forex software

Create and Test Forex Strategies

forex software

Skip to forum content

Forex Forum

Forex Software, Forex Strategies, Expert Advisors Generator

You are not logged in. Please login or register.


Forex Forum → Premium Club → Setting SL and TP for Trend Trading

Pages 1

You must login or register to post a reply

RSS topic feed

Posts: 2

Topic: Setting SL and TP for Trend Trading

Hi,

Wondered if I could ask for some feedback on how people might approach this.

I have 10 portfolio collections trading right now and they are not doing too badly - some decent trends have been identified, a few false starts which is to be expected and all in all the account is up 3.93% with a drawdown of 1.62%. Early days since it's only been running a few weeks but I am trying some different approaches now to improve/monitor the trades.

What I am finding is that the SL I have automated is clearly an optimised SL based on the backtesting data. Since my trades are running from 1-7 days (which I am happy with) I obviously need to change the SL from this value optimised over 20-40 years. Couple of approaches and a couple of questions.

1. I could set the SL to ATR. However, the ATR values seem really high - e.g. EURUSD is 0.00131. Is this 131 pips? Or 13.1 pips?

2. I could set a standard 50 pips SL on every trade. Its low but I would rather have more trades stop out than risk the price falling further. I am playing the long game here with my strategy. I can also engage in some position sizing and work out the SL value here to a % of my account value so I am managing the risk.

3. Should I bother with a TP or just let the exit criteria (whatever it is) do it's job? Reason I ask, I can't always guarantee the software hasn't created a "silly" exit criteria and I dont really want to check each strategy, it would take too long. Again, ATR could be used or a set value, e.g. 100 TP.

4. I found one interesting approach - my strategies seem consistent in picking up trends and creating more than one trade, e.g. I had 10 USD/JPY in the same direction last week. I set the SL and TP on these in staggered amounts, e.g. SL was 40,50,60,70,80,90 etc. This could take advantage that the price goes against me, then reverts back. I need to give the trade some breathing room but also insure myself if it doesnt.

5. My other approach with TP was to sell HALF the position once I make 50 pips. Then set a TSL at 45 pips and recheck this every day, thereby locking in profit. The alternative is to wait until 50 pips, sell nothing and set the same TSL. I quite like this approach.

I would be really interested to hear others experience and advice on this - I feel Im finally finding some ground now and have some demo trades out there which I would love to improve

Thank you,
Matthew

Re: Setting SL and TP for Trend Trading

Any feedback would be appreciated. Thanks.

Posts: 2

Pages 1

You must login or register to post a reply

Forex Forum → Premium Club → Setting SL and TP for Trend Trading

Similar topics in this forum


Generated in 0.009 seconds (64% PHP - 36% DB) with 11 queries