Quote:
Originally Posted by fxnorth
Firstly...this is dangerous stuff the old martingale and it WILL blow your account...I promise you....UNLESS you are dynamically hedging the other side and covering the losing trades at the same time (which you are not).
If you are going to persist with this -
I'm with Toccocta's comment that you would be better of killing the trade rather than carrying the loss. What happens if the market falls 500 pips prior to retracement? Plenty of people said "it would never happen and has NEVER happened" (an idiot named Steinitz rings a bell), that was until last year when a real manure storm hit the markets. I bet Steinitz words of "the market always comes back" will be hurting plenty of his customers now LOL.
But anyway....I digress. At the moment you seem to have a funky averaging in, weighted martingaler happening here and that's all and good in a channel market but if you try this strategy on a real sourpuss of a currency like Cable or EUR/JPY, you will be destroyed in no time.
Not to mention...M15 PSAR?? It's a bit laggy.
FxN
|
the trading system used by steinitz was a high drawdown system which he admitted himself
on the other hand this system is a low drawdown system, you rarely witness a drawdown of more than 10 percent if you follow the money management rules.
Also i took into consideration currency characteristics before settling for either eurgbp or eurchf ( whichever you want based on prevailing market circumstances)
so if you think this system will blow your account , i think this should change your perception
Anyway , if you are interested in helping code this system into a robot , then you are welcome