Set and Forget It

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Old Feb 28, 2009, 8:43pm   #1
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Set and Forget It

We've just published a new T2W article called "Set and Forget It" by Sam Seiden.

Quick Summary: From birth, we are conditioned to trade incorrectly. We naturally run from things we are fearful of and are drawn to things that make us feel good. If you take this action in trading, you are headed for trouble which in the trading world means losses.

PS. Don't forget to rate the article after you've read it and share your comments on this thread.
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Old Feb 28, 2009, 8:50pm   #2
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didn't the TURTLES buy at new highs?

No need for a course

Simple cable system
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Old Mar 2, 2009, 5:18pm   #3
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If you wanted to go Long on a currency pair and use the "set it and forget it method" you could:

Place a Market Order for a determined price (at support level, below current market price).

Place an OCO Sell order (one for a price higher than current market to take profit, one for a price lower than current market to stop loss).

My concern is: Say the Market Order was never reached (i.e. the price just moved higher and higher). You would then trigger the OCO to "take the profit", however the Trade was never made. Therefore you would be short the currency pair at a high price.

Is there a way to get round this problem without watching the screen to check the Market Order Limit is reached?

Thanks all
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Old Mar 5, 2009, 5:43pm   #4
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To JohnPaulReardon:
Some trading platform have the option "If Then OCO". Your OCO order will never be triggered unless the "If " condition is met first. For example, you believe that
if the eur/usd goes higher than 1.2605 it will keep going up, the 1.2605 will be your "if" and only if that level is reached, the OCO will kick in in case the stop-loss or the profit-take levels are reached
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Old Jan 12, 2013, 1:44am   #5
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Re: Set and Forget It

i have searched high and low for a way to set and forget simple options trades based on the price of the underlying. Does anyone know a a platform that has this? I have yet to find it and can not believe that it is not available. It seems so simple and such a good tool to have. there are bracket orders for options but not bracket orders for options based on the price of the underlying. Not being about to use the underlying makes me have to guesstimate option prices. I for one don't find that a very easy thing to do.
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Old May 12, 2017, 6:43am   #6
Joined Apr 2017
set and forget eliminate or reduce the 80% psychological risks from trading.
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