Advertising trading contests is not allowed. If the order is not triggered by the close of the next candle which is Noon London timecancel the order. Do not worry about large bars. The toughest to code and least mechanical of these is the initial entries.
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Joined Dec Status: crede quod habes, et habes Posts Good morning all It is a beautiful sunday morning here. I would like to touch base on what you have read so far and hope to give you a different but positive look at what I meant. Position trading Position trading is as exciting as intraday, swing. I find it much more exciting. Majority of traders are seeking the rush to be in the action constantly. They like to execute orders, close orders with profit, make an excel spreadsheet and enter their weekly profit, log into forum and boast their demo accomplishments and henceforth.
Call me cynic or realist? Position trading has some of the best risk:reward. You actually risk much less for a greater reward. Yes, we do not execute as many orders as some new traders would prefer but if its excitement these new traders are all looking for then it is very exciting to see my legs on my millipede grow as the time goes. And please dont stay on demo too long. You make progress but also in parallel you are growing a set of habits that will be a big surprise for its inefficiency once you start live.
I have tested both sides of the world. Also, I believe there is a common belief that position trading requires alot of starting capital. I was planning to address this on a separate post however will address it here. NO, you dont require a large starting capital.
Try and keep a few thousands dollar in your savings account for backup and most importantly psychological safety. Example of a common scenario; You wait.
Then you wait some more. You now have a leg on your millipede. BUT, you will find that often this hard earned leg will die some days, weeks later. I will be very suspicious if a leg dies months later Something has gone wrong with the main trend. If you enter in a good trend you improve the chance that the leg will survive. And we like our leg soldier to be breathing and working for us. Do this until you have legs and preferably stop adding.
Let time go past. Lets take off pips which is alot more than probably required but hey, this is an example. Weekly downtrend from the beginning of the year was not even great. And even in poor trends like this.. I had zero loss to accumulate these 3 positions. My risk:reward? Could have added more but then again.. Sometimes I wish I was 20 years younger doing this Sorry deb..
BUILDING AN EQUITY MILLIPEDE PDF