Good evening all,
I thought I would drop in and see what's what with the therad. I see you guys haven't been letting the side down and are keeping up the good work. Once again I apologise for my absence over the last couple of weeks due to various personal reasons but I am reading along and testing a few bits of this and that from a mixture of Wilder, Carter and Williams. Williams' Trading Chaos book has been taking up a lot of my recently.
Anyway.. I think I have decided to abondon the RTS and I will tell you why I have done that. I am not saying this system can not be profitable, but it just wasn't working for me. I dont believe this system works as a "set and forget" system... i.e, you cant just place your orders every day and bugger off and see what happens... In my opinion you need to be there in front of the pc and if a price goes below a B level for instance... you could set a limit buy to be buying on the way back up and with momentum. This is just my opinion however and the way I saw it.
For me, Carters HOLP/LOHP system is working the best for me,,,as this system pretty much allows for a quick glance at the charts and you enter each position at the market. I dont want to go off topic as this book is not the subject of the thread.
So, correct me if I'm wrong, it seems the VS or VSC1 is what you are all looking at now? I did put this up on my charts and had a look. To be honest, this system is very similar to Carters mentioned above... I look fwd to studying it more.
Regarding money management. as I saw it dicsussed a few pages back. I have been looking at the risk involved in pips to help me set lot sizes... For example.. lets say going long USD/JPY @ 108.00.,, and I see a swing low and set a SL @ 106.00. That's 200 pips of risk there.. so I would calculate a lot size accordingly so I risk only 1% of the account balance if the stop were to get hit. For VS trades, SL is not set in stone,, but u can still put a mental stop in place and set a lot size to suit. Discipline is the key here however.
Good trading to all. Dale, I look fwd to seeing you on YM soon as I have a few questions for you. Dont get too pissed up tonight on the captains,, though that is fine coming from me,, already tanked up on a few Tiger Beers!
Good weekend to all on the thread
Boca
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