.. and to doubly ensure you're doing your realtime monitoring.
Tonight I finally got fed up with making the mistake in short term trading, of getting into a wave/oscillation/movement at the END of the wave (or running after spikes) that i decided to block myself from doing this in metatrader. Was so happy with the solution that i wanted to share the tale, hopefully will be brief.
Assuming that you're using metatrader, are a short term to intraday scalper, and use scripts to enter and exit your positions (if you dont, its worth doing, as you can assign keyboard shortcuts to scripts, to save the multiple stages of clicking).
So to add these training wheels for myself was quite simple. All i did was create a condition in the buy/sell scripts to read a global variable that knows about the current price action, whether its going up, down, or consolidating. So for example, if i try to enter a long when the market has been trending up, i get an Alert telling me that i'm not allowed do this, same for shorts.
For that to work, i have to manually set what the current price action is going.. via three more scripts, that set a global variable for each Symbol to up/down/consolidating. The trick to all of the above, is to have these scripts assigned to hotkeys, and even better have these in turn mapped to hardware keys.. (For a good keyboard, i can recommend the Coursair K90, or a Razer Naga as a mouse that can work well for this).
Being required to constantly update the state is working as a nice, quick added step to make sure i'm actually doing my realtime analysis, and being blocked from doing something stupid is such a relief. It was one of those psychological head challenges. Of course i want to stop damaging my balance, but for some reason even after months my brain left unchecked still let these naked outer channel trades through. Sheesh
Anyways, hope that made sense and could be useful to someone.
Tonight I finally got fed up with making the mistake in short term trading, of getting into a wave/oscillation/movement at the END of the wave (or running after spikes) that i decided to block myself from doing this in metatrader. Was so happy with the solution that i wanted to share the tale, hopefully will be brief.
Assuming that you're using metatrader, are a short term to intraday scalper, and use scripts to enter and exit your positions (if you dont, its worth doing, as you can assign keyboard shortcuts to scripts, to save the multiple stages of clicking).
So to add these training wheels for myself was quite simple. All i did was create a condition in the buy/sell scripts to read a global variable that knows about the current price action, whether its going up, down, or consolidating. So for example, if i try to enter a long when the market has been trending up, i get an Alert telling me that i'm not allowed do this, same for shorts.
For that to work, i have to manually set what the current price action is going.. via three more scripts, that set a global variable for each Symbol to up/down/consolidating. The trick to all of the above, is to have these scripts assigned to hotkeys, and even better have these in turn mapped to hardware keys.. (For a good keyboard, i can recommend the Coursair K90, or a Razer Naga as a mouse that can work well for this).
Being required to constantly update the state is working as a nice, quick added step to make sure i'm actually doing my realtime analysis, and being blocked from doing something stupid is such a relief. It was one of those psychological head challenges. Of course i want to stop damaging my balance, but for some reason even after months my brain left unchecked still let these naked outer channel trades through. Sheesh
Anyways, hope that made sense and could be useful to someone.