Are you more comfortable buying or selling previous highs?

[FreakofNature]

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

Sounds good on principle but almost impossible to let a winner run like that.

 

[Redneck]

Quote from Tonkadad:

Yeah RN, stop the x-ray vision stuff.

RN

 

[FreakofNature]

Quote from achilles28:

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

Im not arguing if you are good or not, Im saying your sharing qualiy sucks, yet you make it sound like you doing readers a favor.

 

[Tonkadad]

Quote from 1a2b3cppp:

If someone said you had to trade but you could only enter by:

1) buying previous higher highs (and selling previous lower lows)

or

2) selling previous higher highs (and buying previous lower lows)

but your exits would be entirely up to you, which would you be more comfortable doing?

Just some thoughts:

Can we agree markets range more than they trend? At least markets that aren't artificially supported.

Can we also agree that buying/selling highs/lows is associated with trending markets and the opposite with ranges.

Also TF has a major impact on the above statements.

But the most critical aspect to all of this is your beliefs and your interaction with the market.

Rande Howell has a very interesting video called "Overcoming fear and sabotage in your trading."

At this stage of my awareness I believe his take on the mental side of it to be the "holy grail"

I went to a EST type seminar a long time ago and asked one of the leaders there, what was the meaning of a particular word and he said it didn't matter what his definition was, only mine.

It took me a long time to truly understand the implication of that statement.

 

[1a2b3cppp]

Quote from Tonkadad:

I went to a EST type seminar a long time ago and asked one of the leaders there, what was the meaning of a particular word and he said it didn't matter what his definition was, only mine.

Sounds like some nonsense.

The only way that might not be nonsense is if you ask someone how they interpret a painting or something.

When someone asks me the definition of a word I give them a specific definition with examples for clarity.

Then again, I'm not a "guru."

 

[deaddog]

Quote from FreakofNature:

Sounds good on principle but almost impossible to let a winner run like that.

WHY??

 

[FreakofNature]

Quote from deaddog:

WHY??

Because to be able to keep a short leash on your trade you need a trail a stop fairly close, and those surely get hit prematurely the vast majority of times.

 

[athlonmank8]

Quote from Lucrum:

As I mentioned some time ago, I'd buy the second graph. Stop would be somewhere just below the apparent swing low just forming. I'd then tighten the stop as price approached the previous high. If price breaks through and runs, great. If it fails and reverses or gives a false break then reverses who cares. My stop by that time protects break even including commission and slippage. In any case I can sit back and objectively just watch, playing with the house's money so to speak.

same. Target a certain pct of the extension.

 

[achilles28]

Quote from FreakofNature:

Im not arguing if you are good or not, Im saying your sharing qualiy sucks, yet you make it sound like you doing readers a favor.

Horse to water. I shared some explicit stuff in two of 123abc's threads and nobody commented on it, save one person. The confrontational tenure is really coming from your end. If you have any questions, I'd be happy to answer. But it seems people would rather take shots...

 

[deaddog]

Quote from FreakofNature:

Because to be able to keep a short leash on your trade you need a trail a stop fairly close, and those surely get hit prematurely the vast majority of times.

Absolutely; a tight stop will probably get hit prematurely.

So if you are going to let your winners run, you’ll probably have to do something else. I didn’t see anything in RNs statement about a tight stop.