Originally posted by bungrider
Besides Kiev's books, I haven't found anything to help me stay in trades longer. I'd like to find some exercises or reading material to help me work on just that. Sometimes I feel like if I just walked away from my computer for 5 minutes after opening a trade I'd make a lot more money. I'm great at cutting losers, but also great at cutting winners.
You might try this...trade in increments of 3...for stocks 300 shares, 600 shares, 3000 or whatever. For the e-mini 3, 6, 9 etc...
Let's take an example: Lets say you get a signal to go long on the ES. You go long 3 contracts and your stop loss is 5 ticks($62.50) . 3 =$187.50.
Okay, if the market goes up 5 ticks (your initial risk) sell 1 contract.( a third of your position...2 if you started with 6 ...3 if you started with 9...etc.)
You'll begin to feel better right away, because you now have $62.50 in your pocket and only $125.00 at risk
Okay, if the market moves up 10 ticks,sell the 2nd contract(another third of your original position) for
for $125.00. Now,you'll really feel relaxed. You've got $187.50 in
your pocket,and a third contract showing a profit.
Now raise your stop to just slightly above entry and let that third contract ride!
Of course this, example doesn't take into consideration commissions and slippage. But, if you get good, fast fills I think you can get close to your objective. Hope this helps
