stop losses are for loooosers

Quote from Ripley:

So, what happens Your profit target is +$ 200 and the trade went -$ 150 against you. Do you hold onto it to get profitable?
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yes - unless you know what the market will do next. which we dont.
 
ignore that last post - too little info to decide.

hows the market ticking?

is there a report out in 2 min?

etc


how long u been in the trade


etc


but generally it depends on what your plan tells you to do - assuming you trade from 1. (good and bad traders dont. plans are for the mediocre imo - go with the flow baby)
 
How can you trade without a plan?

What if everything goes wrong? Do you still have a flow?

Don't you have a plan when you get into your car?... going shopping? ....or whatever?

Even surfers have a plan! Believe it or not!
 
Quote from primemover:

after much research and direct hands on experience, it is my contention that fixed stop losses set at a loss, before profits are achieved by the trade, makes no sense. i have found that, often, after being stopped out, the trade immediately goes profitable. given the volatile short term nature of, say, the ES--- fixed price stops actually cause more losses than would be experienced without stops.

the emphasis on tight losing stops appears to be a creation of the market machine that needs an incredible amount of cash to maintain its own infrastructure and gets this fuel one way by fixed price stops.
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10 minutes studying basic prob distributiosn would have told you the same...
 
Quote from science_trader:

10 minutes studying basic prob distributiosn would have told you the same...
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yes. however, extensive trading propaganda seems to fly in the face of basic probability.

wonder why??

:)
 
Quote from plugger:

There's always the possibility of storms that even the best weather forecast doesn't catch and yes the captain does make mistakes. As for the boat, sometimes you don't see the rocks lurking beneath the surface waiting to rip a hold in the bottom.

To each, their own. Not criticizing, just having a little fun.
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I like the boating analogy because competent boating and competent trading have a lot of the same skill sets.

Namely seaworthiness, navigation, and preparedness for emergencies.

One of the best ways of preparing for emergencies is having a maintenance schedule for both the vessel and the captain.
One of the unintended benefits of doing maintenance is anchoring a self reliance component to your character.
 
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