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Can identify move,can have a good stop loss,but still not consistent with profit.
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Can identify move,can have a good stop loss,but still not consistent with profit.

  #1 (permalink)
Trading Apprentice
dharamshala Himachal pradesh/India
 
Futures Experience: Beginner
Platform: amibroker,metastocks
Favorite Futures: futures
 
Posts: 10 since Jun 2017
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Can identify move,can have a good stop loss,but still not consistent with profit.

hello friends, hope you all are having a great time.
I have been trading for more than a year now. That includes me buying just single stocks etc etc. as i don't have much funds to risk it all in the beginning. I also did demo trading. Started real trading only once my demo funds were back to green after initial loss. Started futures trading then. Mostly intraday.

I worked on strategies to find stocks that can give move on the next day. worked on the levels to trade on. and then finally about my entry ,exit, stop loss positions etc.
I tried it by trading very fewer shares for a week. Realized and corrected some crucial mistakes during those mistakes. I controlled my losses to a very good amount on a bad day after these sessions.
NOW,
1. I can identify stocks that can give move for the next day. (not all of them)
2. The stop loss I decide results to be correct for me most of the time. ie; whenever price will hit the stop loss it will go further to that direction afterwards. So stop loss prevents much of my loss.
3.THE PROBLEM: very much consistent with the losses. Stop loss prevents much of my loss but hits most of the time. This results in controlled but consistent loss which actually results in a bad loss overall.

I want to ask if I need to go back study and analyse the way i select the stocks for the next day or should i do the same with the actual strategy which takes place during the intraday entry and exit.
Or is there anything other than these that I am missing to analyse.

I Will be very thankful for any advice on this. Thanks

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  #2 (permalink)
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  #3 (permalink)
Trading Apprentice
Jal, New mexico, usa
 
Futures Experience: Advanced
Platform: ninjatrader
Favorite Futures: OIl
 
Posts: 5 since Mar 2015
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why not adjust your entry to where your current stop loss is. or take regular entry with half risk, and add on full risk at current stop loss point, and move new stop loss to what you have been budgeting for a full loss currently?


Either that, or you need to reassess your entry location altogether.

I am assuming that you are looking for some form of swing trade, hard to say what the best adjustment is if we do not know what your basis for entry is. Example, if you are taking an entry based on a 2 standard deviation retrace, or 50% retrace, or some other fairly arbitrary level, then the above suggestion will be more relevant. If on the other hand, your entry is based off of price structure, such as prior day's high, or trend channel highs/lows, then the above suggested adjustment may not be as practical.

Also, is your take profit methodology capturing enough of the move when it goes in your favor. If your system is leaving a lot of the move on the table, then it may not be your stop loss at all, it may be that you are merely taking profits too quickly, to pay for your losers.

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  #4 (permalink)
Trading Apprentice
dharamshala Himachal pradesh/India
 
Futures Experience: Beginner
Platform: amibroker,metastocks
Favorite Futures: futures
 
Posts: 10 since Jun 2017
Thanks: 0 given, 3 received


jkmack View Post
why not adjust your entry to where your current stop loss is. or take regular entry with half risk, and add on full risk at current stop loss point, and move new stop loss to what you have been budgeting for a full loss currently?


Either that, or you need to reassess your entry location altogether.

I am assuming that you are looking for some form of swing trade, hard to say what the best adjustment is if we do not know what your basis for entry is. Example, if you are taking an entry based on a 2 standard deviation retrace, or 50% retrace, or some other fairly arbitrary level, then the above suggestion will be more relevant. If on the other hand, your entry is based off of price structure, such as prior day's high, or trend channel highs/lows, then the above suggested adjustment may not be as practical.

Also, is your take profit methodology capturing enough of the move when it goes in your favor. If your system is leaving a lot of the move on the table, then it may not be your stop loss at all, it may be that you are merely taking profits too quickly, to pay for your losers.



Thanks a lot for the reply mate.-
You got me right here. I am looking for swing only. My entry is based on the levels such as previous day high low or other levels created by the eod candles.
Now when I can get the move in next intraday, i fail to capture that move into my system's profit. I mean the stocks i shortlist for the next day will give me a good move, many times double than what I expect but when i see my intraday activity it looks like " 3 trades hit first stop loss and one made partial profit"

And what can I say about profit taking. If I'll be trading in stocks of same price then I'll recover 1/2 to 2 losses in one trade. But due to different prices many times i had to do 3 good trades to recover two bad trades.

- have a good day

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  #5 (permalink)
Elite Member
Prince George BC Canada
 
Futures Experience: Advanced
Platform: IBs TWS
Broker/Data: IB
Favorite Futures: Stocks
 
deaddog's Avatar
 
Posts: 591 since May 2013
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I am a stock swing trader.

Are you setting both stop and profit exits when you enter the trade?

What risk reward ratio are you using?

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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  #6 (permalink)
Trading Apprentice
Tampa florida usa
 
Futures Experience: Advanced
Platform: NT
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Do you have a defined exit strategy for getting out of the trade or do you trail the stop?

Sent using the futures.io mobile app

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  #7 (permalink)
Trading Apprentice
Sydney NSW Australia
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Silver Futures
 
Posts: 3 since Jun 2017
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@himanshuthakur11... going back to fundamentals, if I was you, maybe I would focus to determine accurately the main trend...i.e. if you are doing intraday...I would focus on daily trend....secondly, I would review my trading phycology as for what I have read before , it represents a big percentage of your probability to become a consistent profitable trader in the market...a good book that help me to put my small trading experience in perspective was "The disciplined Trader" and "Trading in the Zone "by Mark Douglas... no affiliation... all the best mate...

GN10

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  #8 (permalink)
Trading Apprentice
dharamshala Himachal pradesh/India
 
Futures Experience: Beginner
Platform: amibroker,metastocks
Favorite Futures: futures
 
Posts: 10 since Jun 2017
Thanks: 0 given, 3 received


GN10 View Post
@himanshuthakur11... going back to fundamentals, if I was you, maybe I would focus to determine accurately the main trend...i.e. if you are doing intraday...I would focus on daily trend....secondly, I would review my trading phycology as for what I have read before , it represents a big percentage of your probability to become a consistent profitable trader in the market...a good book that help me to put my small trading experience in perspective was "The disciplined Trader" and "Trading in the Zone "by Mark Douglas... no affiliation... all the best mate...

GN10


Thanks a lot mate.
Will surely check those books out.

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