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Do you get stopped out too often?
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Do you get stopped out too often?

  #11 (permalink)
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aligator View Post
Thanks @Silvester17,

Correct. But entry in my opinion is not as important as the trade management and exit criteria...

There are systems out there where the entry level is paramount. To be sure, just look at perryg's system and you'll quickly realise that some systems put quite a bit of emphasize on the entry. Specially when the SL/PT are fixed (read: no real emphasis on trade management).

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  #12 (permalink)
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trendisyourfriend View Post
He also said that every trade is a 50/50 proposition.

That is true when placing the trade. But then anyone can certainly make it a 100% loosing trade. Sad to say not everyone can make it a 100% winning trade. So, 50/50 applies only to before we push the trade button.

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  #13 (permalink)
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aligator View Post
That is true when placing the trade. But then anyone can certainly make it a 100% loosing trade. Sad to say not everyone can make it a 100% winning trade. So, 50/50 applies only to before we push the trade button.

What i can tell with 100% certainty is that if i was convinced every trade i place is a 50% proposition then i would never place a trade. Instead, i would play roulette and use a good money management to win over the long term since MM is king.

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  #14 (permalink)
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aligator View Post
I....
So, instead of confrontation with the Beast, the easiest way for a trader is to place stops at least 3-5 ticks away from the S/R levels. It is like climbing a tree in Serengeti where the Cheetahs and Hyenas can not reach you (But beware of Leopards and Vultures!)

Happy Trading!

why not put your entry 3-5t away from s/r level instead.

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  #15 (permalink)
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trendisyourfriend View Post
There are systems out there where the entry level is paramount. To be sure, just look at perryg's system and you'll quickly realise that some systems put quite a bit of emphasize on the entry. Specially when the SL/PT are fixed (read: no real emphasis on trade management).

That's one of the issues with trading S/R levels. There is only a handful of ways to identify major S/R levels. You can be sure that the awesome level that you've marked on your chart has also been identified by 19,000 other traders, and yet another 1500 others who make a living at exploiting those obvious levels. Even if those levels hold, those players can capitalize on how much pain the former players can take while testing those levels. So, I think it comes down to how wrong can you afford to be, how much pain are you willing to take while this entire dance plays itself out. You have to be willing to take some pain to prove to yourself that you are right, or increase your stop size to give your self the chance to be right.

Personally, I prefer to trade under the radar. I choose not to trade obvious levels and popular time frames. I think whenever any phenomenon becomes to standard and well known, there are always some smart guys out there who develop counter measures to exploit them.

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  #16 (permalink)
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aligator View Post
Thanks @Silvester17,

Correct. But entry in my opinion is not as important as the trade management and exit criteria. As FuturesTrader71 said today in the Webinar, your entry can be on a coin toss but the profits come from trade management. He also confirmed the hazards of two tick stops at S/R levels.

don't want to get into a debate. this is just how I see it and how I do it.

- entry, exit: by far the most important and most crucial aspect.

- trade management: if entries and exits are good, then automatically trade management is good too. so for me, not important. if you buy the top, no trade management will help you to make it a profitable trade. you might not lose that much. but to be honest that's not my goal. my goal is to make money.

- money management: not really important, because for me this is common sense.

- psychology: nothing but an excuse. I put it in the same category like money. if you don't have the money for trading, then you shouldn't be trading. same for your mental state. if you can't handle the stress, don't trade.

but don't worry, at least 95% here will not agree with me. which is fine.

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  #17 (permalink)
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trendisyourfriend View Post
There are systems out there where the entry level is paramount. To be sure, just look at perryg's system and you'll quickly realise that some systems put quite a bit of emphasize on the entry. Specially when the SL/PT are fixed (read: no real emphasis on trade management).

As wonderful as Perry's entries are, Perry would be the first one to say that there are no guarantees the system will be profitable. Otherwise, everyone trading Perry's will be drinking margaritas on white sandy beaches 365 days a year and watching other eye pleasing stuff than seminars.

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  #18 (permalink)
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cory View Post
why not put your entry 3-5t away from s/r level instead.

That is just as valid, trading the breakout or rejection of S/R.

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  #19 (permalink)
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@monpere, Thanks, you hit it right on on nail.

@Silvester17, Thanks also. I agree and you pretty much listed my trading approach (still alive after 35 years trading without thinking of psychology)

The original post was not intended to start a debate, just a pointer. There are as many opinions as the membership on futures.io (formerly BMT), I know that much.

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  #20 (permalink)
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monpere View Post
That's one of the issues with trading S/R levels. There is only a handful of ways to identify major S/R levels. You can be sure that the awesome level that you've marked on your chart has also been identified by 19,000 other traders, and yet another 1500 others who make a living at exploiting those obvious levels. Even if those levels hold, those players can capitalize on how much pain the former players can take while testing those levels. So, I think it comes down to how wrong can you afford to be, how much pain are you willing to take while this entire dance plays itself out. You have to be willing to take some pain to prove to yourself that you are right, or increase your stop size to give your self the chance to be right.

Personally, I prefer to trade under the radar. I choose not to trade obvious levels and popular time frames. I think whenever any phenomenon becomes to standard and well known, there are always some smart guys out there who develop counter measures to exploit them.

I like to identify those "obvious levels" and enter trades just beyond them right after everyone else got stopped....as an example about 20 ticks beyond the pivots on the TF....conditions permitting of course

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