Damir's Trading Journal

I need serious help with my exits! I was long YM at 9330 (at that time, Low of day was 9326), exited at 9334...OMG...what a crappy exit!
Oh...here's another one. Shorted NQ at 1346.5, and when did I cover.....1346 for a whopping tick! This is just sad! :(

-FastTrader
 
Quote from Fast_Trader:

I need serious help with my exits! I was long YM at 9330 (at that time, Low of day was 9326), exited at 9334...OMG...what a crappy exit!
Oh...here's another one. Shorted NQ at 1346.5, and when did I cover.....1346 for a whopping tick! This is just sad! :(

-FastTrader
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Hey Dude.:D

Don't be so hard on yourself. Way to go on the entry points though.:)

If you are using a shorter term time frame like a 1min bar or a 5 min bar for entry points then try exits on 30min charts using the PARABOLIC SAR as your exit point and/or reversal.:D
 
I'd say 90% of the time, my entries are great...it's the exits where I screw up! I watch the 4 time frames on the YM when trading; 30tick, 1min, 5 min, and 10 min. I also have 10 min charts of the ES and NQ up at the same time, and 3 min chart of the TRIN. I use very tight stops. Normally 10 pts on YM, 2 pts on NQ and 1.5 pts on ES. The 9330 Long on YM this morning had a 4 pt stop-loss at 9326 (low of day). Perhaps, I should just let it go; either it hits my stop, or I get a sell signal on the 5 min. I don't know...it'd be great if I could get some advice from one of you experience traders.

-FastTrader
 
Quote from taodr:

Fast as I am finding out Ym needs much wider stops and maybe that's a maybe none at all if your entries are good.
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taodr, unfortunately, my account isn't big enough to trade without stops. What kind of stop-loss would you recommend? In my eyes, it needs to be set where if you're wrong, you get out with minimal damage, but wide enough where if you're right, you don't get shaken out of your trades. My stops are very tight, and in many situations, they have really saved my a$$, but on others, I have missed out on 100+ pt moves.

-FastTrader
 
Question to the experienced traders....are you guys familiar with Yahoo messenger? Would you be up for posting trades real-time in a private Yahoo messenger chat room?? I'd be up for posting all my entries/exits real-time. It's much easier to do in a chat-room than on a forum. Please PM me.

Regards,

-FastTrader
 
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