cheers!
Make Money Everyday - A Guide to Short-Term Trading
- #682
- Sep 6, 2011 9:29am Sep 6, 2011 9:29am
Mong might not like this, but I've taken to setting my limit orders, adding stops and leaving PTs open. Mainly because I've seen price spike through a level so many times I thought why not grab a few extra pips.
I do cop it when price bounces very quickly off the level and comes back, but if it's in an obvious range I generally set a TP. Still miss a few some times though. To be honest they probably even each other out
I was watching the EC gobsmacked.. I kept refreshing my chart, thought it had to be a feed error at first hah
To try and catch the spikes I use a EA called "quick trailing". I trade 2 units at a time and have a target for the first unit. Once my target is hit the EA automatically moves my stop to break even (giving me a free trade) and adds a trailing stop... if price runs I catch it, if not, no biggie as I still make money.
- #683
- Sep 6, 2011 9:38am Sep 6, 2011 9:38am
I took a micro account from 150 to 1000 twice this summer and decided to start a blog about the process after reading so many posts here and on other message boards about how it is not possible to make money with a small account.
cheers!
About 2 years ago I used to enter at market and then add stops and take profits... I was trading oil and forgot about an inventory announcement - price was moving so fast against me that every time i set a stop i got an error message saying the price was not valid - basically in about 1 minute I got a margin call and in 2 minutes my account was liquidated by my broker. I will never again enter a trade without a stop!
To try and catch the spikes I use a EA called "quick trailing". I trade 2 units at a time and have a target for the first unit....
Would you mind sharing that indi? It would actually work perfectly for the way I am trading the qtrs.
- #687
- Sep 6, 2011 10:24am Sep 6, 2011 10:24am
Here is a quick trade using quick trailing to maximize the run. I still got out too early but I got a nice chunk (29 pips) with little to no risk.
2 units traded, SL 5pips, after 8 pips one unit closed and stop moved to breakeven on 2nd unit. 5 pip trail added to second unit which was stopped out after 21 pips. If you give your trailing stop more room you could have captured a lot more, but I am a scalper and I got enough.
2 units traded, SL 5pips, after 8 pips one unit closed and stop moved to breakeven on 2nd unit. 5 pip trail added to second unit which was stopped out after 21 pips. If you give your trailing stop more room you could have captured a lot more, but I am a scalper and I got enough.
- #691
- Sep 7, 2011 10:03pm Sep 7, 2011 10:03pm
Right on thanks for that mate.
I can't seem to get the trailing stop to do it's thing, it opens and then in the log I can see it has closed itself, not sure what's going on there. Any idea if it works with 5 digit brokers?
Not wrong about PA last night!
I can't seem to get the trailing stop to do it's thing, it opens and then in the log I can see it has closed itself, not sure what's going on there. Any idea if it works with 5 digit brokers?
Not wrong about PA last night!
- #694
- Sep 8, 2011 3:33am Sep 8, 2011 3:33am
gedium I can see you lurking at the bottom there, come back and post your charts, let's get some entry discussion happening here again!
I'm in the process of writing up my entry rules and trying to put visuals along with them, we'll see how we go.
I'm in the process of writing up my entry rules and trying to put visuals along with them, we'll see how we go.
All times shown are Eastern Standard Time....
7:00amGBP
Asset Purchase Facility
7:00amGBP
Official Bank Rate
TentativeGBP
MPC Rate Statement
7:45amEUR
Minimum Bid Rate
8:30amEUR
ECB Press Conference
8:30amUSD
Trade Balance
8:30amUSD
Unemployment Claims
PA probably is going to just float along for a couple more hours. I doubt there will be any big surprises one way or another out of these - so essentially non-events if that is true - but should make for some interesting trading.
7:00amGBP
Asset Purchase Facility
7:00amGBP
Official Bank Rate
TentativeGBP
MPC Rate Statement
7:45amEUR
Minimum Bid Rate
8:30amEUR
ECB Press Conference
8:30amUSD
Trade Balance
8:30amUSD
Unemployment Claims
PA probably is going to just float along for a couple more hours. I doubt there will be any big surprises one way or another out of these - so essentially non-events if that is true - but should make for some interesting trading.
- #696
- Sep 8, 2011 4:51am Sep 8, 2011 4:51am
I thought I was sorted tonight as no news at start of London so time to trade before heading out
Might be awake to trade some of NY after news.
Trade well!
Might be awake to trade some of NY after news.
Trade well!
All times shown are Eastern Standard Time....
7:00amGBP
Asset Purchase Facility
7:00amGBP
Official Bank Rate
TentativeGBP
MPC Rate Statement
7:45amEUR
Minimum Bid Rate
8:30amEUR
ECB Press Conference
8:30amUSD
Trade Balance
8:30amUSD
Unemployment Claims
PA probably is going to just float along for a couple more hours. I doubt there will be any big surprises one way or another out of these - so essentially non-events if that is true - but should make for some interesting trading.
- #700
- Sep 8, 2011 10:09pm Sep 8, 2011 10:09pm
No problemo! But if you look at my last screenshot you might notice that the indi's at the bottom don't line up with my trade. So use with caution.
I'll chuck on the snake at the bottom
and see what I can see with that.