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A Noobie Wants to Know
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A Noobie Wants to Know

  #1 (permalink)
Elite Member
Stouffville Ontario Canada
 
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A Noobie Wants to Know

So.... I figured because these are such "beginner" type questions...I would post this thread in "Beginners"

I hope BM agrees lol!

I would like to know what is meant by a "trailing stop" and what or where i can get a really good indicator for "price action" other than the obvious price marker....

I trade sim for now (since i got my teeth kicked in LIVE) on the Emini S&P....or i guess just the ES.

Any and all comments and advice is appreciated!


Thanks

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  #2 (permalink)
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  #3 (permalink)
Flying In A Blue Dream
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Search on Google or YouTube for Trailing Stop. Plenty of good info out there.

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  #4 (permalink)
Elite Member
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Yes for sure...looked there already maybe I will need to look again.

Thanks

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  #5 (permalink)
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switchgear666 View Post
So.... I figured because these are such "beginner" type questions...I would post this thread in "Beginners"

I hope BM agrees lol!

I would like to know what is meant by a "trailing stop" and what or where i can get a really good indicator for "price action" other than the obvious price marker....

I trade sim for now (since i got my teeth kicked in LIVE) on the Emini S&P....or i guess just the ES.

Any and all comments and advice is appreciated!


Thanks

Trailing stop simply means your stop is moved as price or an indicator moves. For example, if you used a moving average you could set your trailing stop to be the moving average. Or another example would be for every 20 ticks price moves up, you move your trailing stop up 10 ticks.

In virtually every case, a trailing stop is a rookie mistake and will cost you money. Better to learn where to exit the market than to just use a random method like a trailing stop.

Mike

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  #6 (permalink)
Flying In A Blue Dream
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switchgear666 View Post
Yes for sure...looked there already maybe I will need to look again.

Thanks

This one is a decent video.


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  #7 (permalink)
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Big Mike View Post
Trailing stop simply means your stop is moved as price or an indicator moves. For example, if you used a moving average you could set your trailing stop to be the moving average. Or another example would be for every 20 ticks price moves up, you move your trailing stop up 10 ticks.

In virtually every case, a trailing stop is a rookie mistake and will cost you money. Better to learn where to exit the market than to just use a random method like a trailing stop.

Mike

Yeah they are almost like shooting yourself in the foot. I have never had a trailing stop work in my favor. Even me manually trying to trail the stop.

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  #8 (permalink)
Elite Member
Stouffville Ontario Canada
 
Futures Experience: Beginner
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Thanks Mike and everyone as well....solid answers!

JD

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  #9 (permalink)
Every Day I'm a n00b
San Tan Valley, AZ/USA
 
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Think of your trade as a vehicle, say a car.

Say you're driving your car up a hill. Behind your car is a long rope with a huge log attached to it. The log is trailing you.

You're driving up the hill, and suddenly, you hit ice, and your car slides backwards and hits the log. The log holds you in place.

You got stopped out.

The problem is, "natural" support and resistance doesn't follow your trade around. If your trade moves up, the support and resistance lines stay in the same place.

With that in mind, a trailing stop limits you because you might get stopped out prematurely. What if the trade slid down, only to move back in your direction?

The correct approach would be to set your stop underneath the "natural" support line. If that location is 10 ticks farther than your trailing stop, so be it. Just decrease your position sizing to accommodate the potential movement, so your risk stays around 2%.

Someone please correct me if I am off base here.

-Jimmy
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  #10 (permalink)
Elite Member
Stouffville Ontario Canada
 
Futures Experience: Beginner
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Broker/Data: Global futures/Ironbeam
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Posts: 11 since Aug 2015
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Wow fabricatorx!!!

That was an amazing analogy!!

Thank you so much....very insightful!

JD

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