ATP (Advanced Trading Philosophy) - Positioning For Success
No problemo Damon. I'll see if I can post my analysis in a way that's easy to understand. I'll try taking a snapshot of each chart as I analyze, and post them ALL daily, if you think its ok. But after a while I might get tired and will hope fellow Damonians who have grasped the concept will step up to the plate.
Thank you Damon, for all your generous help so far.
Cheers,
Tony
The ST has closed in green and the NL has closed in yellow (Trend Reversal Indicator).
The AO has closed green (Trend Reversal Confirmation).
So a buy order is made 1 pip + spread above the set up bar?
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. Please check your settings to make sure your length is set at 9
yes.....
except my non-lag happened one bar earlier
Poocher is using a different broker. IMO we should all use the same broker to keep things simple. If I may it looks like Poocher has an EES1 - NLTR and EES2 - TRT on the same bar. You would then place two but stop orders?
TimeFreedom
Poocher is using a different broker. IMO we should all use the same broker to keep things simple. If I may it looks like Poocher has an EES1 - NLTR and EES2 - TRT on the same bar. He would then place two but stop orders?
TimeFreedom
Good point. I'll post questions using Interbank.
But I have all those other things too TF? and so should put two buy stop orders?...I've got a lot more comprehending to do!
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Hey TF...
You would not place 2 EES orders at the same time or for that matter even have 2 pending orders at the same time.
You would only place 1 EES order and until that one triggers, all other trades are out of the question. This is too early in the trend movement to over leverage
This is a great question
Ok, that makes a lot more sense since we need EES1 to trigger first. But we can have an EES2 and a DPTT on the same bar, right?
Your help is appreciated,
TimeFreedom
Hi Damon,
I appreciate your concern for my health and well-being
Thank you for clarification about closing out all trades. What I did was I used an EA that closes out ALL your trades at a pre-set % of your equity. And what it did last night was it closed out all my open trades AND pending trades! So I was left feeling like a man without his pants on. I felt like there were some trades that should have been allowed to continue. I went ahead and redid all my pending trades. But my concern now is with the EES, TRT, and ACCT trades that have been triggered. Had I not killed them, at least some of them would still be running in profit. So now the question is, do I reestablish a new trade (EES) to start the process over again? Or do I just place DPTT trades until the next reversal signal?
I agree with your comment that everybody will come up with their own way of managing trades that they feel comfortable with. I'd like to throw out my idea that I just came up with for everyone's consideration. Next time I get a profit run-up to 10-15% again, I plan to quickly scan through all the pairs, and close out the ones that have given an early exit signal, or any signal at all that a reversal maybe occurring. This method will do one of two things, or both: 1) it will close out trades that were negative and exibiting a turn around, so if close them out early we stand to save from a bigger loss. 2) It will close out winning trades that indicate they are close to the end of a trend and are about to reverse. These trades have already accumulated some good pippage and should be closed out to put the money in the bank anyways.
As Malarraz pointed out earlier, the use of Stochastic and/or RSI could help in doing this. More generally, even the original exit rules could be used in the early close-out decision IMO. The difference here is just that we wont wait until the end of the candle to confirm the signals. We close out NOW if we see exit signals. And I think once we close out some of the trades this way, we'll have decreased the number trades down to a more manageable level; maybe 30 instead of 75Because I think the main reason to close out early is not because the profit/equity ratio is too high (I do not mind the high profit, honestly. Earlier comments were just for humor.), but because the sheer NUMBER of open trades present some risks as Damon pointed out. So if we can have 20-25 trades that are producing net profit, we should be ok regardless of what percentage of equity the running profit is at that moment IMHO.
I would be interested in hearing everyone's opinions about this very important matter.
Cheers,
Tony
Thanks Damon!
Tony was so kind helped out with the answer already.
Chris
I just closed all my open trades for +15% profit on 10K demo acct. Starting from scratch now.
TimeFreedom
Here is a list of members who have closed all open trades because they have reached 10% in equity above there account balances since this thread started:
We haven't even been here that long yet
Damonl
Tman378
TimeFreedom
Who is next? Please let me know if you make it
Great info!
IBFX demo's have always been extra unreliable for me.
But some big traders have live accounts with them. I'm wondering if their live feed is more dependable. I assume Damon they're dependable enough for you?
Here's my new chart and the NL yellow close bar is alot earlier!!!
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