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  • #261
  • Jan 18, 2021 6:54pm Jan 18, 2021 6:54pm
just to add to the last post - fees are just the cost of doing business - swap fees happen once a day at rollover - i do try never to be hedged on a wednesday for obvious reasons. but they are small - my spreads are also tiny if not zero pips. I do pay comissions though. but think of this - you sit there thinking long, take the trade - get stopped - now maybe you think short take the trade, get stopped out - you are now sat in the middle after a shakeout and in nothing - you paid four times the commission (one in, one out twice) and lost twice - i'm still in waiting patiently with 2 comissions paid - etry for the short, entry for the long. and i'm still in and ready to act.

seriously, try it just for a few days.

Remember though your main trading needs to be to win. I never take a trade with the intention of hedging, I take the trade with the intention of winning every time. i'm around 80% accurate with that. when I am wrong, because it's a stop hunt area then it's usually a place that needs testing if it's broken properley - think about that for a while
https://linktr.ee/Soultrader
  • #262
  • Jan 18, 2021 7:10pm Jan 18, 2021 7:10pm
Ahh, the extra fees of closing smaller positions between the hedge makes sense. And the places you enter your trade make it highly likely that price will move in one way because it's a stop hunt, or at least an increase in volatility so you'll know if you're right or wrong relatively quickly and your profit target pip wise is small enough that it's unlikely it will range within your targets for THAT long where you run out of margin. I think I understand your strategy I'm interested in automating my own program trying to take advantage or by using fractals, Ill read your holy grail now to see what went wrong I'd like to pick your brain more heh, sent you a DM
  • #263
  • Jan 18, 2021 7:38pm Jan 18, 2021 7:38pm
Just read the entire grail system, honestly I was expecting hedging in there and not that. I'm honestly surprised that even worked lol but then again I never backtested it.

I use trading station from FXCM to backtest and I've always been able to get 20 years data easily if I use a high enough time frame like 4 hours, renko charts were probably better for your grail system to backtest and you can get years of that data relatively easily. Why did you get the tick charts? I assumed you were using the tick chart to find explosive spike in price for stop hunts then hedging if you went wrong, is this just the new way you've been trading since grail?
  • #264
  • Jan 19, 2021 12:22am Jan 19, 2021 12:22am
Mr. Soul.

A while ago you talked about the VELOCITY OF CURRENCY.
It sounded VERY INTERESTING & IMPORTANT.
But you were interupted by a "Clever", Sunglass wearing person (no names).

Will you please elaborate on that matter? And please ignore the nay-sayers.

Kind regards, Viv.
  • #265
  • Jan 19, 2021 2:07am Jan 19, 2021 2:07am
Hi soultrader, I'm in UK and like you, I trade without stops and use hedging for all of the reasons you mentioned. If you have established the correct direction of price, sometimes, price just pulls back more than your entry. That's when the stops kill you. I just wondered if you have a specific rule for when you start hedging a position? So, is it "x" pips underwater or, when you simply realise that if you were getting in "now", you would have been going in the opposite direction? Cheers.
  • #266
  • Jan 19, 2021 2:44am Jan 19, 2021 2:44am
Quoting Viv5
Mr. Soul. A while ago you talked about the VELOCITY OF CURRENCY. It sounded VERY INTERESTING & IMPORTANT. But you were interupted by a "Clever", Sunglass wearing person (no names). Will you please elaborate on that matter? And please ignore the nay-sayers. Kind regards, Viv.
I didnt mention velocity for any particular trading reason, just that money sat in a bank does nothing. the way the rich get richer is by increasing their own personal velocity - how many times they spend it. the more you spend it and get it bak, the more you gain.

but it wasnt mentioned for anything trading related,
https://linktr.ee/Soultrader
  • #267
  • Jan 19, 2021 3:11am Jan 19, 2021 3:11am
Quoting Geester
Hi soultrader, I'm in UK and like you, I trade without stops and use hedging for all of the reasons you mentioned. If you have established the correct direction of price, sometimes, price just pulls back more than your entry. That's when the stops kill you. I just wondered if you have a specific rule for when you start hedging a position? So, is it "x" pips underwater or, when you simply realise that if you were getting in "now", you would have been going in the opposite direction? Cheers.
good question sir!

Firstly there is no "if i entered now i'd be going in the other direction" - I trade in the direction of the daily trend - that doesn't turn on a sixpence.

secondly with stop hunting there are often several areas or steps where the stops can be hunted. you sometimes need good eyes to see them all. those are the places where I plan to ADD to positions. I do have a minumum distance where I will add.

When i first take the trade i look at the chart and decide where the trend would be in question - that's where i will place the hedge order. I place a hedge order at the same time I place the original trade - ever seen a flash crash? then you will know why
https://linktr.ee/Soultrader
  • #268
  • Jan 19, 2021 3:32am Jan 19, 2021 3:32am
Quoting soultrader
{quote} good question sir! Firstly there is no "if i entered now i'd be going in the other direction" - I trade in the direction of the daily trend - that doesn't turn on a sixpence. secondly with stop hunting there are often several areas or steps where the stops can be hunted. you sometimes need good eyes to see them all. those are the places where I plan to ADD to positions. I do have a minumum distance where I will add. When i first take the trade i look at the chart and decide where the trend would be in question - that's where i will place...
It's interesting that you place your hedge at the outset. I know what you are saying about the daily trend and it's generally hard to get that wrong. However, at least in my approach, if there is considerably more influence from higher (than daily) timeframe trends, the daily can become more volatile than usual. Either way, I generally find that when I have had to hedge, it's because I made some kind of mistake in my assessment of the chart. That's when I realise I should have been going in the other direction, hence my earlier comment. Your flash crash comment is salient. Sometimes, the other reason that you might find a need to hedge is that despite correct chart assessment, some event has occurred (not necessarily of flash crash magnitude) that sends price counter-trend.
  • #269
  • Edited 5:56am Jan 19, 2021 5:22am | Edited 5:56am
Quoting Geester
{quote} It's interesting that you place your hedge at the outset. I know what you are saying about the daily trend and it's generally hard to get that wrong. However, at least in my approach, if there is considerably more influence from higher (than daily) timeframe trends, the daily can become more volatile than usual. Either way, I generally find that when I have had to hedge, it's because I made some kind of mistake in my assessment of the chart. That's when I realise I should have been going in the other direction, hence my earlier comment....
agree 100%

I dont tend to bother with anything higher than Daily. i purposely wont trade a pair if the daily is at extremes or at possible stop hunt area's itself - and you are right about mistakes too - it is most often if i've made a mistake in the asessment. the decision of where to hedge made earlier in the process also has further benefits because if it's close then it gives me more scope to go in larger than normal too rather than expect a protracted time of adding to the original.

Where are you by the way? Just on the Notts / Derbys border here.
https://linktr.ee/Soultrader
  • #270
  • Jan 19, 2021 6:05am Jan 19, 2021 6:05am
first trade closed today, took this last night about 1am. was a second hit at a bottom - went 30 against me for a while but then ran up at 9am this morning.

I really should stop taking trades in the small hours, especially when that's the time that flash crashes tend to hit - and it is January, we are due for one. plus the fact that even after 18 years i dont sleep well when a trade is running.

Attached Image (click to enlarge)
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https://linktr.ee/Soultrader
  • #271
  • Jan 19, 2021 6:13am Jan 19, 2021 6:13am
Did you buy because you thought the wick was a stop loss and why didn't you hedge when the low was broken? and wait to re-enter at the 2 other wicks below? sleeping maybe?
  • #272
  • Jan 19, 2021 6:26am Jan 19, 2021 6:26am
Quoting soultrader
{quote} agree 100% I dont tend to bother with anything higher than Daily. i purposely wont trade a pair if the daily is at extremes or at possible stop hunt area's itself - and you are right about mistakes too - it is most often if i've made a mistake in the asessment. the decision of where to hedge made earlier in the process also has further benefits because if it's close then it gives me more scope to go in larger than normal too rather than expect a protracted time of adding to the original. Where are you by the way? Just on the Notts / Derbys...
I'm a Manc and my team is red ('nuff said). I live there too.
  • #273
  • Jan 19, 2021 6:41am Jan 19, 2021 6:41am
Since you mentioned Joseph Nemeth I spent some time studying his persona. Very interesting - he is scamming old people out of money now, probably the same poor souls that were sitting on his seminar that you mentioned. As always - if you make money, good money as he pretends, why would you go around and do shit? Just enjoy your life on your yacht, right?

I have a shit meter inbuild in my mind - almost puked when I saw trump for the first time on TV years ago, for example. Same with Nemeth, same with you seems like... Interesting.
  • #274
  • Jan 19, 2021 6:44am Jan 19, 2021 6:44am
Quoting nonameatall
Since you mentioned Joseph Nemeth I spent some time studying his persona. Very interesting - he is scamming old people out of money now, probably the same poor souls that were sitting on his seminar that you mentioned. As always - if you make money, good money as he pretends, why would you go around and do shit? Just enjoy your life on your yacht, right? I have a shit meter inbuild in my mind - almost puked when I saw trump for the first time on TV years ago, for example. Same with Nemeth, same with you seems like... Interesting.

if i make you puke you'd best piss off then
https://linktr.ee/Soultrader
  • #275
  • Jan 19, 2021 6:50am Jan 19, 2021 6:50am
Quoting Kyuu
Did you buy because you thought the wick was a stop loss and why didn't you hedge when the low was broken? and wait to re-enter at the 2 other wicks below? sleeping maybe?
you dont hedge that close - you ADD - the only reason to hedge is if the medium trend is broken, it wasnt and still isnt

I currently have a similar trade in Ea short from 15721. i'll be adding if it breaks above 50 and gives me a signature set up
https://gyazo.com/1a55f4e5d20ab550a71973b28b1006db
https://linktr.ee/Soultrader
  • #276
  • Jan 19, 2021 7:08am Jan 19, 2021 7:08am
Ohh okay, I thought you were simply putting opposite equal positions when you aren't sure but then hedge (Excess in the reverse position) once you think you can be wrong. I personally wouldn't hold it that long but I understand what you mean
  • #277
  • Jan 19, 2021 11:24am Jan 19, 2021 11:24am
Dunno if you guys have ever considered using trader sentiment in your trading. - i still use it as an indicator and attached is an article i wrote about it in 2019.

Note that this is a little old now and I use it differetly that i did back then, but this may be useful to you
Attached File(s)
File Type: pdf sentiment.pdf   101 KB | 568 downloads
https://linktr.ee/Soultrader
  • #278
  • Jan 19, 2021 12:57pm Jan 19, 2021 12:57pm
Very interesting thread! I do think hedging is extremely valuable, especially the way being executed in this thread to eliminate drawdown while gathering positions in the direction of the overarching trend. However, I feel your initial entry method is being vastly overlooked so far hahaha. Around 80% win rate is nothing to ignore. I have two questions regarding your first entry:

1. Do you have a set target for that entry or do you find yourself holding that position until the higher time frame trend begins to turn?

2. Correct me if I'm wrong, but from my understanding your entry is based on finding a currency pair in a trend (lets use uptrend for this example), identifying an area of support where sell stops will be residing underneath, wait for price to break that support level and then SHARPLY turn and continue in the direction of the trend. Would this be correct? I'm sure there are plenty of other small details that go into it but I'm looking at it as an overall, broad approach.

Look forward to continue reading this thread!
  • #279
  • Jan 19, 2021 1:17pm Jan 19, 2021 1:17pm
Quoting ccrkk10
Very interesting thread! I do think hedging is extremely valuable, especially the way being executed in this thread to eliminate drawdown while gathering positions in the direction of the overarching trend. However, I feel your initial entry method is being vastly overlooked so far hahaha. Around 80% win rate is nothing to ignore. I have two questions regarding your first entry: 1. Do you have a set target for that entry or do you find yourself holding that position until the higher time frame trend begins to turn? 2. Correct me if I'm wrong, but...
you got it more or less yes. regards targets after pouring over tons of data i found that the best target was 20 - 30 pips depending on the pair. so that's generally what i take. when i'm hedged or in bigger i still want 20 pips although i will relax this if i've already took quite a bit on the hedge.

The pair matters also as far as targets go.gbpaud for example moves much more thn say eurusd or gbpusd - on those i stretch the targets but do watch them carefully. sometimes i can get double out of a GA or EA move. then there is volatility - if the market is clearly lively then targets sometimes go out of the window and i just target the opposite stop hunt area

there's also day of the week to consider - i'm seriously thinking of going back to 3 days a week - mon and tues has always been crappy trading - weds to friday is where the money is and always was
https://linktr.ee/Soultrader
  • #280
  • Jan 20, 2021 3:12pm Jan 20, 2021 3:12pm
Quoting soultrader
{quote} agree 100% I dont tend to bother with anything higher than Daily. i purposely wont trade a pair if the daily is at extremes or at possible stop hunt area's itself - and you are right about mistakes too - it is most often if i've made a mistake in the asessment. the decision of where to hedge made earlier in the process also has further benefits because if it's close then it gives me more scope to go in larger than normal too rather than expect a protracted time of adding to the original. Where are you by the way? Just on the Notts / Derbys...
Close to Wellingborough here
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