ES Journal Archive (2011)
- Thread starter Buy1Sell2
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coming to you from 24.5
The above person was adding in order not to be wrong and had no stop.
There is a difference between adding to losers and adding because the trade still meets your criteria within predefined risk parameters
Because I have learnt much from you and we "go way back", I choose to give you the benefit of the doubt, but will plead with you to revise and see if you can make your trading "average free". I'm convinced that you'll be pleased with the new approach. I'm pretty certain that making your trading more selective and all-in all-out would make you very very happy, over the current average-in entry thingy. Do as you please, but please consider it. Cheers.
This is now a risk free trade with stop at 24 oco 31, or you could choose to take half out and rise stop to 23 oco 31, etc. Choose your exits wisely. 2.5-3 to 1 ROR is the minimum for a wise scalper.
In general you want your winners on a larger timeframe than your stops / losses, etc. i.e.: Don't hold your losing trades for a long time, it damages the soul and the pocket!.
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