S/R Emini Journal
- Thread starter 4re
- Start date
- Status
Greetings,
Ive found exiting trades to be much more difficult than entering since ive been trading futes.I usually have a 2-1 ratio set up on the bracket trade,but often Ill exit with a market if trade seems to be stalling and am not comfortable with buying the stop.This applies to the YM but could be said for any.How do most of you exit your trade?
cordially Tom
Ive found exiting trades to be much more difficult than entering since ive been trading futes.I usually have a 2-1 ratio set up on the bracket trade,but often Ill exit with a market if trade seems to be stalling and am not comfortable with buying the stop.This applies to the YM but could be said for any.How do most of you exit your trade?
cordially Tom
Quote from ksonsinc:
4re
u forget to add this one
Rule # 11 Always average down lossers no matter what and keep averaging them till u are comfortable4 clock
Rule # 12 always go against the trend may be u could reverse the trend with your order
If you will reverse the order of these two rules and use them together you can really speed up the process of losing your account.
11. Always go against the trend and average into your losing trades until the trend changes.
Couple of days max, you'll be done...
always put a little in the bank as u go and it doesn't matter iF u don't trail properly .......use 3 conts for instance......YM ...see 8 and go to bank....and go breakeven all remainin g cts.....see 13 14 15 bank............ with last one/s ride the last one to heart's content or next signal that says ENTER other direction and that is not only entry asignal but exit / better known as reversal ........some say reverse all day.........talk is cheap.......market might say "u wish"
Here are my rules for exit.
OK here is how I exit my trades win or lose.
1. Shoot for 2 points, if momentum is really strong go ahead and stay in until the first sign of slow down and get out.
2. If price goes 1.5 points and starts reversing take 1 point and get out with profit.
3. If price goes my direction 1 point then all the loss I will take is 1 point (Kind of a modified trailing stop)
4. anything else 2 point loss
Numbers 2,3 and 4 are with the idea that I can always re enter at a later time if the signal comes up again.
This point strategy is with the focus of not letting a winning trade turn into a losing trade first and foremost.
I don't think there is definite way of knowing, though prime S and R levels together with aggressive momentum acceleration would indicate stops triggered and being closed. The earlier question about "over inflated balloon" is my way of knowing that it is going to pop and it always does, difference being that sometimes there is a hell of a bang - nice S/R been hit ie. stops triggered and closed and other times it kinda sneakily pops on you like a condom, without you knowing it, where exit monitoring is a task and a half, that's what happened to me on my last trade on Friday. Though, the Big Bang theory still worked, it certainly popped, I just didn't have the bottle to believe that it would.
- Status