Seems like a good time to go long on the GBP/JPY. I’m currently down -8 pips on a short trade of EUR/GBP which I entered yesterday. Just trying to get the hang of how this works.
Connected to the Altari server, not sure if it makes a huge difference if you compare to ODL. The only difference is that the candlebars closes at different times, yeah?
Edit: I suppose I’m pretty stupid, that could make a huge freakin difference, huh? But anyway, it’s still “just” different times when the candlebars close?
I have 2 questions of a slightly different nature :
Which state of Australia are you in?
I am not as computer literate as you. Can you explain stepwise how to put an Acrobat Reader file onto Managed Attachments.
I note that in your opening post you had charts on your file as well. These charts on Acrobat reader are as large as you can get them. But Managed attachments has a limit on the number of megabytes.
Do you put all this on Microsoft Word and load it into Managed Attachments?
Thanks in advance. You will help me grow in my computer skills.
I started reading this thread yesterday. When I saw it I thought that the pip tally it seemed too good to be true. On his blog today he said:
A total loss of 505 pips. Which brings the month total to -155 pips. I am aware that some people like to calculate the pips in a different way, so feel free to change to suit yourself.
How are losses and profits counted here? That statement makes me suspicious.
OZ likes to calculate them by market movement. Others on the forum will say they count pips loss/profit by including their lot sizes too.
It’s not to good to be true. I have consitently made 100 pips a day since I started. Including yesterday. I made some other trades then what was recommended ,but I still used OZ’s system to pick those trades.
Being that these trades can be held for a few days bigger pip moves are characteristic, and there may be several pairs being traded at the same time, and that each gain of 50 pips for each trade is locked in. It is accurate!
His recent loss pip count makes sense…I had one of them too (EUR/JPY). Because it did not reach the first 50 pip gain, it did not move the stoploss to breakeven. Instead it hit the s/l which was set to ABOUT 100ish pips (not set in stone) away…and he had 4 separate pairs being traded…thus 505 pip loss.
On the other hand, his monetary loss would be much worse being that the system calls for opening with 5 lots for each trade, and when it hits a s/l that’s not at b/e, it does so with all 5 lots at whatever the pip value is… …glad I only had one trade going this time…phew…but in backtesting I found that right now this is not a good pair for this system, so I shoulda known better!
Thank you for the reply. That is rough, if each trade has 2% risk it is a 10% account loss in just one day. If you risk 3% on each trade it is 15%. I think the stop losses are counted fairly but I have done some research and it seems the pip count for gains is not very accurate.
Something about five lots not being counted right. He takes the biggest number of any single lot and makes that the profit. All the small lots have no impact on the single lot that earns the most pips.
On page 3 to the last page questions are asked about the pip count and following that some other things are uncovered. When it sounds too good to be true it probably is.
It is not concluded that the system does not work so that is good. I will start testing the system today.
[B]Try this link, where they keep discussing the pip count for about 20 pages, you’ll see more of that on previous pages also. LOL![/B]
[B]
Perhaps I should quote RR:
“[/B]What I don’t understand is why everybody wants Oz to start tallying his pips for us.[ul]
[li]We all know how the system works.[/li][li]We all know how to generate our own signals.[/li][li]We all know how profitable this system is[/ul]Stop asking to be spoon-fed and start answering your own questions. OzFx has no obligation legal or otherwise to give you pip counts. All you need to do are compare orders to make sure you interpreted the signal properly.[B]”[/li]
Also [/B][B]here’s a crazy idea, trade the method and count your own pips in whatever manner works for you according to your risk preference…[/B]
Here’s a crazy idea for you, maybe when a person plans to take and manage peoples money under the pretense that he is a profitable trader he should display his profits accurately.
A trade worth 100 pips he displays as 200 pips so when he adds the profits and losses together his fake pips cover the losses.
But surely we have done this issue to death and people can make up their own mind, I certainly have. I put my own calculations on this thread so people can see for themselves what the issues are. As I said then if it is indeed profitable and tradeable then good luck to those using it and I hope it remains so
[B]Again here’s a very crazy idea, demo this free system and find out for yourself how it works, it’s not rocket science. If it doesn’t work for you then walk away, don’t wait to have someone manage things for you. Be proactive!..[/B]
I just wanted to know if the pip count was a lie I do not need you to tell me to demo the system, I know what I am doing. I tried to calculate his profits and no matter what I did I never got close, this is why I asked. I understand now he is making false claims so he can get unwitting traders to hand over money.
[B]If you aren’t willing to see for yourself how the system really works and racks up the pips than you better stop waisting your time, since you definitely know what you’re doing or will have things managed for you. LOL!
[/B][B]You can also prove the supposed false claims by using the system on your own and posting your results, I’m sure you know how to trade.[/B][B] This simple system isn’t a religion and no one’s trying to win any converts, so go find a system that’s perfect for you.
OzFx has explain many times at the FF forum how he counts the pips and why it’s done a certain way, so no it’s not a lie. This system has nothing to hide and anyone can truly see the results when they are using it themselves.
We don’t need to go by OzFx’s pip count, signals, or management; we can trade and count our own trades, spoon feeding need not apply…[/B]
Ok ive read thru the whole thread and im gonna try it. I usually trade the 15 minute charts but I am open minded besides I love the idea of not being married to my charts.
[B]Also I want to say thanks Oz I greatly appreciate your input and system[/B].
For the naysayers I would humbly suggest that it is foolish to jump into something without looking so by all means do some looking do some testing and instead of argueing post some charts or something productive so we can all learn from it.
I’ve got some issues with my hosting company for my blog and I am trying to resolve them. I’ll post the signals here FF if it doesn’t get resolved in time.
