I trade while being gang probed by aliens, with a 1.25 stop loss.
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I trade ES with a 1/2 point stop loss, you?
- Thread starter stock777
- Start date
Instead of using arbitrary stops, you should be using logical stops, i.e. stops that are adapted to the market volatility.
for exemple, if you are going long on some instrument, and the last low was 15 tics away from your entry, placing your stop at or below the last low (so minimum of 15 tics) is a logical stop. Yes 15 tics might seem big *and it can be lot bigger sometimes*, but you will only get stopped out only if the market reverses and changes direction, Else the market will wiggle and eventually head your way.
If you are scared and insist on using arbitrarly set small stops, you will get stopped out often of trades that eventually go your way, wich is extremely frustrating, more frustrating than getting stopped of a trade that is a legitimate loser (i.e. the market completely changes direction)
for exemple, if you are going long on some instrument, and the last low was 15 tics away from your entry, placing your stop at or below the last low (so minimum of 15 tics) is a logical stop. Yes 15 tics might seem big *and it can be lot bigger sometimes*, but you will only get stopped out only if the market reverses and changes direction, Else the market will wiggle and eventually head your way.
If you are scared and insist on using arbitrarly set small stops, you will get stopped out often of trades that eventually go your way, wich is extremely frustrating, more frustrating than getting stopped of a trade that is a legitimate loser (i.e. the market completely changes direction)
Assuming he places limit orders right at support and resistance, this is very much possible. Just need to be an expert at S/R with killer precision and exceptional patience with the right time frame.
Your accuracy won't be the best but a good run far outweights that.
The hardest part imho is not finding the play, is actually getting the fill, gotta be quick and think ahead to get a good place in the queue.
Attached some logical plays based on break of support/resistance and/or double bottoms, triple bottoms etc that require no more than 2 tick stops.
I did not hand pick this, this is a live ES chart.
Anek
PS: Correction, the one that says 2 tick, that's a typo, it was also 1 tick.
Your accuracy won't be the best but a good run far outweights that.
The hardest part imho is not finding the play, is actually getting the fill, gotta be quick and think ahead to get a good place in the queue.
Attached some logical plays based on break of support/resistance and/or double bottoms, triple bottoms etc that require no more than 2 tick stops.
I did not hand pick this, this is a live ES chart.
Anek
PS: Correction, the one that says 2 tick, that's a typo, it was also 1 tick.