DislikedOnly entry I see is:
USDCAD at this point
SL 1.1603
TP +339 pips
My EOD indicator doesn't show this?Ignored
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DislikedOnly entry I see is:
USDCAD at this point
SL 1.1603
TP +339 pips
My EOD indicator doesn't show this?Ignored
DislikedI guess I struck a chord with a simple observation. Oh well, look you clearly did not read my quote. "I am grateful for the refresher course on basic money management" because it is very necessary. Clearly that is where successful traders stay successful. But my point, which was clearly missed by a sensitive ego, was simply this. We get the importance already, can we move on. I mean, seriously bro, is every post going to be about money management or what? Work the process and you will have you're answers, that was my advice, because, big revelation here, that's what I do. If what is being taught here becomes too much of a risk for you, don't do it. Its that simple.
I believe anyone who trades,...Ignored
DislikedAccount £10k
Signal AUDUSD £5.78 per pip
5% per signal = £10000 x 5% = £500 max loss
Stop on this signal is 319 pips I use a spread betting company to place my trades and can go as low as £1 per pip,
I can now divide £500 my allowed risk by 319 my actual risk = £1.56
I can now place £1.56 on this trade if it loses I lose £1.56 x 319 = £499
If I win I get £1.56 x 358 ( my target in pips 5 day ATR ) = £558
lets watch this one see what happens if it losses I lose 5% of my bank if starting with 20k risk 2.5% which is the magic number i...Ignored
DislikedHi,
I wonder what timeframes that produce the best results both for manual trading and the EA? Does it matter what TF I use for the EA?
Also, when I enter a specific risk amount in the EA, does it calculate the lot sizes so that the TP and SL will be correct?Ignored
DislikedPaulus, first off, I am very greatful that you have shared the system and MM techniques etc...The system itself is not perfect, of course, however, is very stressless and consumes minimum time. 70-80% hit rate is achieved due to relatively low TP which is ATR. Many of previously used systems will hit that target with the same rate. So that the idea to use ATR as TP is great.
Nevertheless, RR on average is 1:1, often less, hence, I tried to make some calculations to plan trade management and I think that the most reasonable idea is to close 50%...Ignored
DislikedHi, Paulus.
Thanks for sharing your idias. The fact is i'm working on similar idea about EOD system with ATR as targets. I want to post one indicator made by myself. It shows ATR channel on graph, the distance between bar open price and average ATR. It is MTF indicator and it helps me to do visual backtests. Hope it will help you or someone else.
One question about your system. You use ATR as target and last swing as SL. So you not always have R/R ratio at least 1|1 becouse last swing(SL) may be lager then ATR(TP)
Am i right?Ignored
DislikedPeter_EST, from this quote could you explain what the "2 ATR" is? and then the average was "3.2 ATR?" All I understand is that the my ATR in pips is set to periods 5 and multiplier 1, is this right as well?Ignored
DislikedI believe this is an End of Day (EOD) system and should be used as such (daily TF).
I set the EA on the template provided by Paulus with my FXDD demo account. It does calculate the lot sizes according to “RiskSum$” you set on the EA’s properties window. TP and SL functions are built into the EA as “Risk Factor” and “ATR Factor”. In case you are new to this system, last swing high/low is used as SL and ATR (5 day average) as TP. Therefore, I suggest you to try out the EA with the default settings for the start.
By the way, you MUST include the “EOD” indicator in your MT4 folder....Ignored
DislikedHi Paulus,
Your system is simple, yet powerful, and confirms and compliments my EOD method. Thanks for graciously sharing with us.....T-WolfIgnored
DislikedI am sorry, did not want to confuse anyone in the thread, just posted my observations. However, I must admit that my sample was not that representative, and I ended up closing the whole position at ATR. It is more mechanical as well as seems to work better for me. U can experiment with trade management techniques though but I am quite happy with the original method.
Other than that, I want to say that the system has achieved quite decent hit rates on other timeframes, especially 4h (my account size can not afford me to use daily as it won't cover SL). Hence, I would like to ask if anyone familiar with programming can devote a bit of his spare time to modify the original EA to make it work on...Ignored