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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.
The following user says Thank You to Silvester17 for this post:
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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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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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 !
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
Last edited by Hapster; November 17th, 2009 at 08:45 AM.
Reason: added parabolic comment
The following user says Thank You to Hapster for this post:
