No--No it's not.
Exit strategy - Scalping VS. runners
- Thread starter Jdesey
- Start date
Better to take a loss
Don't forget to add a low win rate like 15% win rate (presented by another poster on another thread). Thats a great team low win rate and lots of losses. Those two components depend on each other and produce success. Should be everyones goal! So we got a pissed off bastard (in his own words) and an Ass (in his own words) and now bonafide wanna be loser in this thread. How are we ever gonna METGA (Make ET Great Again)?
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Puleeze everyone should refrain from being condescending in any form or fashion. JD just starting discussions maybe as educational for visiting rookies?? Doesn't mean he is a rookie or novice..or sim trader? Do it? I mean look at my posts. Such infantile posts i make but I am having fun and occasionally couch a golden nugget or two in my posts for the weary traveler on this trading journey. And i've been around the block a time or two so I know a thing or two, plus I am older than, JD by, shall i say, more than a decade...ROFLMAO.
LOL
LOL
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age old answer
it all depends of what patterns your method uses, and which of them it (you) saw in the market when you entered the trade, when you manage the trade, and when you exiting the trade
each move the trader does is supposed to be the result of his (method's) assessment of the patterns while they are developing
the problem most traders have is inadequacy of their method - they entered the trade based on some pattern (best case scenario), but then, when situation develops, they do not know what to do because their method (and obviously the trader himself) does not have the answer to the situation on the screen.. as the result the trader either exits earlier (runs from the position) or sticks to it too long ( hoping against the odds)... both moves are wrong...
the right move - as soon as trader realize (and its easy to realize- just catch yourself not knowing what to do) that his method is inadequate he should switch from real money to paper trading and to continue develop the method
the right move - as soon as trader realize (and its easy to realize- just catch yourself not knowing what to do) that his method is inadequate he should switch from real money to paper trading and to continue develop the method
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not that i am against people asking questions: they create most of the content,
but most of the questions on forums are from people who do not know how to trade (and maybe never will ), regardless how many years they tried, who they were in previous life, what they graduated, how old are they, how much money they have etc etc
at some point one should stop asking question either because he either start founding answers or mostly because one realizes that he himself must find them
one would think that those who answer questions do know the correct answer.. this is also not true usually, because they just believe that they know...
as the result the blind ones are often guide by the blind one - another reason to rely on yourself
so back to our original discussion... today is a great example of why to not take any preset target for exit. NQ was really good, I did very well. If I took preset targets I would have left alot of money on the table. Trading with previous Support/Resistance for exits is still what has worked for me.
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Well good thing JDesey, you disclosed 6-10 points is not a scalp in the tradition sense; because I don't scalp much of anything in the traditional/ or any sense
So I like to let profits run; kick it out [close it ] when things start changing much.
NOT a prediction, but SEPT tends to be a bit bearish, not by a whole lot, so I may not give it as much as I usually do. Market makers do fine with targets, so to speak , but I don't trade like a market maker .If I lived within 20/+ miles of Chicago .... I may do it different , but I don't, so I wont .And commissions are not much of a burden; but less is more profit for me.
So I like to let profits run; kick it out [close it ] when things start changing much.NOT a prediction, but SEPT tends to be a bit bearish, not by a whole lot, so I may not give it as much as I usually do. Market makers do fine with targets, so to speak , but I don't trade like a market maker .If I lived within 20/+ miles of Chicago .... I may do it different , but I don't, so I wont .And commissions are not much of a burden; but less is more profit for me.