CatFx50 5 Minute Testing - page 2
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Moneyline,
I appreciate your concern, but I want to try this and see how I do. all strategies have false signals, this one included. the 30 minute time frame is ideal but I have felt that there aren't enough signals from it. I will just see what the chances are statistically trying to trade on this time frame. people can judge for themselves. I would love to see the success or failure of others on this time frame as well.
but I have felt that there aren't enough signals from it.
Hi Jesseboy,
I see your viewpoint and I know how you feel. There's much waiting sometimes for the 50 EMA cross and all the other indicators to line up in CatFX50. However, you are usually rewarded for the long wait.
As far as looking for more signals to trade:
There are plenty of methods and systems offered right here at Forex TSD. Even more, the wealth of recorded forward testing results boggles the mind! Believe me, you can find something to suit your taste.
I'm a very new wannabe Forex trader and I'm glad I found this forum. Rather than go about testing new ideas myself, I depend on traders with much more experience than what I have. I'd rather stand on their shoulders and be guided by them because I'm well aware of my limitations as a newbie trader.
Take a look around and see if there's any other method or system that suits your fancy, in addition to CatFX50.
moneyline
hi moneyline, i totaly agree what you say but only 1 thing is strange to me.Nina take profit from his system at 10-15 pips for first lot.Isn't that scalping.And it is done on 30 minutes chart.it is like doing surgery with an axe.
My idea with 5 minutes was exactly the oposit of catfx system witch is for trending market or 'gently' ranging market.In 5 minutes my goal would be to scalp the brake of EMA 50 of 5 min (or even ema 34 i use both and i look what is better that day) and to get profit target on next sup-res,pivot or trend band.Trend bands use ema 34 as midle line and outher bands for targets.
Igorad everything you say about consolidation market is true and peaple should focus on higher time frame to avoid chopy but peaple-we are not patient to do that.I can't sit and do nothing just to vait next big move.It could take days or sometimes even weeks.That is why i want to focus on smaller time frame to be able to scalp if i see ranging market when catfx on 30 minutes will be losing system.
Question here is is it possible to do this and make profit or to wait big move
and play more secure.
With entries on 5 minutes i think we can still play original catfx 30 because we will be in the market lot earlier than catfx 30 and if we see a brake there on 30 we can just try to stay in that position.
But dont listen to me as i am still bad undisciplined trader....i know almost everything from tehnical to fundamental aspects but i am just stupid enaugh to play like beginer and it is all due to emotions ,fear and very bad expiriance from forex last 3 years.
Moneyline, I appreciate your concern, but I want to try this and see how I do. all strategies have false signals, this one included. the 30 minute time frame is ideal but I have felt that there aren't enough signals from it. I will just see what the chances are statistically trying to trade on this time frame. people can judge for themselves. I would love to see the success or failure of others on this time frame as well.
It is a very good thing to try to see for yourself what is possible and what is not. It is a important part of your learning process.
As a professional trader now for 9 years I can only give you this advice:
on 5 min. charts you will see that "more is less". A very important rule in profitable trading is your avg. profit/ trade. It is something that many people overlook or forget.
When nina started his topic he daily posted the potential profits that were possible to make. On some days he came up with 800 possible pips to take. If you would have told him then that you are willing to lett him in, in a system that can make a daily 20pips profit he probably would have laughed you away.
After trading this system now for many months he knows that his average profit per trade is A LOTT lower then he at first expected to make. I remember him making calculations at the end of the week and coming up with thousands of pips and he was concluding that it would absolutly not be a problem to make 10% of that.
Over the last week he was comming to the point that he wanted to bend the rules or not following them for 100%. Absolutly no offence to him, because this is a human thing and it proofs that discipline is a very difficult aspect in trading. But it also proofs that the expectations he had are not there. Aspecially in the kind of markets we are in for the moment.
If you would ask him now about this daily 20pip system, I'm shure he would emmidiatly sign in because now he knows how much his average profit per trade is ( a lott lower then expected--and shurly a lott lower then the theorecticall dialy potentials). So the average profit per trade on 30min. is a lott lower then expected.
This brings us to a 5min. chart. You will see that the the average profit per trade gets so low that the trading costs + slipage, will eat all of your profits. You will see that now and then a 100pip profit is possible. But you will notice also that a 5 consecutive losers with each 20pips loss is also possible wich will bring you back to zero. Even worse the trading cost on these 5 trades bring you in loss. If you go back in history with your system and calculate what your profits would be based on the closing price of a bar you will end up for ex. with 30pips profit. But if you will count your trades you will see that you did this with 15 trades. Wich will give you again a loss at the end of the day.
If you would take very small stoplosses you will see that you hitrate is so low (less then 30%) it is mentally impossible to follow that system. Or you take a bigger stoploss to get a higher hitrate but then you will see that an average 15-20pips loss is normall. If you have then 5 losers in 1 day you will look to a loss between 75 and 100pips.
Then you will start to think to get less trades. That you can do by implementing bigger filters or values or parameters for you indicators. They will become so big that, what you will do on the 5min time frame is actually the same as one would trade on a 30min time frame.
But as I said, all of this looking with your own eyes to all of this happening, is a very good learning process in what is possible and what is not.
Best of luck and friendly regards...iGoR
PS. If you would look here on this forum or on the strategybuilderFx forum you will not find any mecanical systemthat is profitable over a longer period of time (at least 6 months) on 5min time frames. All of the systems that are profitable over a longer periods of time are on the higher time frames. It is not because people did not think of it. 1000's of people before you did.
Hi!
You are not alone.
Nina
Hi, Igor,
Thank you for you polite comments.
Not at all. I have always scaled. Pips posted is what the system make. It is not what you make.
Look, if you have $500 in your account -it is not your case-, CatFX50 is not for you. Do us a favor, Igor, I can not post all the recaps every single day, every single week. I have not enough time and a family and a daily work. Could you make a recap every day and post it on main thread. At the end of the week, we'll talk again.
I have the same expectations which are more than that: they are a fact.
You are right, market lately is a nasty one.
When I follow the rules, I win. When I do not do it, I lose. What I'm trying to do now is to find and early entry. But as I have not things enough tested, I do not say anything about it.
I do not believe on 5M TF. But if there are people that want to make a try, let them go ahead.
Nina
Ths Nina ,i am glad that i am not alone in my stupidity
.That is why we are all here ,in this forum.
BTW my dog's name is Bill Gates (not joking) but i did not use that as my nick here
i just feel litle strange to call you Nina as i know you are not female...
just feel litle strange to call you Nina as i know you are not female
I know how you feel, but isn't Nina the cat a regal beauty? Looks like she's Siamese too. purr...purr..purr
Anyhow, the only point I was trying to get accross is that I would rather look into a method or system that's already been well into development for one particular type of Forex activity. And, no, I don't think CatFX50 is a scalper's tool, it's like trying to squeeze apple juice out of an orange. It's either apple or orange, but it can't be both.
There are so many methods and systems here at Forex TSD, we have a virtual horn of plenty to choose from....why in the world go about forcing the square peg into the round hole?
moneyline
what is so terrible about making 20 pips a day? i dont understand it if you cant make 20 a day you shouldnt be trading period
what is so terrible about making 20 pips a day? i dont understand it if you cant make 20 a day you shouldnt be trading period
Yes and we can always trade in M1 and M5 timeframes... We must know how to trade short term (scalping?)...
Cheers,