Here's something to thinnk about as we get ready for another trading day...
Attached Image
Price Action Trading with Indicators! The Freebie System
- #4,485
- Aug 10, 2011 2:07am Aug 10, 2011 2:07am
- | Commercial User | Joined Jun 2010 | 2,022 Posts
Hi Dredding, sorry for the question but you entered on candle close?
LOL. Take a chill pill man you'll be getting high blood pressure 
I only asked and illustrated.
An alert is a nice thing to have, means you don't have to sit glued to the screen. If it's not yours, cool, it's not a personal attack dude. Re-coding, I have no idea
Personally I'm a trader, not a coder.
Re breakeven stops, I won't argue only to say that if someone is the type to put stops at breakeven after a breakout you will get stopped out, again and again and again, it's how the market works. They don't give you 'free trades' as most think. You only have to risk your capital again on a second entry, that is not risk free. Seeing where the entries were, then getting in where the stops are is a legitimate and safe entry technique.
Anyway, I'm not arguing, I'm just putting forward a different philosophy.
I only asked and illustrated.
An alert is a nice thing to have, means you don't have to sit glued to the screen. If it's not yours, cool, it's not a personal attack dude. Re-coding, I have no idea
Personally I'm a trader, not a coder.Re breakeven stops, I won't argue only to say that if someone is the type to put stops at breakeven after a breakout you will get stopped out, again and again and again, it's how the market works. They don't give you 'free trades' as most think. You only have to risk your capital again on a second entry, that is not risk free. Seeing where the entries were, then getting in where the stops are is a legitimate and safe entry technique.
Anyway, I'm not arguing, I'm just putting forward a different philosophy.
- #4,491
- Edited 2:58am Aug 10, 2011 2:45am | Edited 2:58am
- | Commercial User | Joined Jun 2010 | 2,022 Posts
- #4,492
- Aug 10, 2011 2:48am Aug 10, 2011 2:48am
- | Commercial User | Joined Jun 2010 | 2,022 Posts
LOL. Take a chill pill man you'll be getting high blood pressure
I only asked and illustrated.
An alert is a nice thing to have, means you don't have to sit glued to the screen. If it's not yours, cool, it's not a personal attack dude. Re-coding, I have no idea
Re breakeven stops, I won't argue only to say that if someone is the type to put stops at breakeven after a breakout you will get stopped out, again and again and again, it's how the market works. They don't give you 'free trades' as most...
** No high blood pressure here....ALOT OF COFFEE! LMAO**
How you work that out?
Let's say you risked 2% over 20 pips.
Price goes onside 20 pips (at this point you're 2% up, assuming no costs)
You close 1/2 (you bank 1%)
The other half comes back and takes out your b/e stop (makes 0)
Banked profit = 1%
So your trade made 1%, not 2
Taking costs into account too, you made less than 1%.
Coffeeeeeeeeee
Let's say you risked 2% over 20 pips.
Price goes onside 20 pips (at this point you're 2% up, assuming no costs)
You close 1/2 (you bank 1%)
The other half comes back and takes out your b/e stop (makes 0)
Banked profit = 1%
So your trade made 1%, not 2
Taking costs into account too, you made less than 1%.
Coffeeeeeeeeee
- #4,498
- Edited 3:34am Aug 10, 2011 3:22am | Edited 3:34am
- | Commercial User | Joined Jun 2010 | 2,022 Posts
How you work that out?
Let's say you risked 2% over 20 pips.
Price goes onside 20 pips (at this point you're 2% up, assuming no costs)
You close 1/2 (you bank 1%)
The other half comes back and takes out your b/e stop (makes 0)
Banked profit = 1%
So your trade made 1%, not 2
Taking costs into account too, you made less than 1%.
Coffeeeeeeeeee
I think you need to look into MONEY MANAGEMENT some more before you want to speak on the matter.
- #4,500
- Aug 10, 2011 3:44am Aug 10, 2011 3:44am
- | Commercial User | Joined Jun 2010 | 2,022 Posts
1) Define Risk
2) Protect capital
3) Risk:Reward
4) Reduce Risk
I see - your talking targets, not actuals. OK