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Hi LilKeny
Well, No ! What you are showing me looks strange !
the
Fib_Period setting
of 240
that i was talking about in my reply to Ike, is a setting
for the
AutoFibo Trading Zones_1
indicator
if you read slowly and carefully you will see that i clearly mentioned for WHICH indicator this setting was meant
i note that you are showing me a picture of you setting the Fib_period for another indicator called
AutoFibonacci !!
but i really think that Traders should learn to be a little more flexible and fluid, and this applies to ALL other traders too.
do Not be TOO RIGID by assuming that there are PERFECT CORRECT SETTINGS and TOTALLY IN-CORRECT/WRONG settings. settings are RELATIVELY-correct and RELATIVELY-incorrect, but they are NOT usually absolutely/PERFECTLY-correct or absolutely/PERFECTLY-INcorrect !
i do understand that this strategy in its basic form was tested by Mohd Ridzuan with SPECIFIC settings, but Mohd Ridzuan did WARN us all in the beginning that there are some things that may need to be IMPROVED in this strategy, rather than trying to apply the strategy "verbatim" in an exact monkey-see=>monkey-do style !!!
ONE of the VERY first problems that many traders encountered with this strategy, was the issue of DRAWDOWN which many people witnessed through a GBPAUD trade that went so DEEEEEP in the red that I suspect a LOTTT of traders completely GAVE UP on this strategy and many were TURNED-OFF by this strategy after witnessing that situation (Drawdown problem)
when traders asked Mohd about HOW he manages this DRAWDOWN problem, his reply was that he SIMPLY does Not care about it, in fact he OPENS MORE NEW positions/trades while he is LOSING !!! of course this was a response that MOST traders did NOT find easy to swallow ! Other people asked Mohd about whether he uses a STOP LOSS, and guess what . . . ? his reply again was that he does **NOT** use ANY stop loss whatsoever !!! this again was a response that became VERY DIFFICULT for most traders to swallow and accept as PART of this strategy, LOL.
several traders then came up with ideas and filter-indicators to DEAL with this CLEAR and SERIOUS problem of DRAWDOWN ! this is what led to me later joining this thread to release my contribution of a WIDE choice of over 12 filter-indicators. With my wide CHOICE of filter-indicators, i do NOT *dictate* that a CERTAIN filter-indicator is THE BEST or is THE ONLY ONE that is correct and that MUST therefore be used by ALL traders !!! i can NEVER use such a STYLE of advice (dictation of RIGID rules!!), because i KNOW that there is a BIG FUNDAMENTAL PROBLEM with such a style of advice (dictation of RIGID/UN-changeable rules!!)
i want to allow each trader to have the FLEXIBILITY to choose his OWN favourite filter-indicator, because if we ALL try to apply the strategy in a monkey-see=>monkey-do style this will bring us another BIG FUNDAMENTAL problem, the problem will now be that ONE trader (Mohd Ridzuan) has a STARTING BALANCE of $2 000 or even $5 000, but YOU out there in another part of the world, you do NOT have that kind of Capital/money in your account !!!! therefore when Mohd Ridzuan does NOT have/see a problem with a BIG DRAWDOWN and he can EASILY absorb a drawdown of -200 pips on his $5 000 account and he does NOT even have a STOP LOSS . . . for YOU with your MUCH smaller $500 ACCOUNT . . . if you DO EXACTLY what Mohd is DOING, your ENTIRE $500 account will UNFORTUATELY be EASILY BLOWN !!!
so when you are trying to apply this strategy "verbatim" in a monkey-see=>monkey-do style whereby you COPY the EXACT THINGS that Mohd Ridzuan was doing **WITHOUT** asking yourself whether YOU CAN FIT in his shoes, it can have DEVASTATING consequences/results FOR YOU !!!
This is a FUNDAMENTAL PROBLEM of traders being too RIGID and having NO FLEXIBILITY in their approach.
The correct and wise thing is to APPLY the same BASIC technique/strategy . . . BUTTTTT instead of doing it "verbatim" in a monkey-see=>monkey-do style (blindfolded COPY-PASTE), you HAVE TO SERIOUSLY CONSIDER to ALTER/change some aspects of the technique/strategy in order to make the strategy to FIT YOUR personal situation BETTER (like a glove).
if you try to be Robotic/Mechanical/Rigid and you apply No flexibility in your adoption of this strategy and you keep thinking that if you just COPY the RIGHT/CORRECT/EXACT-same SETTINGS you are FINE, you might be SHOCKED that it can have DEVASTATING results **ONLY FOR YOU** while it continues to WORK PERFECTLY for Mohd Ridzuan, BP2000, Sticky7 and even for Me.
the REASON this happens is because you tried to apply/COPY settings in a RIGID way while those settings were SPECIFICALLY OPTIMIZED for the PERSONAL SITUATION of Mr. Mohd Ridzuan and you end up SUFFERING due to the fact that **YOUR PERSONAL situation** (Account Balance, Broker, Leverage, etc) is NOT EXACT same size as Mohd Ridzuan's situation !!!
I know that this is a Loooooooong story and that you simply wanted to ask/know whether a SETTING is **RIGHT** or **WRONG**, but there is a VERY IMPORTANT REASON why Stick7 replied to Harry Sudarta by saying that it is a Loooooong story whyyyy he (Sticky7) did NOT worry about considering the EXACT-Same 10 000% margin level. And i feel that it may be TIME for us to start slowly disclosing this Loooooong story to ALL of you over the next couple of posts because MORE and MORE questions are going to come whereby people are asking WHYYYY we seem to have **CHANGED** some things in the strategy while Mohd Ridzuan did NOT use ANY such "changed/new settings"
i hope my DETAILED answer will serve to answer MANY future READERS who will arrive here with this SAME enquiry/thought over the next couple of weeks
God Bless
