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indicators, stop loss...takes profit

 
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akandecoms

indicators, stop loss...takes profit

My names are Akande Sunday Solomon. I'm not a professional in trading but preparing to be one.

Thu, 12/06/2018 - 4:40pm
 
akandecoms

Akande Sunday Solomon

2018-11-12-12-04-12-164.jpg
 
Rookie

welcome you have come to the right house!

 
KodiakTrader

Hi Akande - wonderful middle name :-)

I tell you what I'm using for indicators, stop loss, & profit target.

Although I've been trading for many years, I've never been consistently profitable. But, because of good money management, I've also never lost very much either. My average gain to average loss is about 3:2 and my win/loss ratio is more than 60%, sometimes as high as 70%. My daily goal is 30 pips and I have a losing day only about 1 in 10 days. My losing days are never more than 30 pips.

1. I do NOT use any indicators for trading, but I do use on to help with setting profit targets. I am a scalper and trade very short term (average trade lasts only about 15 minutes). I trade for no longer than 3 hours and usually for only about an hour. I quit as soon as I make my daily goal. When I started, my daily goal was only 10 pips.

2. For setting my profit targets, I use the Price Cycle. There is a video on how to use this indicator. I choose to use 75% of the Price Cycle number. Some traders prefer to use the ATR to set profit targets. They are similar in the type of information that they give you.

3. For setting stop losses, I always make certain that they are set at an amount that is equal to or less than the profit target I set up. This is the way that I control the size of my losses and make certain that, on average, they will be smaller than my gains.

I've found that the Apiary approach is perfect for me. I hope you find the same.