Inventory Grab Alert 4/30/09!
- Thread starter AMT4SWA
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I think what Chuck was inquiring about is how you keep track of each specific entry while rotating through positions.
For example, if you enter a short at 903.25, then later add another short position at 905.75. The Ninja platform automatically shows your cost-basis of the two (904.5).
This example is easy if you are only adding once, but we've all seen you rotate in and out of positions at multiple prices.
How do you keep track of exact entry points while trading so that you can calculate b/e points, scale outs, R:R, etc? Do you write them on a piece of paper, have software, just use the "executions" tab in Ninja, wing it (haha)?
The exact contract totals that I have determined (through much research time and backtesting) to be significant and when/where they are significant I am not going to cover. There are different contract total thresholds I use for trade entry criteria, mild/moderate/strong Delta Zones, and higher probability delta divergence set-ups.
As far as exits/targets go for my trade management, I will look at the context of the current market situation I am trading in and then determine where to place them. This is more of a case by case basis once my trades have been entered and I see what kind of range I have to work with. I do like 5 pt/10 pt/15 pt/20 pt/etc targets on my position trade scale outs, but I will adjust the targets as needed in relation to what I feel will be possible at that particular time.
Oh....I write down every single entry I make in a log just after the entry. I can keep my cost basis figured pretty well on the fly in my head, but I do write everything down to verify if I get distracted. I suppose I could use/develop some software to do this, but I have built a good habit of writing all my trades down each day and that is what I am comfortable with.
A question for anyone using InvestorRT....
Tomorrows pivot point should be at 900.00, but for some reason I/RT is calculating it to be 899.00
Any ideas why the calculation is off?
Tomorrows pivot point should be at 900.00, but for some reason I/RT is calculating it to be 899.00
Any ideas why the calculation is off?
Perfect! I had been wondering that same thing for a while. Geez... between analyzing a setup, placing the trade, writing it down, and posting it to the forum within seconds, you've got some skills!!!
Through my dynamic entry/exit style it is very rare for me to get stopped out.....I can go defensive at any point within my scale in/scale out management to get to b/e (or very close) most times if the trade just goes totally strange. I always adjust distance between entries and size of position entered at each entry, as needed to adjust for what I am dealing with at the time (like lovely 3'rd deviation moves....LOL!).
If you can build a system to deal with 3'rd deviation moves, then you have 99.5% of market events handled......the last .5% can be covered with a hard stop.
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