- Market and timeframe.
- Entry. The trigger that initiates your buy or sell signal.
- Stop Loss. The level at which you will cut your losses in the event of the trade going against you.
- Profit Target. The level at which you will exit the trade to take profits.
An oscillator such as RSI (Relative Strength Index) could be used as a filter - so that you only enter a long trade when the RSI indicates oversold conditions and a short trade when the RSI indicates overbought conditions. The conventional wisdom holds that fewer parameters or 'rules' are better in developing trading systems.
A system like this can be programmed to auto-execute in a trading platform. Alternatively, the system could be 'semi-automated' whereby you are alerted when the entry trigger occurs, and oversee the placement of the trade yourself. Alerts can be audible through your computer, sent to your email or even sent as a message to your cell phone. The semi-automated system clearly carries less risk, with you being there in person to 'pilot' the system and execute the trades manually. A fully automated system should be rigorously tested both in a simulated and live environment.
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