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Thread: New Trader looking for advice on my system.

  1. Default New Trader looking for advice on my system.

    Hi Guys

    Recently started spread betting gold.I am using Daily charts combined with Heikin-Ashi candles and Parabolic SAR indicator.My method is as follows:

    1.Enter a trade on the start of a new daily candle when the Par SAR has reversed.
    2.Place stop loss below the low or high of the last candle (+/- 1 point to account for spread),depending on direction.
    3.Set a limit to 20 points
    4.Re-adjust the stop loss every day to the low,high of the previous candle as the days go on.

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    In theory this system seems to work and i'm currently paper trading it.

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    I'm aware you can be whipsawed out of trades relatively early but rather take a small loss in non trending market and make up for it when the trends are strong.

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    Can anyone see where this might fall down?

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