Hate to interrupt but starting out with a 20tp and a 30sl is setting yourself up with a horrible risk/reward ratio. I would suggest swapping those two numbers, but hey what do I know.
Hate to interrupt but starting out with a 20tp and a 30sl is setting yourself up with a horrible risk/reward ratio. I would suggest swapping those two numbers, but hey what do I know.
Ignored
Normally when you're scalping any where from 10-20 pips/trade, its ok to have an inverted RR, but one has to manage the trade and keep an eye on it when the trade kicks in to move the stops up etc.
I personally would rather go to a strip club and waste my money then to put stops too close to my trades on entry.
But, I'm not a scalper, I've done it, dont do it any more.
Hate to interrupt but starting out with a 20tp and a 30sl is setting yourself up with a horrible risk/reward ratio. I would suggest swapping those two numbers, but hey what do I know.
Ignored
That depends on how accurate your system is. I would love to go for 90 pips and 30 s/l , but it may happen once the whole month or none at all. Many times price will not go past 30 pips, where I get in at. I moved my t/p of 25 now, but 20 is a little more safer. With the pound a s/l of 20 would be ridiculous, with the method I am using. I don't care about r/r so much. As long as I finish my month in profit.
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Joined Aug 2006
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Status: Practice makes perfect
|393 Posts
Here are some of my latest results from another broker I have been using. Doing basically the same exact thing. Results and entries are a little different than my entries in the metatrader4 broker. I post results from my metatrader4 in my journal here.
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Moderator note
You left your account number in the chart, so I removed the picture for security reasons.
Regards, Scott
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thanks,
I posted results on the next page without the account number.
That depends on how accurate your system is. I would love to go for 90 pips and 30 s/l , but it may happen once the whole month or none at all. Many times price will not go past 30 pips, where I get in at. I moved my t/p of 25 now, but 20 is a little more safer. With the pound a s/l of 20 would be ridiculous, with the method I am using. I don't care about r/r so much. As long as I finish my month in profit.
Ignored
I don't know much about short term systems like this, as I trade on longer periods. Your results seem pretty good so far, a high accuracy, but how long will that last? Will you be able to survive a long string of failures? Will you be able to identify unfavorable market conditions and not pull the trigger?
However, I don't really understand your methods so maybe i'm barking up the wrong tree.
I don't know much about short term systems like this, as I trade on longer periods. Your results seem pretty good so far, a high accuracy, but how long will that last? Will you be able to survive a long string of failures? Will you be able to identify unfavorable market conditions and not pull the trigger?
However, I don't really understand your methods so maybe i'm barking up the wrong tree.
Ignored
No one knows the future but God. This method has been very successful over the last 7 months. Last month was not too good , give or take +10 or -10. If it changes over time and I do not like my results, I will adapt. Thanks for trying to help.
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Joined Aug 2006
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Status: Practice makes perfect
|393 Posts
Here are some of my latest results from another broker I have been using. Doing basically the same exact thing. Results and entries are a little different than my entries in the metatrader4 broker. I post results from my metatrader4 in my journal here.
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Joined Aug 2006
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Status: Practice makes perfect
|393 Posts
* If anyone is trying this out. Please demo until you are consistently profitable.
Just for the record
I just want to say one more time. It is not a strategy that I created or ever implied that I did. If you read page 1, you will see my reasons why I do not state where I got it from. I trade it with discretion. My spin on it is on page 1, post#10.
If you have something positive to say or something to good to contribute, I really appreciate it. But if not, please do not participate in this journal.
Thanks to everyone that has helped me out so far or just seemed interested.
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Joined Aug 2006
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Status: Practice makes perfect
|393 Posts
I deleted the short order before going to bed. I took the daily range into consideration when doing this. I felt as I watched price climb and climb, it would probably retrace towards my short entry , but then it would run out of steam. Which turned out to be true.
