Breakeven Stops: At Entry or 1-2 Tic Profit? | Psychology and Money Management


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Breakeven Stops: At Entry or 1-2 Tic Profit?

  #6 (permalink)

Chicago IL
 
Trading Experience: Advanced
Platform: SierraChart
Broker/Data: Transact, SC
Favorite Futures: ES, NQ
 
Posts: 11 since Aug 2012
Thanks: 7 given, 36 received

I really hope this doesn't come off as arrogant, or elitist. You likely need to continue to discover and develop your own personal trading plan. Its really not about a tick here or there, 50% stop loss, or anything else. it's about what your plan, and probabilities yield and your ability to make that happen.

What is your expectancy? What is that expectancy based on? If you built a plan that says "If this, then that, otherwise this other thing", and you've taken a fair amount of error-free trades that strictly adhere to those parameters, the answer will actually present itself.

Go back over a hundred days of charts. Look for your set ups. document the behavior. Then test the theory, and more importantly, your own ability to stick to it on a go-forward basis. 50 trades, 100 trades, 250 trades....Whatever it takes. You will find it. It's simple but definitely not easy. I've been working on it for a long time - much longer than I ever would have thought it takes.

Not knowing your set ups, time frame, context, account size........ there's probably no way for anyone to accurately answer that question.

Hope it helps.

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