stevehopwoodforex.com • Bob and Shelley Again

Author:

matrixebiz [ Thu Nov 28, 2013 10:38 pm ]

Post subject:

Re: Bob and Shelley Again

SWG123 wrote:
matrixebiz wrote: Different broker, different feed or maybe my settings
Can you send me your .set to compare? Thx
matrixebiz, I see from your attachment that you have positive pips but negative profit. That comes down to money management. Can I suggest going back over those trades and examining what the result would be without closing half at break-even?

It's tempting to bank partial profits and for a long time that's what I used to do. However, if you do the calculations, it's usually more profitable to keep the full position open to TP or SL. Best thing is to do your own analysis then trust the mathematics.

Yeah, I posted the bellow on page 79 explaining that same thing, maybe I'll test with my own advise next week and see what happens

"True, we don't want trades to get to full stop loss if we can detect a bad entry early enough and get out of it before it goes too bad but those using the Close Half Lots function may also be cheating themselves out of Cash. I realized this when looking at the History indicator and I was in positive pips but negative cash and I was like 'what' how can that be, until I diagnosed it a little. I'll give a little example below for those that don't understand what I'm talking about.

Lets say I'm trading 20 cents a pip;

Scenario 1 (w/Half lot close) - I've just had a SL of -45 pips then another trade closed half lots at +30 pips and the other half closed at an additional +20 pips. So what just happened is the bad trade I lost 45 pips but positive 80 (30+50) pips in the good trade I closed Half to lock in profit, I'm ahead positive 35 pips, Oh yeah! .... but in reality when you look at the cash, -45 @ 0.2 = $9 and +80 @ 0.1 = $8, so I've actually lost $1

Scenario 2 (No half lot close) - I've just had a SL of -45 pips and if I can get a full trade to close at least +50 pips and not worrying about a +80 like above, I've only gained +5 pips profit but in cash I'm actually up $1 -45 @ 0.2 = $9 and +50 @ 0.2 = $10
So also, if we were in the exact same scenario this time as scenario 1 and still closed the good trade at 80 pips, we would be up $16 instead of -$1

So, I think instead of locking in profit in pips by closing half lots, might be better to just try and lock them in by moving SL up in hopes to close the trade at possibly less pips but full dollar amount at close and gain Cash rather than Pips.

Just my 2 cents"

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Author:	bazze [ Thu Nov 28, 2013 8:26 pm ]
Post subject:	Re: Bob and Shelley Again
Thank you,for these words... I will read and re-read the userguide and follow this thread,just to learn... Uuups...One trade open,EurGbp

Author:	SWG123 [ Thu Nov 28, 2013 9:07 pm ]
Post subject:	Re: Bob and Shelley Again
matrixebiz wrote: Different broker, different feed or maybe my settings Can you send me your .set to compare? Thx matrixebiz, I see from your attachment that you have positive pips but negative profit. That comes down to money management. Can I suggest going back over those trades and examining what the result would be without closing half at break-even? It's tempting to bank partial profits and for a long time that's what I used to do. However, if you do the calculations, it's usually more profitable to keep the full position open to TP or SL. Best thing is to do your own analysis then trust the mathematics.

Author:	SteveHopwood [ Thu Nov 28, 2013 10:01 pm ]
Post subject:	Re: Bob and Shelley Again
fxozgirl wrote:Not huge, not even big, (I am sure there are people around who would scoff at these results) Hehe. Not twice if I happen to notice.

Author:	Cedric [ Fri Nov 29, 2013 5:03 pm ]
Post subject:	Re: Bob and Shelley Again
Hi Steve, Shelly and all your esteemed helpers and advisers. This is my first post so I'd like to take this opportunity to thank you all for your unselfish contributions and time you put into these forums. I've been following for a while now and must assure you all that I have really learnt a lot, as have, I'm sure many others. BASA was not kind to me a few weeks back so I took it off my live account, I cost me about 25 Starbucks coffees. Have since put it on a demo account with all the updated versions and it has now settled down and has been in profit from the 19th using the 4H chart to the tune of 239 pips with one trade still open, which is in profit. If I may be so bold would it be possible to add a 'candle time left' function to the notes on the chart, I tried but smoke started to rise from my keyboard. So enough said on that subject Then on your history indicator, what about the name of the EA at the top of the dashboard, my hand writing would be an insult to your efforts in producing a very valuable tool. Then I see Andy here so would like to suggest to him that his 10.4 dashboard which is how I still use it, if it could be converted so that by pressing a button on the dash, a list of EA's would appear and one could select any one of a number of EA's and then one would have a better view and control of your trading. Maybe a new dashboard thread could be started. Really is a great piece of software engineering that must not be lost. So finally Steve, its my 72nd birthday today, so go gently on me. Thanks again to all. Cedric

Author:	AGT [ Fri Nov 29, 2013 6:28 pm ]
Post subject:	Re: Bob and Shelley Again
Cedric wrote: ....... its my 72nd birthday today ......... Cedric Really ? Thats quite impressive ! Congraz anyway !

Author:	bazze [ Fri Nov 29, 2013 7:17 pm ]
Post subject:	Re: Bob and Shelley Again
I have always said it...The age is just a number...Happy Birthday,Cedric

Author:	fxozgirl [ Fri Nov 29, 2013 8:55 pm ]
Post subject:	Re: Bob and Shelley Again
Just about at the close of trading for this week...see below my closed trades for this week trading on 4H charts. I finished the week with a 2.78% gain & 2 trades still open. USDCAD SL @ +120 NZDJPY currently in floating drawdown @ -7 BASA_closed_trades_Live_Account_we_111330.png BASA_open_trades_live_account_we_131130.png I hope everyone has a good weekend...unfortunately I have to work this morning but then I'm off to watch my son play cricket.

Author:	milanese [ Fri Nov 29, 2013 8:58 pm ]
Post subject:	Re: Bob and Shelley Again
fxozgirl wrote:Just about at the close of trading for this week...see below my closed trades for this week trading on 4H charts. I finished the week with a 2.78% gain & 2 trades still open. USDCAD SL @ +120 NZDJPY currently in floating drawdown @ -7 BASA_closed_trades_Live_Account_we_111330.png BASA_open_trades_live_account_we_131130.png I hope everyone has a good weekend...unfortunately I have to work this morning but then I'm off to watch my son play cricket. so good luck to your son and not to much work this mornig! Cheers Tommaso

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