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when do you stop and reevaluate the plan?
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when do you stop and reevaluate the plan?

  #1 (permalink)
Elite Member
Lexington Park, MD
 
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when do you stop and reevaluate the plan?

Hi guys,
I am trying to better my performance and and tighten up my trading rules. i know different people trade different markets and have different risk parameters , but i am curious to see what definitive rules people have when they force themselves to stop and say this is not working for me . for instance i normally try to adhere to "if i get stopped out once i am going in the wrong direction, if i get stopped out twice in a row markets are choppy or congested right now". i am curious to learn any other insight from other people's rules . at what point do you force yourself to stop and reevaluate your plan? what are your personal rules? what are your personal cut offs?

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  #3 (permalink)
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Massive l's Avatar
 
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For me, 3 losers in a row and it's time to chill or a fixed amount in the red that I don't go over.

Just because you get stopped out once does not mean you were wrong on the trade.
You may have gotten in to early and price pushed your risk tolerance. If my strategy
still says long, then I try again at a lower price.

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  #4 (permalink)
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yeah i think you have to ask yourself why u are getting stopped out. if u r just making dumb mistakes, u gotta step back. that's happened to me on days when i knew i really shdn't be trading - too tired; too much housework staring me in the face, or just didn't feel right. sometimes, i am just not fit to trade.

but if it's a case of having the right idea, but being too early, i think it's ok to keep trying, so long as your quarry has enough upside to erase all the little losses you are taking as you approach it.

Du sublime au ridicule, il n'ya qu'un pas. ~Napoleon Bonaparte
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  #5 (permalink)
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guys thanks for your responses!
there are no right or wrong answers i am just trying to learn about different peoples' pain threshold's and risk parameters, so i can further examine my own. i was looking at these responses as an interactive communal journal. (i tend to use fairly broad 15 min candles stops because i only trade 1 lots. most of the time this works and keeps me with the trend, however some days i get annihilated if it gets choppy) . i am trying to work on this

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in regards to stop, i liked what the guy said in the last webinar.. if your getting stopped only to have your trade go in the correct direction leaving w/o you out try and place your entry where your stop would initially be.. you might miss some trades, but if the big guys are running stops and playing the game better than you(or it could be just regular price action and the way orders flow), use that knowledge and play back at them.. seemed perfectly reasonable to me..

dont believe anything you hear and only half of what you see

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  #7 (permalink)
Market Wizard
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Basically your question is "Did my methodology stopped work" for the day,week for or forever.
The only suggestion is to look back to see how far back did you tested your methodology.
If being stopped twice,three times or even four could be irrelevant if your methodology did the same thing in the past and you were able to come out positive. Your question sometimes remind me of what separates from paper trading to real live trading: in our sim we can get stopped frequently and come out positive, yet in real life when we get stopped we get "paralyzed". Just so you know, what your going through is a natural process of discovering what works and does not in a methodology and refining it.

I hope this helps.

M

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #8 (permalink)
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What Are your "UNCLE" points

you guys have given some great responses!

i am curious to the responses like massive I . i am interested to know peoples' general "uncle" point. i think this could helps us all. for instance : "if i am off by 45 ticks in the CL contract and it has held under a pivot for 30 mins, i'm out of the trade before it gets any worse".
once a series of STOPS are placed the opposite side of the trade normally triggers the "fuel" and benefits by what ignites a series of stops in this zero sum game.

WHAT Are your Uncle points?

thanks for all your input

i just thought it would be a interesting look into crowd behavior.

thanks again for sharing!

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I risk $175-$300 per lot traded.
Avg risk per trade is $225 per lot traded.

If I lose $600 on the day I'm done.
Or as mentioned, 3 losing trades in a row.

I haven't lost 3 in a row in a while.
I did hit -600 last week but followed it up the next day with some solid trades.


Last edited by Massive l; March 20th, 2012 at 01:07 AM.
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  #10 (permalink)
Market Wizard
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Max. Drawdown is an Important Part of my Rules

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My ruleset indicates ONE trade per day. Maximum stoploss is 750 to 1'000 EUR per car.
If the stoploss is triggered - no more trade. If the stoploss is not triggered - no more trade.
So the next day I begin at zero again.
No overtrading or revenge trading is possible.
If I would trade more than one trade per day - my rule would be a fixed amount of minus
per day - a percentage of the investment to be found out of my recent performance to get
me safe out on a bad trading day.
Think about it - that makes sense!

GFIs1

PS: Market IS ALWAYS THERE

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