Baruch's Forex System Journal

But it was a good call. Why don't you use trailing stops?

 

Hi saico,

Go some pages back and read all from Buk.

 

That would have worked out better also. As you've seen, though, it's difficult to know how far back to set trailing stops. If they're too far back, you lose too much profit before they are hit. If they're too close, you get knocked out of the trade too early. I'm still looking for a way to optimize my exits. My current strategy could clearly use some work.

 

OK. 3 bucks per contract per side are not bad, but I suppose TRADERguy don't agree? The FX futures market are closed one hour (after the Chicago trading). You don't think that is the problem? I have heard some good things about Ninja Trader - e.g. about mechanical trailing stop. Is that correct? How much does it cost?

 

With these wild swings in EUR, it's very tempting to lock into all of the profits. Anyway, taking partial profits and trail with the rest would be best of all worlds.

Chinook

 

I think we all have that problem. But I don't know the best solution. I think the good thing with a trailing stop is that you let the market take you out. And this should be easy with Ninja Trader?

 

TRADERguy,

I suppose you don't agree with Chinook?

 

NinjaTrader not only has trailing stops, but the ability to automatically set targets, stops, trailing stops, and other things. It can take a little while to learn how to use all of the options, but it's possible to set up your whole strategy in advance with NinjaTrader. By the way, I understand ButtonTrader (and probably some other front ends for IB) are capable of doing the same -- or similar -- things, but I only have experience with NinjaTrader. The version I use costs $35/month.

 

Baruch,

Bracket Trader is free if you are entering up to 5 contracts initially. But you can scale in as much as you want.

Chinook