Early entry vs later entry - Your opinion?
There are some systems with early entry (trend is not fully established and we need to filter false entering), and there are some systems with later entry (trend is already established and we more care about where to exist).
Practical example with those systems with explanation - read the following posts:
- https://www.mql5.com/en/forum/173249/page44
Vary interesting information thanks for the input.
It really depends on your own trading plan (which all traders should have). In your plan, you would have drafted how you would enter and exit a trade. You do this to avoid getting into a dilemma when you have a trend setup.
Personally I prefer to enter into a trend with a 'better price'. That means if it is a Long setup, I prefer to wait for price to fall to a level that I would like to buy. If it is a Short setup, I prefer to wait for price to rise to a level that I would like to sell.
The limitation of waiting for a 'better price' is that the price may take off in your trade direction without triggering your entry level.
As long as you are comfortable with that possibility then it is a viable entry method.
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Given the choice of entering a main trend later or entering a pullback early. For example fast indicators get early entry's the draw down being you could be entering on a pullback or consolidation. I'd rather a later entry into the main trend, which would you choose?