Quoting XerofDislikedFozzy,
Nice system, thanks for sharing it
I would agree with Jason - have a think about using multiple lots, even if you split your usual amount into two (ideally three) separately managed trades. Use a 40 pip, 80 pip and 'blue sky' t/p technique
Whats your experience been like on GBP running the 25 pip trailing? Given there is almost always a V shaped shakeout of at least 30 to 80 pips every day around/just after the London open, I would imagine thats the time you are taken out.
Maybe allocate some of that initial profit in a wider trailing for the second (or third) lot.....coz even when GBP goes for a canter, the retracements can be quite deep, and probably catch your trailing on the first retracement almost every time... am I right?
A quick squizz at the dailies leads me to believe some of the trades you probably had chopped out by the trailing, went on to record multi big figure results over several days, but please correct me if my hunch is wrong.....its hard enough getting into a profitable trade, even harder to stay in it until the move is at exhaustion....
Hope these ideas assist .....
regards
XerofIgnored
Thanks for your suggestions.
Trading with multiple lots would appear to be the way to go. Now it becomes a balancing act to work out at what levels to exit. I will start with 2 lots, exiting 1 at 40 pips and lettin the other one ride at breakeven. Again, I will have to see how it goes and what suits me better.
In regards to the GBP/USD trades I have found that few trades have been signalled. Since July I have entered only 5 trades. I am honestly not sure why this is but you are right, the GBP has wide retracements at around London opening time. If you can avoid the chop the moves can be quite substantial.
Your hunch is also right, 3 of the trades on which I was stopped out at breakeven went on to be big moves that, unfortunately, I wasn't on. At least they were free trades and I walked away with my capital intact. Very frustrating though.
Cheers
Fozzy