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Trading on "Instynct" (NQ)
- Thread starter Instynct
- Start date
Good job this week. Looks like the pullbacks ran right to your stops on the last 2 trades. Hate it when that happens!
You can enter commissions in NT so that only your net on trades is used for P/L if you choose.
You can enter commissions in NT so that only your net on trades is used for P/L if you choose.
Quote from bmwhendrix:
Good job this week. Looks like the pullbacks ran right to your stops on the last 2 trades. Hate it when that happens!
You can enter commissions in NT so that only your net on trades is used for P/L if you choose.
Funny thing is I don't even put in an initial stop anymore, I enter and just let price do it's thing and manage it from there. This time I entered stops at the exact tick where price turned.
Thanks for the tip about the commissions.
What rules of thumb do you use to manage a trade when it goes against you when you do not have an emergency stop set somewhere? What is your gauge on how far you will let it run against you?
Quote from bmwhendrix:
What rules of thumb do you use to manage a trade when it goes against you when you do not have an emergency stop set somewhere? What is your gauge on how far you will let it run against you?
I have a predetermined price for entry when I get a setup. If I feel that price has shot too far past my ideal entry after I enter then I look to get out with as little damage as possible. I don't have a number on that because every setup is different. When price starts to go in my favor I will then put in a stop and trail accordingly.
I know you're looking for a more definitive answer, but a lot of what I do is gut feel guided by experience so its hard for me to explain how I trade exactly. I tried to in my past charts but I don't think it helps. It all boils down to confidence in my ablility to read price and react to it decisively. My last short trade @ 18.25 was completely screwed up because I decided to put in a stop. Price gyrated a bit but was well within my tolerance and you can see the end result if I did not put in that stop.
Sitting on hands all day. I just hate to jump on a train that may be closer to the end of the ride that the start. Better than overtrading I guess.