Are you more comfortable buying or selling previous highs?

[FreakofNature]

Adding to what Lucrum said, which is good advice, the first turn is somewhat less reliable, buy the second and third (if applicable). Many times if it fails to make new highs it never turned or the first turn attempt failed.

Sometimes you miss a move that worked on the very first turn attempt but that's the price of higher accuracy and the market typically opens the next day, so nothing lost...

 

[achilles28]

Buy new highs = trend trading

Sell new highs = mean reversion trading


Buy new highs in ranges = losses

Sell new highs in trends = losses


Good luck

 

[FreakofNature]

Quote from achilles28:

Buy new highs = trend trading

Sell new highs = mean reversion trading


Buy new highs in ranges = losses

Sell new highs in trends = losses


Good luck

As per usual, stating the obvious.

 

[Redneck]

Quote from Lucrum:

I'm playing with the house's money so to speak.

No Sir - you're not - by any stretch

RN

 

[Lucrum]

Quote from Redneck:

No Sir - you're not - by any stretch

RN

Even if the position is in the black and my stop is at a better than breakeven price including slippage and commissions?

(fat finger/exchange malfunctions not withstanding of course)

 

[Redneck]

Quote from Lucrum:

Even if the position is in the black and my stop is at a better than breakeven price including slippage and commissions?

(fat finger/exchange malfunctions not withstanding of course)

Adopting a mentality that money is somehow free / another’s / or the mkt’s – potentially leads to sloppy risk/ trade management

Not saying turn stupid in protecting unrealized profit

Am saying never give back 1c more than necessary

Which is a potential when one looks at it as "not mine"


Remember – this thread was started by a newbie and has plenty posting in it

Bad habits beget more of the same


Always manage the winning trades, with the same ferocity as the losing

RN

 

[achilles28]

Quote from FreakofNature:

As per usual, stating the obvious.

So I suppose you grabbed the "obvious" 25 pts in the ES last week, too? Those were obvious levels

 

[Lucrum]

Quote from Redneck:

Adopting a mentality that money is somehow free / another’s / or the mkt’s – potentially leads to sloppy risk/ trade management

Not saying turn stupid in protecting unrealized profit

Am saying never give back 1c more than necessary

Which is a potential when one looks at it as "not mine"


Remember – this thread was started by a newbie and has plenty posting in it

Bad habits beget more of the same


Always manage the winning trades, with the same ferocity as the losing

RN

All good points I don't disagree with. Though I do think you may have read more into my comment than I intended anyone to do.

 

[Redneck]

Quote from Lucrum:

Though I do think you may have read more into my comment than I intended anyone to do.

Probably - but then... that is how I make a living

Reading not only the surface... but also the underlying

RN

 

[Tonkadad]

Quote from Lucrum:

All good points I don't disagree with. Though I do think you may have read more into my comment than I intended anyone to do.

Yeah RN, stop the x-ray vision stuff.