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I have thought about this. I think that you should always take the trade at same time each day. Look at the hedge hog system. It also goes along this line of thinking. And look at the mp6140 posts in the Join the dot thread. These are hedge trade gust taken at a given time.
Also what do you think about taking a basic indicator lets say heiken ashi. Pick a time and make a trade on the color of the candle at that time. Dont look at price or the trend. Gust pick a time and go with the color of the indicator. I think a small tp would do you best 10 or 20. Gust a thought.
https://www.mql5.com/en/forum/trading_systems
https://www.mql5.com/en/forum/178395
Jatki24300Great links...That guy's system in the join the dots thread is very nice. Simple and easy to use. I disagree though, with the assertion that someone keeps making about it working in the short term. I don't think systems like those are good in short term because your stop losses would have to be so tight. That gets expensive very fast. That's why I like really big stop losses, gives the market room to breath and decide if it's going to make you happy or not. If you give it a 15 point stop loss it'll lose you at a loss almost every time.
I was thinkinig that a trader could do this, just pick a random currency pair and use a 100 point stop loss and then just close it where he or she feels like too. Like last night, my trade shot up to 89 but I was holding out for 100 and got pimp slapped. I felt like Oliver Twist asking for more gruel. As if the Market said, "Pips? You want more pips? I'll show you pips."
Anyway, what I'm rambling on about is this: It doesn't matter if you get the 500 pips per level in 5 trades or 50, just as long as get them. There may be times when it makes more sense to take advantage of the big stop loss-plenty of breathing room, more likelihood that your trade will go positive SOME amount-and open numerous trades per day then to go for 100 pips all at once. Of course you are opening yourself up to more risk if you do that. Personally it's an option that I'm courting. I'm all about taking risk. Nothing ventured, nothing gained right?
The trade I made today is at 85 positive right now. I'm holding off closing it because I want to recoup my loss from yesterday, but I'll probably go ahead and close it soon.
It just closed positive 100
. So that's 50/50 so far. Technically I'm down $1.30 but im not too worried bout that.
Trend
I realize that most traders won't be comfortable with using no indicators at all so maybe we can make a general rule: Always trade only on a currency pair who's daily and 4 hour trends agree. This would help avoid the losses that would come from blindly buying into a strong downtrend or vise versa, but rules like these will not protect the trader from every situation like that. In the end the market will do what it wants, no matter what the past is.
Hay cyclesufer what indicator are you going to use to get the trend. Jatki24300
Shouldn't it be better to use a trailing stop loss?
certainly
Shouldn't it be better to use a trailing stop loss?
Of course if that's what you want to do. I prefer an all-or-nothing approach to taking profit with a set it and forget it system like this but by all means use a trailing stop. It just means there will be times when you will lose out on making the big bean, but hey, there would be times when it saves you from losing the whole shebang too. Everything is a trade off, we as traders just have to choose which package we want. I find that once a trade reaches a profit of around 50 it usually completes to 100, but that is just my experience. The market historically over 30 years would probably disagree with me.
Hay cyclesufer what indicator are you going to use to get the trend. Jatki24300
With the trades I've taken so far in this thread (including yesterdays) I havn't been using any indicators at all, it's been 100% random. The only criteria I took was a requirement for a spread less then 4. Also, I haven't been trading on EUR/USD because I want these trades to move really fast.
If I use an indicator to get the trend I would start with a 100 MA on 1 day time frame. Then I would make a 10 MA on the 1 day chart. If the MA is above the price I would assign it a value of -1.So if the MA is above the price in both the 100 and 10 MAs the 1 day chart gets a total of -2. Then I would do the same with the 4 hour and 1 hour charts. Starting at a neurtal 0 I would subtract the negative numbers from the positive (the total times the price was below the MA versus when it was above) If the total is greater then 0 I am buying, if it's less then 0 I am selling. Just a simple little trick. If it's 0 then I'd flip a coin.
Okay, I came home today and saw that AUD/USD hand't hit my limit order yet, it was up to 66 and I decided to go ahead and take it so I could get another trade going. So the system is up 64. I'm going to make another random trade to see how high I can get without using charts.
Very Interesting Thread! I have subscribed to see how this goes.
Very Interesting Thread! I have subscribed to see how this goes.
Coolness.
