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Thread: "Drain the banks" scalping method by TRO

  1. #31
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    Default

    Thanks for the video GF. This EA certainly does work with the very small spreads indicated but has to be tested with higher spread brokers (which 99.9% of them are) - I know I'm just repeating what's already been said here..

    But ALL of it is largely irrelevant unless somebody (by which I mean Funyoo unless someone else is volunteering.) actually codes the trading system into an EA which we can then all test on our various brokers platforms with all their different spreads... Who has the skill and time folks?

    If I'm right we already have the system and can trade it manually now so the coding seems to be the only issue here. I'm sure it wouldn't be hard for Funyoo to include various exit methods with maybe a different indicator used (possibly the BB_MacD already popular in the thread "Pattern EA". I'm sure that would be just a bit of copying and pasting..

    Anyway until an EA arrives there's not much we can do...

    I trade with FXCM (Just moved to the UK Branch to beat the hedging rule which was totally painless) There spreads right now 12:34 GMT are:
    eurusd = between 2 and 2.5
    gbpusd = approx 2.5
    eurjpy = varying but under 3

    They are a non-dealing desk broker and told me they couldn't care less whether I scalped the market or not. They have absolutely no-problem with it as they simply pass the orders on.. Very good telephone support too..

    So we're waiting....

  2. #32

    Default

    Did you write up entry and exit rules? No, you did not. I am sure everyone appreciates you posting the video but a video is not written entry and exit rules. A programmer would need that. I agree this will not work as I mentioned in my previous post. I should have just typed if someone instead of did any of you so I changed it.

    Regards,
    Jeff


    [QUOTE=Goingforward;11556]
    Last edited by AZJeff; 05-14-2009 at 14:44.

  3. #33
    Junior Member BlackWolf's Avatar
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    Default Re: Spreads

    I do know that TRO is a big advocate of ECN brokers, MBT I think is who he was recommending a while back. This is because he dispises the spreads (and manipulation of) by traditional brokers. I'm still researching ECN brokers myself so don't flame me if I'm wrong here but I believe that some of them just charge a very small per round trade commission with no spreads. I know that TRO only uses ECN brokers and this is probably why?

  4. #34

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    An Exit strategy should not be a problem.. how about a take profit of say 5 pips? Its all we need a number of times per day.

  5. #35
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    Default

    [QUOTE=AZJeff;11573]Did you write up entry and exit rules? No, you did not. I am sure everyone appreciates you posting the video but a video is not written entry and exit rules. A programmer would need that. I agree this will not work as I mentioned in my previous post. I should have just typed if someone instead of did any of you so I changed it.

    Regards,
    Jeff




    Hi Adzjeff,

    Please find the pdf file for the manual trade of this version. You'll find it it's very easy to implement it. Actually, it does profitable by this method and I trade it with my live account with TP=10 pips. I attached also the template for 1H and 15M and as well as the indicators to be used.

    In my opinion, TRO is nice guys and he help a lot to our new trader...and I still cannot understand why he was banned in the other forums..

    Cheers

    Sahars
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  6. #36
    Junior Member BlackWolf's Avatar
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    Default Drain The Banks Trade Rules

    Excellent post, sahars, thanks! Looks like you're posting Never Lose Again method but I thought this thread was for Drain The Banks EA? Either way is fine, just want to make sure we're tracking the same fish

    Also, if you reference TRO's thread on Kreslik dot com, for Drain The Banks Rev 06 (the latest version), his rules are very simple. He leaves the TP up to you but suggests 5 pips and the SL is what you are comfortable with as per your own money management rules:

    This is a simple method that, when applied properly ( and don't load up the charts with SQUIGGLY'S ), will enable you to NEVER LOSE AGAIN!

    1) Only trade if there is a 1, 2 or 3 semafor on the current or previous H1 candle. NO EXCEPTIONS.

    2) After you see the semafor on the H1 chart, look at the M15 chart for the long(light blue) and short(pink) triggers based on TRO DYNAMIC FIBS SR TRAIL indicator.

    3) When price touches the trigger you enter. DON'T THINK, JUST ACT!

    4) Only ONE TRADE PER M15 CANDLE. If price goes against you, just wait.

    5) If price went against you and makes a new dynamic sup/res level, get ready to enter at the trigger. If you can't see how this work, then DO NOT TRADE IT. I have entered up to 3 times.

    6) What's the STOP LOSS? The stop loss is your maximum allowed loss per trade based on your money management.

    7) What's the TAKE PROFIT? You take what you can. I usually take 5+ pips and leave more on the table.

    TRO is not fond of EA's and understandably so but many of us have full time jobs and, if for no other reason, EA's help a lot with testing and optimization. TRO is an amazing and generous person and I have no problem whatsoever making a small donation to him (have done so myself) for his work (and special indicators). However, just a gentle reminder to all here... TRO often updates his indicators and trade methodology. As such, don't post his indi's here. Rather, post the link to where he posts and updates them. That way, future viewers will know where to get the latest updates and TRO won't be fussin' at ya!

    Now, let's rock this EA!!!

  7. #37
    Junior Member
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    Default Work on EA Started

    All,

    I've just started work on an EA now. Hoping to make progress tonight - watch this space.

    swnke2.

  8. #38
    Junior Member BlackWolf's Avatar
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    Default Swnke2 is "Da Man"!!!

    Swnke2,

    I knew I'd get you hooked on this one, Bud - LOL! Good to see you here and glad to see you loading up the sidewinders! We're in GREAT hands now, guys

    PS> Don't forget the 4 and 5 digit capability with DTB v1.0, etc. in the Comments (but you already knew that).
    Last edited by BlackWolf; 05-14-2009 at 16:48.

  9. #39

    Default

    ok swank.. fingers crossed for you matey!

  10. #40

    Default

    Hello Sahars,

    Good to see you here. My comments about this not working is from a previous post in this thread where I mentioned to try to copy all of those trades the demo account is making to a live account. No broker will allow that on a live account.

    Regards,
    Jeff

    [QUOTE=sahars;11587]
    Quote Originally Posted by AZJeff View Post
    Did you write up entry and exit rules? No, you did not. I am sure everyone appreciates you posting the video but a video is not written entry and exit rules. A programmer would need that. I agree this will not work as I mentioned in my previous post. I should have just typed if someone instead of did any of you so I changed it.

    Regards,
    Jeff




    Hi Adzjeff,

    Please find the pdf file for the manual trade of this version. You'll find it it's very easy to implement it. Actually, it does profitable by this method and I trade it with my live account with TP=10 pips. I attached also the template for 1H and 15M and as well as the indicators to be used.

    In my opinion, TRO is nice guys and he help a lot to our new trader...and I still cannot understand why he was banned in the other forums..

    Cheers

    Sahars

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