Who's Having Trouble Making Money?

[ezrydn]

I picked up a piece of software that has made money for me every day since I opened it. It's really simple. It automates something we could all do without it. I think most don't do it for the same reason I never did it. I didn't understand it!

I'm talking about using Stop orders. The software is Forex Auto-Scaler. I didn't understand the concept of a Stop order. Basic explanation is, a Stop sits dormant (unchargable) until price activates it.

Now, you know price is at Level A and wants to go to Level B. You simply lay a net of stop orders in it's path. The only order immediately under charge is your opening order.

When I use FAS, I decide how far price might travel on this cycle, how many trades to pack into the space along with their pip spacing. I set the add'l trades at 0.5 lots and trigger the order with 1.0 std lot.

Using 5 add'l trades w/4 pip sep, I just now grabbed $1300 off the climb of EURUSD, 15M! And I took it LATE, too!

 

[mumuy]

Very interesting, how can I get one and how much? and is it compatible with the MT4 metatrader?

 

[ezrydn]

Google it. Works great on my MT4!

 

[Rambo35]

Hmmm, might be worth to take a look although I am not a big fan of automated anything that I did not create when it comes to trading.

 

[ezrydn]

OK,

Don't use the software. Simply manually open your stop orders at precise locations. You should be able to handle that without too much effort. I do it with no effort at all. All it does is grunt work for you. It really doesn't dwell in "automatics." It's an EA but it's not an EA. It only builds your stop order field. Nothing more, nothing less.

I made more money last week scaling than I did in baskets. I tried two charts, side by side, using the same trade. First chart was a single order, like most use. The second was a scaled order. Open/close at same points. Single order generated $73. Scaled order generated $382. See the difference?

 

[Rambo35]

OK,

Don't use the software. Simply manually open your stop orders at precise locations. You should be able to handle that without too much effort. I do it with no effort at all. All it does is grunt work for you. It really doesn't dwell in "automatics." It's an EA but it's not an EA. It only builds your stop order field. Nothing more, nothing less.

I made more money last week scaling than I did in baskets. I tried two charts, side by side, using the same trade. First chart was a single order, like most use. The second was a scaled order. Open/close at same points. Single order generated $73. Scaled order generated $382. See the difference?

Yes, I get your point. I will check it out and see if and how good (or bad) it works for me.

 

[ezrydn]

Be sure to give yourself 3 or more pips of order separation. Price doesn't get so hung up that way and finds it easier to slip through.

 

[ezrydn]

How I Use It:

I open a chart along with the template I use and cycle through all the pairs (drag/drop), looking for solid scaling setups. First thing in the morning is get a basket started. Lately, they've taken all day to get sweet. Once that's in motion and running, I start the scaler cycling. If I find one or three, I'll decide how many orders to use and pull the trigger. I cycle through about every 1/2 hr. I'll end up with 6-7 throughout the day.

I'm avg. approx. a $5K+/wk using this strategy.

 

[Fxpipper]

Hmm, fine looks like an EA but not an EA, got it. But placing stop orders is not that hard, but guess there's something to the process being automated. I'll check it out later..

 

[ezrydn]

Only an EA as it automates the series of Stop orders and spacing. It does NOT trade for you. Trading is still manual.

I tried something yesterday that worked the way I expected. Here's my new strategy:

I open a 6/7 pr basket and let it run till all pairs are GREEN. Then, I open a 15M chart on my top producing pair in the basket. Add my template and decide on # of add'l trades. Pull the trigger on the new scaling chart and wait/watch til price exits order field and is moving in the clear. Rinse/repeat with next highest producer pair. I do this with my three top producing pairs in the basket.

This is NOT a "walk away" setup as things are happening quickly. But, it IS easy to stay on top of the action. Now, as to payout? I open the basket trades at 0.40 lots. I usually go with 4-5 add'l scale trades at 0.50 lots and the originating scale order is opened at 1 lot. I don't close until I see a reversal forming.

I applied this strategy Friday, yesterday, and it worked great! Three important factors

1. Scaled trades need 5 pips of separation so as to minimize bounce.
2. Basket pairs listing must ALL be GREEN and running positively.
3. Only open ONE scale trade at a time. Wait for price to totally exit the order field before starting next scale trade. Only scale the first 3 on the basket list.

When it all works, you'll be stareing at a Money Pump!

 

[Marc]

Great to see your having success with that strategy. I employ a similar sort of thing, however mine is more dependent on the fundamentals of the market.

 

[Master Forex IB]

Every one had difficulty in making money . Forex is not easy way of earning where youwill get profit just by clicking on open or close. Here you need lot of hard work ,knowledge amd risk management techniques which will enable you to do goof trading for making profits.

 

[ezrydn]

If you think so, so it shall be.

 

[ituglobal]

Would you also let us know when you lose occasionally on this?

 

[ezrydn]

Sure, but don't expect a lot of notifications. You see, I have another method I use there. When I initially open a basket, I open at 0.01 lots to establish if there's a run or not. If there IS a run going on, I close that basket and reopen it at 0.4 lots.

Once it's ALL GREEN, then and only then, do I start building the scaler fields for my top three basket pairs. So, as you can see, movement is well established before there's any losing going on. My "get out" is my first impression of a reversal.

People like to get on me for playing "what if" but if applied properly, you can build a non-losing trade, as I've done here. While baskets can be a fast mover, most of the time, you have time to prepare things.

The day I tested this concept, I ended the day with $10.5K. Then, I noticed, since I was testing, I was still in DEMO!