The shot shows the EURUSD and GBPUSD this morning, the arrows at the top of the trend were there at close on Friday, the market status was also there.
I did NOT say I did not know how to manual trade OR analyse the market, I just do not have the time or the patience for watching it all day on multiple currencies of timeframes, that does not mean that I couldn't.
I could and have done so - my record being 10x profits in one day, but I was exhausted and very nervous afterwards lol 😁
In case anyone is wondering about the JPY trades this morning, I was looking at a very old thread regarding Ichimoku over the weekend and have adapted a 4 hour EA and changed it to a 15 mins chart one and am live testing it with one trade for £0.05 on 3 pairs.
I also have a USDCHF martingale trade still open, it is up to 3 levels this morning, its a bit slower than EURUSD, hopefully it will be ok, I will check setups later and see.
One point - see the White backgrounf GBPUSD graph ... look at the double arrow there .. ( the pink and red one above it), one is a confirming arrow for a major change in trend ( pink), the other one is a version of the fractals indicator, you can see the ups and downs all over the place on both the charts, but unless it has the confirming one I ignore them.
I have a STOCH and a MACD on that as well, pretty standard stuff really, apart from the lines on top of the bars, they are very special, the red line is used for moving stop losses up ( blue line when selling) and the dotted channels are used to show 15 mins and 5 mins 'flow'.
I've been working on the initial logic since Oct 2011 and began forward testing in Nov 2011.
ForexMarginCall strategy will use TP == SL otherwise a win would not recover the loss. I'll intervene if the Martingale Step Level were to ever exceed the Backtest.
The advantage of Not using a Grid and a Real Strategy is that a Loss is bound to happen. That's perfectly acceptable, but a Martingale GRID will risk the entire account on one series of trades ( if you do not have a limit) Unfortunately that can happen within 1 day.
Since a Grid Martingale can blow your account so fast, there is little time to PREPARE and prevent a margincall. However, wit a Real strategy, you have Entry logic based on a proven strategy with a TP and SL. If you find yourself in a series of Losses, you can Pause the System and Trade the next signal with Manual oversight preventing the MarginCall.
pipsRUS posted: Well you can get lucky with most anything as far as that goes does it mean it's a good strategy? Here's a example with this kind of thinking. I myself am a pretty good scalper not the best but good enough to stay in profit most of the time. Now lets say I open up a 50 lot trade with my TP 20 pips well that is a $10,000 trade. On most days I can get those 20 pips without much problem and make a quick 10k in just a few mins does that mean I should do it ,it's a good strategy?
Traders that been around Forex for a while will tell you it's like someone behind the curtains pulling the strings. It's uncanny the way things happen in Forex and for that reason alone it's not a good strategy to use any system that has the potential to blow your account.
All strategies have the potential to blow your account. I personally use a form of martingale strategy on eToro - but I don't trade blindly, I only enter when price action and indicators favour it. I use 25 pip S.L. and 15 pip TP, if that trade looses (when conditions are met) I'll open another trade with twice the lot size but I'll use a slightly tighter TP. That way with each successive losing trade I'm increasing the probability of my TP being hit but accepting a smaller profit. If my first trade is a winner then great, I've made my profit goal and the next day I'll restart the process.
incometrader posted: I use 25 pip S.L. and 15 pip TP, if that trade looses (when conditions are met) I'll open another trade with twice the lot size but I'll use a slightly tighter TP. That way with each successive losing trade I'm increasing the probability of my TP being hit but accepting a smaller profit. If my first trade is a winner then great, I've made my profit goal and the next day I'll restart the process.
That's funny because I decided todo the opposite. I've increased the TP to recover all the previous losses and make a nice gain for occurring several losses in a row and accepting the DD. You have a good idea by reducing the TP to increase the probability
Trick or Treat: 'That's funny because I decided to do the opposite. I've increased the TP to recover all the previous losses and make a nice gain for occurring several losses in a row and accepting the DD. You have a good idea by reducing the TP to increase the probability
I do think the TP is harder to Hit and in result, yes it can decrease the profitability in terms of pips. It can also prolong the DD by taking a longer time to hit a winner. Its a slow progress.
blessing + ilan - i looked at your Lotsize and GridDistance and IMHO it looked too aggressive. Good luck though
Seems to be working well for you. So what is your lot size limit? I had a blowout on eToro using my strategy - but I was way too aggressive: only 5 losses in a row and I'd have to accept a loss. I was aiming for 1% total profit per day. How many loosing trades can you have in a row before you have to stop increasing the lot size? Do you have a daily profit % target?
I've modified my strategy now: 200X leverage instead of 400X. 50 pip SL, 15 pip TP and manually close if indicators are telling me I'm on the wrong direction. Now achieving about 0.5% per day.
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