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To move the stop


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To move the stop

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  #21 (permalink)
Avila+Spain
 
 
Posts: 13 since Mar 2020
Thanks: 0 given, 6 received


Emmanuel Erskine View Post
First of all I understand why you are going through. I have been there and still move my stop once in a while. This happens when The market moves below what I thought was support or goes beyond what I thought was resistance.

Tyy to know what your trading range is. Understand what yesterdayís low and high were and what your days trading range is. If you buy at support, chances are very good that the you will not have to move your stop but you should wait till the market has started moving up to buy. Same thing for resistance, wait till price is at the high of day to short. If you can do that the chances of having to move your stop will be very low because you will be buying the low which is support or the high which is resistance.

The issue I believe is you are getting in just because you see the market moving up or down without being aware of where resistance is or where price is going turn against you. Know your trading range and buy right. If you buy right you will be fine. If you buy wrong, you will be tempted to move your stop.

I hope this helps.

Thanks for your advices. I think is good point to have in my mind.

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  #22 (permalink)
Singapore
 
Experience: Beginner
Platform: ThinkorSwim
Trading: Crude CL, Gold GC
 
Posts: 25 since Jun 2017
Thanks: 7 given, 13 received

Hi guys, sorry to hijack this trade.

I have been trading for 5 years, about 6 months ago I have made 100% profit from my original stake, than I lost 120% back, hence started to develop doubt.

I generally places my position on key support and resistance level but my old problem is moving stop to break even too soon and mainly only day trade nasdaq futures.

Upon hitting the loss of 120%, I starting to trade mini nasdaq in order to examine my own fear and greed as well as to learn again, I started to see where was my mistake used to be.

Hence I would like to see knowledge for a few question

1. How many percent of your account is considered as an appropriate stop loss amount for a single trade?

2. Should you trail your stop at all? To ensure get profit or should you place your trade and walk away, I find it extremely difficult to swallow if I am 10 to 20 ticks away from profit target and price came down and hit my stop loss. Although I understood that placing the trade there and walk away will ensure better profit

3. How much should be a average range of risk/reward that people usually used? I used to target 5xrisk as a reward, recently I revised my stop to wider and targeted 2.5 of my risk as reward.

Thanks for sharing for anyone who is kind enough to help me.

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  #23 (permalink)
Houston, Texas
 
 
Posts: 13 since May 2020
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Avila View Post
Dear friends,
I am spanish trader (sorry by my english)
I am doing intraday trading in mini ES future almost 20 years ago. I have never reached to be consistent. I have a big big problem. When I see my stop going to hit I move it. I broad it.
I earn 100 or 150$ in my trade sesion each day (more or less). But one day, the price moves against me and I don't want to lose all earned the other days. Move (broad) my stop and then I lose 400 or 500$ in one trade.
I have tried many things: Visualizations, breathing, to think about points and not money, get up when I entry on the markets.... I have done several psychotrading courses. All that you can imaging.
I am very tired. If I can not to resolve this problem, after 20years I am afraid I will have to give up and leave my dream.
I some body have any exercise or advice to control this big problem It will be a big help for me.

Thanks in advance.

I have struggled with this same thing. Previous posts have rec setting the stop and target and walking away. Perhaps that would work for some but for me I have had to write out my trading plan. If the trade goes against me then my plan which I must follow requires me to get out. Of course this is much easier said than done but adherence to my plan is required for me to trade. A final thought is I would prefer being out of a trade wishing I was in than being in a trade wishing I was out.

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  #24 (permalink)
Avila+Spain
 
 
Posts: 13 since Mar 2020
Thanks: 0 given, 6 received


Noobtrader123 View Post
I have struggled with this same thing. Previous posts have rec setting the stop and target and walking away. Perhaps that would work for some but for me I have had to write out my trading plan. If the trade goes against me then my plan which I must follow requires me to get out. Of course this is much easier said than done but adherence to my plan is required for me to trade. A final thought is I would prefer being out of a trade wishing I was in than being in a trade wishing I was out.

I think is a good advice. I have my trade plan but sometimes I can not respect (move my stop). By the moment the best solution is trade with micros. I am trading with micro ES and by the moment I am following my rules.
Thanks.

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  #25 (permalink)
Lake Worth Florida USA
 
Experience: Advanced
Platform: NT
Trading: Emini ES
 
Posts: 10 since Feb 2019
Thanks: 16 given, 11 received


Avila View Post
Dear friends,

I am spanish trader (sorry by my english)

I am doing intraday trading in mini ES future almost 20 years ago. I have never reached to be consistent. I have a big big problem. When I see my stop going to hit I move it. I broad it.

I earn 100 or 150$ in my trade sesion each day (more or less). But one day, the price moves against me and I don't want to lose all earned the other days. Move (broad) my stop and then I lose 400 or 500$ in one trade.

I have tried many things: Visualizations, breathing, to think about points and not money, get up when I entry on the markets.... I have done several psychotrading courses. All that you can imaging.

I am very tired. If I can not to resolve this problem, after 20years I am afraid I will have to give up and leave my dream.

I some body have any exercise or advice to control this big problem It will be a big help for me.



Thanks in advance.



Sounds like you are no stranger to Trading psychology principles, but if I could offer what has helped me execute trades more perfectly (A mix of Mark Douglas, FT71, and Iím sure countless others).

For arguments sake letís assume one has a valid edge with 60% winning trades. This means that the outcome of your very next trade canít be known. It could be in the winning 60% or losing 40%. You donít know until it hits your stop or your target. You have to truly accept that no one trade means anything, and your edge can only play out over a series of trades. When you really believe that at your core, moving your stop makes no sense, because that is simply one of the trades that wasnít going to be part of the winning 60%. Hitting the stop was going to be proof of that (until you moved it) and you could have moved on to the next trade which is what you need to do to let your edge play out, but now you are stuck in a loser. I guess the trick is not knowing this but BELIEVING it which can only be achieved by executing perfectly like this for an extended period of time until it gets ingrained in your soul and it would seem ridiculous to do it any other way. This 4 part series by Mark Douglas does a good job of hammering this principle.

Part 1: https://www.youtube.com/watch?v=QgaTlTfQnZI&feature=youtu.be




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  #26 (permalink)
Avila+Spain
 
 
Posts: 13 since Mar 2020
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delux9 View Post
Sounds like you are no stranger to Trading psychology principles, but if I could offer what has helped me execute trades more perfectly (A mix of Mark Douglas, FT71, and Iím sure countless others).

For arguments sake letís assume one has a valid edge with 60% winning trades. This means that the outcome of your very next trade canít be known. It could be in the winning 60% or losing 40%. You donít know until it hits your stop or your target. You have to truly accept that no one trade means anything, and your edge can only play out over a series of trades. When you really believe that at your core, moving your stop makes no sense, because that is simply one of the trades that wasnít going to be part of the winning 60%. Hitting the stop was going to be proof of that (until you moved it) and you could have moved on to the next trade which is what you need to do to let your edge play out, but now you are stuck in a loser. I guess the trick is not knowing this but BELIEVING it which can only be achieved by executing perfectly like this for an extended period of time until it gets ingrained in your soul and it would seem ridiculous to do it any other way. This 4 part series by Mark Douglas does a good job of hammering this principle.

Part 1: https://www.youtube.com/watch?v=QgaTlTfQnZI&feature=youtu.be




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Dear delux9,
thanks for your comments. I think this is the clue, to BELIVE in my trade numbers. For this reason I left the mini ES and right now I am trading micro ES. I can control my emotions. I can follow my rules becasue now I do not lose 200$ in one trade, lose my control and I want to fight against the marke and recvery my money. Now I lose 20$ and I say myself "ok, I follow with my system"
Regards,

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