Hard Stops vs Mental Stops

NoDoji said:
Can anyone (such as market makers, pit traders, etc) tell if stop orders in place are intended to open or close positions?

For example, if I have a buy stop for 5 crude oil contracts at the high of the day with the intention of opening a new long position and capturing the breakout move, and my twin sister has a buy stop at the HOD for 5 contracts because she's short 5 and wants to cover before price breaks out, can anyone see those orders and know which one is in place to offset an existing position?
More...
%%
Dont know if pit traders [old school] can; but for example on FB chart, AUG 2, many may figure it goes from $169 .....area to $170, bull market stocks.Even if it did not [it did go to 170.55, AUG 2] thats where the probabilities were .I write down my mental stops, on paper;
/swing position moves. For a tulip mania market like bitCon-i not in that. Thats for stocks; dont trade Forex, myself.:caution::caution:.Thats wisdom ; not a prediction its going to a round number.....
 
Last edited:
NY0BScalper said:
I scalp and sit all day at the screen and always use mental stops. I don't really know any professional scalpers who actually use stop orders except to manage a position trade they want to not watch, or when they go out to lunch in a position trade.

The whole thing about "a disciplined professional trader always has a stop in to protect from a disaster scenario" is hogwash... walk into any equity prop shop, look at the experienced veteran guys, and see if they're using stops.
More...
NY0BScalper said:
huh? I have an out and when price gets there I use a market order to hit out or intelligent order execution decision to work my way out... i don't just put in an order that will go off based only on a print at X level going off
More...
What you describe is in no way shape or form, "scalping". You are short term day trading.
 
You must log in or register to reply here.
Back
Top