Sounds like you may need to look into the broker's Help and/or FAQ information, then contact them is that doesn't help...unless someone here uses your same broker and can get you an answer quicker.
optimal numbers for stop loss and profit target?
- Thread starter Wach80
- Start date
Sounds like you may need to look into the broker's Help and/or FAQ information, then contact them is that doesn't help...unless someone here uses your same broker and can get you an answer quicker.
Best advice is to Skip FXCM and Spot FX to trade CME's Future contracts.
Ahh.
Being I am a Scalper, seldom target more than $100 in any market, which actually is great deal of money for me, in 75 minutes I might only get 1-6 trades of $100 on original entry, and I don't recommend to anyone, but I ave down, so am bailing those at around where am getting out at first lots. Most of my trading is 1-6 ticks on original entries. I don't recommend for anyone to be a Scalper as it takes very long time to study price and get very good at Support/Resistance to be able to identify in instant. It is heavy concentration of price and watching the Dome volume, trying to get the extra tick or two. The only good part of Scalping, I only trade for 75 minutes if that, I use start with Euro, Bund and Crude-but they all now automated, they have much less signals than ES. Any given week, making under $25 per lot. McDonalds has made huge profits on little bit of change on each burger.
Trading is like fishing, wait for several small catches, then have 12 pack near by, YEA right, who has time to be drinking away the day. You either make your life or life will make you.
Trading is like fishing, wait for several small catches, then have 12 pack near by, YEA right, who has time to be drinking away the day. You either make your life or life will make you.
Scalping is not for me , i just want to place 1 trade and then leave the pc until the next day , my style would probably be a follow trend style which will utilize moving average , oscillators , volume and open interest and IF i finally understand the cycle chapter , it will include those too , i will try to set a minimum confirming factor for the trend , i see there are winners at trading using one indicator only.... but then i see others fail with either more info or same strategy , im still not experienced enough to understand what makes a difference between winners and losers using same tools.
Damn i want to backtest , coding holding me back
try focusing more on time rather than price, and trade small enough that you can hold on with no stop until 4 pm, or Friday, or December.Scalping is not for me , i just want to place 1 trade and then leave the pc until the next day , my style would probably be a follow trend style which will utilize moving average , oscillators , volume and open interest and IF i finally understand the cycle chapter , it will include those too , i will try to set a minimum confirming factor for the trend , i see there are winners at trading using one indicator only.... but then i see others fail with either more info or same strategy , im still not experienced enough to understand what makes a difference between winners and losers using same tools.
Damn i want to backtest , coding holding me back
Damn i want to backtest , coding holding me back
Holding back the losses as well, as you don't back test, you are Bait.
As you Scalp ES, what's your Max SL ?
Or what numbers of ticks wouldn't you risk ?
4.. 6.. 8 ticks ? 8 ticks is already a lot for a scalp.
I don't use hard stops, try not to risk more than 12 ticks and this is tested every once a month, it is based on wave length or think of it as in range length of corrective and at where the position would be wrong at ends of a swing. Then it is tested going back fourteen years on tick data. It only changes by the value of the ES, I was using 2 points for longest time, but once ES got above 1700, started to have wider waves or mini swings within larger swing. I want it large enough where I seldom lose and signals that have breakouts, for most part will trigger 3 point losses. I have developed what I call "YoYo" entries when bar range has gotten more than 2 point range where I require confirmation 3 tick breakout then need price to retrace to six ticks of area bottom or top for entry then risk 8 ticks. What I don't want to do is what retail is doing as they generally wrong. I much prefer to wait for price come to me and then go the other way. More like a Bungee cord pulled apart then want to be onboard for the snap back, that is 50% of my trades whether with trend or against trend.