I'm just doing the weekly on the GBP/USD for simplicity sake. I'm currently around -30 overall with two stop outs. This is using the original system. I've decided to concentrate on my trading psychology and let the system take care of itself and ...

Part Time Wealth Building Trading System - Weekly Scalping

I got in long on this one before it broke the previous day high. It was nice to see this one bust through. I believe the MACD supported this trade, too. Very nice. Thanks for the help guys.

james16 Chart Thread

Good point. I missed that one. Hopefully it will bust through.

james16 Chart Thread

I'm sure most of you have seen, but for those that haven't there is a double-low, high close forming on the EUR/USD daily.

james16 Chart Thread

Just for clarification, according to the money management posted are we to divide the lots posted by 2 to trade the weekly and daily in tandem, or do we place the same number of lots listed to each trade? Thanks...

Part Time Wealth Building Trading System - Weekly Scalping

Both methods are good. tkimble is using both at the same time on the same currency to provide a hedge. It comes down to how much time you have to monitor more than one system. The weekly is more of a relaxed method as you get toward the end of the ...

Part Time Wealth Building Trading System - Daily Scalping

I'd also like to see how the testing worked out for the rest of that year. The second half of 2005 trended quite a bit. It looks like there was a +500 pip week in June.

Part Time Wealth Building Trading System - Weekly Scalping

20 consecutive stop outs is a little discouraging if the testing was correct.

Part Time Wealth Building Trading System - Weekly Scalping

Yes, this system tests your discipline to wait for the chunks, and they will come. If they didn't, our weekly charts would be nothing but a set of sideways running dojis. That won't and can't happen. The question is, do I have the patience, ...

Part Time Wealth Building Trading System - Weekly Scalping

Very true. Bad weeks like this don't last forever. The profit is now on its way. The Pound does not behave like this forever, and if it did we would all change the system completely and cash in with it. We will all be rewarded for patience.

Part Time Wealth Building Trading System - Weekly Scalping

I'm not sure how the risk/reward ratio is high. According to the money management you are not losing more than 1.8% of your account balance on any particular stop loss according to the original rules. This can also be reduced for the faint of heart. ...

Part Time Wealth Building Trading System - Weekly Scalping

The only problem with taking pips off the table is that you never realize the full benefit of a 300-400 pip run with full lots if you are busy taking partials. Letting it ride is where your losses are really made up. It's more of a mind game than ...

Part Time Wealth Building Trading System - Weekly Scalping

My long buy was back in at 9644. Still using the 50 pip spread after the initial entry.

Part Time Wealth Building Trading System - Weekly Scalping

Thanks for the info, Ut2! That helps!

Part Time Wealth Building Trading System - Weekly Scalping

No, I haven't had a chance to back test. I am not really good at it, and I have a hard time finding the time. If there are any computer savvy people out there that could do it with code it would be fantastic!

Part Time Wealth Building Trading System - Weekly Scalping

By the way, I'm not trying to change the system. I love the simplicity. I was just throwing it out there as an observation. I don't like when systems get hacked up so much that we lose the original efficiency of it. In this case, though, I'm not ...

Part Time Wealth Building Trading System - Weekly Scalping

ForexDude, what I did this week was follow the system as normal and waited through the slow part of the week (Monday), but acted as though I was taking the trades. Once we hit the first stop out, I placed the limit orders as if I took the hit on ...

Part Time Wealth Building Trading System - Weekly Scalping

Cool. I have heard about this method, but haven't looked into it as I get trade paralysis when I have too many systems floating around in my head. The tkimble method really suits my lifestyle, so I am going to stick with it. Thanks, honda.

Part Time Wealth Building Trading System - Weekly Scalping

I waived the Monday trade, so I am up about 100 pips on the weekly so far. I may paper trade a Tuesday to Tuesday week to see if I can miss a lot of the stop outs that happen on slow and ranging Mondays.

Part Time Wealth Building Trading System - Weekly Scalping

I had idea saturation. That's why I am doing nothing but the original method. It works, and that's all I need to know. If I try to use too much discretion I will always be doubting what I did, especially on losing trades.

Part Time Wealth Building Trading System - Weekly Scalping