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AJ's Journal
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AJ's Journal

  #101 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
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tderrick View Post
Mike,

Say a trade goes in your favor for 50 ticks. Would you let it go all the way back to your 24 tick stop
before you realized the trade was going against you?

I'm having a hard time figuring out when to get out if the trade isn't going to meet my profit area.

I fell like I need to at least save a couple of ticks and Break even.

On one of my last trades of the hell session, I did let it go all the way back to my 20 tick stop just prove to myself I could stay in a trade all the way.

But I new in half that time the trade was doomed. Of coarse, I was about half nuts by then ; )


Thanks, as always....

There is no right answer. All I can do is tell you what I would do personally in an average/typical situation in a trade. This is why you can't exactly follow someone elses methodology and expect it to work for you as well as it works for them, we are all unique individuals with different personalities and risk tolerances, etc.

If a trade is moving towards your pre-determined target but doesn't quite get there, you can't just let it reverse all the way against you back to a full stop. This is also why I prefer to trade with multiple targets. I cant predict what price does next, so I set my targets so that when I am right 100% I get paid nicely. When I am right say 66% I get paid on 2 out of 3 targets. When I am right 33% I get paid on 1 out of 3 targets. When I am 100% wrong, then I just do my best to get out of the trade with less than a full stop.

Mike

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  #102 (permalink)
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I disagree w/ a big stop.

Small stops are great, especially if you have a good R:R. Small stops have saved me more than naught.

A few guys part of my group trade w/ 5 ticks and they hit 7 point runs etc. quite often. (70 ticks etc..)

Yes, you get knocked out, but rarely am I knocked out because I just missed it by a tick or even by 2 points. If I don't know my entry w/in two points, then I really don't know my entry or for that matter the proper exit. However, that is just a certain trading style and there are all macro/micro levels of whatever one chooses to do right?

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  #103 (permalink)
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Two level plan


After reading a post in @aztrader9 's journal, I have come to realize I need two trading plans.

One for good trending days and one for range bound days.

Some of my losses this week were a result of me wanting to stay in a trade as long as possible. Almost
all my trades were "in the money" shortly after my entry. Then I would watch them turn and crash toward my
stop.

I would be "Buying high and selling low" trying to anticipate the breakouts at SR. Never again.
I will now use the same entry rules for both. I will just realize which Team I am playing.

I need a small ball game for these days, say 10 tick targets / 8 tick stop. (Not set, of course)

I also need a "Long ball" game for trending days, which is the one I am developing now. 20-50 tick target,
10-20tick stop.

I have no problem with the small ball gains. I see those very well.

I am learning to manage the longer trades.. 1 hour +


AJ
Nashville, Tennessee


"Life On The Edge of SR"

Last edited by tderrick; January 22nd, 2011 at 08:43 AM. Reason: typo
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  #104 (permalink)
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Big Mike View Post
There is no right answer. All I can do is tell you what I would do personally in an average/typical situation in a trade. This is why you can't exactly follow someone elses methodology and expect it to work for you as well as it works for them, we are all unique individuals with different personalities and risk tolerances, etc.

If a trade is moving towards your pre-determined target but doesn't quite get there, you can't just let it reverse all the way against you back to a full stop. This is also why I prefer to trade with multiple targets. I cant predict what price does next, so I set my targets so that when I am right 100% I get paid nicely. When I am right say 66% I get paid on 2 out of 3 targets. When I am right 33% I get paid on 1 out of 3 targets. When I am 100% wrong, then I just do my best to get out of the trade with less than a full stop.

Mike

Yes.... multiple cars... I'm anxious to get started with that. But, my plan first.

Thanks for your time, Mike. I get it.


My course this semester - Risk and Trade management.

I am learning so much from you guys. I appreciate it very much.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #105 (permalink)
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Evolution

I added a few thing back to my system.

Volume is back. I like to see if there is volume behind a move.

DOM just to check liquidity. I start very early some mornings.

I added a 15 minute chart for big picture. With hand drawn fib lines

T&S is back, but more filtered to just catch blocks.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #106 (permalink)
Market Wizard
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tderrick View Post
I have lost...

The tick charts
The Range chart
The Time and Sales
The DOM
The Volume Indicator


tderrick View Post
I added a few thing back to my system.

Volume is back. I like to see if there is volume behind a move.

DOM just to check liquidity. I start very early some mornings.

I added a 15 minute chart for big picture. With hand drawn fib lines

T&S is back, but more filtered to just catch blocks.

that is what I would do, take them all off then put back on the one I can't do without.

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  #107 (permalink)
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trading plan

@tderrik,i have one trading plan,i start every trade as a scalp then i let happen what will happen...sharky

KILLING THE MARKETS DAILY
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  #108 (permalink)
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sharky View Post
@tderrik,i have one trading plan,i start every trade as a scalp then i let happen what will happen...sharky


Thanks, Sharky... Does that mean you have a more conservative scalp profit target and let it get hit and then
re-enter? ...or do you slide the target?


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #109 (permalink)
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both

i let a target get hit if the market is not moving exactually like i like but if i see it has strength and really starting to move with ease ill back my pl away and keep pulling my stop down to take profit...sharky

KILLING THE MARKETS DAILY
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  #110 (permalink)
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sharky View Post
i let a target get hit if the market is not moving exactually like i like but if i see it has strength and really starting to move with ease ill back my pl away and keep pulling my stop down to take profit...sharky

I've been doing this also.

I also have been "Looking Left" instinctually since I started this last year. It's good to know I have
a feel for the basics without having been told.


....also what is the name of that MA that turns yellow during transition periods? I'll look back through
your thread again to see if I can find a name...

thanks, as always....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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