Hello:
I think a couple of things should be said
I notice that most retail traders direct their attention to setups and entries.
Commentary about stops, position sizing, position management and exits is almost never the primary subject of a thread here.
Ironically, these issues are significant and interestingly, people seem to have little to say. You comment that people here are "tight lipped". I think not. I believe that most ET members are unable to offer anything of substance on the subject.
As I move on in time, I have tended to go believe that widers stops are more effective for daytrading. I found long ago, that knowing what the best stop size is, and trading it are two different things.
As regards adding to a profitable position. I was taught the same strategy as Acrary. In addition, I try to incorporate a couple of ideas as follows;
1. Add when price moves past a significant resistance (pivot, or resistance).
2. When you have a profitable entry, add on the first pullback
Finally, I add based on an analysis of my market. What I mean is for the Russell contract, I know from experience what the average length of line is for each intraday swing. I will only add early on, so that I can take as much profit as possible when it works out. If I have a significant profit, and I am close to the point where normally I might close out, I will not risk it. Instead I will exit all but a small piece just in case it continues to run.
My overall philosophy is to make sure that my average winner is much bigger than my average loser.
I hope that helps.
Steve
I think a couple of things should be said
I notice that most retail traders direct their attention to setups and entries.
Commentary about stops, position sizing, position management and exits is almost never the primary subject of a thread here.
Ironically, these issues are significant and interestingly, people seem to have little to say. You comment that people here are "tight lipped". I think not. I believe that most ET members are unable to offer anything of substance on the subject.
As I move on in time, I have tended to go believe that widers stops are more effective for daytrading. I found long ago, that knowing what the best stop size is, and trading it are two different things.
As regards adding to a profitable position. I was taught the same strategy as Acrary. In addition, I try to incorporate a couple of ideas as follows;
1. Add when price moves past a significant resistance (pivot, or resistance).
2. When you have a profitable entry, add on the first pullback
Finally, I add based on an analysis of my market. What I mean is for the Russell contract, I know from experience what the average length of line is for each intraday swing. I will only add early on, so that I can take as much profit as possible when it works out. If I have a significant profit, and I am close to the point where normally I might close out, I will not risk it. Instead I will exit all but a small piece just in case it continues to run.
My overall philosophy is to make sure that my average winner is much bigger than my average loser.
I hope that helps.
Steve