Trade Management - Letting your winners run and cutting your losers short

[Daring]

Quote from etfarb:

To be honest with you DB,

I'm afraid of losing money for horrible stop placement (case and point why I am posting today in regards to my trade) - I took it off the table far to early in fear of losing money.

I apologize to being a little rude and hostile to you; however, I don't take kindly to when people suggest failure.

Yes I have now been at this for a year. Yes I still have a ton of questions but just recently I have become profitable. Trading like life is a dynamic process that requires one to constantly learn (IF one wants to succeed). Today I am in search to understand what signals or clues the market gave me that I ignored and would of helped maximize the gains on the ORB

Careful confusing a bull market with profitabiltiy.

 

[dbphoenix]

Quote from ammo:

how many times have you emptied an acct db

Never. Sorry.

 

[toolazy]

Quote from dbphoenix:

Failure is on the table whether anyone mentions it or not. That you react to the idea the way you do suggests that the possibility/probability of it fuels your fear.

Be that as it may, do you have a trading plan yet? If so, have you tested it (understanding that the trading plan is only an idea until it's been thoroughly tested)? If you have a trading plan and you're satisfied with it, then why aren't you following it?

On the other hand, if you do not yet have a thoroughly-tested and consistently profitable trading plan, then you have every reason to be fearful: you have no edge. The casual suggestion as to what you ought to do about ORBs isn't going to have any material effect.

why do you have to be so honest and straight

i should add one should have exit plan, ie for when trading plan stops working. You have to stop it and look for another edge. R&D is important for sustainability. Also, understanding why you have an edge will help to anticipate future... say coming of HFT changed things.

 

[dbphoenix]

Quote from toolazy:

why do you have to be so honest and straight

i should add one should have exit plan, ie for when trading plan stops working. You have to stop it and look for another edge. R&D is important for sustainability. Also, understanding why you have an edge will help to anticipate future... say coming of HFT changed things.

Not necessarily. If you're trading price, your edge never fails, which is not to say that there's anything magical about trading price, but that trading price necessitates learning how to trade in an environment of uncertainty (which I just wrote in another thread). Once one learns how to do that, the "plan" is tweaked in an almost continuous state. Therefore it never grows stale. At least unless and until the trader does. Which one hopes does not occur until one becomes feeble-minded.

 

[etfarb]

Quote from Daring:

Careful confusing a bull market with profitabiltiy.

Lol, sorry Daring but I don't "buy the dip"

I have a propensity to fade this rally and the one system that I have under my belt is shorts only

 

[Daring]

Quote from etfarb:

Lol, sorry Daring but I don't "buy the dip"

I have a propensity to fade this rally and the one system that I have under my belt is shorts only

If you are so good why the hell are you fearful or looking for suggestions.

Make up your mind.