Rule of 10 Journal
- Thread starter jagmot
- Start date
LOL, when I put together Volumes I through III I was looking for the magic bullet which would englighten myself (and the good readers) on the Rule of 10 and how to trade it. They are all of the posts you made in this thread pertaining to the Rule of 10, but the englightenment never came.
Instead, and despite my best efforts I could not find a consensus on the methdology that one should use, and have noticed along the way (up until and including today) that I am not the only trader who has had this experience.
In conclusion I believe we can put the Rule of 10 in the same category as:
1) The Square of 9,
2) Moon Cycles,
3) Rubbing Your Lucky Rabbits Foot, and
4) Jack Hershey's 3x ATR
Good trading.
As I mentioned earlier, today was one messy day, due to volatility. On average, I don't think there should be more than 3-4 signals RTH, and today we had 8. If I readjust the accounting, because that last winner was actually stopped out, I get -2 with 7 trades, and there would have been 1 more loser,had I taken it.
So it should be obvious that discretion is king and this is not the Holy Grail, specially not for newbies. As an addition to other indicators, yes, independently used alone, no.
So it should be obvious that discretion is king and this is not the Holy Grail, specially not for newbies. As an addition to other indicators, yes, independently used alone, no.
7200 from 8100.
Are you keeping records of all of these trades ?
Just out of curiosity, how many stop outs have you had total when you have taken a long signal when there is a gap below or a short signal when there is a gap above ?
Does your order platform not let you place limit orders further out and set stops at the same time?