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This is one of the big reasons that I also need to do more statistics, and come up with a number range for profit target per lot per currency. This number will definitely not be a fine-tuned number because the market is always changing, so there is no point to curve fitting. So while it may not maximize my profits, this range shall give one a profit. Stick with it over time, and I think one can be consistently profitable.
Even when adding down, it needs to be within the plan.
So the key is to start with a plan, this is what I have learned. And not to try to squeeze every dollar out of a move, take what's according to your plan (risk appetite) and leave the rest for the cowboys.
Hopefully, I'll join you in my stats by end of next week.
__________________
Life is a Gamble. You win some. You lose some. And life goes on.
All reasons why I now see this account way down. I could have closed out at 160k equity this morning but I still wanted more.
Greed. An ugly emotion. I have taken many dubious trades this week and I needed to get kicked in the ass.
Glad this is a demo account. If you are watching, then learn a lesson.
TAKE PROFITS WHEN THEY ARE THERE!!!
_____________
It seems that your are not following the rules of your system.
Are you still using the 100pip TP target from the beginning of the thread?
If so, there is no emotion involved, if you get to 100pips profit, you get out. End of trade. Then ( I assume ) you have to wait until the start of the next hour to open a new trade.
The other way to trade it would be to simply end all trades opened during the hour at the end of the hour. This also removes all emotion from the exit process.
I believe that a good system needs both entry and exit rules in order to be considered a fully tradeable system. This removes emotions and doubt from most trades. If you are not seeing the results you expect, you simply tweak the rules, but continue to follow them.
the FIBO_S series is good (if you AIM for few pip profit or stop loss -- use FIBO_S that will give you TARGET -- just about 10 to 15 pip ) -- good for quick profiting in manual trading
more simple that it illustrate though,
I use it on M5 chart, in my mind set, I always got the tendency of finding the first bit of U-trend and too scare to go in when it is UPRISING
so FIBO_S together with few other INDICATORS, show you when is the best time TO get in -- while it is uprising
----
however, I did try to install [PriceSeries] the big yellow circle -- into \MetaTrader 4\experts\include
and install brainSYSsig4 in the usual indicator folder, change the INPUT PARAMETER , but none of the method, I could get it work --- i.e. draw a big circle -- buy anyway, I do not know whether it is on M5 chart too ?? so I gave up
Quote:
Originally Posted by radatats
Well yesterday I thought I was dead but like a phoenix I will rise from the ashes of my own demise.
Trading today has already got back over half my losses and I truly believe that I will benefit from this experience. Good thing I don't own a gun. As a retired Marine, trust me I would not have missed the target. Instead I have a few new scars and a very bruised ego.
Lets get real now.
Has anyone had experience with the fibo_s.mq4 indicator? It is absolutely the best I have ever seen. Unfortunately it also bogs my system down and from what I have searched it needs some recoding to get rid of the loops.
Way beyond my abilities. If anyone is willing to tackle this I believe they will have a real winner here. My thanks in advance.
and it looks pretty awesome -- esp , I tend to PRE-MATURE entry in early EURO hours
Quote:
Originally Posted by radatats
Another ridiculous spike against the dollar based on what appears now to be a false or innacurate report of dipshit Geithner's comments.
I was not in a trade so it did not affect me but I am sure a lot of others were whacked.
Anyways in my ongoing efforts to simplify things I have pulled most everything off my charts except for two HAS indies. One set at 2-12-3-2, and the second at 2-34-3-2. Still use the grid and the 10 pip lines on the 1min chart and use the BZ concept each hour but don;t need the extra lines on the chart.
Look for entries when the fast HAS crosses the other and price pulls back to touch the slower one. Happens all the time and is very reliable.
Here are the scripts I use for placing and managing my trades. I strongly suggest using them. You should review the settings and make sure they are appropriate for your risk parameters.
My buy and sell scripts have 20 pip stops and 100 pip take profits with 10% risk. That means that if you get stopped out at 20 pips, YOU WILL LOSE 10% OF YOUR ACCOUNT. It also means that a 20 pip gain will give you a 10% gain in your account.
I also use the Hot Key function available in MT4. I set my hotkey for auto sell to Alt-S and Alt-B to buy. I use Alt-X to close all open trades and take profit.
If you are not used to using scripts please set the risk to 2% for the first few trades until you see how they work.
Before you ask, place these scripts in the experts/scripts folder and either restart the platform or compile them. Then you will see them in the Navigator panel. Right click on them to set the Hot Key.
If you don't know what I am talking about, press F1 and read the help file from front to back. In fact, if you haven't done that you should not be trading.
Well I am back at it again. Still looking for relatively small trades with 1-5% risk. Gaining consistency but I still find that I look for reversals that are not there! I need to get better at milking the trend instead of trying to guess the reversal.
Check my stats to see my actual trades. Results speak for themselves.
Steve
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Change everything till it works!!! Test, test, test... Click here to see my trading... http://letsgetreal.mt4stats.com
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