Baruch's Forex System Journal

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Quote from Baruch:

There are no proof that fixed profit targets should work better than a trailing stop. Why should they? With a trailing stop you let the market decide the exit- it should know better than yourself when to take profit, I suppose.
And how should I know to decide what the profit target should be?
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We may try to think about that:

Taking partial profit could allow us Not (neccessarily) to move all orders to a breakeven level too early (of course providing our directional trades are good enough). :confused:
 
A nice day with a netto gain of 248 pips in euro, GBP and CHF. 67 in euro, 63 in CHF and 123 in GBP. But also my first loss with my system: 5 pips in GBP - and a b/e. There was some action around the cross in GBP.

A fine trending day - and I suppose I could had made even more pips if I had not been so busy with writing posts to my thread...But I like to discuss with my trader-friends, and new, good ideas and comments will turn to pips later, I suppose.

Again I had problems with my exit. I think the best solution to this problem is just to study the charts, and looking for topping action. You know - keeping it simple. Very simple.

Maybe I did go flat too early - who knows? - but I suppose these markets are news-driven (the killing of the Hamas-leader), and we don't know what's happening in Pakistan. Remember the Saddam Hussein-gap?
 
Baruch,

I just wanted to say "thanks" for the journal. Between your comments and the rest of the conversation, I've learned a lot. I'm just paper trading Forex and I'm doing pretty well, though my "system" is actually closer to random trader's than yours. Anyway, thanks and keep up the good work!

Steve
 
Quote from SteveL91:

Baruch,

I just wanted to say "thanks" for the journal. Between your comments and the rest of the conversation, I've learned a lot. I'm just paper trading Forex and I'm doing pretty well, though my "system" is actually closer to random trader's than yours. Anyway, thanks and keep up the good work!

Steve
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Hi Steve,

Thank you and good luck - and welcome to the forex world. Also greetings to Random Trader (and his amazing system).
 
As far as I am concerned I can't stand giving back profits, in my experience I have given a lot more back than missed out on a bigger move. So I always try to get out in strength and take a nice profit while it 's there especially in stock indexes. But in currencies there is always the possibility of a multi day move of 500 pips. The best thing to do is obviously trade several lots and scale out, leave one for a home run that you trail with a stop. Maybe you can experiment with exits X percent or X standard deviation from the 10 or 20 period MA for ex. I don't know I haven't tried to quantify or test that but it's one thing I look at, as well as S/R and trendlines.
 
Wow, Baruch have you only ever had one loosing trade with this system and only 5 pips? Are you still following your original set up?

tykoon2
 
Baruch, when you place trades in multiple pairs but all against USD Do you have a set size you normally use and break it into equal amounts for each pair? i.e. each of the pairs today were moving in sync with the fall in the dollar thus while overall movement may differ to some degree, their correlated, so you most likely end up with three winners or three b/e / losses (obviously this isnt exact but hope you get my meaning).

When im trading I tend to look out for one common currency amongst the pairs traded so im not putting too much size on one side of the market, either by splitting my size into roughly equal measures or focusing on one pair only.
 
Quote from tykoon2:

Wow, Baruch have you only ever had one loosing trade with this system and only 5 pips? Are you still following your original set up?

tykoon2
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Hi tykoon,

Yes, I had been very lucky, but I have only traded it 8 days (!). I had some b/e trades. It's because I move my stop to b/e very quickly. Maybe I should give the position more room?

No, I testing it right now without filter, when I think we have trending markets. The filter is for trading ranges. But I still look at RSI. I am also testing it with a 60 min chart, but had not made any trades in this time frame yet.
 
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