SharePosts by alexre
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Ok, you have some good points which I will use and see if it helps! Thanks!
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Elkart, first of all I really like your out of the box thinking!
Secondly, I'm starting to grasp your concept, but the more I think about it, the more it seems to me that this is a kind of a hedge.
You're absolutely correct regarding a movement of a pair (I've actually had the same thoughts some time ago) in that you can't know why the pair is moving, and it is indeed due to one of the possibilities you've suggested.
My question is - with your technique you do capture the entire move of the market, but what about the other side of the trade? You just keep it hanging until it goes into......
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Yes, I do trade individual positions - but that's due to the nature of my system; I can have only one trade open per pair, so I have 3-4 trades at most open at the same time.
If I understand you correctly, then you mean I need to scale in and scale out of a position? So I should have multiple entries for a single setup?
And yes, I see your point now - you're not looking to exit in the best possible spot, but bank profit on each trade? If so, then it will create more profit in the short term, but on the long term I believe it will push the reward:risk ratio down so I will need to have a ......
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Not likely.
An open trade will remain open while the trade signal is valid, or the stop loss is hit, or I spot a counter signal.
In terms of time, I don't have a limit - it can be minutes, hours, days etc'.
I'm waiting to resume trading next week, so I'll concentrate on my exits and will see how can I improve them.
I will post my progress here (if any...).
Thanks for your help Elkart!
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[quote]Elkart posted:
Quick question, that open trade you have, was your interest in USD or JPY?
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Oh sorry, I actually don't have any open trades currently - I'm just too lazy to update the account [roll].
[quote]Elkart posted:
61% winners - so guess only the exits needs attention.
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Yep - you've hit the nail on the head.
I get into an entry just fine, the problem is when I want to exit - in most cases I exit either too early, or too late. Maybe I should use another indicator for the exit, I'm not sure.
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[quote]Fulltime247 posted:
This is the dangerous time for newbie manual traders though because the markets can move so fast and unexpectedly.
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Yes, I agree. I would even go further and say that the same sentence applies for experienced traders also.
So your system is automated? And if so, do you monitor it more than usual because of the noted circumstances?
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Interesting.. And I thought everyone are afraid to trade at this time of year.
So your systems don't experience any difficulties with the low-liquidity-high-volatility type of market?
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Elkart, I don't think the RSI uses volume so - I'm almost certain.
I use the rsi to spot divergence/convergence which does help to filter out a lot of bad moves. Combining it with support/resistance gives a rather simple but effective trading system.
Fill or Kill, thanks for taking the time to go through my history [smiley]. I do have some big losers, but as every trader has experienced, it was with the beginner's mentality - "it must come back, I'll wait just a bit longer", and we all know where it leads to.. (Hint: starts with Margin, ends with Call [grin]).
I do try to tilt m......
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[quote]Elkart posted:
We'll you want to work on it? See if I can help a bit?
What time frame are you on?
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Sure. I guess it can't hurt.
I'm on the 30m, 1H, 4H.
Working with RSI to spot overbought/oversold areas, checking with higher time-frames for entry and lower time-frames for exit.
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Thanks Elkart, I really appreciate it.
The problem I'm having now is move from the break even state to the profitability state - hope I'll get there.
It's really frustrating to know you're almost there, but still not enough. [roll]
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