Trade management... The secret to success

In this thread I'll be looking at trade management. Position sizing, limit orders, and recovery trades.

Initially my idea is to use a modified Martingale for recovery...
limiting risk and drawdown in a recovery by increasing the position size "and the step."

Martingale is terrific as long as it works but all it takes is one run away break out
in the wrong direction to wipe out an account and it can happen very quickly.
By increasing the step as well as the position size this can slow things down until the trade turns.
They always turn at some point or another.
This expert is will be useful.
Close all positions at profit target.

For example, this is the day chart...
In this case no recovery trade was needed and profit target 1 ATR was reached. =+64 pips

In this case also the profit target was reached no need for a recovery trade. +65 pips..
This is looking good. I want to see the messy ones though...

Okay here's one that took a recovery trade.
There's more in the trade but it wouldn't always be the case that the trade continued in the desired direction.

Looking very good. Still waiting for a really messy one.

this cold have been the messy one I'm looking for. But it retraced just enough to hit the profit target before breaking out to the downside.

Set up on two charts or else two different accounts. While one is playing out there may be a signal in the opposite direction.
In the same account managed separately... it would act a hedge to lighten any load on drawdown..

So far i am not finding a messy one.

Only took a little from a long run. But that is the way the strategy is set. Can always find another pair to trade that is not trending.

This is where increasing the step size as well as position size for recovery orders works to reduce drawdown.. Still the drawdown for this was 703... that's a little steep for me. I like the day chart because set it at the start of the new trading day and pretty much leave it alone alone day. Just checking in occassionally. With a lower time frame chained to the monitor.

Not sure if I am expecting too much from the profit target in recovery.

Using the day for trend, trade on the 4 hr... it is a good strategy. Only thing is it took 12 hours to complete which means all night here. So no sleep? It has to be monitored. There is an expert that almost does this already. But it needs modifications to really do it right. That would be ideal. Time of day to trade, and ability to set varying steps for the limit orders as well as varying incremental increases in the position sizes.
Without an expert set up it is just not practical because of the time needed to watch and monitor the trade.
If 700 is worst drawdown then it may be possible to trade the day chart.

I may be looking for too much profit in a recovery trade scenario. After all the market is going against.
For every recovery opened 1 ATR.
Example..
.01. .02, .03, (up to this point a standard martingale progression) then .04, .05...
.01 tp 1 atr, +.02 2 atr, .03 3 atr.
100 atr.. tp 100
.01, .02 tp 200
.01, .02. .03 300 tp
.01, .02, .03, .04, 400 tp..
This will move the tp point to follow like a trailing stop would.

Keep it simple.
On the day chart EURUSD look for 100 tp, 2 trades open in recovery 200, 3 trades 300 etc.
using the 14 T3 corrected version enter when T3 confirms color change.
All averages found here
https://www.forexfactory.com/showthread.php?t=418219

Okay giving this a whirl in the simulator..
Found this simulator. Looks great.
Am checking it now. If i can get it to run. Looks like I'll have to read book to figure it out.
READ THE BOOK. IT'S WORTH IT!!!!!

Good strategy. So far. 100 tp and incrementally increased recovery and step
Using verified color change on 14 T3

Trying to hedge got real messy. Maybe would need 2 accounts. But i was hoping to protect drawdown in one account but at least inthe simulator it's a mess. A lot of has to do with the technicalities. Not being able to click on a stop to move it because it is too close to another stop, etc.
Two accounts would work. Sometimes a trade in one direction hasn't resolved yet but there is a signal for the other direction. this isn't stop and reverse.
The "losses" were just due to technical difficulties not the trading strategy where the hedging messed up. It was going along just fine. Can't tell which is which and can't click on the one I needed to click on.
It's definitely the best simulator yet even with some of this stuff.
About 300 pips/month... EURUSD set up on several pairs it could be really good.

I was waiting for the first candle after the color change on 14 T3 but that isn't necessary. any candle in the direction of T3 works just fine. As soon as tp 100 is hit enter again on the opening of the new candle.

This strategy is really nice. It is working so nicely in back testing.
Up and running on a demo now too.
This was 8 1/2 months 2016..
I'm thinking although there could be significant drawdown at some point, it would not be catastrophic like in an ordinary Martingale.
By increasing the step size as well as the position size it stretches things out.

Found this great tool. experts folder...
testing the speed of ping..

This is the day chart using the strategy set up on several pairs.
The pairs that are going against were entered too early.
The color change has be confirmed in order for the trend to be actually established.
Since I am only looking for 1 ATR of profit it makes sense to wait and there so many pairs to monitor
why take unnecessary risk?