Name your favorite trading tool, its underlying principle, advantages, disadvantages?
- Thread starter upup_EA
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Robert Morse
Sponsor
Why don’t you start with yours?
You must be having mental.
You already have the holy grail, and you have proven that you can consistently achieve a 100% win rate day after day, week after week, month after month ....
And you are already earning tons and tons of $$$$.
We should be asking you this question, and not the other way round.
And you are still looking for
favorite trading tool, & its underlying principle?
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Trading tools: Developed EA automatic trading, after setting parameters, according to the parameters and algorithms can be automatically completed 24 hours a day.
Underlying principle: According to the "0.01 lot trading rule". Complying with the "0.01 hand each time" will not bring huge profits, but long-term persistence, the yield is very considerable, but the trial automatic software is easy to achieve these.
Advantages: can continue to make profits, anti-risk ability is very strong, such as has created, 99 trading days, 10005, win rate of 100% trading records.
Disadvantages: Can not bring huge profits.
It is true that what I said may be difficult for many people to understand and questioned by others, but any great innovation will certainly only be seen by brave and smart people in the early stage.
Put personal more technical understanding and explanation here
U.S. forex brokers won't allow scaling in with the same position size.
To avoid the FIFO rule, you can scale in with .01, .02, .03, etc... but not .01, .01., .01, etc...
Your EA won't work with a U.S. forex broker.
Non-regulated brokers also allow LIFO. Most of these 'holy grail' bots implement a variant of DCA and require LIFO to show profitability.
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My favorite trading tool for short-term futures trading is Orderflows trader 7. It is a footprint charting package with 30 "tools" to identify order flow points of interest. I do not use all 30; I actively use about 12.
1) Underlying principle- Using a footprint chart allows you to see where trades were placed, identify where there is absorption, identify imbalances, identify volume momentum, identify market exhaustion, identify the point of control in a bar, and more.
2) Advantages- See above. The most critical advantage is that you are looking at what volume was traded at a price inside the bar. If you are just looking at a regular candlestick you would not notice larger traders absorbing passively. You would not notice heavy trading imbalances. I know many people see this on their DOM but I like to see the previous bar's volume at price for reference. My memory isn't good enough to use the DOM only.
3) Disadvantages- Like any trading method there is a steep learning curve. This method can be applied to longer swing trades but it is, in my opinion, best suited to the shorter term trades.
There are many Footprint trading software out there so if considering trading footprints someone new should look at the features available. I like Orderflows 7 because I find the tools very useful, whenever there is an update you have lifetime access to them, the owner conducts free weekly training sessions which are recorded and available for replay. He also provides a basic training course with the program.
1) Underlying principle- Using a footprint chart allows you to see where trades were placed, identify where there is absorption, identify imbalances, identify volume momentum, identify market exhaustion, identify the point of control in a bar, and more.
2) Advantages- See above. The most critical advantage is that you are looking at what volume was traded at a price inside the bar. If you are just looking at a regular candlestick you would not notice larger traders absorbing passively. You would not notice heavy trading imbalances. I know many people see this on their DOM but I like to see the previous bar's volume at price for reference. My memory isn't good enough to use the DOM only.
3) Disadvantages- Like any trading method there is a steep learning curve. This method can be applied to longer swing trades but it is, in my opinion, best suited to the shorter term trades.
There are many Footprint trading software out there so if considering trading footprints someone new should look at the features available. I like Orderflows 7 because I find the tools very useful, whenever there is an update you have lifetime access to them, the owner conducts free weekly training sessions which are recorded and available for replay. He also provides a basic training course with the program.
""""I do not use all 30; I actively use about 12""""
Can you list you 12 use cases in order of your priority that you have found valuable?
Can you list you 12 use cases in order of your priority that you have found valuable?
I guess I was wrong, I regularly use 14 of the tools.
Prominent POC
Orderflows Tails
Delta Divergence
Exhaustion Prints
Zero Print
Value Area
Stacked Imbalance
Thin Prints
Orderflows Ratio Px Exhaustion
Orderflows Ratio Px Defense
Multiple Imbalances
Delta Tail
Resting Liquidity
Vertical Liquidity