My story of progression - forex

[JTrader]

With either a 5 8 10 pip profit target about 66% were profitable in my backtests. This includes the break even stop - losses + 1p, and the 4 pip trailing stop loss if targeting 8 or 10 pips. Not just the trades that hit the profit targets. Any that made any profit.
1/3rd made a net loss of either my full stop-loss, or from a -5p trailing stop-loss if the trade only goes 4 pips into profit before reversing.
Although with any backtests, its difficult to say whether or not I'd have taken the trade for sure.

This approach is based around my modification of the 5Min Intraday System here - http://www.forexfactory.com/showthread.php?t=11854&page=22

 

[dbphoenix]

With either a 5 8 10 pip profit target 66% were profitable in my backtests. This includes the break even stop - losses + 1p, and the 4 pip trailing stop loss if targeting 8 or 10 pips. Not just the trades that hit the profit targets. Any that made any profit.
1/3rd made a net loss of either my full stop-loss, or from a -5p trailing stop-loss if the trade only goes 4 pips into profit before reversing.

Are you following all of those rules when you make your RT trades?

 

[JTrader]

Are you following all of those rules when you make your RT trades?

No.
The daft thing about not taking the 10 pip PT @ 90/40 if short or 10/60 if long is that not only do you often get another chance to re-enter at the same level as price makes a valiant attempt to recover back above or below 00/50, but even if this does not happen and price continues up or down in my chosen direction, using 102150MA, I should get another chance or 2 to re-enter further along the move up or down.
This results in maybe more pips profit if price did make a good attempt to recover above/ below 50/00 and you got to re-enter after already bagging 10 pips.
If price did not make such an attempt to recover, you end up with less profit, but at least you've already got the security blanket of having 10p in the bag.

Greed kills as they say. By not taking the +10p and holding out for more, i risk ending up with nothing, or less than nothing - just like yesterday. By generally taking the +10ppt and perhaps on average missing out in terms of what is available, at least this is playing it safe, working with the laws of averages, and represents steady progress, by bagging the profits, an there should be further opportunities to re-enter further down the line.

I've decided that 00 & 50 are the only 1/4 century levels that i really want to deal with if the hourly and daily candles match the direction i intend to trade. 25 & 75 i find to be less significant - unless this is following major news like BFP, ISM or retail sales - then entering as at 00 & 50 levels may be worthwhile..........