Anyone know a good 'set-and-forget' strategy?

This is a discussion on Anyone know a good 'set-and-forget' strategy? within the First Steps forums, part of the Reception category; Originally Posted by MitchT I've been reading Trader_Dante's excellent thread and would love to trade in the same way, but ...

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Old Mar 5, 2008, 11:30am   #8
Joined Jan 2007
Smile not back tested proper but......I did ok with it, still do when I get a minute

Originally Posted by MitchT View Post
I've been reading Trader_Dante's excellent thread and would love to trade in the same way, but having to work full-time makes this impossible. Therefore, I was wondering if anyone knew of a good 'set-and-forget' strategy that would enable me to place a trade between 7 and 8am on a morning, or late (up until about 11pm) on the previous night, and then forget about it until 5pm or later. I work from 7am until 4:30pm and have half-an-hour for lunch when I could check my positions if necessary. Realistically I can probably access my account until 8am on a morning, maybe even 9am, but other than that I can't open the dealing screen without someone hauling me over hot coals.

I'm spread-betting with IG Index so there's plenty to choose from, but having sifted through everything - dailies, futures, options, binaries - I can't see an obvious way of achieving my aims.

Hi Mitch

I am pretty much at screen in trades, its the only way I sort of function but I used to trade the week candle for the Dow and Ftse to small stakes when in a similer position to yourself

I would have thought you could trade the Dow week candle quite easy on hours available

I used to wait for test on the low or high (must go a little higher or lower and just enter on price acceptance/rejection in the 15 min timeframe with stop over the top of the week candle or under depending on which way your going.

Check progress in the hours later if you get of to a good start, (manual S&R) think the stop usually about 50 pts on the Dow. could get away with less if your good with S&R in your timeframe I guess if you do not mind dancing a bit

Get a good one and move stop in, you even get chances to add later in the week if you do not mind waiting for the one good one that follows through (churn account while waiting, well thats how I did it) Bsd would advise

STOP in and left till hit or mission accomplished

Its not a finished project because I prefer intra day and clear head when not trading (no open positions) but it might suit you with a bit of work. I learnt plenty from trading the method and had loads of Fun to.

Don"t enter on a week if you can not afford the stop, plenty of weeks will allow you to enter and remember the candle takes a week to print and the other end is your target, you might get a shock just how fast the weeks range is printed in some weeks.

I found or find the ftse is a bit more of a pain because it prints lots of spiky candles with long tails and its a bit of an art taking profits

my last indian from above link is under attack as I typo

good luck with your search mitch

Last edited by black bear; Mar 5, 2008 at 11:31am. Reason: good post tim :-)
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Old Mar 5, 2008, 11:30am   #9
Joined Dec 2007
One of the simplest and profitable trading systems is the weekly breakout system. Im fortunate to be able to watch the screen if i want as i trade full time.

But for you working then its a good system. Basically it exploits the fact that most weeks go somewhere and once the trend kicks off usually by about Tuesday it will continue till the bell goes Friday. I have to confess i dont trade stocks only forex and then mostly majors. By using black scholes i find the IV of a pair this gives me weekly targets. Use option brokers to find their IV. I divide by 5 days to give me breakout levels hi lo from the closing price friday. I set these as soon as the market opens sunday night. Once a level breaks out the other side becomes stop reverse. I allow a max of 4 times a week although usually 1 or 2 reversals is all required to see me through to friday. It can be traded manually using OCO orders as once a stop and reverse is hit you generally have at least 8 hours to get the other side setup ready.

Well there are plenty more rules tweaks but thats the general idea. It works extremely well in trending markets like the major now and easily grabs 400+ pips a month. My advice don't look for intraday unless your full time you will lose money for sure. BTW i have an IGindex account and this system can be traded on daily spot rolled is still cheaper then futures.

Here is this weeks euro example.

IV 9.75% RR Skew 0.003%



278 pip divergence / 5 days = 55 pip break

= 15178 + 55 = 15233 go long
15178 - 55 = 15123 go short

110 pips

278 - 55 = 223 pip potential profit in place for this week.

if targets not met by friday 7.30 pm london time then close wherever.
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Old Mar 5, 2008, 11:30am   #10
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Joined Feb 2007

Hi, check
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Old Mar 7, 2008, 7:14pm   #11
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Old Mar 7, 2008, 7:16pm   #12
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The correct web is dow mini future | dow index trading | intraday trading system
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