First time futures trader, assistance needed
- Thread starter Relleum
- Start date
Hard Stops? Trailing Stops? And what are they set at?
My apologies. I thought you were making fun of the fact that I said I was using play money, and then hours later I said "making a killing".
I meant to quote myself, to show that even play money with just 2-3 contracts can become thousands when it moves so much (either with you or against you).
Today I got lucky, with the majority of my trades moving in my favor.
--Relleum
I meant to quote myself, to show that even play money with just 2-3 contracts can become thousands when it moves so much (either with you or against you).
Today I got lucky, with the majority of my trades moving in my favor.
--Relleum
No problem. I'm in the same boat as you my friend. I believe that forward testing a mostly discretionary strategy requires hard time on a SIM. Those that take it seriously can greatly reduce their initial mistakes which are bound to happen when going live. But there are going to be people who disagree with the use of a SIM. Most respondents give sound advice with regard to proper money management and stop placement.
While some previous posters may be breaking your chops, a few are quietly telling you to make sure you have an actual plan in place to prevent meltdown.
While some previous posters may be breaking your chops, a few are quietly telling you to make sure you have an actual plan in place to prevent meltdown.
I think stops are always a tough one. They get taken out and then the market moves in your direction without you, but then stops are vital in case the market doesn't resume in your direction. Do you guys prefer Hard Stops or Trailing Stops?