Quote from Razor:
Hi gnome,
You mentioned that you do simple things like buy support at let's say 1500 with a 2 - 3 point stop. You also mentioned that you like to go for larger gains than original stop.
So if you were an intraday trader and set 2 - 3 point stops what is the minimal gain you look for before taking profits, ie: risk 1 to make 2, 3, 4 etc ?
Related to that question, do you believe in setting fixed targets or do you take the 'take what the market gives you approach' which always seems such a weird thing to me since no one really has a clue what the market will give until after the fact.
I have always thought mentally it would be easiest to have fixed targets and not worry how much the market went after you were out since it is all hindsight anyway. I mean mentally it would be much easier and calming to enter a trade with a fixed 2 point stop and a fixed 4 point target and just letting either one hit first not caring if it went 3.75 points in your favour and then came back to stop you out for -2.00 because over time you know that if you win 35% or greater you will be profitable but when you start taking the gain before hand at 3.00 points or 3.50 points that you have to win more than 35% of the time to be profitable since your stops are still at the 2 points.
Sorry for the long post
Cheers
1. I always think I need to risk 2-4 ES points... my objective is somewhere around "8 points, minimum"... usually doesn't happen that way, but I think I can envision that on the charts before initiating the position. Also, sometime I see the potential for "50 ES points" and try to play a bias around that.
2. I have no fixed profit targets, other than the approaching S/R.
