As far as system development is concerned, I will throw in 3 tips here. 1. As a start, go for intra-day systems that trade very infrequently, maybe once a week - so 50 trades in a year. Cutting down on # of trades this way, you will be looking for very specific patterns that are rare in markets but pan out very well. 2. Don't trade 24hrs, rather trade at some times in the market, maybe london hrs, ny hrs or Asia hrs. Price behavior is different in different market conditions. 3. A discretionary way to trade would be to just trade daily/weekly candles, maybe 1 trade a day/week with hold period of 1 to 24 hrs (for daily) and 2-4 days (for weekly). Scale-in and Scale out are important for this style of trading. Keep total leverage (for all scale-ins) < 6-8 and max loss per trade < 5-6% (depends on your risk though). i.e. you are willing to give 100 pip stop for your full size. So lets say you go short Euro at 1.29, add 1.295, 1.30, 1.305 and put a total stop around 1.31/1.315. If you are correct in your weekly/multiple days direction, this is one of the least stressful and most profitable ways to trade, imo. Edit: And sorry for un-asked for advice, I got a bit emotional thinking about what I had to go through before I became profitable in FX. Dump it if you feel annoyed.
I like HA charts - use them for Dax, CL, and 6E trading. Thanks for the EA's - do you have a screen shot of HA chart?
I have not loaded any of the indicators on my charts...it stresses me and tempts me to trade manually. I let the EA's do their job. Before starting this thread, I checked and the EA's seem to be functioning according to their settings. I suggest to those of you that are trading EA's to always to drag the indicators on your charts and check to make sure your EA's are functioning. You have all of the EA's and indicators here for this system...go ahead and load them up and have fun. ES
gmst, Very valuable info you are sharing here from the culmination of years trading Forex...I suspect you have just helped many readers and remember this is archived and many readers for years to come will read these tips. Thanks gmst. Obviously some of us are making the most out of EliteTrader. Do you see how a thread can go...it does not need to be rude or condescending. It is entirely possible to learn here in ET. There are many, many good threads in EliteTrader...you got to search for them like diamonds. ES
Electric, Again thanks a lot for your kind words. I completely agree if people are a bit more patient in responding to others on a message board, a lot of productive things can happen. And yes these tips that I have written are valuable as far as researching for edges is concerned. I hope some folks will benefit from these points.
gmst, I understand that super money grid is not for everybody. But the lure for me is if the account is sized correctly the drawdown only needs to be endured in the beginning. The problem is with many grids is they do not bank money during the building of the grid. This particular one that I am illustrating seems to be able to keep the average trade prices (grid boundries) close enough for the range to take them out, thus giving trades along the way. Question: How many of you could tolerate no more than 30% DD for one month to get back to BE and net a profit?...2 months ?...3 months? Perhaps I should put this question in the super money grid thread...but I wanted to reply to gmst first. For those of you interested in grid trading I have started two threads here: http://www.elitetrader.com/vb/showthread.php?threadid=233687 http://www.elitetrader.com/vb/showthread.php?s=&threadid=233008 ES
Honestly, I have never looked at grid trading before. But ic you are going to maintain supermoney grid thread for sometime, I will keep coming back and looking at it. Maybe after 6 months or so, I would have changed my view - who knows
We are fully engulfed. All four trades are on and the ADX trade remains from last week. They are all long on the EUR/USD. float is -$195.83 Banked profit is $75.40 ES