Quote:
Originally Posted by dpaterso
Well - I just hope everybody appreciates this:
My 27 positions / 27 pairs that I have open at one broker - which were showing a nett profit of $3947.70 yesterday - are now showing a nett profit of $1169.33 as I type - and - I even watched the profit dwindle to somewhere around $500 today!!!
BUT!!! BUT!!! BUT!!!
As a show of good faith - and in keeping with my own advice - and to save face - I HAVE NOT CLOSED A SINGLE POSITION MANUALLY - AND WILL ALLOW EACH POSITION TO RUN TO ITS LOGICAL CONCLUSION BASED ON THE INDICATOR!!!
No - seriously - my first inclination is obviously to bale out - especially on the positions that are showing a decent profit - and there are quite a few (about five are around the $200 mark and there are quite a few more around the $100 mark) - but - I am tired of looking at historical data and saying to myself 'how come I got out here and did not let the trade run' and 'why did I not wait - just look at what I could have made' or 'now look - I closed the position and took a loss - and now look where the price is'. I have made THOSE statements many many more times in the last six or seven months than I have made statements like 'wow - I'm glad I got out when I did'! Get the picture?
So far - I think that because of what happened to the JPY and AUD since last Thursday - I got a false sense of security i.e. the initial immediate profits I made using this indicator this time round were inflated. Having said that - I do believe that although the profits to be made are not as great as they could have been i.e. not maximised - there will nevertheless be profits on most of the positions at the end of the day.
Of course - when things start going against you - you start flipping between different charts and different time frames and different indicators mainly I suppose to reassure yourself. One thing I did seem to see though - was that it certainly does appear that you could make more on smaller time frames - like 4, 2, and 1 hours - there just seems to be more movement and this, of course, goes against everything I have said here. On the other hand - having said that - all of my open positions have manged to 'ride out' every single bit of news data that has come out so far - and - just to give you an example - I'm pretty sure that when the BOE announces its interest rate position tomorrow (or the next day - can't think right now) - my positions will be able to take the spike - that's the difference - in my opinion anyway.
Put it this way - if this indicator does nothing else for you - it sure will teach you self control and patience!!!
Edit: the main 'problem children' seem to be AUD, CAD, NZD and ZAR. Why? My 'educated' guess is because - at the moment - Crude Oil is above $78 a barrel and Gold has been trying to get some direction the whole day. I reckon Oil is nearly at its top - and when that comes down - so will Gold - and I'll be a happy camper!!!
Regards,
Dale.
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I am happy to hear of some success with a kiss formula. I am checking this system out for myself, just can't settle on a timre fram. One thing i cannot figure out is why you are struggling with closing down a position in profit. Rather you seem intent on following through on a strategy of exiting that is based on your PSAR dots. This is very odd to me. You have already won, you are in the black and are in nice pipage. You have beaten the system. Why not just close them down when you see a nasty sell candle or with some sort of a trailing stop? To me this is kinda like a poor man who wins a bunch of money than spends just as much time fretting on how to spend his new fortune than he did when he was worrying about his bills.