The GBP/USD has offered up to 160 PIPS of profit thusfar. Those trading the GBP/USD should have hit the 100 PIP TP goal and now be flat unless you decide to let it ride...
Happy Trading,
TK
Happy Trading,
TK
1M & 5M Scalping System (Scalping Paradise) 21 replies
A switch: from part time trading to full time trading 8 replies
A system that works for a part time trader with minimum screen time 16 replies
Dear Full time/Part time Traders – Thanks for your time and help 7 replies
Part Time Wealth Building System - "High-Low Trending" 9 replies
DislikedTKimble,
I also want to thank you for sharing such a great system. It's very refreshing to see it working so well for so many.
My question is this. At the end of the day, if there are open trades, do you carry them over to the next session or so you close them out and place new ones according to the entry rules?
If you carry them over and they close for a profit during the new day, do you open additional trades since they are really yesterday's trades?
Thanks,
CarolIgnored
DislikedGreat question. The answer will depend if you are using Profit Targets or not. If you are using a 100 PIP PT and your target has not been hit, then you would carry the trade into the next day. If you are not using PTs, then you have two choices.
1. You can simply close that trade at the end of the trading session and place your orders for the next session, or:
2. Or let the trade ride into the next session but treat as if you had closed and re-entered new entry points.
Really comes down to your trading style.
Hope this helps,
TKIgnored
DislikedGreat question. The answer will depend if you are using Profit Targets or not. If you are using a 100 PIP PT and your target has not been hit, then you would carry the trade into the next day. If you are not using PTs, then you have two choices.
1. You can simply close that trade at the end of the trading session and place your orders for the next session, or:
2. Or let the trade ride into the next session but treat as if you had closed and re-entered new entry points.
Really comes down to your trading style.
Hope this helps,
TKIgnored
DislikedChoppy beginning to the GBP/JPY market resulted in three SL being hit. Have caught the following trend and just cashed out with 100 PIP PT from an entry of 236.00 even which also recaptured almost all of my losses.
GBP/USD fortunately not as choppy. Currentlly long at 1.9488 which is a 30 PIP SAR from yesterdays close of 1.9458 on MT4...
Happy Trading,
TkimbleIgnored
DislikedPersonally, i have found number 2 works best for me especially in a clear trend on a lower frame time scale. I simply revise my stop strategy for the new days in accordance with the system. For a while i thought i needed to get out and then get back in....but this is working easier for me.
Jim no.Ignored
Dislikedwhat is clear is you just need to keep trading the system and take the losses in strides...unfortunately my nerves are yet to be battle hardened. i think what this system also needs sufficient capital in the account to start off with.. you can't use this system with say, $250 of capital and then trade in lot sizes of 10,000 or even 1000.. what do folks think?Ignored
Dislikedwhat is clear is you just need to keep trading the system and take the losses in strides...unfortunately my nerves are yet to be battle hardened. i think what this system also needs sufficient capital in the account to start off with.. you can't use this system with say, $250 of capital and then trade in lot sizes of 10,000 or even 1000.. what do folks think?Ignored
DislikedToday is a Banner Day for this system because just about all markets have offered very sizeable profit opportunities. These types of days are very frequent and serve as a profit foundation from which one can build very nicely. All this and you do not even have to watch the news.
Scan any of the daily charts to see what I mean...
Happy Trading,
TKIgnored
DislikedFrom a money management standpoint, here's an example of how $250 would be traded if you assume a risk of 2% on every trade:
$250 starting balance * 0.02 = $5
If you use a 50 pip SAR, you would need to trade in lots that make 1 PIP = $0.10.
On the GBP/USD, that's a micro lot of 1,000.
On the GBP/JPY, it's a bit more complicated, as the value of 1 PIP changes, given the two currencies. Right now, if you traded a micro of 1,000, 1 PIP would = ~$0.08, or about 1.6%
You can see where if you went with a mini lot of 10K versus the micro of 1K, you'd be exposing 20% of your capital PER TRADE versus just 2%...big difference! All it would take would be two or three stopouts to wipe out your balance.Ignored
DislikedI have a question regarding re-entering the daily after TP. I took +150 GU for today, which made up for many previous losses on my daily this week.
I could have had close to 180 pips, but I positioned my SL just to give it a little room without taking trhe whole 180 imediately, so I got stopped out for the 150 at 9609, and then immediately went short from there, which as I'm writing this does not look like it was the best idea.
Does anyone think I should have just quit for the day or are there people that try to re-enter the daily right away when their TP's come back to hit their stops?
Any feedback/critique would be appreciated.Ignored
DislikedCan i encourage you to trade the system as it stands? There is no prevision to reenter during the day. Any attempt to do so is your 'new" system. The same questions come up: Have you tested it? What is your new risk? Stops etc. This is where confusion reigns....and we usually lose in this environment
One solution:
One thing some of us is looking at is to split your lots, taking a portion of them at the TP and then letting the rest ride PER THE RULES. There is a huge "relief" then the TP is hit, and you know you have locked in profit with huge potential for more from the remaining lots. From my testing (both forward and back), i find that my profit is a little less from using a TP than just letting it ride. HOWEVER the benefits of knowing you have locked something in, usually during the Londen session is huge to me.
As TK sez, trade what works for you.
Good trading,
Jim NOIgnored
DislikedYou know, I honestly thought the real system was to reenter as many times as you are stopped out, going the reverse direction? close all trades at 23:00.Ignored