About This Video
Thomas Long looks at an approach to identifying trade entries that have been used successfully by some of the most famous traders. Thomas first explains what identifies a breakout and then discusses some of the methods used by those traders who have been successful. This presentation is designed for traders who are looking to expand their understanding of trading and improve their overall results.
Discuss This Video:
Leave a CommentVery very good and easy to use.Every trader needs,
Probably best and safest trading system I come up. I stop trading manualy, lost lots of maney, This is what I am going use and not going to change.
Thank you Thomas Long. Have a good day.
Hi Thomas,
as you said, you dont user fixed SL but trailing stops. Iam curious about your setup – do you only set a trailing stop in relation with ATR or u move your SL at first to break-even and then behing S/R zones that occurs?
And my next question, do u use some kind of pyramiding? I mean, proper pyramiding, not some hazard martingale systems. I read some articles, that clever pyramiding – adding to your profit position can help your account significantly. – “Jesse Livermore left traders a working philosophy for trading securities that emphasizes increasing the size of one’s position as it goes in the right direction and cutting losses quickly.”
Thanks for your advice
Peter “Kos3″
Hi Peter…trailing the stop can be accomplished through a variety of methods (ATR, opposing price channel, horizontal support/resistance, fixed trailing stop). Each has their own characteristics that makes it useful so the method you select really boils down to personal preference. Personally, I like the opposing price channel or horizontal support/resistance as I find those ‘easier’ to identify on a chart. Therefore, I can manually adjust the stop from the marketscope charts which saves me a step.
We get the question about adding to positions quite often. The only instance where I would recommend adding to a position is if the position is floating a profit. You want to put your capital towards those ideas that are working rather than adding to losing positions. If you decide to add to winning positions, have a plan on when and at what price you want to add more positioning. Make sure you are risking less than 5% of your total balance on ALL open positions for all currencies.
Happy Trading!
Kindest Regards,
Jeremy Wagner
Team Lead
DailyFX Education
Instructor@dailyfx.com