tradequicker, porgie isn't nuts.... just uses.... lots of... periods... in his... writing... (laugh)
porgie is cool, always enjoy his input :>)
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As for stops? I'm a pure intraday trader at this time. Might decide to hold some ES trades for more than one day between now and next April as trend moves develop, we'll see.
Regardless, stop-loss orders in your software are a critical part of trading. Mental stops are worth the paper they aren't written on... big losses are inevitable for emini traders who eschew physical stops.
I use limit-order stops that become market orders when hit thru Ninja. That keeps stop-exit orders from being skipped over = missed in times of extreme volatility. The ER tends to slip a tick or three (depending on trade size) at the exit constantly, so pure limit order stops are a hindrance there.
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My objective in the ES is targeting +4pt to +8pt profit moves intraday. We can see where the ES makes intraday swings greater than these ranges often... several times per week. Using a -2pt initial stop while holding for +4pt to +8pt gains (along with conservative trailed stops to reduce risk) results in a very favorable profit/loss ratio.
IMO, too many emini traders knee-jerk their way out of solid-profit trades way too soon. They spend all kinds of time & effort picking entries, once in the trade seem obsessed with getting out at the slightest provocation when two dimes of unrealized profit appear.
We only need to catch a few +4pt and +8pt moves per week to have a solid performance. The players who ply the +2pt, -1pt, -1pt, +2pt, -1pt, -1pt, 1pt game too often wind up the week with fifty round turns and +2pts profit, if any.
Before any emini trader can become an accomplished scalper (toughest game of all by far) they must be a skilled, successful intraday swing trader first. Hunting bigger swings on fewer turns with patience to hold open trades comes first.
That's where my evolution has arrested itself... as an intraday swing trader. 5min trade charts are just fine, they give 4min30sec of free time to play with between trade decisions
Hope this helps
Austin
