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For EURO FX, it seems quite volatile even for 10pips stop loss. Since you have all the stats on your side, would you mind sharing some insights on some reasonable ranges for stop loss and profit taking? Thanks.
Hey guys, I always forget the news so I wrote a little indicator to remind me of the news updates. You just type in the times for the news (103000 = 10:30:00 local time) and it will draw a line on the chart and play a wav file. It handles up to 10 times (leave at 0 if you don't want them all). I couldn't test the wav file cause it doesn't work on historical data and the markets are closed, so let me know what you think.
TRO, that makes perfect sense, I do see the value of compounding, you don't need many pips or tics each day to make a decent living. You can keep trading for the same tic amount each day and just increase the size. Thanks so much, this really makes perfect sense. Jeff
* Price either goes up or down.
* No one knows what will happen next.
* Keep losses small and let winners run.
* POSITION SIZE = RISK / STOP LOSS
* The reason you entered has no bearing on the outcome of your trade.
* You can control the size of your loss (skill) but you can't control the size of your win (luck).
* You need to know when to pick up your chips and cash them in.
Expectancy = (Probability of Win * Average Win) - (Probability of Loss * Average Loss)
You can not control the probabilities of wining or losing.
You can not control your average win size.
The only part of the equation of the equation that you can control is your average loss size.
Account balance = $1000
Maximum Risk per trade = 2%
Maximum Risk dollars = $1000 * 2% = $20
POSITION SIZE = RISK / STOP LOSS
STOP LOSS = 10
POSITION SIZE = 20 / 10 = 2
Expectancy = (Probability of Win * Average Win) - (Probability of Loss * Average Loss)
Expectancy = (77% * 5) - (13% * 10) Note: Using minimum win size and not including break even trades.
Expectancy = (3.85) - (1.3)= 2.55
Now, this is HINDSIGHT. It is not based on what may have happened within the 60 minute candles.
But this should give you an idea that this can be EXPLOITED.
What is reasonable to one may not be reasonable to another. Some things you have to decide for yourself.
tro - ty for the newsreminder script - request of you, can you make an indicator that allows to enter prices manually - if not maybe i get into to your code and change it for what im looking for
the reason i ask is because i like to watch the s/r levels from pivotfarm.com