My one month trading experience.

I'm going to give you a strong piece of advice. Don't use market stop losses. Switch to using a mental stop loss point in which you exit with a limit order.
 
From your charts you posted earlier it appears you think an appropriate stop is one tick below the prior candle low. On a 10 min chart there is too much random movement and noise to see things that clearly,...at least that's how I see it. I don't typically trade 10 min charts but IF I were to do that I would have placed my stop much farther away. I suspect that your stops are well within the ATR (average true range) for that stock in that time frame. ATR gives you knowledge of what is average movement or range for that stock which would be considered normal and not signifying a reversal or change of the current move. Most people choose a multiple of 3x ATR as a place to start placing stops below their purchase price to signify that they were wrong in their trade. Go back and paper trade these same trades at the same purchase price and see if 3x ATR would hVe kept you in these trades. It also appears that these trades continued much higher after that so why did you sell so quickly? Was your stop so close you didn't even give yourself time to let it mature and let the win ride for huge profits? That's what poor stop placement does for you. There is no magic answer. But try working on your stop placement and I suspect you will be far more successful
 
eganon69 said:
From your charts you posted earlier it appears you think an appropriate stop is one tick below the prior candle low. On a 10 min chart there is too much random movement and noise to see things that clearly,...at least that's how I see it. I don't typically trade 10 min charts but IF I were to do that I would have placed my stop much farther away. I suspect that your stops are well within the ATR (average true range) for that stock in that time frame. ATR gives you knowledge of what is average movement or range for that stock which would be considered normal and not signifying a reversal or change of the current move. Most people choose a multiple of 3x ATR as a place to start placing stops below their purchase price to signify that they were wrong in their trade. Go back and paper trade these same trades at the same purchase price and see if 3x ATR would hVe kept you in these trades. It also appears that these trades continued much higher after that so why did you sell so quickly? Was your stop so close you didn't even give yourself time to let it mature and let the win ride for huge profits? That's what poor stop placement does for you. There is no magic answer. But try working on your stop placement and I suspect you will be far more successful
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That's correct, 1 tick below the prior candle sometimes if it drops below that it's over. I'm honestly wondering if i'm entering too high though. even if the pattern I use has an edge. And I've gotten a lot more patient more recently. I've had stuff go up so much on me that I've just missed out of fear of tanking. To the earlier poster, those stocks were LXU and yelp 5/06. I just feel like 30 cents or something is a huge loss that takes so long to make back, especially trading a penny stock or dollar stock with 100 shares. I need to make a lot of improvements before I'm really profitable. Even if what I'm doing works.
 
Man, I am sorry but you have a long way to go...

my 2c: trade high volume stock that have at least 50c ADR and cost more than 20$, keep the Stop wider (I do not use hard stops) and look at D TF and 30M TF but trade 5M TF...
 
Laissez Faire said:
1. Backtesting is worthless if you don't forward test your methodology in simulator mode and confirm your system. Only after that is done, you can go live.

2. Trade something liquid and slippage won't be (much of) an issue.

3. Don't be discretionary.
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Very old argument: In sample & out-of-sample data. Meaningless distinguish, IMO.
 
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