Smart Scalper

[Nick]

Hey guys,

There has been a bit of demand from our members for Vijay's (aka Smart Trader) new strategy.

http://www.myfxbook.com/members/vija...scalper/778400

I've started this thread so that Vijay can give us more information on how it works.

We're currently looking at releasing it early for a handful of members.

[SmartTrader]

Update 27/07/2015

1. Maximum DD expected 20-25%, 25% being the final one to close all the trades and accept loss
2. It may take 2 to 3 months to recover the loss, if you look at the way scalper is performing
3. Gaps between the trades is dynamic as it is already and no change in it.

Update : 23-09-2014:

1. Reduced the risk by 11%. So lots sizes will be little smaller than they used to be.
2. Instead of taking each trade at every 30 pips, the EA will now take 2nd trade at 30 pips, 3rd at 40 and 4th at 50 pips away from the previous trade.
3. Automated EA will take a maximum of 4 trades. After this EA will not take any new trades, and i will be managing the trades myself. So at the opening of the 4th trade we will be 120 pips away from the first trade and at 11% DD. From here i will be managing the trades manually. There is 20% more room for me to show my abilities to close the trades at Break even or book losses if necessary. It entirely depends on my decision. i will look to close the trade below 35% and will not exceed this DD limit at all. i will run the EA for closing the trades at 35% DD limit, so trades will be closed even if i am not watching the trades.
4. EA will not trade extremely volatile pairs. For example if you see GBPAUD, has been moving about 600-800 pips in few days. The range is enormous. i have added a filter not to trade this kind of pairs till the volatility comes down. The reason i did is this because, when the trend changes we may not get any chance to close at Break even which is what happened with respect to GBPAUD.
5. I will manually disable the EA during the high impact news and also try to avoid taking trades on Friday evening if we are not already in the market.

System maintains the same type of trading and try to reduces the DD and more room for manual action. With this we should do well. My first aim is to go beyond our previous water mark high and i am confident of that.


Hi Everyone, couple of things i need to talk about

About the system :

This is a scalping system. Again trend following, never against the the current trend. I have sat with the charts for a lot of time analyzing them where to enter and where to exit and i feel i found the correct positions. I have traded this manually for a couple of weeks and then i coded the EA for it. Now its completely automated, from choosing the currency pair to switching to the trends and changing the trade directions - buy to sell, sell to buy. i have noticed the EA trading long (EURNZD) for a couple of days and smoothly transitioned to short(EURNZD) without any problems. Now it swtiched back to longs. It made profits in all these phases. There are only two indicators in this system. I wanted it to be simple.

1. Which identifies the trend
2. Which places the trades.

first one is custom made, second one is an existing one(i dont want to reveal ). Everyone would have traded with the second indicator. i have modified a little bit to suit my needs.

How it trades :

System finds an entry point, which it feels is the correct one. TP is always at 20 pips at the moment. When the trade goes against the trend, there will be another trade at -30 pip level, for this trade also we have the TP at 20 pips

again, some ppl have this question in their mind. Do you keep on entering new trades at every -30 level. The answer is NO. Usually the SL is around 100 pips or less. so we get max of 3 to 4 trades, after that we accept we are wrong and we exit.

So how much is the loss?

By exiting at the initial SL level, we will be losing 30% of the account for one currency pair. we ll trading a max of 1, so we are risking a max of 30%.

With this i am hoping i have explained it well, if anyone needs any other information, please ask me.

One advise to followers, if anyone wants to run this system at more than 1x risk, Please do not do that without asking me.

I am reserving the next post for a FAQ page. wants to cover the basic questions over there..

Ok guys, good luck, i will strive to keep up the confidence that Nick and others have on me.

Good luck to all of us.

[SmartTrader]

FAQ

1. What is the minimum amount required for this account?

200$ or little more than that. Because of MM fixed at 30% per currency we need this amount. Though it can run on 100$, i do not encourage it.

2. What is the risk parameter you suggest?

Well, if you are running this signal on an account which does not get any other signals, i suggest you to go with 1x (*conditions apply), yes, you need to set risk according to the leverage you got.

Leverage based risk settings.

If you have a leverage 100 or below, pls do not go beyong 0.5x.

If your risk is 200, you can take a risk at 0.75x

anything above 200, you can go with 1x risk.

3. What do you suggest if i am following more than one signal provider?

Say you have 5k account and you are following 3 SPs here. In that 5k, how much you want to trade with this system? say its 500. so that 10% of your original amount, so follow the system at 0.1x risk. I encourage the risk in % terms not in absolute lot copy method. Again its your preference.

4. Is it US Compliant?

Yes.
But please follow at 0.5x or less as US compatible accounts have 1:50 leverage

[Nick]

Thanks Vijay,

I would like to just clarify the maximum drawdown on a basket of trades.

You talk about a maximum of 3-4 trades, but then mention that there is a maximum 2 trades for a 20% loss.

Can you please clarify?

[SmartTrader]

Thanks Vijay,

I would like to just clarify the maximum drawdown on a basket of trades.

You talk about a maximum of 3-4 trades, but then mention that there is a maximum 2 trades for a 20% loss.

Can you please clarify?

Nick, that not 2 trades but 2 currency pairs. A max loss of 20% on 2 currecy pairs basket of trades. One currency pair basket, max loss of 10%. Two currency pair trades max loss of 20%. On one currency pair we may have 3-4 trades. So on two there will be a max of 6-8 trades altogether. Hope it clarifies.

[benjim]

Hey,

I'd love to trial this signal - so lemme know if possible

Benji

[Cartmanizm]

I'm obviously going to request first access to this system

[recint]

sign me up !

[recint]

doesnt look like SS is coming back. This will be a much better replacement...maybe we can recoup losses.

[Okda]

doesnt look like SS is coming back. This will be a much better replacement

Same thoughts here

We demand the free trial asap :-P

[Imran222]

Hi Vijay, Nicks !

Sounds interesting enough

One thing we need to know how long your average trades and please make sure that once it over your target average time and will not hit some major occassions / big news that are coming. I think this should be considered especially we've learned from last events ...

I personally don't mind you cut loss in some needed situations rather than hoping and continue again.

Next week start ?

[SmartTrader]

Hi Vijay, Nicks !

Sounds interesting enough

One thing we need to know how long your average trades and please make sure that once it over your target average time and will not hit some major occassions / big news that are coming. I think this should be considered especially we've learned from last events ...

I personally don't mind you cut loss in some needed situations rather than hoping and continue again.

Next week start ?

Imran, i guess you are asking about the average trade time. You can check this in the myfxbook link. It might be there for few hours. Yes, imran, i am always ok to accept losses at certain level. No trading method can stay for long if it doesnt want to accept losses. Thats why we have SL. News or no news, we ll get out at 10% for that currency pair. And yes during the major news releases, i might stop the trading till the news is over, or close the trades before the news release if the trades are already opened.

Nick will send out a mail, on when, how and what

[jmcrae]

Sign me up please!
Tired of losing $$$.

[robertfx]

nick,
please be sure to send an email with details about how, when, how much, free trial, etc. never got the one for ss special offer but just as well since i decided to take a pass on SS for obvious reasons.
thanks, rfx

[robertfx]

hi vijay,
will this be US compliant on an account w/good spreads & low commissions?
please advise. thanks, rfx