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.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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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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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
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,
I have no problem with the small ball gains. I see those very well.
I am learning to manage the longer trades.. 1 hour +
"Life On The Edge of SR"
Last edited by tderrick; January 22nd, 2011 at 07:43 AM.
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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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