In my view, profit target of 15 points is to be considered for this strategy rather than 10 points profit target. In in the hind sight 10 points PT looks attractive. But, if the strike rate falls down from 72% to 52% in any month, 10 points PT turns negative, because of brokerage. 15 points PT dropping from 56% to 46% also does not leave much impact on profitability.
Some of the loosing trades in 15 points PT should be reduced. This can be achieved by increasing lot size to 2 after 1 loss. If the 2nd trade also results in losses, then increase the lot size to 3 for the 3rd trade. If the 3rd trade also results in losses, then bring back the lot size back to 1 from 4th trade onwards as we cannot anticipate how long the loosing spree can go. This method has inbuilt danger of increasing losses if we keep on increasing lot sizes. But, as seen from past trades it helps to reduce the losses for most of the time. This method has elimited sizable loosing trades and expecting it to be more helpful than harmful. We are taking chances.
As the name of the thread suggests, it is conservative strategy. We are not looking for bumper profits and at the same time not intended to loose much. Trading this strategy helps the trader to be in the game for longer durations to understand the intricacies of practical aspects of trading.
We are going to paper trade this strategy for next 30 trading days. Clear cut rules are made out in earlier post and for profit targets and additional lot trades as discussed in this post above, to follow them with discipline.
I will post the charts and P&L for the next 30 days as the time permits as the volunteers have not come up as expected. If everything goes well for next 30 trading days, we will have a nice trading strategy atleast for intermediate level traders.