The loss would be small compared to a homerun. This is what I strive for-- the most bang per commission. More often than not, I will get a sell signal on the daily chart (or perhaps lower if I am watching) prior to my stop being taken out, so I am not too worried. My average price is the initial price. I have not added.
ES Journal Archive (2006 - 2008)
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The loss would be small compared to a homerun. This is what I strive for-- the most bang per commission. More often than not, I will get a sell signal on the daily chart (or perhaps lower if I am watching) prior to my stop being taken out, so I am not too worried. My average price is the initial price. I have not added.
SP 500 will be down hard today. Profit taking.
Quote from osorico:
Also not too worried for now.(Although today is shaping up to be flat to down at least most of the day, imo) Goes against my grain to set stops so nice profits turn loser, even if only small. jmho
The 30 minute RTH chart is beginning the setup of a sell signal but it is not there yet.--and just because it is starting doesn't mean it will complete of course. Just thought I would add that to clarify.
Quote from osorico:
Also not too worried for now.
It is my opinion that to win big in this business, you must allow room for the trade to make the big money and run. It requires a lot of patience and perhaps intestinal fortitude--As long as you never move your intial stop or "get out" point away from the direction of the trade, you have a better chance of getting the big win in my view. Moving a stop to breakeven etc may sound good but it is a strategy designed to keep from losing anything which is not what this business is about. --Just keep losses small--Wins will be big then and take care of themselves.
Quote from Buy1Sell2:
It is my opinion that to win big in this business, you must allow room for the trade to make the big money and run. It requires a lot of patience and perhaps intestinal fortitude--As long as you never move your intial stop or "get out" point away from the direction of the trade, you have a better chance of getting the big win in my view. Moving a stop to breakeven etc may sound good but it is a strategy designed to keep from losing anything which is not what this business is about. --Just keep losses small--Wins will be big then and take care of themselves.
Agree. Especially with the intestinal fortitude. As for stops, As an intraday trader, Im more interested in protecting profits and/or merely keeping losers small. So I always adjust my stops for winning trades.
For other instruments I trade, such as softs where I trade almost exclusivly off dailys (sometimes weeklys) I usually move stop to b/e once the trade is firmly moving in my direction and use my cycle work for exits. Unlike you, I don't trade for homeruns. But occasionally I get them anyway
Quote from osorico:
Agree. Especially with the intestinal fortitude. As for stops, As an intraday trader, Im more interested in protecting profits and/or merely keeping losers small. So I always adjust my stops for winning trades.
For other instruments I trade, such as softs where I trade almost exclusivly off dailys (sometimes weeklys) I usually move stop to b/e once the trade is firmly moving in my direction and use my cycle work for exits. Unlike you, I don't trade for homeruns. But occasionally I get them anyway
I can understand the close protection of profits intraday if you are just trying to grab a couple of points. For swing and position, I use reaction highs/lows and let the trades run. It's my belief that that is where the significant money is.
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