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stop loss and profit target should be fixed or variable?
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stop loss and profit target should be fixed or variable?

  #11 (permalink)
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tripanasoma View Post
I think stop loss must be constant. I read somewhere in web that most pro systems use fixed SL. Cant remember where now. No idea about TP Levels though.

I exit on a broken patterns. Not every pattern forms in the exact same manner. Sometimes my patterns will break in 50 ticks, others 75 ticks, etc.

Psychology > Strategy ≥ Money
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  #12 (permalink)
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SL PT

if you play more than 1 contract you can do a lot of stuff with them :-) You can manage more "parts" of the trade then so there is more flexibility and each part represents actually a slightly different strategy.

At the end you will probably find out that fixed exits work best and it's not worth it to 'work' more. As Livermore 'said it was my siting what made me money not thinking'

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  #13 (permalink)
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tomas262 View Post
if you play more than 1 contract you can do a lot of stuff with them :-) You can manage more "parts" of the trade then so there is more flexibility and each part represents actually a slightly different strategy.

At the end you will probably find out that fixed exits work best and it's not worth it to 'work' more. As Livermore 'said it was my siting what made me money not thinking'

I really don't think a trader is "working" more by having variable stops. It's smarter, especially when you fully understand the market you're trading. Would you exit or add to a trade if you had a stop at -$1,000, x%, etc. but when price went down to your stop, your reason for entry was still valid? I believe Livermore thought a lot about the market when he was out of it, which is when stops are planned as well as every other part of your strategy.

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  #14 (permalink)
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I use an "Add Amount" based on market volatility derived from the ATR indicator (Average True Range ). Usually stop will be placed at the S/R point or pivot etc +- the Add Amount. Add Amount is calculated by .33 * highest ATR for the day as it develops. This will cater for market volatility while placing stops.

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Profit is a constant vlue;Stops are variables.

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