**Steinitz** Method Revealed Here - page 78
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QUADRUPLE Money in Just ONE Day!!! Possible??? Hmmm, IF ........
QUADRUPLE Money in Just ONE Day!!! Possible??? Hmmm, IF ........ the Broker(s) or what they called "their Bank(s)" will allow this Trader for Christ's "Style" of trading......But so far, this broker won't allow this style, tsk, tsk, NOT so good.......
.......I just want to drop by and say "Hello!"...hope all of you are having a great time, for all those bashers out here, don't pile garbage of posts if you didn't say anything good. The purpose of the forum is to help each other improve their trading and to help people who are doing the EA for this Great System that Mr. Steinitz OPENLY share to people here....
I'm very new in Trading, don't know much of programming but I'd just like to share these report......If you believe, fine, if NOT......still ok, NOT here for self-popularity, I'm here FIRST, to promote Jesus Christ(and His Blessings to me as a Currency Trader)....... and to help the BEST I can the people that is really making this EA works BEST. Truly, we should NOT be here for self-popularity, we're here to share knowledge, good feedbacks, infos., etc.also.....we should make this EA work, and if MOST people here are cooperating well then for sure most of us here would be very successful traders......
Instead of Criticize, CORRECT, IMPROVE and share what you've got that you think would contribute good for the Great FOREX system here.......
This report was from a certain broker who did NOT like my style of trading,......My goodness, I ONLY knew that they don't like my style of trading.......AFTER I called them (after I did this Demo Account) and ask about this Style of Trading......
Do anyone knew brokers who will ALLOW this style of trading??? Thanks, your answers will be appreciated....
God Bless Us All.......
"GIVE and it shall be given unto you; good measure, pressed down, and shaken together, and running over, shall men give into your bosom. For with the same measure that ye mete withal it shall be mesured to you again."......
---Luke 6:38
EA and News Releases!
I must point out that I only recently started using the MT4 trading platform and have absolutely no experience with programming or the compilation or even operation of EA's. So what I am about to suggest may neither be possible, practical or necessary and if that is the case, please excuse my ignorance.
However, I have traded for many years, but Forex for the last 18 months only and one thing I have learned and will never do is to hold a trade open and ride it through a major news realease, that is likely to affect that particular pair. I also never trade the news until the dust has setlled, which is generally 15mins - 60mins after the time of release. I do know it would be too risky to allow an automatic trading system to enter trades in and around the time of news releases.
To avoid pilot error (overlooking or not being at the screen at the time of a major release), is it possible to link the EA with a 'News Calendar" indicator? It could be user defined to automatically de-activate (30 mins, 2 hours or whatever period set) prior to the release and would then require manually activating again, once you have observed and assessed the affect the news has had. It would naturally alert whenever such action is taken.
This may be too complicated to achieve for the benefit it would provide, but I throw it into the pot for consideration.
I would like to once again thank Steinitz and Lee for all the work and testing that is going into creating the EA and everyone on this thread who have contributed so far. I for one don't mind any amount of delay that proves necessary to getting it right. The methodology has far too much long-term potential to offer, than to risk flaws by rushing.
johnny
Interesting statistic
If you look at the threads under "Forex Trading" you will see that the number 1 thread in terms of viewers is "HAMA PAD" that stated posting 8/24/2006. There are 1072 replies & 118,227 views.
If you look at my thread we started in 4/07/2007 with 797 postings and 103,648 views.
HAMA PAD = 3.97 replies per day and 437 views per day.
HAS = 22.77 replies per day and 2801 views per day.
Just thought this was intersting......
I must point out that I only recently started using the MT4 trading platform and have absolutely no experience with programming or the compilation or even operation of EA's. So what I am about to suggest may neither be possible, practical or necessary and if that is the case, please excuse my ignorance.
However, I have traded for many years, but Forex for the last 18 months only and one thing I have learned and will never do is to hold a trade open and ride it through a major news realease, that is likely to affect that particular pair. I also never trade the news until the dust has setlled, which is generally 15mins - 60mins after the time of release. I do know it would be too risky to allow an automatic trading system to enter trades in and around the time of news releases.
To avoid pilot error (overlooking or not being at the screen at the time of a major release), is it possible to link the EA with a 'News Calendar" indicator? It could be user defined to automatically de-activate (30 mins, 2 hours or whatever period set) prior to the release and would then require manually activating again, once you have observed and assessed the affect the news has had. It would naturally alert whenever such action is taken.
This may be too complicated to achieve for the benefit it would provide, but I throw it into the pot for consideration.
I would like to once again thank Steinitz and Lee for all the work and testing that is going into creating the EA and everyone on this thread who have contributed so far. I for one don't mind any amount of delay that proves necessary to getting it right. The methodology has far too much long-term potential to offer, than to risk flaws by rushing.
johnnyInteresting thought. The issue that comes to mind is to avoid an entry "X" minutes from news releases. But then exits would also have to be exited prior to same release causing a premature closure.
I am a believer with charts to back up my statement that news release spikes fade against the main trend. That is why I don't favor the stops (except for my exit strategy involving actual max TF trend changes). I will look into this.
If this get implimented I will PM you.
Thanks
Don
Take Profits
Don,
Thanks for your hard work on this system (and all your helpers too). Thanks for your patience in getting everything right before deploying!
I am in two trades using your system right now. I am in the ej and gj. I am up 160 pips on the gj and 172 on the ej. I used the 4h as my base and since I am up so much am using the two bar rule for exit (only had 1 bar change colors for short time so far).
For longer trades like this would it be possible to add two or even three take profits. That way one could trade with more lots and then take profit with one or two lots and let the last lot run with a large trailing stop or an in the profit stop.
You may have already thought of this or ruled it out by now. I know it wouldn't work for shorter term trades but could on the longer.
Once again, thanks for your great work.
Mark
Members and some questions
Just to clarify a few things:
1. There are contributors
2. There are members
3. There is the general public
Everyone will fall into one of this three categories. Everyone will have access to the exact same products regardless which category you are in. There are just benefits to be had in categories #1 & #2. Yes I am keeping this a mystery for now but with good reasons.
I keep getting ideas for the EA and alert when I am having a meeting of the minds with Lee. Together with a constant flow of great improvements and your select suggestions this is not going to be an EA that is pushed out to meet some timeline like Microsoft.
I am dropping in to make the announcements just to pacify you as to what is going on so you don't feel abandoned by lack of my postings. We are doing our best.
This is what I have so far:
1. Fully working manual alert for the "Original Method"
2. Fully working EA for the "Scalping Method" (constant improvements underway)
3. Manual alert for "Scalping Method" (Given to all members)
exits
Don,
I have made money with this system but all to often I am away from my PC,
(work gets in the way!)
setting a fixed stop has worked for me, but all too often the move is much bigger and pips are left on the table.
so, regarding the TP debate, any chance you could make it a trailing stop?
EA - Exiting prior to major news release!
Interesting thought. The issue that comes to mind is to avoid an entry "X" minutes from news releases. But then exits would also have to be exited prior to same release causing a premature closure.
I am a believer with charts to back up my statement that news release spikes fade against the main trend. That is why I don't favor the stops (except for my exit strategy involving actual max TF trend changes). I will look into this.
If this get implimented I will PM you.
Thanks
DonHi Don...thank you for responding to my post so quickly.
I do beleive this is a tricky issue, as news releases occur daily affecting various pairs in rotation and can only comment from my own personal viewpoint, that I find them risky and often dangerous to be caught in a trade at time of release. Even when the news is in your favor (i.e. it should push price in the direction of your trade), often it will turn 50-100 pips against you first, before returning back and resuming in your direction.
Worse still, how often do you see positive news having a negative effect on the price of the very currency it should be boosting and no-one can account for it or provide an explanation for this contrarian behaviour. This is one of the reasons I cannot be a fundamentalist. I am a purist technician, believing 100% in 'technicals'. I agree that news, which is fundamental will influence the market and in particular the price of the currency to which that news applies.
However, you only need to look back over charts to see that the influence of the news had a temporary, hiccup effect on the price, reversing it in the opposite direction to what it was heading, for a short period of time only. Price then reverses back to the direction that technicals were forecasting (prior to release) and are still indicating. In the interim, of course, the price may have reversed 150 pips, before resuming back on it's original path and this is 150 pips that will have temporarily been against you.
The exception to this rule generally occurs, whenever a pair is due for a reversal and is approaching recognized S & R levels and technicals cannot possibly forecast a bounce or breakthrough. It is then, for example, that a positive news release can bounce an otherwise tumbling price back up off a support level and then keep going upwards for few hundred pips without looking back. This is an example of when fundamentals are at there most dangerous. The news was the excuse it was looking for to reverse, which happens all of the time whenever a currencey is "ready".
So the problem with news is that you never know by remaining in the trade and riding the storm, whether it will go against you temporarily for 50-150 pips and then come right again or it will go against you and keep on going for several hundred pips and may possibly not come right ahain for several months.
I am not trying to be an alarmist, but a realist and I am sure you are aware of these possibilities, without having to have them pointed out to you and please realize that everything I am stating here is intended to be costructive and for the benefit of everyone who is a member. Being a professional gambler as you are, you no doubt have a far higher risk tolerance threshold than the average trader and can possibly stomach 150 pips against you in any given trade. I must confess that I couldn't stomach such a drawdown, particularly in the interest of good money management, when attempting to scalp only 25 pips in the first place. The greater risk of course is the very real danger that it is due a major reversal and does not come back in your favor.
I do believe that we have to look at the potential hazards that news releases produce, treat them seriously and come up with an answer as to how we tackle them with the Steinitz EA, as whatever system you trade, they are forever present.
johnny
Are we trying to do too much in the EA for its first release?
I don't know of any system that can't be improved, but shouldn't there be a point at which the basic system is released so all can test.
There have been many good ideas for improvement, but the bells and whistles can be added later. And perhaps better ideas for improvement can be generated after we see how it works in a live trading environment.
Just a thought.
EA filter that might help
Don,
Here is an indicator I ran across that might help filter against the EA trading into a sideways market. its very simple to use so let me know what you think.
Blue = Up price action
Red = Down price action
Gold = Sideways (no trade)
flattrend_w_macd.mq4