**Steinitz** Method Revealed Here - page 88
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I for one am very thankful for Igor's opinions and views on the steinitz indicators and systems. Igor has a proven track record here and is nearly a god when it comes to his indicators and legendary programing skill. If he posts a warning light then I will pay attention. I have started to look at his trend replacement system and to me it is much much safer and he can show steady "live" profits unlike this has steintz regimen so that is the path I think I shall go.
xoxo
I hate to get into any sort of arguements (because I always give in at the end
. Regardless of the issues iGoR brougt up, we should appreciate Steinits for sharing his ideas. He firmly belives that the system is profitable based on his manual trading results. He could have kept the system to himself (or moved to the commerical section for selling the ex4 version). I don't believe people will share their systems if they are proven to be profitable, especially automated systems. In this context, I really applaud Steinits for sharing his method (if even his attempt automate it fails).
My 2 cents.
Steinitz entry rules are like random entry, without stoploss: you can win and you will finish in trouble. Stay away from it it's an illusion.
I hate to get into any sort of arguements (because I always give in at the end
The way I see it is the steinitz way to trade is wreckless and cavalier and all we have seen is trades done by him with demo money. He has not even traded this live with his own real money himself. If you study many trades he posted you will see huge terrible drawdowns and most do not have the stomach for that. it's easy to hope it comes back your way with demo ez money. And, the reason for those drawdonws and big neg. float is precisely what Igor was talking about because the HAS signals are not to be trusted anyway. If anyone wants to put their precious money into live trading with this then good luck. I'm going for Igor's trend retracement and maybe the Blessing EA. steinitz method is a sure road to the poorhouse.
xoxo
Excellent Explination
lot of discussion on mtf indicators , IGOR u are right about pointing that,
I would like to share my experience. The underlying fact is that there is a system which is flexible by the user to trade as per his own money management system if u take a trade on 5 min u get less pips and less losses and if u are right time of long trade u can continue as long as next higher frames in confirmity with u . but to confirm that though the mtf may repaint , if u switch over to next time frame in the chart that doesnot repaint and if that is confirming u , be remain on trade.
here goes the system explanation
THE RULES FOR ENTERING
Let’s take the 5M TF as our example. 1. Look at the lowest row which is the 5M TF. If the bar directly above the 5M bar is also blue you take the trade long. The best time to enter on ANY TF is just after you see an opposite colored bar on as many TF’s as possible. In this example it’s best to enter after you have seen some red bars on the lowest TF. If you saw red bars on all 4 TF’s just prior to entering long this makes for a better trade. The reason for this is you want to enter at the beginning of a new move or time cycle. If you entered on a blue/blue candles (5M/15M) just after seeing just one row of red candles on the 5M TF, it is possible and highly likely that you are not taking the beginning of a New 5M trend. Either way the entry is ok
to take. I mention this only to enlighten you as to what makes for a better entry which will produce more PIPS since you will have gotten in early.
2. Now you have entered and you are on the 5M/15M cycle. Your job now is to sit tight and do nothing until you see your first red candle on the 5M TF. Once this has occurred you will be on alert status since the trade is starting to backfill. In other words some possible profit taking has occurred. But do nothing. Two things will happen at this point forward.
2a. You will see some more red 5M bars, then as the market recovers you will get into blue bars once again or
2b. You will see more red 5M bars and then the 15M row will display it’s first red bar.
In the case of 2a you just continue watching and do nothing. In the case of 2b you wait for the close of the 15M bar and
then
switch the TF of the MT4 platform to the next higher one. In this case that would be the 15M.
If after switching TF’s to the 15M you end up with a red bar on the lowest TF (15M) and a blue bar on the 30M TF you are safe to continue the trade. Remember we are always talking about the bar directly on top of the other bar.
3. If after switching TF’s to the 15M you end up with a red bar on the lowest TF (15M) and red bar on the 30M TF you exit immediately. Remember we always perform ALL functions with a close of bar.
4. So now assume we are clear to stay in on this trade. So are job is to monitor the 15M/30M TF. Again we stay in the trade as long as the 15M stays blue. If it turns red you perform the same function as before. Do nothing if the 15M is red and the 30M is blue. If the 15M and the 30M are both red get out immediately (at the close).
5. Now this can go on for a long time. I will be attaching a trade on the forum that started with the 5M TF and continued to the 1hr/4hr. I just looked at the trade I will be posting that follows this word doc and I would still be in. Lot’s of PIPS were made by staying in and not exiting until the rules tell you to do so.
EXITS
1. I have always said that exits are the hardest part to any trading method. Not just this one but any method. The reason is it is hard to predict the beginning of a trend or the end of a trend. You can see clearly when you are somewhere in the middle.
2. I have two schools of thought that can be used mechanically. One exit is risky and one is less riskier. With risk comes the potential to adjust how much profit you are trying to achieve. I will let the reader decide how much risk/reward they feel they want to manage.
3. When I talk about risk I am referring to how much potential profit one is willing to give back as a trade off for staying in the trade longer.
4. Exit rule #1 (bigger risk)
4a Exit on ANY TF when the lowest and next higher TF both show the opposite color from the original trade. When long you would exit if the lowest TF and next higher TF both are red.
It should go without saying that you reverse whatever I am saying if you take the opposite trade direction.
5. Exit rule #2 (less riskier)
5a Exit on ANY TF when the lowest TF bar changes to an opposite color from the original trade. When long you would exit if the lowest TF bar is red ignoring the upper TF’s.
6. Keep in mind that if you exit on this less riskier method you can always get back in later after the lowest TF bar changes back to the original color based off of the original trade. I say this because you might have exited prematurely to avoid waiting too long for the riskier next higher TF bar to turn red. I will go into another technique that will have it’s own thread. It will be based on what I have touched on here.
so ,the let the mtf is an additional tool to the main indicator which should be followed , you can follow the exit rules as explained or ur way
and I follow this indicator for about 6 months and since it is trend following indicator it gives whipsaws during non-trend period but drawdown are less if u follow the exit rulesThat explanation deserves an academy award! You have obviously been paying attention unlike Igor. You are the kind of traders I want to be surrounded with since you listened to what was being taught.
How is it that you got the strategy down to a perfect "T" ? Hey maybe you are just reading the thread and NOT looking for the first chance to bash another's posting.
I am on vacation and still here trying to help my readers find their way. Go read threads from "Bluto". He is having similar issues with people on here that are ruining it for the sake of the forum. I have lost all fight for people like Igor who already assumes I am on ebay and using programmers etc etc. He is just one sour individual that wants to be in the spotlight.
Igor I suggest that you pick on somebody else. You will be ignored from now on. You are just embarrassing yourself now. These MTF's I use don't repaint. The technical term is they are unfinished until the end of that TF. Repainting is another issue that does not pertain to my HAS indicators.
Your English sucks and your need to stay off my site as you add nothing to the success of my members. Anybody who comes up with a good idea is immediately shot down from insecurity and the need to be controlling.
My members will attest to the strength of this method. EA's are still being worked by Lee as we still need to see if we can salvage the Scalping method. If Lee wants to continue the original method as mentioned above then we will.
Members be aware that individuals like Igor will turn off programmers like Lee because of the nonsense that one has to put up with. Is it worth it? So if anyone is interested in Lee continuing with the 2nd method go tell Igor to stop his bull sh-t and leave us alone.
P.S. How is it that "guptabhk1" was able to precisely explain the system so eloquently?????
TIA
Dear Steinitz,
I am not taking any sides; I strongly believe that we need each other in this site.
Trying to share your systems prove you are a kind person, and I like your dedication fighting for it.
iGoR is a very respected member in forex-tsd.com and he has helped lots of people here, he noticed something in your strategy that from his experience will make the system not profitable, he tried to explain his point of view without attaching or saying any bad words.
He might be right or wrong, but in all cases it really hurt to see your post above, I kindly ask you to change some of the words in that post. So we don’t have a fight between two respected members.
Yours
AlanHe appears to be the new sheriff in town and because I wouldn't Skype with him he blasted out a new thread. There are two sides to every story and I was minding my own business.
In short. Public appology = politicaly correct response from me.
He appears to be the new sheriff in town and because I wouldn't Skype with him he blasted out a new thread. There are two sides to every story and I was minding my own business. In short. Public appology = politicaly correct response from me.
Some people say they respect me....I shure didn't buy it...
As you say you were minding your own business....but I was trying to help some people by pointing them to some problems that were not mensioned in your rules nore in the 255 postings you already made....
The problems I mensioned are facts. They are no lies no assumptions no toughts nore are they attacks to you personally...BUT FACTS.
You are attacking me and use fawl language against me...and you would like an appology ?...
Maybe you are not a respectfull guy but you shure are funny
...
regards...iGoR
IGOR' itis
I have went through some of my personal emails and came across this one. I actually have about 9 emails regarding Igor put this one made me chuckle. I have obviously removed any thing personal to protect the innocent.
"Steinitz: Hello!
Hope every thing is fine here!
I gor is very jealous of your success. Since you many more MEMBERS (follwers) than him.
All of your members have TRADING proof that this system is rock solid one. I personally consider that, it's one of the very simple and practical system to trade. And, Iam so happy that, for me your system is working great!
Iam indeed thankful for the same!
I know Igor, for a some time.
He had done exact same thing to fx cruiser.
There was almost a verbal war between fxcruiser and him. This Igor guy is very jealous person. Now he started repeating the same story with you!
He thinks that only he is only the master of trade. Don, I think there is no point, in discussing or explaining things to him."
I am sorry folks but I felt compelled to post this private message to drive home the point how human nature reacts to success. Jealousy is a very strong human nature response. It's unfortunate that people don't like others to become successful. And by the way I do trade live as well and see that Igor uses a demo account too for testing purposes.
If anybody wishes to verify this I invite you to contact "GFT" and ask one of the reps if they store results in archive. If they do see if they can bring up my demo account for Don Steinitz. I was able to turn a 10,000.00 account into a 250,000.00 balance in two weeks. I did this with my "Original HAS" method and I didn't use any news to do so. In fact the guys at "GFT" said they have never seen an account multiply that fast without trading NFP and other news.