Stop Trading - Shut Down For the Day
- Thread starter ps0013
- Start date
Great words of wisdom Mr. Turtle. Unlike professionals, us retails often forget that we don't have to trade every day and every set up.%%
I like that idea; why????? Because there are enough good trend days/average trend days; so stay out of sideways slop= chop+ side ways slop=chop. As far as ''catching up '' ,markets seldom work that way,as Tomorten hinted.I dont know if my remarks will help you daytrade, but that can work in swingTrading/position trading.
Another elitetrader called that kind of trend ''barbed wire range......'' LOL-ouch''
That is something I'd like to make honorable mention of here ironchef, thanks for reminding me of that. After this past month I have been suddenly thinking of this notion I have formed in my head of "having to make X amount" every day.
For me that can lead to bad things, especially when I get into daytrading mode and forget that Fridays have been generally bad for me in that regard. I need to calm myself down and remember that I DO NOT HAVE TO BE IN THE MARKET EVERY DAY. I'll get in next week but need to tone myself down a tad.
Thanks again for the reminder, even though it was indirect!
It is a thing he does...Some sort of forum alert tag that lets him know when people have replied to the thread or something.
@Magna can you elaborate? I forget it's exact function.
I dont do that every trend time[%%]; but since i use a 7-8% stop loss some ,it can easily slip/gap to 10%, against me on a good trending tech stock. So its a good profit reminder for me, also.I would not use a 7% stop on tight trenders like SPY, or QQQ.....I sometimes have more slippage on exit also, than i plan,LOL but good thing that is not a prediction
