Yes, that's all wonderful; now, would you mind explaining your trading method? I teach flying, how would you like me to say to you, "just pull up when you feel like it and land when you're descending." You'd crash! Your teaching method here teaches people to crash, because you can't be clear and present a coherent system.
Come on, don't cop out on us. Give us all something we can actually use!
DM, i'm serious when i say this .. reread post 1 a few times .. there is no complicated indicator & settings. Then on monday - open a demo acc, on eurjpy follow what post 1 says. Keep a journal about how you feel when you are putting in the trades.
Kill a few demo acc, if necessary. The specifics - when to enter, sl, tgt are unimportant - the market will tell you. And one day you will discover - Voila!
This is not philosophy. This is a method to discover your own holy grail. Please give it a shot for 2 weeks at least, before your next post.
ok Auto, here is what I am going to do on Monday:
I am going to open a demo account and begin trading eur/jpy in the following manner, from your post 1:
The current price is P. H is a separation, say 10 pips (so I am going to start at 8:00 AM on Monday with whatever the current "p" is, using 10 for separation).
Buy a position on every x pips as it goes up from P+H. (I am going to simply set sell limit orders every 10 pips on the way up, starting with 20 pips above current price, with a stop loss of 20 pips below the current price. Each succeeding order will have the same stop loss, set at exactly the same price, which is 20 pips below the original price. I have no idea when to exit if in profit.)
Sell a position on every x pips as it goes down from P-H. (Yes, I'm going to put sell limit orders every 10 pips on the way down, starting with the first one 20 pips below current "p".)
Successive buy positions are to be added only above the first buy. (Yes, every 10 pips above)
Successive sell positions are to be added only below the first sell. (Yes, every 10 pips below).
Close all when the net profit crosses the profit target or max loss values. (Have no idea what you mean, or even how to guess at this. Since you have not explained it I guess I'll just close out whenever I feel like it).
A small stoploss and a large profit target will give very big profit during the big breakouts. (Oh are we supposed to use profit targets?)
A large stoploss and small target will give profits quickly even during small runs. (OK, so I am either going to use a small stop loss and large profit target or a large stop loss and small target. Uh, am I the only one confused here?)
It works best when volatility can be predicted properly. (Which nobody at all can do).
Please throw more light on the points been raised ie be as specific as you can. Also I thought you bought and sold at P+H and P-H respectively also?
Now we are thinking ..
right - that's good start. This is just the begining - you don't have to know the most optimal value. btw - there is no such thing.
As a guide, you can use net T pips target or a $ value. Or just use breakeven - the aim is to understand the mechanics. A -S% equity stoploss will protect capital in extreme chopiness.
A small stoploss and a large profit target will give very big profit during the big breakouts. (Oh are we supposed to use profit targets?) A large stoploss and small target will give profits quickly even during small runs. (OK, so I am either going to use a small stop loss and large profit target or a large stop loss and small target. Uh, am I the only one confused here?)
If each trade has 200 pips stop, you can close when the net is in profit. Break & choppy either is ok.
If each trade has 20 pip stop, a big break will get u lot of profits. Choppy will be not good.
Try newstime for a easy start - direction is not important.
Hope it helps.
follow the price
You buy when it is going up .. and sell when it goes down .. makes sense ?
BUT U KNOW THAT AFTER THE EVENT
HOW DO U KNOW IT IS NOT A RANGING MARKET?
HOW DO U KNOW WHEN TO KEEP OUT?
HOW DO U KNOW AFTER U SELL IT IS NOT COMING BACK UP TO HIT YOUR STOP?
practice for 6 months - then at least you will start asking the right questions. All i sense now is your fear of loss!
OK, how about this?
OK Auto, I'm really thinking now . How about if I enter limit orders above the current price by 10 pips, and once I get 4 orders triggered, I put the stop loss of all orders at zero? Then I just keep moving the stop up 10 pips with each new triggered limit order. Sound good?
sounds great. You might try to close all at NET Breakeven first few times - that's the first challenge.
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