FREE ES Trading Strategy that works
- Thread starter DonKee
- Start date
A followup question for you Don:
What order types do you use for entry and your different types of exits?
I'm trying this strategy out in the Tradestation Matrix, but the logic it uses to fill limit orders is not quite accurate (it assumes your limit order is at the front of the order queue and fills you as soon as your limit price is touched).
Sofar I've been using a bracket OSO order that has a limit order for profit target, and a stop market for the stop loss. I've been using the limit order to scratch trades with, but I fear this is unrealistic in the real market and so my results are probably on the overly optimistic side. (I fear that price will run away from me before my exit limit order gets filled, but would like to avoid using a market order here if possible)
Any info you can share on order types you use, especially when scratching trades would be very helpful. Thanks much!
What order types do you use for entry and your different types of exits?
I'm trying this strategy out in the Tradestation Matrix, but the logic it uses to fill limit orders is not quite accurate (it assumes your limit order is at the front of the order queue and fills you as soon as your limit price is touched).
Sofar I've been using a bracket OSO order that has a limit order for profit target, and a stop market for the stop loss. I've been using the limit order to scratch trades with, but I fear this is unrealistic in the real market and so my results are probably on the overly optimistic side. (I fear that price will run away from me before my exit limit order gets filled, but would like to avoid using a market order here if possible)
Any info you can share on order types you use, especially when scratching trades would be very helpful. Thanks much!
By "the Tradestation Matrix having funky logic for limit order fills", I mean in the simulator version (which is what I'm using).
If the live market version of the Matrix put my limit orders at the front of the order queue, then I wouldn't need to be practicing this in the simulator first!
If the live market version of the Matrix put my limit orders at the front of the order queue, then I wouldn't need to be practicing this in the simulator first!
I mostly use limit orders to get in and have targets and stops set as oco's. I also try to hang onto a few if I feel the market is strong trending in my trades' direction. If I really want in or out, I'll just use a limit at the bid or ask and get in or out. It's usually not worth trying to save $12.50 per contract to mess around and wind up losing $50 per car (although it happens). The more you trade, the more comfortable you'll get placing your orders in a certain way.
You're never going to get in at the best tick nor get out at the best tick. Why not just assume you're buying the ask and selling the bid? If you start to read what the 3/10 is telling you, you'll be fine.
I've back and forward tested this system and it is a net loser regardless of instrument or timeframe.
Yep, you will not find this to be a "system", as has been mentioned multiple times in this thread. Sorry you didn't see it earlier as it would have saved you a bunch of time. ie:
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04-30-09 01:37 PM
Don't try to test this out. As with all testing of strategy, there will be times when there is no momentum and you will be scratching trades. You can't scratch trades in a test.
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It is for traders who watch the market. As I said, it works for me and I just wanted to review a simple strategy to those who need a little push to get them moving into a profitable trading mode.
This is a way to view the market, give yourself an edge on entering on pullbacks or when momentum has exhausted itself, and extract some money from the market.
Definitely not a flip the switch and collect the money situation.
Just wanted to say thank you DonKee! I'm also a market watcher and this strategy has been an excellent addition to my arsenal!
Care to elaborate on how you accomplished the forward part of your testing?