2008.12.10 IT'S ALL ABOUT THE ENTRY

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chip
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Postby chip » Sun Dec 28, 2008 5:10 pm

TheRumpledOne wrote:What don't you understand?

Specifically, what I don't understand is ... what are reasonable s/l and t/p values? By reasonable s/l, I do not mean "how much pain can I stand", for instance -- I mean a value that should be able to keep me in the trade (rather than whipsawing me out) but without eating up so many pips that I have to trade multiple more times just to break even.

Does that question make sense?

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TheRumpledOne
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Postby TheRumpledOne » Sun Dec 28, 2008 9:24 pm

"Specifically, what I don't understand is ... what are reasonable s/l and t/p values? By reasonable s/l, I do not mean "how much pain can I stand", for instance -- I mean a value that should be able to keep me in the trade (rather than whipsawing me out) but without eating up so many pips that I have to trade multiple more times just to break even.

Does that question make sense?"


NO...LOL!

What is REASONABLE?

You should be asking WHAT IS PROFITABLE?

The answer to that is the MONEY MANAGEMENT spreadsheet.

If you win X times and make Y per trades and you lose M times and lose N per trade then it is X*Y - M*N.

If the answer is positive, then you make money. If the answer is negative, then you lose money and need to rethink your entries, TP and SL.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

forextor
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Postby forextor » Tue Dec 30, 2008 5:16 am

I think what TRO mean is.., if the price reverse on us, then take it as a lost (use a pre determind SL), dont try to hang on and wish the price would come back.

Then at the end of the day just deduct Number of Win - Number of Lose, if the answer is negative, then there is something wrong with the entries.

Am I about right?

BlowFish
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Postby BlowFish » Tue Dec 30, 2008 4:06 pm

I dunno - a couple of thoughts. Its how you react to price when you are in a trade that determines whether you make or loose money and how much you make or lose. Give me a coin flip entry or a random line and solid MM any day of the week!

Another though,t every single tick you have a decision to make. If flat you can enter long or enter short or do nothing. If in a position you can lighten up, close or add. Every tick counts. In fact I would suggest the ticks while you are in a position are absolutely the mots important.

Final thought, the fact that you can give a bunch of people the exact same entries (hell you have even given them a 'traffic light') and some can profit and others can not suggests to me that the exits are coming in to play here too.

Just a couple of thoughts.

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