Runners Vs. Set Target to exit

tiddlywinks said:
Something to think about...

In real-time reality, your scenario traveled 24 points ($480). Now IMO, sans the machines, only traders who employ a bar-by-bar methodology, or "lucky" trading, or flat out liars, have any chance to coming close to capturing anything near 24 points net. But the point is that 24 points, in your example, is what was available for the taking.

One of the rudimentary adages is... Never let a (decent) profit turn into a loss.
The issue with that is each trader must determine the definition of "decent". Maybe manual override of your psuedo-psar in favor of say 75% giveback would be decent. That is for you to decide. Obviously, since you complaining of 100% giveback, there is some number that you would feel good, or at least OK with.

As I said, something to think about.
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That is a phenomenal idea. I can easily do that manually as I just drag and drop the stop on chart. Say using 4 point increments once it is over 10 points profit. I’m gonna look into my trading platform. Maybe there’s a percentage trailing stop function
 
John9999 said:
That is a phenomenal idea. I can easily do that manually as I just drag and drop the stop on chart. Say using 4 point increments once it is over 10 points profit. I’m gonna look into my trading platform. Maybe there’s a percentage trailing stop function
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I'd like a Trailing stop, that moved up 1pt for every 2pts the market makes, so it's reducing your risk but not so much that it's just going to get hit pointlessly.

MT4 trader, so could code 1, but mainly trade off Ipad, maybe the Mt4 on my PC would still move the SL for me, and close all trades on 1 trade being closed and have a max loss, CLOSE all logic aswell, hmmm!!
 
Turveyd said:
I'd like a Trailing stop, that moved up 1pt for every 2pts the market makes, so it's reducing your risk but not so much that it's just going to get hit pointlessly.

MT4 trader, so could code 1, but mainly trade off Ipad, maybe the Mt4 on my PC would still move the SL for me, and close all trades on 1 trade being closed and have a max loss, CLOSE all logic aswell, hmmm!!
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ThAt exact type of sl is available on my platform. Sierra charts.
 
UPDATE: trading for last few days with BOTH a stop loss and Limit exit at profit,,,, going with a 2:1 ratio,,,, it just FEELS so good to take a profit and be out of the trade. To me it seems like better/more efficient trading.
 
John9999 said:
UPDATE: trading for last few days with BOTH a stop loss and Limit exit at profit,,,, going with a 2:1 ratio,,,, it just FEELS so good to take a profit and be out of the trade. To me it seems like better/more efficient trading.
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Congrats @John9999!

For some reason, your comment reminded me of this vid. Not as an endorsement or recommendation of anything. Just a few general trading 'truths" so to speak hidden within. And it's pretty F'in fun to watch too. Maybe you've seen it, maybe not. Watch, dont watch, no prob either way.

Again, nice going John9999... keep doin whatcha doin!

 
John9999 said:
it just FEELS so good to take a profit and be out of the trade.
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I know the feeling :) I question myself if it's the best action for long term or am I getting into a bad habit. 2:1 requires too high of a wining rate, imho, to be profitable "enough" over the long haul. Just something to keep in mind ... you are taking adverse outliers (due to uncontrollable events) and cutting short the possibly favorable outliers. Another friendly "do as I say, not as I do" advise :)
 
qlai said:
I know the feeling :) I question myself if it's the best action for long term or am I getting into a bad habit. 2:1 requires too high of a wining rate, imho, to be profitable "enough" over the long haul. Just something to keep in mind ... you are taking adverse outliers (due to uncontrollable events) and cutting short the possibly favorable outliers. Another friendly "do as I say, not as I do" advise :)
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Well. This is one of those things that there’s no clear answer. Yesterday not allowing for runner cost me additional profit. Today the fixed exit was the difference between loosing vs putting in a good profit.

I can’t fully explain it. But I feel more under control and calmer by using a fixed exit.
 
tiddlywinks said:
Congrats @John9999!

For some reason, your comment reminded me of this vid. Not as an endorsement or recommendation of anything. Just a few general trading 'truths" so to speak hidden within. And it's pretty F'in fun to watch too. Maybe you've seen it, maybe not. Watch, dont watch, no prob either way.

Again, nice going John9999... keep doin whatcha doin!

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OMG.... this guy lost me at like 3 mins in... way way way to complicated for me
 
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