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Since it's almost football season, I will use a football analogy. I see entries as offense, and exits as defense. Offense will win you games, BUT defense will win you championships. I am striving to become a champion
The following 2 users say Thank You to Xav1029 for this post:
If you think entry is important then you'd use tools like the Footprint, DOM or Tape reading. If you think a bit deeper then you will realise that the exit determines if you have done any profit. But to be realist, to make money, your entry and exit need to be perfect
For day trading, entry is more important than for investing in Apple stock for a year.
For me, entries and exits are the same thing. I will only close a long position if I think the market is not going to go further. In this case the exit is a sell and exactly that you would do with a short entry. You would not entry a short if you thought the price would continue up, would you?
So, they are equal to me.
SELL - when you think the price will go down
BUY - when you think the price will go up
...and both of them apply to both entry and exits, stoploss and take profit. Twist those sentences in your head and it will make sense. You would want to buy your short position back if you think the price will go up (against you) just as you would want to buy an entry if you think the price will go up.
All exits are just separate trades, separate entries.
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I would say from a physiological point of view, good entries are pretty vital
If you are not précises with good entries you end up taking heat on your positions, this affects you mentally and can affect your decision making leading to a snow ball effect of emotions
If you are not patient and precise with entries, you could end up taking a few stop trying to get in to a move. Creating emotions and higher business costs
Also if you don’t know your trade set ups in advanced, this can lead to out of control trading creating impulse temptations and price chasing which = disaster
Where on the other hand, if you have done your job correctly in the 1st place and you have selected the right trade locations. As long as you are in the correct area with correct stop placement and risk management. Good entries are sometimes hard to get and the market should move in the direction you are trading, if you are using your developed proven edge
I see the best way to do any business is to be efficient
Entries create good efficiency, so why not do a good job in the 1st place and let the market do the hard work for you
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
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