Thanks, I really like the thinking behind your strategy - try to let your profits run while limiting the potential downside if price moves in the right direction.
My 2 pence worth : for 3 (multiple) TP targets, perhaps use TP1=100 pips (say), TP2=65% of TP1 = 65 pips, and TP3=35% of TP1 = 35 pips. For 4 (multiple) TP targets perhaps use TP2=75%, TP3=50% and TP4=25%. Along with order management as you described.
Be interested to see other views.
freddi
My 2 pence worth : for 3 (multiple) TP targets, perhaps use TP1=100 pips (say), TP2=65% of TP1 = 65 pips, and TP3=35% of TP1 = 35 pips. For 4 (multiple) TP targets perhaps use TP2=75%, TP3=50% and TP4=25%. Along with order management as you described.
Be interested to see other views.
freddi
DislikedI've been working on coming up with a good trade management system as well. It's kind of complicated but can be easily programmed. Here is an example of what I have so far.
Original Order
TP: 1.4500
Entry: 1.4400
SL: 1.4300
Lots: 2
We treat 50% of the Final TP (1.4500, 100 pips) as a separate TP level on a separate order, instead of 1 order with 2 lots, we have 2 orders each with 1 lot. So:
Order #1-- (Original Order)
TP: 1.4500
Entry: 1.4400
SL: 1.4300
Lots: 1
Order #2-- (Sub Order)
TP: 1.4450
Entry: 1.4400
SL: 1.4300
Lots: 1
Order #2 Management
If price reaches 1.4425 (50% of TP), we move SL to BE. (overall risk reduced from $2000 to $1000) If price reaches 1.4445 (90% of TP), we set a trailing stop 5 pips (10% of TP) below the current price. (most we can lose now, both trades total is $600 instead of $2000)
Order #1 Management
If price reaches 1.4450 (50% of TP), we move SL to BE. (worse case now, we exit with $450 profit) If price reaches 1.4490 (90% of TP), we set a trailing stop 10 pips (10% of TP) below the current price. (if Order #2 wasn't stopped out, we safely reached 90% of our Final TP with 2 lots instead of 1)
The idea behind this is to not limit your profits. The TP levels are written down so we can make our percentage calculations but they are not placed with the order. If you normally move your SL to BE and close half your position when price reaches 50% of your Final TP level... why not risk a couple pips to keep that half position in a little longer, after all you do anticipate price to reach your final TP target.
Also, I like the TS at 90% of the TP level because our TP targets are general areas, not exact to the pip. This will protect us some in case it doesn't quite reach the target and gives us room should the price exceed your TP target.
It's not quite there, I haven't worked out what to do if you have multiple original TP targets and if your TP target is too small. But it's an idea and I'm interested in expanding on it. So give me some feedback and let me know how you would improve on it.Ignored
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Anyway, well said Phil, right on target. Very humble and to the point....
woo hoo to you!!
another confusing trade .seems your trading style is completely different than the other people here.u sell when the people waiting for a buy and u buy while others waitinf for a sell,i really cant understand your trades but seems they are working.
