Trading on "Instynct" (NQ)

Currently my plan is to TRY to get in as close to an extreme of the day as possible, then take say, 30% of Daily ATR on a unit. IF I am able to get to multiple units, 60% on the next third and keep a final third to close as needed..

Of course some price level always interferes :D , but getting the first 30% of ATR seems relatively comfortable given a wise entry... back to work..
 
Exiting is a real problem for me, as I am not consistent. We have all been doing this enough to know that when there is some type of breakout, there is a high probability of a pullback to test the area where most entries were made, ie, where most novices have moved their stop to.

If you are a scalper, then you want to exit before the pullback starts, often exiting at the next s or r level. I try not to do this, but often fall prey to emotions. I believe the most profitable exits are to follow the swings untill they are no longer hold. The first sign of a failure is a trendline break, and I usually exit on these, being ready for re-entry.

Although i am a 1 lot piker, this exiting method I believe is best because it will allow you to catch and stay with major interday trends and more importantly, to add contracts when you are in a position to do so. However, you must be able to sit on your hands for that first pullback, and perhaps see 5,6 or more points of potential profit fade away. 95 percent of traders can not do this.

FWIW :)
 
Hmmmm.... Maybe a better Question is "If you were going to fully automate exits, how would you do it?" I think it is a moving target so maybe I should simply accept taking the most reliable cut of the move and learn to be content..

The reason for this discussion even came up?? Yesterday!! Earlier in the week I was not complaining.. Now the greedy trader is looking back.. Days like yesterday the piker needs to do what he has always done.. The minute you try for more you suffer on small days..

Let's say you have 2 units... THERE is a chance all you get from the second unit is added risk (since it is a B/E unit) a borderline trader may not be able to "afford".

Me thinks there may be no real solution other than learn to accept what's in your bucket lest you spill it... OR try to figure out early enough when a day like yesterday is in the offing. I was stunned clueless.

Could be when there is news/pending big events volatility spikes?

Instynct... If you prefer to keep this strictly a journal I'll refrain.
 
Quote from jackson222:

this is "box" thinking. think outside the box.
More...

The trader of a few but precious words has spoken.::p My box must be huge as I didn't even realize I as in one...
 
Quote from Rashid_G.:


Instynct... If you prefer to keep this strictly a journal I'll refrain.
More...

Its a journal about trading so feel free to talk about it. I'll add to it a bit later.
 
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