For those who find it hard to see good profits go into stop-loss, I wanted to share what I am doing.
Same original entry, but at +50 pips I move stoploss to breakeven. I put a buy-sell limit 30pips beyond this breakeven point with a 30-pip stop-loss (not a trailing one).
At +100 pips I move s/l to +50. Again, buy/sell limit changes to 30-pips beyond this (again, not a trailing one).
I haven't reached the point yet, but I think @ +200 pips I will change s/l to +100 and then let it run, closing out on Friday if still active. Re-entries are always +30 away from the S/L point. S/L a fixed 30 pips away.
Last night I was at about +120 pips profit so I moved my S/L to +50pips (securing 50 pips). I was up about 4am or so and noticed that it had turned around, cashed in 50 pips, and activated my sell-limit. On top of this I was short sitting at around +134pips profit. I put the s/l at +50 and placed another buy-limit.
When I got up this morning it had turned around again (securing another +50pips) and activated long, sitting at around +54pips. I moved the s/l to breakeven and went to work!!
+100 pips in a crazy market overnight! Not bad!
I will be forward testing this as I think the secret is in minimizing losses via stop-losses, not in trying to maximize profit via Take Profit levels.
Just my .02c!
D.
Againk, thanks to Tkimble for such a simple system!!!
Same original entry, but at +50 pips I move stoploss to breakeven. I put a buy-sell limit 30pips beyond this breakeven point with a 30-pip stop-loss (not a trailing one).
At +100 pips I move s/l to +50. Again, buy/sell limit changes to 30-pips beyond this (again, not a trailing one).
I haven't reached the point yet, but I think @ +200 pips I will change s/l to +100 and then let it run, closing out on Friday if still active. Re-entries are always +30 away from the S/L point. S/L a fixed 30 pips away.
Last night I was at about +120 pips profit so I moved my S/L to +50pips (securing 50 pips). I was up about 4am or so and noticed that it had turned around, cashed in 50 pips, and activated my sell-limit. On top of this I was short sitting at around +134pips profit. I put the s/l at +50 and placed another buy-limit.
When I got up this morning it had turned around again (securing another +50pips) and activated long, sitting at around +54pips. I moved the s/l to breakeven and went to work!!
+100 pips in a crazy market overnight! Not bad!
I will be forward testing this as I think the secret is in minimizing losses via stop-losses, not in trying to maximize profit via Take Profit levels.
Just my .02c!
D.
Againk, thanks to Tkimble for such a simple system!!!