My name is Paul Ika. [Removed for Forums policy violation] I am using Baby Pips Mechanical IB strategy with all 28 currency pairs in D1 charts. In the last 3 weeks of demo trading, I had 16 wins, 6 SLs, 5 BEs, and 3 partial profits (because they formed new IBs and I had to exit the trade in the middle). I have been using 40% SL. Do you think I should use 20% or 40% stop loss for all 28 currency pairs?
40% of what?
40% of his account apparently, he hasn’t been back
It’s been a while since we’ve seen paulika — their last post was 7 years ago.
That is what’s assumed. 40% of his account on 28 pairs…doesn’t leave you with too many trade options.
But hey, if those first few trades were successful then perhaps now he’s living the dream on a tropical island somewhere, laughing at all of us!
Hey folks, I am right here. This is Paul Ika.
Sorry, I was away for a few days.
But I should say I am getting good results with this mechanical IB system of Baby Pips.
I do all 28 pairs with this system in D1 charts, risking only 0.5% of my acct balance on each trade.
Rules given in baby pips instructions are as following:
You enter the trade in mother bar (MB) direction (if MB is a bull bar, then you enter a long trade, and vice versa).
SL is 40% of the range of MB.
TP is 80% of the range of MB.
The instructions are clearly written in the the system description on this site under trading systems. I refer you to those instuctions.
When Baby Pips first came up with this system they said to use 20% of the range of MB as SL. Then after some time, they changed it to 40% of the range of MB.
You enter the trade 10% above the range of the MB, for a long trade and vice versa.
With this system, my acct is up 9% in the last 4 weeks.
My question is, if you are doing this system, are you using 40% or 20% SL?
This is unrelated to your post and im sorry but for the past week ive been trying to use this strategy on the 4H charts and I cant seem to get results, do you think I should change from the 4H to the Daily?