I am fully aware that some brokers do not allow multiple BUY/SELL for the same currency pair. However, some do and thus, why wouldnt the following system work ?:
1. Select a currency pair which trends more than others.
2. If the entry conditions are met then place a BUY or SELL trade.
3. if the trade goes your way then close trade and bag the profit.
4. if the trade goes against you then open a trade in the opposite direction.
5. repeat point 4 above until the total value of all trades is greater than 0 and then close all.
6. repeat point 1 above etc.
Now, i am fully aware of the SPREAD factor but assuming that at some point the currency pair you picked will eventually TREND either DOWN or UP, why wouldnt this idea/system work ?
And yes, i do plan to test this by building an EA. I just wanted to know if anyone had any experience of such.
Thanks,
1. Select a currency pair which trends more than others.
2. If the entry conditions are met then place a BUY or SELL trade.
3. if the trade goes your way then close trade and bag the profit.
4. if the trade goes against you then open a trade in the opposite direction.
5. repeat point 4 above until the total value of all trades is greater than 0 and then close all.
6. repeat point 1 above etc.
Now, i am fully aware of the SPREAD factor but assuming that at some point the currency pair you picked will eventually TREND either DOWN or UP, why wouldnt this idea/system work ?
And yes, i do plan to test this by building an EA. I just wanted to know if anyone had any experience of such.
Thanks,