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Hi!

I used a system similar to this one once, and the outcome was not that good. Maybie it was me, I don't know, but I was not satisfeid with it.

The thing is, you must have an account that is deep (That is ok, here or at least trade a small part of it) but then you should not stop trading after a 10 pip profit. For example, if you have a trend "north" in any given day, it can run up 50 or more pips. You are loosing the chance to win more (five times or at least two or three), and acumulate some profits to cover your future losses (if they happen, of course).

On the other hand, if the market goes against you, waiting for the SL to be hit, is not a nice ideia to me. Either you close the trade ( 50, 60, 70 pips) or enter another one in the direction of the trend. Or do both.....You'll win at least 10 pips, while you are loosing from your first (now loosing) trade.


Just my thoughts on this tempting strategy.

Best regards,
Hatzerim
"Success is walking from failure to failure with no loss of enthusiasm."
Are you using this price action indicator to confirm your trade before you enter?
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Quoting Hatzerim
Hi!

I used a system similar to this one once, and the outcome was not that good. Maybie it was me, I don't know, but I was not satisfeid with it.

The thing is, you must have an account that is deep (That is ok, here or at least trade a small part of it) but then you should not stop trading after a 10 pip profit. For example, if you have a trend "north" in any given day, it can run up 50 or more pips. You are loosing the chance to win more (five times or at least two or three), and acumulate some profits to cover your future losses...
Good point about some trades being in DD for a day or 2. This can some times happen while waiting for trades to ether hit TP or SL. While waiting for a slow trade I will enter another trade the next day just as if the trade from the previous day was not in. You will see how this works if I have a trade that takes more then 24 hours to close. What I do here works perfectly fine and I've never had 2 trades hit SL in a row.
Quoting aserafino
Are you using this price action indicator to confirm your trade before you enter?
No, this is not what I use.
Quoting Cubbybgood
I feel I will get attacked by all the newbies and so called experts because of the TP and SL parameters.

What do you guys think?
No doubt you will. There are a lot of experts out there without equity curves.

Nice trading anyway. All the best.
Quoting Cubbybgood
If anyone is wondering....

Long trade went in on EU at 9:15 EST.

Closed at 9:31 EST. Quick profit today.
No mention of the latest trade, seems to have bought the top, but I expect it could be another winner later today!
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TCO_Trader_EA_20_50_EMA All Time Return: 40.0%
Quoting Cubbybgood
I'm waiting to see how much interest is in this type of trading before I post the system in the Trading Systems area.

I basically use ema's to determine the trend. I use 5 time frames to see where the trend is. Out of the 5 time frames 4 of them have to be in a strong trend in the same direction. If there is no trend on 4 time frames I will wait for a trend to take place or I will just not trade at all. Usually if there is no trade on the EU there is one on the GU.

I use a cool little trick to confirm all my trends with a 3rd party instrument....

Have you seen this one...great visual trend indicator...I have no affiliation!

http://megatrendfx.com/
Quoting Erebus
No mention of the latest trade, seems to have bought the top, but I expect it could be another winner later today!
Yeah, bought the top there unfortunately.

Resistance was obviously near where I bought but I knew that it could blow right threw it. This did not happen obviously.

Anyway, it happens. Max DD on this trade so far has been 80 pips. Current DD is about 36 pips. I Think this trade will turn around and give me a profit but I guess we will see.
Quoting Cubbybgood
Current DD is about 36 pips. I Think this trade will turn around and give me a profit but I guess we will see.
Use your brains stoopid... close out at a loss of 30 - 40 pips, and get ready to set up a new trade in a few hours.

If you hold the position you can't logically take a new trade, because you would then be looking at 2 open positions with 100 pip SL's.

Trust me, I know that its hard to accept a loss when you look like such a hero, but just suck it up, and move on.
Quoting Cubbybgood
Good point about some trades being in DD for a day or 2. This can some times happen while waiting for trades to ether hit TP or SL. While waiting for a slow trade I will enter another trade the next day just as if the trade from the previous day was not in. You will see how this works if I have a trade that takes more then 24 hours to close. What I do here works perfectly fine and I've never had 2 trades hit SL in a row.
20% risk?

Quoting pt49
Use your brains stoopid... close out at a loss of 30 - 40 pips, and get ready to set up a new trade in a few hours.

If you hold the position you can't logically take a new trade, because you would then be looking at 2 open positions with 100 pip SL's.

Trust me, I know that its hard to accept a loss when you look like such a hero, but just suck it up, and move on.
Bit harsh...

This would really depend on open trade management now, wouldn't it?

If the first trade is considered as yesterdays entry and the management of the trade is to never close an open trade, thus must either hit a SL or TP; then a new trade can be opened today and yesterdays trade will be considered complete, even though it is still active. Thus having 2 open trades...You would need a management rule on how many active trades can be in play to limit potential loss. Drawdown could be huge without rules around this.

Personally I don't manage trades in this manner.

Cheers,
Miike
Quoting miike
Have you seen this one...great visual trend indicator...I have no affiliation!

http://megatrendfx.com/

And here is the FF thread about that

Forex Probability Meter - NITRO+

TCO_Trader_EA_20_50_EMA All Time Return: 40.0%
Quoting miike
Bit harsh...
Yeah, pt49 called chubbybgood stupid. 20% risk is insane though IMO. If you open two trades in the same direction, chances are both will either win or lose. At 20% risk, chubbybgood will lose $10,000 of his friend's money at the whiff of bad news. And all this just to win $1,000.

Anyway good luck chubbygood! Who knows you can retire rich in 2 years.
Quoting KingKaivar
Yeah, pt49 called chubbybgood stupid. 20% risk is insane though IMO. If you open two trades in the same direction, chances are both will either win or lose. At 20% risk, chubbybgood will lose $10,000 of his friend's money at the whiff of bad news. And all this just to win $1,000.

A lot of discussion regarding this....

As I have not given out my rules yet this has not been talked about.

I limit myself to 2 trades in at once. There will be a few days of the year that I get trades that last 2-3 days before TP or SL is hit. I stick to these rules to the tee.

I will execute my trade with the trend tomorrow if it's down or up. Most likely it will be up so both trades with be long. Again, I'm not worried about this. If trend is flat on EU I will ether wait to trade till trend is more visible or I will trade on GU.

In my book my chances are good that the trade will close for profit or loss in the next 5-8 hours. I probably won't execute my next trade till 7-8 hours from now anyway.
I called him stoopid, KingKavia inferred he's insane

While I don't think he's he's either stoopid or insane, I do think he's being too pedantic in holding onto the trade because he "thinks it will turn"... stubborn, even bloody minded maybe.
Quoting pt49
I called him stoopid, KingKavia inferred he's insane

While I don't think he's he's either stoopid or insane, I do think he's being too pedantic in holding onto the trade because he "thinks it will turn"... stubborn, even bloody minded maybe.
This is why so many traders lose in my opinion. Because they get emotional and close there positions. As I said before I do not modify my SL's with this system.

By the way, I'm not keeping my trade in because I think it may turn positive. I honistly do not care if the trade loses. It's unfortunate if it does but it's part of my system. The only thing I hope for is that if it loses it loses hard so I can put a trade in the next day in a strong down trend.

If I end with 10-12% this month that's a great month!
Well I think it's correct to hold a position open until TP or SL is hit. Unless you use a filter or different kind of stop, e.g. a time stop or candle-pattern stop.
Correct or not, he's now down 10%. Not to worry, I lost 7% an hour ago also
Quoting pt49
Correct or not, he's now down 10%. Not to worry, I lost 7% an hour ago also
If the average is 20 winners and 1 looser, +/- 10% monthly is more than enough for me......but is this the average? Time will tell
Yes I am down 10% but as I said 10-12% growth is a great month.

Remember people. When trading 10% profit is great. For some reason so many traders don't think this is enough.
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