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The Chartless Trader
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The Chartless Trader
The chartless trader is a trade management system designed to remove the randomness from the market. It is loosely based on the martingales betting system, but takes advantage of position sizing, minimum profit targets, dollar cost averaging, and trailing take profit.
The chart can be traded with or without a signal. There is a built in signal based on SB Master Chart's Buy the Dip algorithm.
The configurable settings include:
Account Value
TP/TTP Algo Settings
DCA/BTD Algo
Position #
The Chartless Trader supports a maximum of 20 symbols. This is a limitation of the security() function as a maximum of 40 calls are allowed and the script calls the security() function twice per symbol.
Now that I have covered the configurable options, its important to understand the basis of this system. The martingales betting system is a system that seeks to double its position size each time you enter a losing trade. Eventually when you make a winning trade, it will be enough to cover the previous losses and net you one winning position.
Bet 1, lose 1, down 1.
Bet 2, lose 2, down 3.
Bet 4, lose 4, down 7.
Bet 8, lost 8, down 15.
Bet 16, win 16, up 1.
So the theory goes, if you have deep enough pockets, its a 100% win rate. Such a system is flawed and proven to cause an account to blow up given enough time. You can search Google/YouTube for others that have back tested the martingales system with stocks.
I advise that "The Chartless Trading" system be traded with a similar system, but instead of doubling your position, you simply increase your position size by 1%.
Bet 1%, lose 1%, down 1%
Bet 1%, lose 1%, down 2%
Bet 1%, lose 1%, down 3%.
In such a manner, your risk of ruin is significantly reduced. Lets say you lose 10 times in a row betting on a stock. You now have 10% of your account value in this particular stock. Because you only invested at times where you were more than 5% down and when an oversold position occurred, because of dollar cost averaging and buying during oversold periods, you may only be down 2-3% on your invested value. Eventually when the stock turns positive, you will have met your minimum profit target and the script will alert you to set a trailing stop. You log into your broker, set a stop loss and wait for it to either trigger or inform you to increase it again. Once the trailing stop is triggered, you deleverage the position by closing it and starting a single new position in either the same stock or a different one and the cycle repeats.
The key is to follow the stock down, follow it back up, and not back down. We repeat this cycle with many positions in many stocks to minimize risk and compound our balance sheet.
This is "The Chartless Trader".
1920x1080p Monitor Required if using all 20 symbols.
The more symbols loaded, the longer the initial processing to load the table. Please be patient.
The chartless trader is a trade management system designed to remove the randomness from the market. It is loosely based on the martingales betting system, but takes advantage of position sizing, minimum profit targets, dollar cost averaging, and trailing take profit.
The chart can be traded with or without a signal. There is a built in signal based on SB Master Chart's Buy the Dip algorithm.
The configurable settings include:
Account Value
- Starting Account Value - This is the value of the account when you start using this system.
- Current Cash - This is the amount of cash you have available to trade. This setting needs to be updated each time a trade is made.
TP/TTP Algo Settings
- Take Profit % - This setting is otherwise known as minimum profit target. This algo will not advise you to sell or increase your trailing stop until this minimum profit target is met.
- Trailing Stop % - This is the trailing stop. The default setting is 75%. As a basic example, if the stock is up 10%, the trailing stop would be set to 7.5% (10% * 75%). The algo may override and advise an alternative trailing stop should an overbought condition be detected.
DCA/BTD Algo
- DCA/BTD Algo Time Frame - Default is 120 (2hrs). This algo looks for oversold periods on the 2h chart by default.
- DCA % - The default for this setting is 5%. This is a trigger for the BTD Algo. The BTD algo will start looking for trades when the stock is 5% below your cost basis. This is to help you average down making it easier to turn a profit when the stock starts making gains.
Position #
The Chartless Trader supports a maximum of 20 symbols. This is a limitation of the security() function as a maximum of 40 calls are allowed and the script calls the security() function twice per symbol.
- S# QTY - The number of open positions of the symbol. This has to be manually updated by the user after each buy/sell of the stock.
- S# CB - This is the cost basis of the stock. Your broker should give you this after each buy/sell and it has to be updated here on the chart after each buy/sell.
- S# TTP - The script will advise you to increase your Trailing Take Profit in your broker when its necessary. This should be updated manually after you update your order in your broker. This should be configured manually in your broker as a Stop Order.
Now that I have covered the configurable options, its important to understand the basis of this system. The martingales betting system is a system that seeks to double its position size each time you enter a losing trade. Eventually when you make a winning trade, it will be enough to cover the previous losses and net you one winning position.
Bet 1, lose 1, down 1.
Bet 2, lose 2, down 3.
Bet 4, lose 4, down 7.
Bet 8, lost 8, down 15.
Bet 16, win 16, up 1.
So the theory goes, if you have deep enough pockets, its a 100% win rate. Such a system is flawed and proven to cause an account to blow up given enough time. You can search Google/YouTube for others that have back tested the martingales system with stocks.
I advise that "The Chartless Trading" system be traded with a similar system, but instead of doubling your position, you simply increase your position size by 1%.
Bet 1%, lose 1%, down 1%
Bet 1%, lose 1%, down 2%
Bet 1%, lose 1%, down 3%.
In such a manner, your risk of ruin is significantly reduced. Lets say you lose 10 times in a row betting on a stock. You now have 10% of your account value in this particular stock. Because you only invested at times where you were more than 5% down and when an oversold position occurred, because of dollar cost averaging and buying during oversold periods, you may only be down 2-3% on your invested value. Eventually when the stock turns positive, you will have met your minimum profit target and the script will alert you to set a trailing stop. You log into your broker, set a stop loss and wait for it to either trigger or inform you to increase it again. Once the trailing stop is triggered, you deleverage the position by closing it and starting a single new position in either the same stock or a different one and the cycle repeats.
The key is to follow the stock down, follow it back up, and not back down. We repeat this cycle with many positions in many stocks to minimize risk and compound our balance sheet.
This is "The Chartless Trader".
1920x1080p Monitor Required if using all 20 symbols.
The more symbols loaded, the longer the initial processing to load the table. Please be patient.
Note di rilascio
Updated the Multi-TF BTD Algo based on improvements found/made in SB Master Chart v5 script.Note di rilascio
Had to revert changes temporarily, found a bug with security function in last update. Going to update when I have more time to redo the function.Note di rilascio
Remoted MTF due to repainting issues.Note di rilascio
Added a more aggressive DCA mode in the settings to changes recommended position sizes.Note di rilascio
Increased Account Value/Starting Cash for people investing more than a million dollars ;)Note di rilascio
Updated max position size per ticker.Note di rilascio
Fixed a minor bug with the main function reading the value of the charts symbol instead of the table symbol resulting in an incorrect recommended DCA position amount.Script su invito
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