a trade after a trend reversal, the first time it appears after a clear reversal.
I wont sit here and lie to you saying that I am experienced and trading real money and making loads of it. The truth is that I am still using a practice account until I learn much more (I am now reading about VSA to get a good understanding of that as well). I started a new account ($10k) again Monday just gone with the full intention of making disciplined trades, risking 2% with 20 pip SL/TP. My results this week are…
Monday - No Trades (remember I trade late at night and have a full time job, so trade 2100-0000 Local time (+10 GMT))
Tuesday - 2 trades for 2 wins (profit $366, balance $10366)
Wednesday - 3 trades for 3 wins (profit $428, balance $10795) - one trade was hit twice by accident so I closed it out @+6 pips to keep to the system
Thursday - 2 trades so far, both losses (loss $401, balance $10394)
My actual aim is to be able to try for a net 2% gain (1 winning trade) each day and compoundthe profits for a month and see where it gets to.
I will put further results on here if there is any interest.
I hope that helps Braindamage. If not, ask away. I am not an expert, but will try to help or someone else should be able to
Hi everyone, this is my first post ever on babypips.
i have been following Petefaders MAD SCALPER system for the last week and have read thru the thread a good few times now. I think this is a really great system that has one of the best success ratios and really limits overtrading if you stick to the rules! (ALWAYS)
So thanks Petefader and Jangie (the constant updates of your trades have really helped). I’m also catching up on Petefaders VSA to add extra support for this system.
Hello from sunny Noosa, Australia.
I have just finished the pips forex trading course and I am in the process of getting my head around this wonderful trading strategy.
Looking at some of the charts in the thread could somebody please tell me what indicator/oscillator are the red and blue shaded areas. The ones that are above and below the candle sticks.I have set up a demo account with FXCM but I can`t seem to find any indicators in the suitcase that resembles these in any way.
I have substituted the OSMA with the MACD with the histogram. Setting (8,20,6).
Could some kind person help me out with this one.
Kind Regards
Stephen
Hi Steveleg,
I’m from just out of Hobart myself. Not quite so sunny today. Have you read this entire thread? If not, please do so. Petefader has had so many requests asking how to do what has been described many times over.
You do not need to “set” this up yourself. If you download his template which is at the beginning of the thread and unzip it. You then throw the files into the FXCM folder/experts/indicators, then the template file into FXCM folder/templates.
After that, restart fxcm and click on the templates icon, click add template and Mad Scalper should be there.
Click on that and voila, it has it exactly as Petefader has got on this thread.
The Madscalper does work, but the big issue to deal with is your discipline, which has hurt me a few times while trying it out. You will come across losers often, but also many winners. My latest demo is running at 63% win rate and is in good profit ($11600 in two weeks from a start of $10000).
My biggest reccomendation (and I have started to do it now myself) is once you have selected a trade, put in your stop loss and take profit, then eave it to do its thing. I have done it the other way and closed trades out too early as I was worried and both cust short profits and closed out losses when it has come back afterwards. Accept that you will lose some and let it happen, knowing that your discipline and this system will come out on top.
Read and re-read this thread, along with the babypips school and you should be right. Have a look also at Petefaders other thread on VSA. I am part way through it and it seems to be very worth it (I am still trying to work it out, but it makes for a much better strike rate).
I am using a 20 pip stop loss and 20 pip take profit with this. I did try 10 pip stop loss, but got stopped out too much. Tried the “if I get 2 trades and trade 50% correctly with a 10 pip stop loss and 20 pip take profit at 2% profit, I can get 1% gain each day on average” but the 10 pip stop loss is too tight for 50% strike rate.
Lastly, have a look at GoMarkets as well. Same MT4 platform, Australian and they have much tighter spreads than FXCM.
Hope all that helps
Tassiefx
Morning Tassiefx,
Thank you for your reply this morning.
I`m guilty of not finishing the thread before asking questions that are probably in their.
I do appreciate your information and advise.
I will spend this morning unzipping and finishing the thread.
When I get my head around this system I`ll have a look at the VSA thread.
Thanks Mate
Stephen
Hi Tassiefx,
I`ve been trying throughout the day to transfer these indicators and templates into the demo fxcm Market scope II station with no success.
I successfully downloaded the file and unzipped it into a folder in My Documents.
When I go into the Market scope station and attempt to load the indicators into the customer indicators and the template into the templates there seems to be no evidence of the files in My Documents where I put them.
I attempted to convert the MQ4,TPL and EX4 into something familiar but I cannot find any file converter on the internet that will do the job. I thought that because these files had not been converted, maybe that was the reason the file was empty in My Documents when I attempted to upload it.
Would you have any ideas please.
Kind regards
Stephen
After six hours on the job I`ve decided to call in the calvery.