I have not tried that system, sorry. For me, I don't use indicators (I used to) that are a derivative of price meaning a formula calculated off OHLC and vol. I tend to just use market generated info. For example my post here and its Excel spreadsheet....
Driving now (at stop light) to pick up the kids from school. Wife gets back today from a business trip and I have to clean up the mess before she returns or I'm dead. lol.... But I will have time tomorrow and on the weekend.
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Doubt kills more dreams than failure ever will. Perfect: the enemy of Done. per·fec·tion·ist: ultimately one lacking self-confidence
Buy Low And Sell High (read left to right or right to left....lol)
I'd suggest that the important question should rather be how to protect capital. Stop loss should only be one of the 20+ ways to do so, and in my views, one of the least effective. Better ways would be to use a small portion of your capital in multiple non corrolated systems. According to Kaufmann latest book, and that's likely what I'll do eventually, stop losses should not be used. To answer clearly the question, on average, my systems have stop loss around 3.5%.
The following user says Thank You to Virtuose1 for this post:
I don't think you will find a tried proven tested method in the public domain. Trading isn't like engineering.
Some of the prior post have covered many on the questions you should answer so no point repeating them.
Since you have experience trading options, let's say someone came to you and said:
"I would like a tried proven and tested system for trading options. What is it and what is the the correct win loss aim to aim for"?"
Ron (Blash) gave you a good idea for using options as stops and since you know options using that knowledge for futures is a point of leverage. Then use other things from your past and your personality as inputs in developing a plan. What did you use to do? What did you study? What strategies of other traders appealed to you and what did you like about them? (read Market Wizards for a sampling).
I hope it helps,
Good trading to everyone.
The following 2 users say Thank You to aquarian1 for this post:
I trade /es mostly, it trades almost 23/5. All of my entry/exits are based on Fib. retracements. Not that the exact numbers (23.6 for example) work perfectly but at least you are always on the correct side of the trend.
Move, retracement, REretracement is the secret of my success and as far as I am concerned the only thing that works.
“Enter by the narrow gate; for wide is the gate and broad is the way that leads to destruction, and there are many who go in by it. Because narrow is the gate and difficult is the way which leads to life, and there are few who find it.