i`ve been trading for a while nina`s method and we all know the entries are excellent, but my main problem and i guess many others too is the exit, could be trailing, scaling, etc, maybe if we focus a little in our exit methods we can make of this method even better than it already is.
It would just seem common sense to exit with limits.... (IE 5 lots, exiting 2 at 10, 1 at 20, 1 at 30, 1 at 40) I've wrestled with this for a long time and realize that the future is always unknown. Chart formations fail and every trade is different. So stairstepping puts us in the best position to manage our money.... or at least some variation of that.
Anyway I read every post through page 27 tonight and want to thank you (Nina and all contributors) for an interesting read.
As for my idea on limits.... sure, if there is a 100 pip move then you are going to have made 110 pips by the time you reach 40.
There is a second exit strategy in my arsenal.
This is not for the faint of heart. Rather.... if you have a high risk account of 5K trading with 37 cents a pip on the Franc...
Nina if you can get 84 pips every 7 trades then you can turn 5K into 1 million in a year. That assumes you make 250 trades in a year.
Basically you start with 1 lot and double your lot size every time your trade hasn't hit 84 (4 of the 84 goes pips to the spread) Anyway you are trading along on this little 5K account and trading 1, 2, 4, 8, 16, 32, and 64 lots. Now in my strategy for MM I like to use a 35 pip stop that actually translates to 39 with the spread. I wouldn't like to trade 128 contracts as too much damage may occur.
When you plot out a system that consistently hits 84 pips, you will find a nice flat line like a babies bottom. You can scale your lot sizes with a multiplier as your account grows.
Anway I am a much better money manager than I am a trader or chart technician. If someone can get me 84 pips every 7 or 8 trades then I have a spreadsheet that dynamically changes the multiplier as the account grows, and scales it back as you incur losses.
I feel I have 40% of the puzzle complete to creating a grail caliber system.
Hi, Tdion and all !!
CatFX50 gives you more than 84 pips every 7 or 8 trades. Look at it yourself.
The problem (???) with CatFX50 is the exit. There is not a fix rule for that and every trader should find its way. I like to scale. When I have 15 pips, I close some and let the others open. I may close them at b/e or close some at b/e; I do not know. I like to feel what I'm doing. What I never do is that if I'm +15 is to end up with -30.
Could you post your spreadsheet?
I'll make a deal with you.
If you collect all of your 'peak data' from all your trades this past year.... only on the Franc for starters.... then I will plug it into my spreadsheet and post it. *Please keep them in order
I just need the highest point of the trade (as you have been posting at the start of the thread.)
This will be a lot of work.... maybe some of your other contributors will help.
What do you say?
I can not do it.
Lets see if there is a volunteer.
Yes, you are right.
I'm waiting for a mate to pop up with a fantastic exit strategy, but our "smart trader" isn't here yet.
Meanwhile, lets pick up good money from CatFX50.
Look, cable was a sell on Friday at 1.7427-1.7413. From that sell till now, CatFX50 has given +176 pips. In any case, bmac, rate has hit stop at b/e if you had entered at 1.7427.
I will go one better.
If someone collects the data and posts it, I will adjust my mm (money management) to be optimized for it. Maybe the limit exit for CatFx50 should be 72 instead of 84. Only research will tell us.
That might mean a drawdown in equity of 20% or 40%.... whatever you are willing to let the account dip to before crying uncle. So these are the variables in the spreadsheet that you can adjust. It's very handly and versatile....
My name is Tom and it's a pleasure to work with such an inspirational person!
For those who use the modified fibo-pivot indicator, which I modified to draw the lines ony on the last day - here is a new version.
The "old" one will indeed post the right levels but the labels are not actualized, so if the price label is turned on the price on the label does not fit to the line itself. This should be corrected in the attached one.
Okay I am getting semi-excited over this now.
The way I see it.... you are a woman that is hungry for pips..... and I am a man that can take pips and translate them into huge profits over the course of a year.
This could turn out to be a great team.
Now my money management requires using only one currency. I've rethought this and see no problem with combining your three CatFx50 currencies as one super currency in my spreadsheet.
Basically there must be a start and stop period to collect the profit/loss of the three and enter them into my spreadsheet.
The only problem is.... what do we do about the stops? My spreadsheet is set up for 39 pips of total losses. I guess I'll just have to work with what you give me.
Okay people I think we might have a solution for the exit problem and that would be to exit all your trades when you have a COMBINED total of 84 pips simultaneously. That would require simultaneous currencies being open.
I am thinking it could be a bit complicated but maybe someone in the group can push this further.