(Grin
Why did you decide 45 points was too much risk?
KGTrader4 Paper Trading Journal - My Training Wheels
- Thread starter KGTrader4
- Start date
Why did you decide 45 points was too much risk?(Grin
I thought if it went down half of that it would show I was wrong, so why wait.
Not afraid to take losses.
im having some second thoughts to limiting myself to sector spyders. Too few opportunities. Also not a great time to be trading long.
Gotta hate then Gappers. I got caught this morning also. My tight stop lost 3 times my planned loss. Shit Happens.
My process with gappers is to trade the opening range. 5 minute chart. (Not 5 minute range) Let price make a swing low and exit if it breaks that low. It costs me a little more in some cases but keeps me in some trades if the first low is the low of the day and then the price recovers.
No I don't have my stops in the market at the open.
I'll put them in during the day but I've seen too many gap openings that recover.
Trading the opening range: I watch the 5 minute chart. Once the opening range is established, swing high and a swing low, I sell if the price trades below the swing low and trail a stop up below subsequent swing lows.
got it, thanks.
For now I’m sticking with hard stops when I start to trade real money I ll probably change that. Or maybe put in stop limit orders
Watch your sim fills. If you had a hard stop in the market today, NVDA opened at 249.34 and you'd probably be filled lower as a stop becomes a market order when triggered.