Good morning, my friends ...
Yesterday night in post [HASHTAG]#115[/HASHTAG] I talk about how to logically think to start making your own settings based on the info
you can read on chart for any pair ...
In general, I will not give specific numbers but I will show you the method I use and works for me GREAT
So, here the steps I use ...
- Open the chart on any pair of currency of your choice ...
- Change time frames, M1, M5, M15, M30, H1, ...
- Always try to find a pair going either in bigger range of side way or
in trend and having Impulsive and Corrective waves ... (Please Goggle for this ! ...) ... The following image gives some idea about it ...
View attachment 36045
- Now, roughly, measure how much approximately this pair moves in each wave ... You don't need to get exact numbers.
- Never mind about if trend is Up or Down ... Just you need to know some range of these numbers ... Use wider period of time
to know the behavior of this pair on longer term ...
- Let's say, the average of both waves are 80 pips and 25 ...
- Now, think about the bigger number (80 pips) ... You need to let the EA open multiple orders could excced this number
a little, like 90 or 95 ... Divide this number on max trades that you accept ... Let's say, 9 ... So, 95/9 = 10.55
This is the PipsStep value that you should play around ...
- In this step, think about the starting lot and lot-multiplier and count what will be the total of lots is the last level is reached ...
- How much those lots will make DD if price reached tha last level ..
- ...
- ...
As you see from above test that everything is logical and we used the math ... So, knowing your account is too important to make
these calculations, like the used margin, pip value, ...
Now, Think about the Take Profit settings ... Is it wise to collect very few pips on Gold? Will the broker allow you to put your TP very
near to the first opened order ... I doubt ! ... Compare that with GBPUSD spread ... Suppose GBPUSD spread is 2 pips and we do 10 pips
TP, So, how about Gold? Think about it wisely !. When you get approximate numbers, try them on demo account, are they work !.
This is what I did years ago, but now, it is matter to experience to say, lets try this because this is wide spread pair, or Gold. ...
Oh, .... I have to add a pips because I pay commission, bla, bla, bla ...
So, everything is following Logic and math.
I just posted this here to give you the right way to think about it ...
I'm not sure if I succeed to describe that is going in my mind, but this is really best of expressions I can give