I found the following application on another platform ( NT ) , and would love to have this implemented and coded for TorS , since it is the platform that I use for trading I think that it could really help , in giving us a visual in the sense that ..... Say we only want to risk $200 per trade By having this PnL " DOM " next to the Active Trader DOM , we could see at what price level that $200 risk would be, and then transfer that information by looking at are chart(s) and seeing if by placing are stop at this $200 max risk " Price Level " is AT, above or below a key support level for example, if we're going Long a trade Also, we could use this visual information of the PnL associated with each price level, in knowing if different price levels, coincide with are preferred reward to risk ratio ( risking $200 and are target(s) at $400 and or $600 ) for a 1:2 and 1:3 R/R Also, we can use this information, to see if certain Fib. extension levels / profit targets are within the Symbol that we're trading's ADR " range " ..... as we don't want to suspect that we can get say80 ticks out of CL during a given trading day, if the ATR is only 50 ticks ( using an Indicator like the OHLC ATR , using calculations from CL's current day, 10 day and 20 day ATR calculations ) I really appreciate any and all help Hope there's a way that this can be coded for TorS, as I feel it will be a huge advantage to all TorS users I appreciate any and all help
My recommendation is to *not* do this. You're internalizing the aspect of money too much into the trade and this causes bad monkey loss averse behavior in traders. Convert everything to ticks or points and only use those. In fact, try to not look at your P/L until the end of the week or end of the day.
I try very hard never to look at PnL and if I do, it set to percentage. As far as when to take profit, I take off 4 at first target and one at second target, first targets are not hoggish, most of the time it is $100 on almost all markets, and I leave $500 as my homerun target, but for like Crude Oil, happens few times week, but often times over long haul, comes out about even cause all the time I get nothing when I could have been done first target. But it feels nice to get a bigger day trade. Comes down to knowing the market, but it also comes down to when putting on the trade, what wave was trade put on, what the average swing length is, crude oil is generally between 85 and 125 ticks, so I test every few weeks to get new measurement, so if I enter close to the extreme of swing length, won't even try for second target and be happy to get first target.
Thank you for the replies I try not to focus on and base my entries, solely on a PnL dollar amount Just looking for a way to have a quick visual , to see the Price level that is associated with my max risk per trade " tolerance " level , and see if that Level coincides with a major support level ( if looking to go Long ) and or to know if the threshold for a possible pullback once I'm in the trade , is far enough below that structural support level ( again assuming we're going long the trade ) I just want to make sure that if I need to risk a bit more on a trade , to keep myself out of the " norms " for what could be a likely and possible pullback from the point of my entry , that I know going in, how much " extra " I will have to risk on any given trade And in knowing this.... I can adjust my R/R ratio ( profit target ) to stay within the 1:3 ( risk to reward ) that I strive for on each of my trades Also , I use the ADR ( calculated off of 3 different lookback periods ..... the current trading days ADR + a 10 day lookback period and a 20 day lookback period ), and then calculate them all 3 together to get a " smooth " ADR high and low for the next trading day Always try and make sure that My R/R for any given day is within that ADR range ... no need trying to risk 30 ticks on a trade in CL , when the ADR is 60 ticks ( for a 1:2 risk to reward ) Hi Autodidact , The attached image I posted if the PnL is for NinjaTrader 8 So it is not out yet NinjaTrader 8 is currently in Beta testing In waiting for NT 8 to be released, I currently trade with TorS , and was wondering if a similar Tool or Indicator was available for the TorS platform Thanks much