Disliked
Break our 2 lots into 3, I mean we enter 3 lots,
take 1st lots when TP=SL,
then BE fore 2nd lot, no change for 3rd lot.
with 2 lot, TP= 3 sl (roughly could be 40 pips - 60 pips).
adjust 3rd lot to break even and let it free run till we see clear reversal signal.Ignored
The DIBS Method... No Free Lunch continues
- #382
- May 21, 2008 6:48am May 21, 2008 6:48am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Will you get any value over a series of 1000 trades for having a more complex position management scheme? My guess is 'no', but by all means, test it out. I prefer not having to think that hard while under the duress of trading.
Indicators show the past. Price Action "Indicates" the future.
I don't think it will be a total loss. You GAINED alot of knowledge about how to manage a trade. I bet you don't do that again. So the (potiental) loss was well worth it.
Thank you for your warm words. But you think too positivly about me.
There is another strategy which I am checking, that do not use stop loss. This is a very stupied thing to do, but before I met that thread, this was the strategy which yielded the most profits to me. But because it is too danger, I continued looking for something elese.
Anyway, this look a better way of trading, and I shell write another post regarding automation.
Please, forget about the non-stop-loss strategy,
Shefa.
- #384
- May 21, 2008 6:55am May 21, 2008 6:55am
Will you get any value over a series of 1000 trades for having a more complex position management scheme? My guess is 'no', but by all means, test it out. I prefer not having to think that hard while under the duress of trading.
Only a suggestion, havent done any testing on that.
will have a try from now on.
- #387
- May 21, 2008 6:58am May 21, 2008 6:58am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Hi Jarroo,
Thank you for your warm words. But you think too positivly about me.
There is another strategy which I am checking, that do not use stop loss. This is a very stupied thing to do, but before I met that thread, this was the strategy which yielded the most profits to me. But because it is too danger, I continued looking for something elese.
Anyway, this look a better way of trading, and I shell write another post regarding automation.
Please, forget about the non-stop-loss strategy,
Shefa.
I'm kidding Shefa. In my experience and many others, its all about controlling the losses, not the profits.
Losses can get out of hand as you experienced today. So control them first and the profits will follow.
Indicators show the past. Price Action "Indicates" the future.
- #388
- May 21, 2008 7:04am May 21, 2008 7:04am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
If you read James16 thread he shows that a breakout also can come in one of these situations:
1) in a downtrend, if the current bar has an equal low with the previous bar and a high that is lower than the previous bar's high, then if we go below the low its also a breakout. This is called Two Matching Low Trend Breakout or TMLTB, and this is similar to the IB breakout. If it's in an uptrend then its a TMH(High)TB. I would place a buy/sell and SL at the high/low of the last bar similar to the IB. Here is an example with Cable. Also look as the Cable is forming a pennant as well.
You know you can check stratgies without using real money.
I'm kidding Shefa. In my experience and many others, its all about controlling the losses, not the profits.
Losses can get out of hand as you experienced today. So control them first and the profits will follow.
You are absolutly right regarding watching the losses. Thanks.
I invite you to watch the EUR/USD, now that the USA session has started. many times it is change the market direction. See whatwill be today....
Shefa.
