2009.04.15 DRAIN THE BANKS - REV 006

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626mx
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Postby 626mx » Sun Apr 19, 2009 4:59 pm

Avery, do you recommend tightening up the trigger spread ever or always leave that at 5? I switched brokers and have a tighter spread so I wasnt sure If I could get away with that or if that would just lead to more false signals. Thanks for you time. Todd

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TheGabriel
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Spread for Drain the Banks

Postby TheGabriel » Sun Apr 19, 2009 5:04 pm

What's your broker? I use FxPro, they have tight spreads (1.6 or under for EUR/USD, USD/JPY and usually 3-4 for Eur/CHF). I would leave the settings at 5 pips, FxPro and others have variable spreads and you might find higher spreads sometime.

For scalping, FxPro is doing good for me (no quotes error and good execution), probably Alpari (this what i've listened) is very good too for spreads.

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noone22
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Re: Spread for Drain the Banks

Postby noone22 » Sun Apr 19, 2009 11:54 pm

TheGabriel wrote:probably Alpari (this what i've listened) is very good too for spreads


One known problem with Alpari (and many other MT4 brokers)
is limitation on pending limit orders' price: your limit price must be
3-5-10-20 pips away (broker-dependand) from current market price.

For example, for quick scalp entry within 1-10 pips from current price
you maybe not even able to enter limit order at 1.330,
if current price is 1.300 - try and see for yourself.

Image

You can enter at market price, of course - but entering at market
with 1.5 pips spread broker - could be virtually 1-2 pips worse
(1pip spread difference + 0.5pip slippage),
as compared with ECN MBT - where EURUSD spread could be
as low, as 0.5 pips and no much slippage on limit order

MBT MT4 hasn't this limitation (it seems to be the only one
with 0 allowed difference between prices),
but you cannot trade for real money from their MT4 yet.
Last edited by noone22 on Mon Apr 20, 2009 2:51 am, edited 1 time in total.

dhelmin
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Drain the Banks for TradeStation

Postby dhelmin » Mon Apr 20, 2009 12:35 am

HI:

Is there a way to use this on TradeStation? I checked the TS motherlode and downloads and didn't see anything.

Thanks!

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rowdy
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Re: Spread for Drain the Banks

Postby rowdy » Mon Apr 20, 2009 12:42 am

noone22 wrote:
TheGabriel wrote:probably Alpari (this what i've listened) is very good too for spreads


One known problem with Alpari (and many other MT4 brokers)
is limitation on pending limit orders' price: your limit price must be
3-5-10-20 pips away (broker-dependand) from current market price.

For example, for quick scalp entry within 1-10 pips from current price
you maybe not even able to enter limit order at 1.330,
if current price is 1.300.

You can enter at market price, of course - but entering at market
with 1.5 pips spread broker - could be virtually 1-2 pips worse
(1pip spread difference + 0.5pip slippage),
as compared with ECN MBT - where EURUSD spread could be
as low, as 0.5 pips and no much slippage on limit order

MBT MT4 hasn't this limitation (it seems to be the only one
with 0 allowed difference between prices),
but you cannot trade for real money from their MT4 yet.


Wow, I was not aware of this. Of course I am still on the Demo Account.
Does anyone know when MBT is going to allow trading with real money?

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rowdy
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Re: Drain the Banks for TradeStation

Postby rowdy » Mon Apr 20, 2009 12:45 am

dhelmin wrote:HI:

Is there a way to use this on TradeStation? I checked the TS motherlode and downloads and didn't see anything.

Thanks!


Avery doesnt code much TS anymore. You wouldnt find it in the motherloads. If you want to join the party, you will probably need to add Metatrader 4 and learn mql4. I am a tradestation user and know a little easylanguage. mql4 is not that difficult.

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Postby dhelmin » Mon Apr 20, 2009 2:08 am

Thanks Rowdy. I downloaded MetaTrader and got the template loaded but its showing M15 EURUSD on a USDJPY chart. I can't figure out how to get all the indicators loaded and get this running properly. Do you know of a place that has info on how to get this set up?

Thanks again!

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noone22
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Re: Spread for Drain the Banks

Postby noone22 » Mon Apr 20, 2009 2:43 am

rowdy wrote:Does anyone know when MBT is going to allow trading with real money?


Exact date of MBT MT4 going live is not known yet, there speculation - it
could happen by the end of this year.

I won't trade real via their MT4 for 2 reasons:
1) Their demo MT4 platform is quite buggy and I won't expect real one
to be perfect (in first year - at least)
2) Trading via MT4 has its own limitations

So I'm watching the charts/indicators via MBT MT4
(exact flavour of MT4 doesn't make much difference then -
I have 2 others running: Alpari, InterbankFX)
and placing the trades via MBT Navigator.

By the way, TRO himself is using Alpari MT4 for charts/indicators
and MBT Navigator for Forex trades -
why not learn from the best.

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TheRumpledOne
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Postby TheRumpledOne » Mon Apr 20, 2009 3:29 am

taomql4 wrote:
pwd wrote:Tks a lot for the dummies like me !

Just tried and got 5 pips on usdjpy just by waiting ok to buy !!!

Is it the signal I have to wait to trade ?

If yes, have you an indicators showing a popup for pairs with clear signal (ok to buy or ok to short)

Regards,



Sorry--am new to the forum--when you talk about the trigger levels -are you refering to the dyn support and resistance levels--cause there are a lot of lines on the chart(lol)--gets confusing sometimes--maybe a chart example would simplify it----this is to anyone in the forum




thanks


The trigger prices are right on the chart in the upper left hand corner. They are COLOR CODED.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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TheRumpledOne
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Postby TheRumpledOne » Mon Apr 20, 2009 3:30 am

626mx wrote:Avery, do you recommend tightening up the trigger spread ever or always leave that at 5? I switched brokers and have a tighter spread so I wasnt sure If I could get away with that or if that would just lead to more false signals. Thanks for you time. Todd


I either use 5 or 10 depending on market conditions.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

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