Market Based Stops
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Market Based Stops

Psychology and Money Management

Created January 12th 2011 by sysot1t
Updated January 12th 2011 by sysot1t
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Market Based Stops

  #1 (permalink)
Posts: 1,176 since Nov 2009

Market Based Stops

I have been trading multiple markets lately... for both US and EU markets... I am struggling a bit with the stops across the markets, and here is why...

Let's say that I enter YM/ES/EMD/NQ at the same time based on my criteria like I did today at 10:20AM EST... if I manage all the trades based on my same stop management that calls for after the trade entry bar closes, move the stop to the open of the prior bar, and continue doing until you are stopped out... as the trade progresses, the stop tightens and I get stop out of some and not others.. it protects me, but it also forces me to miss run ups.. as an example, I am still on the NQ/EMD trade and got stopped out of ES/YM... I dont care so much YM given it has only moved 10 ticks since my stop and I BE, but ES move 3pts after my stop, even if I was profitable... and that is what I am mad about... maybe I should not trade all 4 at the same time, but I find it more profitable overall that way..

so the question is...

how do some of you manage your stops across multiple markets, assuming you are trading more than one market at the same time. Do you use the same stop management across all of them or do you adjust for volatility, range, etc. based on the specific market?

curious to hear some thoughts...

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