Gios Trade Ideas

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gio5959

on the first question

when i put on a trade i have an automatic 3 point stop - the only reason i do that is so if i lose my internet connection and i get stopped out i only lose 3 points - of course, i can call my broker, who answers the fone on the first ring, to pull the trade - but i dont take any chances cuz i trade many contracts

i have a predetermined place/zone (price) where i intend to do battle such as a support or resist level or a certain price pattern or in my case a certain astro occurence - but, the price moves so dang fast sometiimes and i might be taking heat on what/where i expected to happen

so, the answer is , hell yes, i move my stop - just cus i move my stop doesnt mean that i screwed up - just means theres more wriggle room that i thot there would be when i put the order in - i have so much faith in what the hell im doing that i know i will win - if you dont have faith in your trade then you're just plain gambling and might as well just throw crap on the wall and see if it sticks

that brings to mind - you need to have some emperical evidence (whew big words) in what you are doing or else dont trade it real and stick to sim trading

about george - hey, he started it

have to agree with you about moving stop. for different setups I have different stops. for reversal trades I move the stop 1 tick above or below the trigger bar. for breakouts I use 6 ticks stop (default stop setting). but if 6 ticks is just below res or above sup, I'll move it too.

very true about having confidence in your trades.

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Silvester17

have to agree with you about moving stop. for different setups I have different stops. for reversal trades I move the stop 1 tick above or below the trigger bar. for breakouts I use 6 ticks stop (default stop setting). but if 6 ticks is just below res or above sup, I'll move it too.

very true about having confidence in your trades.

dang, i wish i was as articulate

tomorrow we answer the next question

but , lets get some other traders to chime in on the first question

no right or wrong - just give us your thoughts

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Silvester17

have to agree with you about moving stop. for different setups I have different stops. for reversal trades I move the stop 1 tick above or below the trigger bar. for breakouts I use 6 ticks stop (default stop setting). but if 6 ticks is just below res or above sup, I'll move it too.

very true about having confidence in your trades.

Yes but that isn't what I was talking about... I mean lets say you decided your stop is 10 ticks, what it is based on is really not relevant.

Now you are in the trade. It's going against you 8 ticks. Do you move the stop from 10 ticks to 12, hoping not to get hit, because it just needs more room?

I would hope not, and I think moving the stop backwards is a rookie mistake.

Mike

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I agree

I just know a lot of beginners make the mistake of moving the stop backwards, because it is all based on emotion and not actual trading. I was just trying to get you guys to agree with me for the benefit of the other readers of the thread

Mike

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Big Mike

I agree

I just know a lot of beginners make the mistake of moving the stop backwards, because it is all based on emotion and not actual trading. I was just trying to get you guys to agree with me for the benefit of the other readers of the thread

Mike

sorry about that. no once the stop is put at the right place, there's no going backwards. only the other way to trail. that's it.

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Silvester17

sorry about that. no once the stop is put at the right place, there's no going backwards. only the other way to trail. that's it.

Yeah , I try to get a good or better fill depending on the price action or the length of the bar etc. , set the stop accordingly and never move it away from me . I did it before and it never once kept me in a winner just made losers worse . Lets hear what others have to say , dont be shy !

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Silvester17

sorry about that. no once the stop is put at the right place, there's no going backwards. only the other way to trail. that's it.

That's the key right there. On the flip side of this is what if the stop was placed too conservatively in the first place? Is it still a "rookie" move to give it a little more room if conditions warrant? I.E., instead of getting stopped out only to reenter (yeah, we've all done it), you're giving it a bit more wiggle room because of price action.

As far as my initial stop placement, I use the parabolic stop settings I have programmed in my sheet. They're the same ones that can be found in NT. I usually go a tick beyond the PS number and then trail it as the stop moves with the trade.

H

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good stuff guys - thanks for your thoughts

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so far today I could find only 2 "valid" reversal trades. missed them both. too busy trading breakouts.

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Silvester17

so far today I could find only 2 "valid" reversal trades. missed them both. too busy trading breakouts.

imo, if anyone day trades they should only trade breakouts

i dont always follow that but i try

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