ProOrder vs Stop profit/loss by hand
- This topic has 6 replies, 4 voices, and was last updated 4 years ago by
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As my broker is fond of saying, “See a profit, take a profit”
I wouldn’t waste any time worrying about whether or not you caught the very top of the run, or whether the bot would have done better. Bank your winnings and move on to the next one. If I’d seen ~ 300pts there for the taking I’d have closed it as well.
My view is … you were right to Exit manual when you thought it was right to Exit … esp at a major Resistance point.
At times you will kick yourself when you see that staying in would have given you more profit.
Think about this … the Auto-System only has the entry point in it’s knowledge (and of course, the Exit). I ask myself … what relevance does the Entry knowledge have on Price Action at this point (of hitting resistance etc) … mostly the answer is none whatsoever??
The case you highlight above (System made more than manual exit) was probably luck anyway and not due to the System’s astute ability!?
If every time you manual exit the System beats you then maybe you are pulling the trigger too soon or you have the Holy Grail of Systems??
There will be a few along soon saying that all I say above is rubbish and the System is King!? 🙂
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Hi all, im gonna take the “devils advocate” role here! Im in the camp “dont you dare touch that system” when its live.
If you see obvious “mistakes” in code as for example maybe you should have a “set profit target pprofit 300” if 300 is a top #10 trade ever, you should code it in for next time. Or maybe a better trailing stop, or exit.
I feel like “making mistakes” aka looking at your system failing will bring new ideas on how to avoid it the next time, just be careful of not overoptimizing! So that next time, you got a better system, to handle crazy stuff like this.
When you manually close a trade, profit or not, it dosnt feel good. it feels like your system has failed you and you need to stare at chart just incase at the next trade.. so you can trade more manually.. and more.. Why do you even create systems again? If you can trade “Better” manually?
Im in the camp “Press play and stay away”! Try improving your systems rather than overriding it.
Another HUGE issue with manual overrides, it makes you trust your system less and it makes the systems backtesting more or less useless! Who knows how many “bad trades” you would manual stops/targets that might have been all time best trades! And if you study your backtest your gonna see that you actually NEED to earn back whatever the system has lost before it by letting some trades go, which you maybe would have manually closed. You need to have the balls to see the system fail and win, and just keep improving.
Just my 2 cents!
Can also add that im speaking from personal experience + a couple of books and podcasts. When i started out i would also try to catch “the highs” manually, or sell before it “gets even worse”, but ive fucked myself way more than if i would let my systems do it for me. Again, why even bother making systems and backtest if your gonna override them manually based on either feelings like fear and greed. Im trading systematic because of those feelings! So i dont have to make the decision to either fuck myself or maybe make an extra 100€.. its really hard and everyone is different.
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