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try the perfect stop
for ts2000
see the credit for writing it goes to:
{***************************************************************************
*****************
Title: Three day volatility StopLoss
Description: Three day volatility StopLoss increases the stoploss value
when 3-day volatility
increases above the 5 and 8 day volatility. Change in risk is
proportional to
the percent increase in volatility.
Written by: John Hall
History: Written 7/29/01
****************************************************************************
******************}
Inputs: price((H+L)/2), dollar_risk(500), PositionBasis(True);
variables: RiskCalc(0), OrderPrice(0), stoploss(0);
stoploss = dollar_risk;
If MarketPosition = 1 and PositionBasis Then Begin
If volatility(3) > volatility(3)[3] and volatility(3) > volatility(5) and
volatility(3) > volatility(8) then
stoploss = dollar_risk * (1 + ( volatility(3)/volatility(3)[3] ));
If volatility(3) < volatility(3)[3] and volatility(3) < volatility(5) and
volatility(3) < volatility(8) then
stoploss = dollar_risk * (1 - ( volatility(3)/volatility(3)[3] ));
RiskCalc = stoploss + Commission;
If BigPointValue <> 0 Then
OrderPrice = EntryPrice - (RiskCalc / BigPointValue);
ExitLong ("longX") Next Bar at OrderPrice Stop;
End;
If MarketPosition = -1 and PositionBasis Then Begin
If volatility(3) > volatility(3)[3] and volatility(3) > volatility(5) and
volatility(3) > volatility(8) then
stoploss = dollar_risk * (1 + ( volatility(3)/volatility(3)[3] ));
If volatility(3) < volatility(3)[3] and volatility(3) < volatility(5) and
volatility(3) < volatility(8) then
stoploss = dollar_risk * (1 - ( volatility(3)/volatility(3)[3] ));
RiskCalc = stoploss - Commission;
If BigPointValue <> 0 Then
OrderPrice = EntryPrice + (RiskCalc / BigPointValue);
ExitShort ("ShortX") Next Bar at OrderPrice Stop;
End;
----- Original Message -----
From: "Brian Keith Voiles" <admagic@xxxxxxxx>
To: "Rich Tuchow" <rtuchow@xxxxxxxxxxxxxxx>
Cc: <omega-list@xxxxxxxxxx>
Sent: Saturday, November 17, 2001 3:25 PM
Subject: [RT] Re: Profit Taking
> Rich,
>
> I am in the exact same boat as you. I think it's a personal matter,
really.
> My daily goal is to make 4 handles... $1000 less commissions. I break
> my daily goal into two, two-handle trades. Then I turn off the computer.
>
> If I lose 4 points, I call it a day, as well. That's the max I'm willing
to
> lose on any given day.
>
> As my account builds, it's my intention to trade 2 lots, 3 lots, and
> eventually 4 lots. (Right now I can't "see" past 4 lots -- maybe when I
> get there...).
>
> I think the reason I've chosen to do it this way is because I don't really
> perceive myself as a "real" trader. Let me put it differently: trading is
> not who I am -- it's what I DO to facilitate the living of my dreams.
>
> In other words, I don't want to eat, sleep, and breath trading 24-7.
> I use the $1000 a day (soon to be $2000, then $3000, and then
> eventually $4,000) to allow me the time freedom and money freedom
> to live my dreams. Which for me is:
>
> 1) being a great "stay at home" dad for my kids
> 2) writing and studying music
> 3) writing inspiring stories and books about life
>
> Having said all this.... it would be really nice to let the profits run
> on occasion. I haven't found a "real" answer to your question. For
> I, too, have had the same experience in the past as you have... that
> of:
>
> "It seems that every time I grab the 3-5 point profit the trade
> goes on to 10-15 points and every time I let profits run, the 3-5 point
> profit disappears. I am not particularly found of trailing stops
> because I have to be willing to give back a fair amount of profit."
>
> This is my experience as well. BUT... that's what led me to the
> decision I've come to: "Make 4 Points Today, Then Go & Play"!
>
> I'd love to hear what other feedback you get. Please keep in
> touch... I'll add you to my list of S&P traders whom I try to keep
> in contact with.
>
> Warmly,
> Brian Keith Voiles
>
>
>
>
> At 08:34 AM 11/17/2001, you wrote:
> >I am an S&P day trader and keep going back and forth in my mind my exit
> >strategy. There are 2 schools of thought 1)let profits run 2)don't try
to
> >be a pig on every trade. It seems that every time I grab the 3-5 point
> >profit the trade goes on to 10-15 points and every time I let profits
run,
> >the 3-5 point profit disappears. I am not particularly found of trailing
> >stops because you have to be willing to give back a fair amount of
profit.
> >Others use a staggered exit strategy such as take 1 contract off at 3
points
> >another at 5 another at 8 etc.
> >
> >I would be interested in hearing only from successful S&P day traders
which
> >school of thought they follow.
> >
> >Thanks
>
>
>
> To unsubscribe from this group, send an email to:
> realtraders-unsubscribe@xxxxxxxxxxxxxxx
>
>
>
> Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
>
>
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