New trader with huge problems

[TheDawn]

I do have a trading plan and I average twice what I risk. However the exits are somewhat of an issue. For instance a trade goes 10-12 points in my favor but I wind up taking 7-8 of those points. Also just kinda squeamishness of taking swing trades. I only trade if there’s a pattern/retest of the pattern on the daily with my stop above daily resistance/support. I use 60min/daily support/resistance lines for the target areas.

Ok that happens with EVERYBODY; nobody is able to take the full 10-12 points on a swing all the time. Exits are very very challenging, much more challenging to manage than entries. Being able to take 7-8 points out of the 10-12 points potential is very very good, that's 70% of the full potential win. Think of it this way: at least you were able to take some money off the table while it was still there. The opposite of it is waiting and waiting to tp just to make sure you take the full 10-12 points when it never reaches there and goes back down and erasing all of your profit and worse turning your winning trade into a losing trade. Trust me, it happens and when it happens, you will feel 100 times worse.

Being being in a trade is like being in a marriage. You keep your eyes wide open before a trade and you keep your eyes half shut after a trade and you don't do the opposite. Be vigilant but don't be greedy. This is very important.

 

[Nobert]

Yeah also what those people did was after very meticulous analysis both quantitative and qualitative and careful research (of course the movie tried to make some comic spin on it) and not to mention these people are all experienced trading professionals who have been trading for at least over 10+ years, either on their own or working for firms; they are not clueless noobs who are just starting out. That ain't their first rodeo!!

& Then we had, Margot Robbie, in the bubble bath, explaining all of that stuff.
(Smiles)

 

[TheDawn]

& Then we had, Margot Robbie, in the bubble bath, explaining all of that stuff.
(Smiles)

Yes the highlight of the movie. LOL My favourite was when that guy had to tell the stripper to stop moving so he can find out about the housing market. This is what money can do to you.

 

[TPerakis03]

Ok that happens with EVERYBODY; nobody is able to take the full 10-12 points on a swing all the time. Exits are very very challenging, much more challenging to manage than entries. Being able to take 7-8 points out of the 10-12 points potential is very very good, that's 70% of the full potential win. Think of it this way: at least you were able to take some money off the table while it was still there. The opposite of it is waiting and waiting to tp just to make sure you take the full 10-12 points when it never reaches there and goes back down and erasing all of your profit and worse turning your winning trade into a losing trade. Trust me, it happens and when it happens, you will feel 100 times worse.

Being being in a trade is like being in a marriage. You keep your eyes wide open before a trade and you keep your eyes half shut after a trade and you don't do the opposite. Be vigilant but don't be greedy. This is very important.

Yea I’ve found that’s the big thing. Aswell as just keeping my emotions in check while in the trade. I’ve had a couple trades snap back on me like that and it doesn’t go well for confidence especially if you’re new like me. Honestly I’m gonna start experimenting with MA crossbacks coupled with OCO targets on the daily timeframe but I use so many on the smaller timeframes because I find they respect one of them. My MA’s are the 9,15,21, and 30 on my smaller timeframes. So by the time some cross the 30 I take home 5points and I’d have sacrificed my 2r to 1.5r profit. So I’m just kinda experimenting with that. Have you ever been somewhat nervous to take swing trades even with a pattern backing you? And how did you overcome it?

 

[TheDawn]

Have you ever been somewhat nervous to take swing trades even with a pattern backing you? And how did you overcome it?

If it's something that I have backtested extensively to be profitable and even been tried and tested true in real trading, then no, I am not nervous but if it's something that I am doing just for the helluva it, then yes, I will be nervous and there is nothing I can do to overcome it except watching it and maybe tp either as soon as I see any signs of reversing or scaling them out.

 

[TPerakis03]

If it's something that I have backtested extensively to be profitable and even been tried and tested true in real trading, then no, I am not nervous but if it's something that I am doing just for the helluva it, then yes, I will be nervous and there is nothing I can do to overcome it except watching it and maybe tp either as soon as I see any signs of reversing or scaling them out.

Thanks for the insight man. I really appreciate it.

 

[SunTrader]

MA's whoops I'm outta here.

 

[easymon1]

explaining all of that stuff

govt regulators at work. good job brownie.

is that legal?

the expert at the ratings agency

 

[Dutchy1986]

Hello guys, my name is Tsepo and I’m 24. I started learning about stocks and the market about 6 months ago and actual trading about 2 months ago. My profit factor is 2. I have 2 questions, how do you manage exits on smaller timeframes and has anyone ever had a sort of mental block when trying to take longer trades? I’ve watched 5-6 swing trades go in my favor 50+ points each in the past couple of weeks and it’s really been getting to me because I didn’t take the trades even after I saw patterns on the larger timeframes and marked out the proper target areas. I understand this follows the emotional side of trading but has anyone ever encountered the same thing and how’d you get past that? PS: I’d really love a trading partner to talk about swings and day trades with.

You need to get in and just take those trades. You’ve obviously spent your time to work it so follow it through

 

[Bad_Badness]

There is a LOT more to a trading plan than R:R, entry and exit. You can figure that out one piece at a time, or you can realize it and start on a substantial plan. If all your plan covers are those three things mentioned above it is poor plan. There are some old threads that talk about it, which might be useful.

Some areas to consider for a newbie are: When not to trade, Asset allocation, hedging, scaling, hardware-software robustness, recovery and maintenance. Too much to list here. Hope that helps.