I agree that the biggest challenge standing in the way of success in trading is my own psychology. Like I have said previously, I still consider myself a novice, but even I have been doing this long enough to be able to say I know from personal experience that you are 100% correct in saying that trading is much more about psychology than analytics.
Update on StreamDeck, Keyboard and Chart Trading Functionalities:
TradeStation will tie in with StreamDeck. I don't use it (yet) bc TS also offers 2 simpler tools "Chart Trading" and "Keyboard Trading" that replace a lot of the hot key and chart trading functionalities people here at BBT like to use with the StreamDeck. So between those two tools I cover all my needs. A screenshot of the "Macro" and "Hotkey" feature below shows how you can program commands and then you do the same as in DAS when using the StreamDeck....simply assign the hotkey in the StreamDeck s/w.
To better understand what "Chart Trading" and "Keyboard Trading" functionalities offer in TradeStation watch this Video:
If you have questions best DM me on Fintwit....
I think your strategy makes perfect sense from a technical/number crunching perspective. However, I think most traders that have been doing this for a while would agree with me when I say that trading is much more about psychology than analytics. If you traded this way live and you took a trade with heavy size that goes your way, there is going to be a very strong impulse to hold (because of the fear/greed of missing out on large profit) . If it goes against you, there is also going to be a very strong impulse to hold (because of the fear of realizing a heavy loss). I think a strategy like this may work for a computer trading algorithm, but the psychology required for this is well beyond a beginner / intermediate live trader.
So to put it bluntly, I think this approach is an excellent way to blow up an account. 😛
KyleK29 this is a type of "IF" trade I've been researching for a ORB strategy. DAS unlike IOS doesn't seem to have the ability to execute a buy or a short at a specific price and then place a specfic stop loss price or sell at some R, or a trail. Seems like you can do this mechanically but a hotkey would be helpful. Does one exists? @Thor