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Need somewhere to think out loud,
- Thread starter Turveyd
- Start date
not helping 1's stress levels at all Do you not need to back test this first?
I did a back test for my method based around Handles idea, and it showed that exiting after 3 minutes, with loss or profit, gives nearly the same profit as setting a target and waiting for it or the stop loss to be hit.
That is not how I trade it Time stops, so that is why your back test didn't work. I DO NOT get out after 3 minutes. If profitable after 3 minutes, I lock in min of one tick, if you a Scalper, it might be more depending on ratios of how much more to target and risk. And if at a loss after 3 minutes, new target is plus one tick. I really like to see where you say me saying I get out after 3 minutes !
That is not how I trade it Time stops, so that is why your back test didn't work. I DO NOT get out after 3 minutes. If profitable after 3 minutes, I lock in min of one tick, if you a Scalper, it might be more depending on ratios of how much more to target and risk. And if at a loss after 3 minutes, new target is plus one tick. I really like to see where you say me saying I get out after 3 minutes !
It's modified to suite me ofcourse, when the Momo shifts against me, I normally see small profits a few times, hold for more, then get slapped, setting TP+1 would stop this happening maybe.
Had a few days off, catching up on sleep, de-stressing ( failing ) and just watching the flow to get my head 100% around the good and bad for my chosen methodology!!
Back on it tomorrow is the plan!! But we'll see how I feel.
That is not how I trade it Time stops, so that is why your back test didn't work. I DO NOT get out after 3 minutes. If profitable after 3 minutes, I lock in min of one tick, if you a Scalper, it might be more depending on ratios of how much more to target and risk. And if at a loss after 3 minutes, new target is plus one tick. I really like to see where you say me saying I get out after 3 minutes !
I understand how you trade it, because you explained it well previously on other threads.
It just made me think about how my best trades usually hit my target quickly (its a small target). I did a back test a while back, and it showed that 3 minutes and out was almost as good as holding on for stop loss or target for my method.
I have not tested your actual method of locking in one tick.
I understand how you trade it, because you explained it well previously on other threads.
It just made me think about how my best trades usually hit my target quickly (its a small target). I did a back test a while back, and it showed that 3 minutes and out was almost as good as holding on for stop loss or target for my method.
I have not tested your actual method of locking in one tick.
My targets are 2-3 points, BUT on third of the trades will reach targets and some days, none of them will reach those targets. Using huge mental stop of 3 points allows me to stay in trades trying to redeem itself to get the 0-1 tick. You have to watch the Dome, as if Long and price gets to plus one tick and you notice volume on Ask side is lacking, means price going to come down, I will get out at zero and even loss one tick. But if volume on both sides of Bid/Ask are about the same, I stay trying to work getting plus one tick on all fills including whatever I got into by ave down.
I have a dozen signals of all kinds, and it just works out better for me, might fudge an extra 20 seconds if it is bouncing on a trendline or Double/triple extremes, but I try to stay rigid. And often times I don't get out if a new signal occurs to get in. Automation of the system has no fudge factor and maintains hard 3 minute rule. What I like about it, any timeframe I use same 3 bar Time Stop, whether minutes, weeklies, whatever, have back tested that profitable trades take off. I came up with this long ago cause broker was making more than I was for the month.
Have you tested how many minutes you are in losing trades?
My targets are 2-3 points, BUT on third of the trades will reach targets and some days, none of them will reach those targets. Using huge mental stop of 3 points allows me to stay in trades trying to redeem itself to get the 0-1 tick. You have to watch the Dome, as if Long and price gets to plus one tick and you notice volume on Ask side is lacking, means price going to come down, I will get out at zero and even loss one tick. But if volume on both sides of Bid/Ask are about the same, I stay trying to work getting plus one tick on all fills including whatever I got into by ave down.
I have a dozen signals of all kinds, and it just works out better for me, might fudge an extra 20 seconds if it is bouncing on a trendline or Double/triple extremes, but I try to stay rigid. And often times I don't get out if a new signal occurs to get in. Automation of the system has no fudge factor and maintains hard 3 minute rule. What I like about it, any timeframe I use same 3 bar Time Stop, whether minutes, weeklies, whatever, have back tested that profitable trades take off. I came up with this long ago cause broker was making more than I was for the month.
Have you tested how many minutes you are in losing trades?
Its great that you have it automated and running well. There is a mountain of work to get dozens of signals tested and automated.
At the moment, after a long time back and forward testing, I have one signal which I am trying to take consistently. There is still a small bit of discretion in the trades, so full automation is out for the moment. That's okay for now, I need to practise the discipline of managing trades.
My winning trades average 2.5 min to hit target, and losing trades take 4.3 min to hit stop.
When I wait for the very best set ups, then the winning trades take 2.3 min and the losing trades 8.3 min.
I am doing no averaging down, and no break even +1 tick exits at the moment. Just happy that it is actually working as tested & planned for now.
Confidence increasing, which 30 on daxs pull back.
More trades this way for sure less getting bored and switching off.
Trying hard not to improve it lol
Am betting you will change it within a week's time, LOL
You will get the shakes and sweats.
Am betting you will change it within a week's time, LOL
You will get the shakes and sweats.
Pretty safe bet that history would suggest!!
Live trade it tomorrow and see if it A works and B is trustable for me Live!
B is generally the issue, I have my fall back Envelope and 2nd position, get it wrong there is a good chance I'll still come out okay, improves my confidence.