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Sim trading
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Sim trading

  #11 (permalink)
Elite Member
San Diego, California
Futures Experience: Intermediate
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cunparis View Post
I think we all experience that. I fight the urge to close trades where I have a small gain and it seems it's not going any farther. But usually it's just a fake out by the market and then it'll hit my target. I closed one out last week and it would have hit my target. But also I closed one out and it would have stopped out at BE. So it's a tough decision.

I think if you find yourself closing them out often then you're probably trading too big of a size. If you were risking $1 you probably wouldn't even think about it and let it go. But if risking $150 it's a different story. So two solutions are to trade smaller size or return to sim until the discipline is there. Note that one can trade small size than 1 ES contract by trading 10 shares of SPY.

My problem is that I find myself more too often than not, placing the stop at BE for "runners" after taking the first profit, to only let the stop get hit and then price resumes the favorable direction. It's a lot to do with patience *sigh*

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  #12 (permalink)
Trade with the flow
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Hapster View Post
My problem is that I find myself more too often than not, placing the stop at BE for "runners" after taking the first profit, to only let the stop get hit and then price resumes the favorable direction. It's a lot to do with patience *sigh*

Moving a stop to BE may have worked in the past but my experience is the same as yours. It doesn't work right now. So we have to adapt. I do not do BE stops until price goes far enough in my direction that if it came back to BE I definitely want to be out. And 9/10 I will close out the trade myself if it retracts 50% of the move from my entry. I don't want to give back more than 50% of my profits.

On friday I got into a long trade and had to go to dinner (dinner here is around noon in the US) so I couldn't manage it. SO I put a BE stop and it was hit. I was bummed cause I gave up around $700 in profits but I couldn't manage it and had I taken profit, it could have closed on the high.

Yesterday same scenario. sellers came in around noon and this time I was up around $700 and I let it get to +200 and I closed the trade. I ended up about 6 pts below my entry so I was good to get out.

Tomorrow I may get out with a few hundred and price may go up several thousand.

this is, IMHO, the hardest part of trading. Entries are easy. knowing when to get out and not leave too much on the table and not try and grab it all..

so in summary, I don't do BE stops unless the trade is way in my favor. be stops around breakouts are almost always taken out. this is my issue with Joe Ross's trading method from his old books. It may work on a daily chart I don't know (doubt it) but it doesn't work intraday.

so you can try BE - your first target. If you hit +10 then try BE - 10 so you have a no lose trade. Or just go all out at once, which is what I'm currently doing.

good trading to you.

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