Trading the Pivots
- Thread starter JimmyJam
- Start date
Most traders would think that way, I was in profit, it started sliding and I am going to settle for 1/4 of my original PT. Maybe I am totally screwed in the head from looking at the screens all the time, but what is the point of having a predetermined stop, if one does not use it? What if price action never hits a stop? So a potentially good trade (points wise) ends up being a small gain, depending on size obviously. I mean did your system tell you to close the trade or it was a personal decision? Because whenever I used to close a position in the past basing on my own momentary judgement, I would miss my target by closing too early.
I am just curious how you decide when to close a position, when price shows signs of a reversal?
Thanks.
EDIT: I know you trailed your stop, but still.
Seeing as how we have narowing range action, I'm was looking for a breakout trade to give me a substantial move, when the trade moved +4 pts in the direction of my trade (enered at 1301.75) I moved my stop to cover at least 2 pts of profit.
What made me do this was the lethargic price action of the ES (breakouts have much more explosive action).
The tigher it coils, the stronger and more sustained the move is going to be when it does happen.
How's things for at the S/R thread?
Best,
JJ
Here are a few things that I have picked up during my trading career. Many of you already know them, but for some they might be of help.
1) Almost everything you do in trading will be wrong. You will get in too late and out too early, EVERYTIME.
2) If you aren't the type of person who can be wrong ALL of the time, you probably shouldn't be trading.
3) The only thing you can do right is to follow your trading plan. If your trading plan involves some discretion, then accept #1 and move on.
4) There will always be another trade set-up. ALWAYS. If you bail on a trade, so what? Just wait for the next signal, cause it's coming.
5) Your goal is to make money. If your account is increasing in value on whatever time frame you want to measure, you are doing well. If your account is decreasing, you better do some investigating to see whether it is you or your method or both that is faulty. Make corrections and move on.
6) The market is ALWAYS RIGHT. Your job is to get "right" the market. Never predict, just get "right" the market.
Here are a few things that I have picked up during my trading career. Many of you already know them, but for some they might be of help.
1) Almost everything you do in trading will be wrong. You will get in too late and out too early, EVERYTIME.
Fom Don Kee
2) If you aren't the type of person who can be wrong ALL of the time, you probably shouldn't be trading.
3) The only thing you can do right is to follow your trading plan. If your trading plan involves some discretion, then accept #1 and move on.
4) There will always be another trade set-up. ALWAYS. If you bail on a trade, so what? Just wait for the next signal, cause it's coming.
5) Your goal is to make money. If your account is increasing in value on whatever time frame you want to measure, you are doing well. If your account is decreasing, you better do some investigating to see whether it is you or your method or both that is faulty. Make corrections and move on.
6) The market is ALWAYS RIGHT. Your job is to get "right" the market. Never predict, just get "right" the market.
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This 6 point Bullet is Trading in a Nutshell Folks.Very Nice!
Put your initials on it DonKee!
1) Almost everything you do in trading will be wrong. You will get in too late and out too early, EVERYTIME.
Fom Don Kee
2) If you aren't the type of person who can be wrong ALL of the time, you probably shouldn't be trading.
3) The only thing you can do right is to follow your trading plan. If your trading plan involves some discretion, then accept #1 and move on.
4) There will always be another trade set-up. ALWAYS. If you bail on a trade, so what? Just wait for the next signal, cause it's coming.
5) Your goal is to make money. If your account is increasing in value on whatever time frame you want to measure, you are doing well. If your account is decreasing, you better do some investigating to see whether it is you or your method or both that is faulty. Make corrections and move on.
6) The market is ALWAYS RIGHT. Your job is to get "right" the market. Never predict, just get "right" the market.
------------------------------------------------------
This 6 point Bullet is Trading in a Nutshell Folks.Very Nice!
Put your initials on it DonKee!
Hello:
I notice some of you are asking questions about when to get out..
Well what that tells me is that you don't have a context for your trading...
Context is framework..a boundary set that allows you to frame the action..Like a frame around a picture...So here are a couple that I start with....
Weekly
Daily
60 min
5 min
I work from the bigger times frames down to the smaller.
I make decisions on the bigger time frames and use the smaller to find my entries and exits. I am sure there are other ways to orient yourself to the market, but this one works for me.
I don't want to hijack the thread, so I will stop right there. If the original poster wants more detail I will oblige.
Seeya
Steve
I notice some of you are asking questions about when to get out..
Well what that tells me is that you don't have a context for your trading...
Context is framework..a boundary set that allows you to frame the action..Like a frame around a picture...So here are a couple that I start with....
Weekly
Daily
60 min
5 min
I work from the bigger times frames down to the smaller.
I make decisions on the bigger time frames and use the smaller to find my entries and exits. I am sure there are other ways to orient yourself to the market, but this one works for me.
I don't want to hijack the thread, so I will stop right there. If the original poster wants more detail I will oblige.
Seeya
Steve
Excellent post Don. A couple of thoughts I want to add.
There is no perfect system or way of trading. Everyone has access to the same tools. There's nothing new in trading. What will differentiate you is your temperament in handling the psychological ups and downs and your ability to think. As the tools are the same it may be the combination of tools you use or your way of using those same tools but in a slightly different way that gives you your competitive advantage.
We are humans. We make mistakes and no one is perfect. Although we shall endeavour to follow our system, there will be times when we don't. All we can do is try to trade as true to our system as possible each day and improve over time.
Our aim is merely to have our actual results match our theoretical results as close as possible.
All of the above just IMHO. Feel free to disagree if you want.
Go ahead school us.
The original idea of the thread was as a literal Trading Lab were thoughts on trading could be disseminated and shared freely mainly around the concept of Pivots, but hey, I say Pivots, you say Linear Regression, and another guy says Support and Resistance, so long as they make you money, we all end-up in the same place.
JJ
Nope, but I would rather take 2 on everything rather than not get at least 4 plus change.
Just the way I like to spin it (so long as you do everything consistently, you will be right at least 1/2 half-the-time
).***
Now, Seve46 seems to have a method where he can actually anticipate price targets effectively, with a kill button if certain criteria are not met, I am assuming.
I look forward to hearing it. However, considering the mind twisting I had to go through figuring out how to apply his Linear Regression modeling to Support / Median Pivot / Resisistance trading, methinks it will take a minute for me to comprehend it.
Later,
Jimmy