Topic: My Girl Friend is Demanding...!!

She wants to be spoiled with gifts..... She wants clothes.... She likes to go to the spa

Let me explain a couple things

I trade many pairs, not that it is a good idea, I have an ego to feed.

I use a small portion of my account on each strategy, I use a percentage of the balance.

I have to earn money every day to feed her habits. And I have to earn money every day to look after some of her relatives. My trading has to be productive, I have no time to waste on silly entries that go nowhere fast.

That means I need cash flow, I can not have my money tied up for long periods. I need to have good entries, make a few dollars, and get out so I can reuse my money for the next trade.

I have to be able to plan.

As a result...... for each time frame I have a limit as to the length of time a trade can exist.

I do not want to wait for five days for a one minute trade, I will not wait a month for a one hour trade. My job as a trader and as a provider is to make good entries that make money repetitively and rapidly.

Trades are going to to work within the time period I have assigned or they will not happen. I will not tolerate self indulgence because I think my strategy looks pretty. It either makes good money efficiently or it is scrapped.

I do not use Take Profit to design my strategy, although I use take profit on every one.

I am strict with Stop Loss, it is always less than the anticipated return as I want to preserve capital. I need to survive until a better trade appears.

Enough of that BS

FSBPro allows us to use exits in abundance. We can have about 30 means of exiting a trade.

The secret to success in trading is managing exits and preserving capital and maximizing its use.

We can put several items in the closing slots.

I so recommend that you study this and try many things BEFORE designing the entry. because once you have a good exit strategy you can use anything for entries and still be a winner.

Study a chart, decide on an exit strategy, find the indicator that will work, use the Nbars to limit your time involvement, use support and resistance, use moving averages...... use whatever you can in combination to ensure you have a clean getaway in case the market goes bad. You can have many alternative exits in FSBPro, there is absolutely no reason for inefficient strategies that hold your funds for days and weeks.

Once you have a format for exits, you can then be confident of your entries......

Once you have a format for exits...... it will be  a hell of a lot easier to discard poor performing strategies.

Keep in mind that the longer you are in a trade, the greater the cost of capital and the greater the risk of your broker stealing your cash, the greater the chance of the spread being increased, and....... the greater the odds of a crash that will pass your exits and blow your account.

The real money in trading is in knowing when to move money into and out of the trade...... waiting for days and hours while the market is ranging actually works against the trader.

As soon as there is stagnation you are losing potential.

Design your exits well and become a winner! Quit wasting time!

Once you have a valid strategy for exits, you will have confidence in your entries and can move forward to profits.

Worth the effort!

Re: My Girl Friend is Demanding...!!

what you say makes sense.

i have seen good profits in a ea of 35 pips become a loss because of no exit.

exiting is critical

Re: My Girl Friend is Demanding...!!

Dave can you elaborate on your exiting perspective.

I've a totally different approach, I find good/excellent entry...once this is perfected, the rest is easier cos half the battle is won.

So when I hear you say, you start off your EA with the exit plan first, it's refreshing and I'm curious how it work.  Cos I'm thinking how to start by having a closing theory and work backward to find a opening theory.  Hence, I'm making a guess that you are referring to exit plan like SL, BE, TP or hunch is that you are not referring to an exit theory...(cos an exit plan is different from an exit theory). 

Every EA needs a good exit plan, that's for sure (I'm assuming most of us before we start putting in our opening conditions, we already set our BE, SL and TP etc).  So when I'm not too sure of my own opening conditions or trading theory, I also use Trailing stop limit and key in all the exit settings first before I start putting in my opening theory.  In that manner, I can test out my opening theory by using a "general" exit plan to see how well my theory works.  I employ this same concept to the Generator, using Trailing Stop limit and other exit settings to hunt for profitable EA, that's how the 3370 series were created, starting with an exit plan first and use the Generator to generate profitable Opening conditions, with a targeted profit level determined by the Trailing gap and TP.  I find this method is the easiest way to hunt for profitable EA via Generator because we only need to hunt for good opening instead of search for both good opening and closing.

So when you said you have put in the exit/closing condition first, I assume you are mostly using Trailing Stop limit and other exit plans and not referring to an exit theory right?  If I'm wrong, please elaborate more about your exit theory and what you mean by it cos I'm curious how to work backward a theory.



Re: My Girl Friend is Demanding...!!

It is not bad idea starting from exit and go opposite
I will test it.
Sometimes I select stop loss and profit constants
There are infinite combinations