Hi,
"Best" is a very slippery word. The market is like a river - you will never dip your hand in the same water twice. (Profound, ain't I?)
The point is that there is no static number for "best". However, a small TP is generally more profit than a large one. Consider a 1 pip step on your grid and a 10 pip move in the market. You will take six pips of profit at 6, 7, 8, 9, and 10 for a total of 30 pips of profit. Had you used a 10 pip TP you would have ONE TP event at 10 for 10 pips. That make the small moves 3:1 more profitable with a 6 pip TP as compared to a 10 pip TP.
Now, if the market moves 20 pips in a
straight line the results change. With a 6 pip TP you had 15 TP events at 6, 7, 8, ... 20 for 90 pips profit. With a 10 pip TP you would have 11 TP events at 10, 11, .... 20 for 110 pips profit.
So the question you must ask yourself is how "wiggly" is the market? How much more likely is it to move 10 pips and retrace a bit than 20 pips without coming back? It has been recently reported to me by a user that he is earning 40% more profits since he has changed his TP from 10 to 8. Remember! This won't apply in all market conditions so don't go carving a big "8" in stone by your computer.
The good news is that with my robot you can change the TP values anytime you want and all new trades placed with have those values. You can also use the "close pending" feature to cancel all the pending orders and replace them with new pending orders with a new TP. Perhaps this might be a useful technique to use just before major news events when huge market moves are likely.
At this time it will NOT change the TP value in the existing orders though that is an upgrade I will add to my idea list. Perhaps if I have time I can add this feature.
Hope this helps!
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Bill
optimised set-up
Linear Mode
