In search of minimum wage

[hayseed]

without a doubt, the thing about forex which appeals to me most is we are all paid the same..... it's a level playing field..... no matter where we live......

without a doubt, the same can not be said of minimum wage..... it's an unlevel playing field..... and matter's where we live......

minimum wage here is 7.25 ...... just a few miles north it's 11 bucks...... in the states it ranges from 7.25 to almost double that.....

same can be said for countries..... it matters.....
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so, let me base this here...... after taxes, 7.25 per hour on a 8 hour day would be about 50$...... a convenient number..... 250$ a week, roughly 1000$ a month..... all easy math numbers.....

1000 would be 1% of 10,000..... more easy math numbers.....

2 mini lots and 25 eurusd pips pays 50$..... easy math..... as is audusd or nzduzd......

and there is were the easy part ends.....or at least for me it does......
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my seemingly simple goal will be to roughly average our minimum wage here.....

i'll use the signal scanners posted somewhere on this site like the psar, bbands stops and such...... rarely trading against the trend.....

my lot size will be larger than normal but probably never more than 2 mini lots..... the lot sizes will vary due to oanda's rule of not allowing same sized trades to have profit targets and/or stoplosses ...... so there might be a 0.1 trade along with a 0.11 trade..... different trade sizes are allowed targets with oanda......

admit upfront, depending on where you live 50$ a day might seem a minor amount...... but again, depending on where you live it might be anything but.....h
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[hayseed]

first week update...... do not , everyone thats been around awhile will agree with me, do not read anything into 1 weeks results.....

or 2 weeks for that matter......h
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[hayseed]

second week update...... do not , everyone thats been around awhile will agree with me, do not read anything into 2 weeks results.....

or 3 weeks for that matter......h
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[TradeChaser]

Hayseed, Would you mind sharing your entry scheme? You mentioned larger trade size, perhaps a mini lot. Average $8.37 leads me to assume about 8pips average winner.

Largest profit is $72. This leads me to believe 72 pips. But knowing your previous trade explorers, I don't assume you have a single trade going 72 pips. Perhaps 4 trades that averaged 18 pips each? Of course, this would make your trade size .4... Not your usual size.

perhaps you are entering on every bar that is going with the signal until the said signal has extended beyond it's average length...

Just trying to think like you.

 

[hayseed]

Just trying to think like you.

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hey tc...... thinkin like me might be hazardous to your wealth and health......

you are correct, this is different than previous trade explorers..... entrys are based on a blend of 3 or 4 ideas and kinda changing daily/weekly....

(1)..... in a sense, i'm applying the old fahrenheit 451 concept in both directions....... such as, if the higher time frames trends are determined to be up, when the angle approaches +50 or -50 on the lower timeframes it buys..... if the higher time frames trends are determined to be down, when the angle approaches +50 or -50 on the lower timeframes it sells..... used the '50' value as example only.......

that might sound funny till you think about it a bit......

(2)..... in addition to that above, i'm applying another ea, 'physics'...... basically it uses newton's first law "objects in motion tend to stay in motion".....

the idea is if the price breaks the psar it might continue, for some unknown amount...... same for bbands stop...... and other lines in the sand type indicators......

(3)..... last is the what follows a red 14 concept...... if the alma, jjma, jfatl all have a red 2 count, what might follow......

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the lot sizes are all over the board because of oanda ....... current average pips per trade is 18...... average profit per trade should slowly fall to our minimum wage, 7.25...... at which point it should begin to slowly rise......

or it will go 'poof'.......h

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//---- break down of profit by lot size

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[TradeChaser]

With regard to the ‘physics’… I have not heard of this. I understand that the break of an Indy could signal a new trade opp for some amount of time, but I suppose I would need to look more into this to grasp exactly what you are getting at.

As far as the red 14, I am all to familiar, although still learning and still coding.

The execution scheme is escaping me, however, because your crushing minimum wage and have me contemplating quitting my job lol.

 

[hayseed]

, however, because your crushing minimum wage and have me contemplating quitting my job lol.

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don't quit your job till your making enough monthly in forex to make enivid a cash offer for his web site...... one that he would not refuse.....

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think about the zigzag..... it's known for redrawing, aka, repainting....... how can we use that repainting to our favor.....

the chart below has arrows for each zigzags last direction for each pair, 5 minute to week tf's, unless the zigzag is on the 0 bar..... in that case its a circle thingy.....

how can we use direction to our favor.......h
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[TradeChaser]

Well considering it will repaint as a leg continues in a primary direction, I suppose you can use it to find instances like GBPCHF. Looks like the intermediate trend could possibly re-align with the weekly/Daily.

If I am missing your point, I’d love to learn more!

Even so, I suppose what I am missing is the scalp moves. I know you aren’t in the 2 minute scalp game. But for all intents and purposes, it stands to reason that your targets are relatively small.

I think the mental gap I have is using those small targets with reference to say, a weekly ZZ.

 

[hayseed]

Looks like the intermediate trend could possibly re-align with the weekly/Daily

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or, the daily might re-align with the weekly.......h

 

[hayseed]

I think the mental gap I have is using those small targets with reference to say, a weekly ZZ.

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many small targets under the protection of the higher trend...... grains of sand add up......


think in terms of a zigzag, a saw and a ax...... the ax has one big tooth like the weekly zigzag...... the saw has many small ones, like the lower tf's zigzags...... the smaller the teeth, the more teeth per inch the smoother the cut......

imagine how many 240 minute zigzag teeth their are in a single weekly zigzag tooth..... how 60 minute teeth..... 30 minute..... 15.....

what is the average length in both time and pips of each timeframes zigzag legs......

once the higher timeframe trend is determined, if it can be, buying or selling those lower timeframe teeth seems to work.....

once you know the averages of each timeframes zigzag, both in time and pips, you can estimate your future entrys and exits.....

what are your thoughts on the eurcad using nothing but the zigzag.......h
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[TradeChaser]

My gut tells me that EURCAD is retracing upwards (small tf) in a largely downward trend. This would then have me primed for sell triggers (or perhaps have pending sells already placed)?

How close am I?

I appreciate the comment about the many small targets. I also agree that scalping, or at least "risking more" than you try to win is the long term method that will bring the most success down the road.

I suppose what I am also having trouble grasping is that your success (not only in this trader, but others) would show such a calculated strategy. On the surface, however, it seems you are whimsical with your triggers. Between ZZ teeth and bar counts, indy bar counts, the Fahrenheit angles... They seem redundant in that you can go from high to medium to lower timeframes. I suppose their redundancy is throwing me for a loop.

If I could put my confusion into a metaphor (I know you are into woodworking!):

You plan to cut wood. Your small targets are like cutting down lengths of 1x2. Your tools (indicators) are a 10" miter, 12" Miter, and a good old Milwaukee 10-1/4".

My confusion: your indicators and counts all seem to serve the same purpose, and surely you cannot use the two saws at once!

Do you have a method to which indicators you will go for, or do you more or less just take the signals as they come, and go with your gut? Of course, I understand the indicator bar counts are being taken into consideration as well. My questions is more about the trigger itself, as since this explorer started, this is the first that ZZ came up.

 

[hayseed]

I suppose what I am also having trouble grasping is that your success (not only in this trader, but others) would show such a calculated strategy. On the surface, however, it seems you are whimsical with your triggers.

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more whimsical than you would ever believe.....

the actual entry signal is almost immaterial to me.....

imagine you were planting beans this month....... does it really matter which week you plant..... or matter which day..... or which hour...... or minute...... second......

all that really matters is the temperatures trend is above some level and it's average is rising..... the seeds actual entry time is almost immaterial..... planting might appear whimsical..... and probably is......

look at the chart below...... on 1/10/2021 the weekly trend changed to down...... would it really matter which signal you used..... yes, but only slightly......

as example of 'slightly', we often see selling the low as a bad thing and selling the high as a good thing...... but is it really......

with the exception of 7, you could have sold every single low on every single timeframe, remember that's thought to be bad things...... any idea of what that win/loss ratio would be....... how about the accounts balance today......

the actual entry signal is almost immaterial to me..... just give me a thermometer......h
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[TradeChaser]

This is incredible insights... So for your Minimum Wage Explorer... Are you dividing the average length by two and preparing to exit? Or are you setting your targets in some other fashion?

 

[hayseed]

Or are you setting your targets in some other fashion?

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i started out between 30 to 50 pips for no particular reason that i can remember...... i've lowered it considerably to where now its between 10 and 20 pips...... no trailing stop of any kind..... every trade has closed at it's profit target but one.... i must have closed it early by mistake or something.....

good chance i'll up both the trade size and profit target next week .....

some pairs deserve a higher targets..... i'd like to to have 5 mini lots short on the audcad for 100 pips right now...... but i don't in this account..... maybe next week....

providing the account is still standing .....h

 

[hayseed]

My gut tells me that EURCAD is retracing upwards (small tf) in a largely downward trend. This would then have me primed for sell triggers (or perhaps have pending sells already placed)?

How close am I?


Do you have a method to which indicators you will go for, or do you more or less just take the signals as they come, and go with your gut? Of course, I understand the indicator bar counts are being taken into consideration as well. My questions is more about the trigger itself, as since this explorer started, this is the first that ZZ came up.

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anytime i use my gut in trading i end up with a belly ache...... or using my head ends up with a head ache.......

so out of self preservation, i learned to code.....

just did a search for 'zigzag' using metaeditor's find in files function, it returned over 18,000 occurrences found..... in comparison, macd had less than 1500 and alma had 2300.....

zigzag is pretty high on my go to list.....


do you have any plans on the eurcad now or in the near future...... say over next 6 days......

or, speaking of zigzag,...... audusd...... nzdusd...... are you watching the daily counts...... what follows a red 1......h
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[hayseed]

Are you dividing the average length by two and preparing to exit? Or are you setting your targets in some other fashion?

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for me, the targets must match the signals timeframe..... this is a different live account comparable to the ones you mentioned before..... fewer trades ...... larger targets...... nothing like the minimum wage deal.....

is one way better than the other...... i have no idea....... in the long run, they both will likely be close......h
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[HeavenLeighGill]

I think it's interesting how you're comparing trading results and minimum wage. I think that in many places, where minimum wage is $7.25, it really isn't enough to cover the cost of living but for a stay at home trader it may come out to be enough and you also save on things like gas or eating out for lunch. In the working world, you'd need degrees and to go into debt here in the US just to be able to get a decent paying job, unless you go for a trade, so I love how forex traders can come from nothing and still reach the top.

 

[TradeChaser]

To be very honest, while I think minimum wage can cover a lot more than most people think. For example, if you’re living in rural Iowa or Connecticut… minimum wage is 7.25. So you best live within your means. A trade school also will often be completely free, and lead to 6 figures before most people get through a 4 year degree. But I also agree that Forex is quite an equalizer for the entire world!

 

[hayseed]

its one of those things i think about alot even though it in no way has ever even remotely applied to me..... still, it enters my mind almost daily.....

i wrote a expert advisor once that calculated it's targets in things like aluminum cans, cokes, hamburgers, bean burritos and such..... that might sound odd but it was actually quite interesting...... put common costs vs common income in perspective......

just bought lunch for a friend and me at wendys..... 20$..... you know how many aluminum cans you would have to pick up for that..... most of us have seen people walking down the road picking up cans......

think about the people in the world with less than 100$ forex accounts..... how long would it take for a 0.01 trade to pay for that meal......

the world can only support a certain number of full time forex traders and those positions are hard to come by...... most of us will have to except forex as part time side line gig.....

at best.......h

 

[hayseed]

third week update......
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bad news first......

typical..... 2 minutes before fridays session end..... still not sure exactly how or what i clicked but the second i heard 'click' i knew it was not a good sound......

eurchf, -3.71 loss ..... what a gomer......

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good news last......

start cuttin 2x4's next week..... need about 200...... should take a day......h

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