Lets Get Real - page 7
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Finally things settled in and I got a good entry on eurusd this afternoon. Took it for 62 pips and should have stayed in probably but whatever. It made my day. I find using the HAS with a 15 setting captures the moves pretty well and keeps you from closing too early. That is the one in white.
Great Work....
62 pips THATS ROCKIN! Keep on diggin.
Just a humble suggestion, but setting a 10 TP and 30 SL really stacks the odds against you. It would only take 1 random trade that doesn't cooperate to take away your previous 3 wins. And we all know that there are random weird trades everyday that just does its own thing.
Making profit is very much an art sometimes. Some trades you just need to let run, while others you just need to cut it short. And then there are ones that run against you the very minute you hit that entry order. You also have to read previous price actions like S/R into consideration to hold or close.
One of traits that needs to be developed is the elimination of the fear of losing and have optimism. I think of the trade going to hit my target instead of the trade hitting my SL. With that in mind, I combat fear of losing by thinking that if I do lose and lose big by a couple hundred pips, then I can make it up by doing the little singles and bunts along the way. So it is important to not bet huge from the start. Take what the market is giving to you. Keep it small and keep it consistent. Soon you'll build a string of small winners, and your mentality will change because you will try for a bigger trade or allow a bad trade to run longer because you are sitting on a buffer of profits. This reinforces itself over time.
My worst week in recent memory. Not due to the charts, but my inability to trade the signals I was getting. I gather I am not the only one that has a hard time taking the signal from his own system. Seems I still don't have the confidence to just pull the trigger.
I did this afternoon though. Set my TP at 10 pips and mt stop at 30 pips and tried a few trades at MA crosses. Worked great earlyh on but stupid me, Friday is a dead zone ane the last ones died on the vine.
This is something I intend to pursue Sunday night. Trading is more about MM than charts and this is getting serious. When I have a trade signal I will go with this script. If it is early in the trend I will also take the regular trade as well. I think this should get me a bunch of pips quite easily. I will post my results for you to see Monday.
From my perspective, you need at least a 75% winning percent to break even....win 3 trades, bank 30 pips, lose 1 trade -30...I'd say this is a long road to profitability. A 50% win rate with wins twice as big a losers...then you've got something. Simply trading a moving average cross will notwork....there is more to it than that.
Your approach here has the potential for at least a 50% win rate.....the questions is how to let those winners run and cut the losers short before they hit the 30 pip loss. If you are selling or buying just below or above the open....you should know you are in a bad trade well before you go -30.
Might I suggest moving stop to break-even at 15 pips and trailing the trade based on some approach. There are lots of scripts and EA to help you manage the trade....like automatically moving to BE at certain # of pips, etc. You should try some of those.
I can post a few here if you need some.
My 2 cents.
BK
My worst week in recent memory. Not due to the charts, but my inability to trade the signals I was getting. I gather I am not the only one that has a hard time taking the signal from his own system. Seems I still don't have the confidence to just pull the trigger.
I did this afternoon though. Set my TP at 10 pips and mt stop at 30 pips and tried a few trades at MA crosses. Worked great earlyh on but stupid me, Friday is a dead zone ane the last ones died on the vine.
This is something I intend to pursue Sunday night. Trading is more about MM than charts and this is getting serious. When I have a trade signal I will go with this script. If it is early in the trend I will also take the regular trade as well. I think this should get me a bunch of pips quite easily. I will post my results for you to see Monday.Great responses. I obviously didn't express myself well. I was extremely frustrated this week at my own inability to trust my signals and take the trades when indicated. Not that I lost money this week, I was actually positive. Just missed too many decent trades. All mental.
As for the scalp idea, I never let them go to the 30 pips. Trouble is I can't use the MM feature of the script without specifying a stop because that is how it calculates trade size. If someone knows how to do this without actually placing the stop I am happy to listen. Cause I know damn well there are stop hunters out there.
I would love to hear from you guys which trade management EA's you use and how they work for you. I will gladly use them if they can improve my trading.
I will still be placing my regular trades looking for the bigger moves too. My scalp trades are in addition and smaller, just trying to capture some extra parts of the moves without too much risk.
Keep it coming guys! This is really great stuff.
Here is how you would do this.....
Suppose you have a $10,000 account, 1.5% risk per trade, 25 pip stop loss, then you'll be trading $6 pips....as 25 pips x $6 = $150 loss or 1.5%.
If you want your stops wider, just adjust the values....
For a $10,000 account, risk 6%, 100 pip stop loss, then you'll be trading $6 pips...as 100 pips x $6 = $600 or 6%.
Then you use a trailing line stop that does not enter the actual stops.
Here are the 3 scripts...they work great.
So you enter with a stop...but it's far enough away that you'll be long out of the trade before it's hit....you get your money management calculation re # of lots and you have a line on your chart that you drag to where you want your real stop....without actually enter the stop with the broker.
I think that what you want....
BK
Great responses. I obviously didn't express myself well. I was extremely frustrated this week at my own inability to trust my signals and take the trades when indicated. Not that I lost money this week, I was actually positive. Just missed too many decent trades. All mental.
As for the scalp idea, I never let them go to the 30 pips. Trouble is I can't use the MM feature of the script without specifying a stop because that is how it calculates trade size. If someone knows how to do this without actually placing the stop I am happy to listen. Cause I know damn well there are stop hunters out there.
I would love to hear from you guys which trade management EA's you use and how they work for you. I will gladly use them if they can improve my trading.
I will still be placing my regular trades looking for the bigger moves too. My scalp trades are in addition and smaller, just trying to capture some extra parts of the moves without too much risk.
Keep it coming guys! This is really great stuff.I think I see what you are getting at but it is not really any different to what I am already doing. I use scripts from the same author but with the ability to do mini and micro too. But as I said they actually place the stop, not just use it for the calculation. From what I see, yours do the same thing.
Edit: AHA! I just tried yours and they work on mini no problem and I see you can use it withoutplacing the stop. And I see what you mean with the trailing lines. Excellent. Just walk it up behind the trade for a secret stop.
Having said that, if anyone is currently using an EA for that purpose and is willing to share their actual experiences with it and any tips for use it would be appreciated by all I am sure.
Steve
I have a script that makes a trade and uses stops, take profits and moves a stop line...all without placing any broker orders...what do you need it to do? Be specific.
BK
Simulated trades??
I have a script that makes a trade and uses stops, take profits and moves a stop line...all without placing any broker orders...what do you need it to do? Be specific. BK
Hi BK,
If I understand you correct..... that script can place simulated trades on a chart with the above mentioned visual moving of a stop line, etc?
It would be nice to have that, John