I just saw this thread today, and will try it out tonight....
have a good sleep Sterling.....and nice dream
have a good sleep Sterling.....and nice dream
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DislikedThe Basic rules of this system are pretty much clear.Maybe we should focus on the Money Management now. I hate getting stopped out when my pips were +80 pips or so.We could use Take Profit 1,2,3 etc levels.(using multiple lots) like
Lot1:Take Profit=30pips, S/L=60pips
Lot2:Take Profit=60pips, S/L=60pips
Lot3:Take Profit=100pips, S/L=60pips
Scenarios are: 1.) All 3 profit targets are reached for a total of +190pips.
2.) The first 2 profit targets are reached (+90pips) and the remaining lot is stopped out (-60pips) leaving a total of +30pips.
3.)...Ignored
DislikedJokeR & earret,
I'm afraid I disagree with both of you, I don't think it's a good idea to cap this system with a 190 pips max, as most of our big wins have been way bigger & it's the big wins that pay for the loses,
yes, the system is good at giving entries, trouble is most of them are bad.
where I feel we need to look is, how much does a good entry retrace when it happens?
maybe we can get away with a smaller SL?
just my thoughts.
Steve.Ignored
DislikedThe Basic rules of this system are pretty much clear.Maybe we should focus on the Money Management now. I hate getting stopped out when my pips were +80 pips or so.We could use Take Profit 1,2,3 etc levels.(using multiple lots) like
Lot1:Take Profit=30pips, S/L=60pips
Lot2:Take Profit=60pips, S/L=60pips
Lot3:Take Profit=100pips, S/L=60pips
Scenarios are: 1.) All 3 profit targets are reached for a total of +190pips.
2.) The first 2 profit targets are reached (+90pips) and the remaining lot is stopped out (-60pips) leaving a total of +30pips.
3.)...Ignored
DislikedVery well put tlindle - it always staggers me how many wish to change a system which is obviously very profitable and simple - it requires nothing more than following a basic set of rules -that's it!Ignored
DislikedBe consistent Peter! The whole basis of this system is that you don't know which are going to be the big wins. The reason that it is profitable is that it catches all of the big wins - and the whipsaws in between. As soon as you go to TP's, you might as well bin the whole system and create a new one from fresh. You will, by definition, miss the big wins and this will become a losing system. We've got enough of them. IMHO.Ignored
DislikedEl Dee the first line of my last comment says I am not in favour of changing any of the trading rules which you appeared to have missed -with no mention of taking early TP. What I may be on favour of doing is quitting for the month when we are well ahead IRO of 800-1000 pips, as have done for the last two months. IF sterling thnks this may still detrimentally affect the overall annual performance I would obviously re-consider.Ignored
DislikedThere's nothing wrong with stoping while you are ahead...i don't care what anyone says.Ignored
DislikedI agree, it is the "Big Wave" that makes this system profitable.But i still believe locking some profits before that wouldnt harm anybody.Maybe we should let the Third lot run until a opposite reversal signal occurs?? Opinions???Ignored
DislikedThere's nothing wrong with stoping while you are ahead...i don't care what anyone says.Ignored