No thankyou! It is always refreshing to see unique concepts being applied and traders actually come together for a common good! You contribute much to this site... PEACE and good trading, Commisso
quah, in the following quote, runningbear is talking about roulette, but you can see a method of managing a trade also. i am not at all suggesting this for a trading system, but maybe you could do something like this: enter a trade, 1 point target, 1.25 stop. if you get stopped out, reverse and triple your size. if you get stopped out again, the trade is over. i have not tested this at all, but i'm just throwing out ideas.
Just finished up last trade at 3:30pm. 16 winners, 8 losers. All 8 losers were reversed for a b/e trade. So therefor: 32 trades 24 winners (16 @ 1pt, 8 @ 1.25pts) 8 losers @ 1.25pts. Gross pts: +16. I will continue to papertrade this for a few days to see how it pans out.
Macal425, Are you using a time entry system like quah's? I would assume that you are. Maybe you could tell how you came up with your times for a trade entry? Interesting thread. But proves a good point that most profitable traders already know. You only need one good set-up to make money. This exact set-up may not work forever and it may not have worked in the past but it seems to be working right now and that's all that matters. It may fail to continue to work in this exact form forever but it could work over a long period of time with just some small changes here and there every once in awhile.
Well, I think there are a lot of things going on here - both mentally advantageous and logistically advantageous. On the logistical side - one of the things is the breaking of the "cut your losses short and let your profits run" rule. Honestly, I've never understood how anyone could implement that rule "on purpose" - because you don't acutally incurr a loss or a profit until you actually close out your trade. So how can you let a winner run when you have no idea if it is a winner until you close it out, and by that time it is too late to let it run. How many times have you "let a winner run" only to end up closing out with a B/E or a loss or even simply "less" of a winner than you had when you decided to "let it run"? This sort of system - or line of thinking - is more along the lines of "take your losses and take your winners" - a "fixed" concept. On the mental side - one of the things that interests me the most is the consistent repeatability of something like this that takes the same loss or win each time. Which series of trades gives you the most confidence that you are actually doing something other than just being lucky - a series of +1 and -1.25 trades that equal +10 points, or a series of +4, -3, -2, +6, +1, -4, +8 that equals +10? Which one would you have more confidence in your ability to repeat each day? For me, I'd rather see exactly the same types of trades happening each time I trade - and not wonder if I was just lucky that I was able to cover my losers with a nice +10 trade. There are more things, IMO, I'll comment on them later.