My opinion,,,, I will never again trade without an actual stop (both for loss and profit) in the computer system. Beyond computer connection issues is the issue going on inside of my brain.
Without the stops I bend my rules and do not get out when I should. Either on the loss side or profit. I can't tell you how many times my "mental" exit would have me at profit, I don't hit the button and guess what, I end up with a break even instead of a nice profit.
Without the stops I bend my rules and do not get out when I should. Either on the loss side or profit. I can't tell you how many times my "mental" exit would have me at profit, I don't hit the button and guess what, I end up with a break even instead of a nice profit.
If you cannot stick to your own rules and get out when you should then seriously consider quitting as imo it may not be the career for you. Just my humble advice.
Not having a stop is like not using a condom on some drunken fling and deceiving yourself that you just pull out at the right time - it is a recipe for disaster. Most people that advocate not using stops seem to vanish from forums during those huge volatility spikes.
DOM/click traders, yea I know this does not apply to you.
Not placing a stop is electing to go by your feelings when you are losing $, letting hope & fear call the shots. Only take one of those to wipe you out.
DOM/click traders, yea I know this does not apply to you.
Not placing a stop is electing to go by your feelings when you are losing $, letting hope & fear call the shots. Only take one of those to wipe you out.
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I trade automated AND very short term click trading and use a stop regardless. The market just moves too fast in sweeps to lock in an exit at my price if I don't use a stop.
Makes sense to have a stop loss trading any time frame - even if you are a DOM trader just in case something unexpected happens. I was all in on 911 and left the day with a profit, thanks to my stops. It was the single largest Dow one day plunge in history. The market was closed the following week - opening back up with a huge gap down. Back than the stops were at the exchanges - when connectivity with the NYSE went down a lot of traders without stops got wiped out. Always expect the unexpected in trading.
You were 'all in' on 9-11 lol. I bet your ass twitched a bit.
You were 'all in' on 9-11 lol. I bet your ass twitched a bit.
Not at all - the only positions remaining were long a few oil stocks which was going up in the futures market. That's the whole point - once the bracket order (stop loss + profit target) is placed I am fairly detached to the trade. All I do is move stops when the market is closed to protect unrealized profits. Had I not used stop losses I would have been puking for a week than would have probably puked my positions at the swing low.
Not at all - the only positions remaining were long a few oil stocks which was going up in the futures market. That's the whole point - once the bracket order (stop loss + profit target) is placed I am fairly detached to the trade. All I do is move stops when the market is closed to protect unrealized profits. Had I not used stop losses I would have been puking for a week than would have probably puked my positions at the swing low.
Guys, just place an order in MGC December! You want illiquid? You want to see how it all works? Just try it! It really isn't that bad! Liquid liquid liquid, bah bah black sheep. Sheesh, it's NOT THAT BAD dudes.
1 contract! That is all it takes! Try it! Dare to be different. A buck a tic. Expand your business knowledge!
Stop the madness.
1 contract! That is all it takes! Try it! Dare to be different. A buck a tic. Expand your business knowledge!
Stop the madness.
Trading the not so liquid futures contracts in ETH can be dangerous. Seen at least a dozen of these types of spikes in the last year. Trying to do a mental stop when your suddenly down over $7,000 with no end in sight - that probably does not work out well for most, bet a lot of silver longs soiled their undies.
