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Mp, question
This hedge thing can be done if you are very sure how/where the market is going and you know that the price will close both sides. It's not right thinking that i open the hedge to reduce the drawdown
OK !
Anyway my question: Let's say you open a buy position acording to your system and price goes against you. You open the hedge and wait. How much you wait until you know that it will never reverse(or will reverse but not in the near future)? Do you close both positions or let it run forever paying swap for the delight of the brokers
?.
AND/OR are you speaking of "hedging" an upside play with a short it its not yet heading for its top point, AFTER the ziggy signaled ?
First off, swap isnt even beer money imo, so of NO importance to trading --- a couple bucks at the worst when you play multi lots ?
When you are working any NORMAL hedge trade YOU ALREADY KNOW your support levels from the ziggy circles and arrows, you have your fibs up and can see where the price is going and if it reverses prior to reaching its true resistance level (and believe here, it WILL reverse before going back up !)
Second thing: let's suppose you have 2 positions in hedge and you get a signal that might close both position how are you solving the problem.
I always set a tp long before the price is anywhere near that point --- i get out by letting my tp point take me out !
Mathematicaly speaking being not right about a position has the probability m but not being right for 2 positions (hedge) has m*n. (Which is harder)
So how do you close the positions in order to avoid increasing the distance between them?
there are NO "m's" or "m*n's" on my charts so i guess that problem has never come up. above is how i get out -- based on tp points that are derived from support and resistance which we have discussed a lot !
I just tested a fiew days this thing with the hedge to see how good this works(with an EA). It worked well i almost doubled an account but i had a problem, 2 hedges that increased the distance between them a fiew times and bye bye doubleing...Each time i try to reduce the distance between them it's harder and harder....and at the end i make it bigger.
KEEP YOUR COTTIN PICKIN HANDS OFF THE HEDGES is my first suggestion !!!!!!
I can only think of three reasons for that to happen --- the first is that youre simply observing drawdown on one side and becoming afraid of it, the second one is that you are entering LATE, which does not allow the currency to play the range and probably created that drawdown, and the third idea i had was wrong, so i wont post it !
It's like a game where when i want to try doing something i automaticaly advance to the next level which is harder.
So from my point of view the biggest problem with your system is not the setup you use (indicators and so on) but the way you close the hedge after you have it opened.
My hedges are closed by having set a tp point 5 pips away from purchase price in each direction of the hedge (long and short) The tp point closes the trade for me.
If youre saying you NEVER set a tp point, I can understand youre being in a bit of a bother ---- if thats true, then you goofed !
send me some information on those trades via email and let me take a look at whats happening ---- im not fully locked in as to whether youre talking about the 5 pip hedge or the "ziggy says its going up and it did, but now its dropping" hedge ?
One more question: That account you started from 250 and is now to 1000, has the balance = 1000 or the equity? I have doubled in the balance but the equity has only 20% in profit and decreasing (later edit checked now).Equity -- i had a couple of floaters last nite, but they were shorts so they be gone ! I may or may not continue the demo as its becoming a drain on time, and ive proven i can quadruple $250 in a few days .
mp
Thanks
I've sent azmel a pm to let him know that his EA will not accept times other than
on the hour.
I also sent Azmel a pm about this:
Another good addition to the EA would be an option to close out the left-over trade at break-even after the first trade has taken profit. This will be a good option for those of us stuck with paying a 4 pip spread. This would still give us 30 pips a day.
I also sent Azmel a pm about this: Another good addition to the EA would be an option to close out the left-over trade at break-even after the first trade has taken profit. This will be a good option for those of us stuck with paying a 4 pip spread. This would still give us 30 pips a day.
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sounds silly to me fxshadow --- just get a broker that allows you one pip spread on GU and have the same fun I have !
mp
Glad to be here.
I was in another forex forum when MP showed up. He enlightened me with his knowledge so here I am. I have read through the thread once and will now read it again. I am also trying out MP hedge system. I was late tonight, but tomorrow I will be on time.
Forex is my future income. I lost my job in 1998 due to illness. As a man its hard to adjust being at home not making money and watching your wife go to work, its sickening, so forex will have to be my hero and get me back to being the bread winner in my family.
I have been studying the forex for about 7-8 months. I want to get in as soon as possible but I know the number who fail so I will wait till I am ready because I want to be successful.
Thanks for all your help.
Craig Weaver
I have been studying the forex for about 7-8 months. I want to get in as soon as possible but I know the number who fail so I will wait till I am ready because I want to be successful.
Thanks for all your help.
Craig Weaver===============================================
the next hedge will be at 9:15 pm, est for the 10:30 pm reversal -- after that will be the 12 midnite reversal, and you place the hedge at 11:15 pm, est.
try it a few hundred times and i think youll like it
mp
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the next hedge will be at 9:15 pm, est for the 10:30 pm reversal -- after that will be the 12 midnite reversal, and you place the hedge at 11:15 pm, est.
try it a few hundred times and i think youll like it
mpNot 9:45 for 10:30?
Not 9:45 for 10:30?
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AH, A BRAIN IS A TERRIBLE THING TO LOSE !
thnx for the mathematical help -- its obvious why i went into the arts and not the sciences !
Time
Mp6140 thanks for the system. Can you please list the time's we are to use.
Time to enter the trade, and time the reversal will take place. Thanks. Jatki24300
MP6140 has already listed the time on previous posts. Go back couple pages and you will see. The nice thing to list is the conversion between EST & GMT. For example, what is GMT equivalent of 11:15 a.m. EST (45 mins before Noon reversal)?
Mp6140 thanks for the system. Can you please list the time's we are to use. Time to enter the trade, and time the reversal will take place. Thanks. Jatki24300