Disliked{quote} Step size is very important depending on each pair. So in order to not get stopped so often I recommend using a step size of not less than ADR and SL of at least the same or bigger. It is also important that depending on the margin required for the lot size to be covered from the profit of the previous order's profit.More details on this when I'm back in the office. Regards,Ignored
Hi abokwaik,
Good thread. Congrats!
I hope to be able to contribute some ideas here.
This is a good money management strategy and work well on day chart trading. I use a similar MM system and using an EA to manage all my trades on D chart.
You are correct to use the ADR to determine the distance for add-in more positions after we place the 1st trade entry manually.
The Initial SL is using the ADR and the position size calculate using a % of capital. The each subsequent add-on position is half of the initial trade.
Trailing stop has differnt options. I use to trail 2 days behind after each new day open. I use stop orders using the ADR distance.
Below is an example:
Kind regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett