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setting targets
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setting targets

  #11 (permalink)
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PandaWarrior View Post
By that definition, I fall somewhere between scalping and day trader definitions and that depends on the day of course. I'm ok with that definition for now. It makes sense to me.

A scalper does not tolerate any form of retracement during a trade so his fixed target will correspond to this reality. A daytrader accepts the cyclical nature of price movement so his target(s) may vary in size but will be flat at the end of the day.

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  #12 (permalink)
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trendisyourfriend View Post
A scalper does not tolerate any form of retracement during a trade so his fixed target will correspond to this reality. A daytrader accepts the cyclical nature of price movement so his target(s) may vary in size but will be flat at the end of the day.

I think this is an even better definition and by this definition I mostly a scalper....but I do allow some retracement as long as its within the premise of the trade.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #13 (permalink)
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jodistrict View Post
I don't use targets. They are just too speculative. I try to do it from the bottom up, i.e using different trailing stop strategies with the Ninja ATM. During the day, there can be several runners where you can get 20 ticks in a few minutes with the price never falling below the ma 7. I also will sometimes trail up placing stops below the moving average 7 or 13.

I use a combo - targets with trails, trails only and targets only. Some markets responded better to different exits. My fav is a high target with a trail. Allows you to take what the market gives if not enough range for the day and to hit some higher targets when they are there.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."

Last edited by liquidcci; July 18th, 2014 at 04:06 PM.
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  #14 (permalink)
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around 70% win rate here, but I just take what's on offer most of the time, if my trade breaks out and it's on trend then maybe I'll occasionally let it run, but it's rare as I find most of the time I get greedy then end up with a loss.

Although my average profit, is higher than my average loss my Worst case loss is 2x's the average profit, just I cut most of my losses short before they get that far.

Tighter SL's = Many SL hits where I could of gotten out for a profit or less of a loss atleast.
Holding for MORE = More often than not giving it back and some more.



Account is going the right way, so must not be broken

Fast enough ? no but that's a work / lazy issue!

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  #15 (permalink)
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Win rate around 37%
R:R 1:3
3 trades per week
Risk 1% of capital per trade.
Yearly return = 66%

You don't have to win trades more than you lose, you have to have win more money than you lose. with a 1:3 risk:reward you have to win 1 trade in 4 to break even.

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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