Hi.
Now please don't think I'm being nasty by posting this message - I am not - I just want to clarify the reason for starting this thread in the first place.
Also - before posting - please read the ENTIRE thread first - otherwise you'll be missing the point of the thread.
Like I said - please don't think I'm being 'offish' here - it is really not my intention.
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think that using only parabolic SAR will give you pips but ... not much but when you us it with other indicators will give you better entry and better exit
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That is the whole point of the thread. We know (I know) that this indicator probably gets you into the trade later than any of the other indicators - no question about that - and - yes - it can (should) be used with another indicator (as a matter of fact J. Welles Wilder HIMSELF - who formulated this indicator - suggests using it with another one of his indicators in his book 'New Concepts In Technical Trading Systems').
Having said that - with the two 'forex only' accounts that I have at my 'other' or 'forex only' brokers - I just wanted to see what happens when you use this indicator on its own - because historically - take any chart - especially (but not necessarily limited to) the daily and weekly and monthly charts - it would appear that plenty of PIP's could be made using ONLY this indicator. The point is this: it is 'low' maintenance and it is exact. In other words - it leaves nothing to the 'imagination' or your own 'judgement' (which in my experience - until you have developed a 'feel' for things - normally results in a loss) - it tells you EXACTLY when to get in and EXACTLY when to get out i.e. stop and reverse.
Again - we are looking for small sustainted profits over the longer term - with low maintenance and I believe that it is possible with this indicator. Put it this way - after all the losses I've made over the past couple of months (real money) - my mindset has changed. I'd rather be 'sure' of making - let's say for example 10 PIP's - over a period with little or no risk - than trying to squeeze 100 PIP's out of the same move over the same period - and run the risk of ending up losing 30 PIP's for example - get the picture?
Anyway - this morning (my now daily 'ritual') - I moved my stop losses (or rather stop and reverse orders) - and already two or three of them have one dot to go before profits start getting locked in and a few more are close - and found two new positions to open - and four new ones on their way in the next couple of days.
I know I said I would not be updating my results on a daily basis here but just for the record the one account now has 31 positions / 31 pairs open and the profit as I type this message is $4232.13.
If the truth be told - so far - I'm making (well almost) the same amount of money using this method - than I am on stocks - with a hell of a lot less stress, anxiety, and time expense. I'll tell you this - if this works out by the end of the month - then there would be no reason to continue using those 'sniper' or 'expert' or 'optimised' systems on stocks either. If this method (indicator) proves itself - you could make the same amount of money by using more capital but making less PIP's. That's good enough for me.
While I realise that all of the above may be taking the 'fun' out of trading - don't forget why you are trading. You're trading to make money and those figures that move up and down are real $$$ not just figures on a computer screen somewhere in the electronic yonder. When I first decided to do this for a living I got caught up and 'captivated' with the idea of trading and the 'novelty' of the business - and - while I now REALLY do still enjoy it - and love learning new things about how the markets work and about economics and world events and how each country is affected by such events - it has been a very expensive 'joy ride'. Now - first and foremost - I'm the breadwinner - and making money must be the first priority.
Anyway - it's early days yet - so I might be eating my words - let's wait and see.
Edit:
Just for interest sake - I have attached a daily chart of the Dow Jones Industrial Average Index. I have overlayed PSAR on this chart in addition to the indicators necessary for the 'system' that I normally use to trade this Index. Take a good look at PSAR and the other indicators. I'll tell you that most of the nice long 'trends' I missed because there were no valid signals from my 'system' but there sure are a hell of a lot of entry and exits and profits indicated by PSAR. Who knows - maybe it's time for an IMMEDIATE change!!!
Regards,
Dale.