Yet another newbie system!

[tntrader]

I understand that this is a newbie system and I'm a newbie so I should be right at home with it. I'm not though. Could someone please explain to me how to setup the system so it gives the indictators as the ocurr. For example, I am only trading on a demo account right now (strategy builder). Is it possible for me to setup the indicators within SB to test this system? If so, can someone please tell me how to go about doing it or direct me to where I can find out?

[yasirdxb]

Originally Posted by firedave

How about combine TP and Trailing Stop Loss ? Like when profit hit +50 pips we move SL to entry point, when profit hit +75 pips we move SL to +25 pips, when profit hit +100 we move SL to +50, etc. etc. With this maybe we could increase the TP to 150, 200, or even 250 pips. Just my two cents

I would say Do not place a limit order. basically this system is a trend following

system.you never know how far the market will go.so its always better to follow

the market.try firedave's recommendations. I'm sure you'll have better results.

Good Luck,

Yasir.

[sr2]

Originally Posted by firedave

How about combine TP and Trailing Stop Loss ? Like when profit hit +50 pips we move SL to entry point, when profit hit +75 pips we move SL to +25 pips, when profit hit +100 we move SL to +50, etc. etc. With this maybe we could increase the TP to 150, 200, or even 250 pips. Just my two cents

Thanks for that firedave.

Let me backcheck that and see how it looks. It may be the way to go. I will post on the journals how I am taking the trade i.e. straight 100pips or trailing stop like you suggest.

Thanks
SR2

[sr2]

Originally Posted by yasirdxb

I would say Do not place a limit order. basically this system is a trend following

system.you never know how far the market will go.so its always better to follow

the market.try firedave's recommendations. I'm sure you'll have better results.

Good Luck,

Yasir.

Thanks yasirdxb

I'm going to try firedaves suggestions for now.

SR2

[firedave]

I just like to add other thing about this trailing stop strategy. I don't know is 50 pips from the running profit wide enough for market to breath. If the Stop Loss too soon to be filled, maybe we can try farther distance, like 75 pips from the running profit. Just my two cents

[sr2]

Originally Posted by firedave

I just like to add other thing about this trailing stop strategy. I don't know is 50 pips from the running profit wide enough for market to breath. If the Stop Loss too soon to be filled, maybe we can try farther distance, like 75 pips from the running profit. Just my two cents

I think we will get a real live test next week with NFP. I'll stick with 50pips for now. I think I will still close the system trade when/if it hits 100pips.

Thanks
SR2

[sr2]

You can tell I'm still a baby in this game. Anyway another question. Whats the view with regards to leaving trades open over the weekend?

The reason I ask is that I have two open trades and both are in profit by about 40 pips combined. Should I take that and wait for new entries next week or should I hang on? The system says hang on but I just wanted to know what your views were on this.

Thanks
SR2

[tim_nn]

Originally Posted by sr2

Whats the view with regards to leaving trades open over the weekend?

That's quite a big and difficult question!

There are actually 3 options here, not just 2. You can leave your positions alone, remove them or leave the positions and remove the stops (not as dangerous or hare-brained as it sounds!).

The short answer is that it depends mostly on which broker you're using, and a little bit on how reliable it is that you're going to be around on Sunday afternoon/evening when things re-open.

Looking at it logically, from the perspective of your "system", you ought to be leaving them alone. But ...

Although in theory the markets won't move much while they're closed, obviously, the reality is that on Sunday the New Zealand opening _can_ cause a spike big enough to take out a stop-loss. If you use FXCM, for instance, that can result in your getting stopped out in situations when clients of many other brokers don't get stopped out. (This has caused something of a furore recently at another forum). FXCM attribute this simply to the fact that they open earlier than most other brokers (which they do) and are therefore more subjected to this "spike" than most others (which they may be). But I can tell you that if you use O-and-A or F-X-S-o-l, you won't have this Sunday problem: the reality IMHO seems to be that it's more or less specific to FXCM. In some places, they call this "being FXCM'ed"!

Since you're in the UK, you ought (IMHO) to be doing this by spread-betting anyway (sorry to go on about it), in which case the reality, in practice, is that you're not going to have the problem anyway with regard to your own trades.

In short: my "bottom line" answer is that you probably needn't worry unless you're using FXCM. Not worth risking extra costs and complications by closing and re-opening positions.

Subsidiary point: it might not be madness to leave the positions on but take the stop-losses off just until after markets re-open on Sunday. Something to think about, and certainly a well-established and reasonable course of action which is recommended by some CTA's.

Have a good weekend, all ...