BeginnerJoe
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You should trade with real money using your system. I am running a test to see if it works. Show us you have edge and conviction in your beliefs.
You should trade with real money using your system. I am running a test to see if it works. Show us you have edge and conviction in your beliefs.
Every trade needs to be high conviction. If the prices doesn't do what you expect it to do, you will loose money. If you are sitting there watching every tick, most likely outcome......moving the stops and praying !!
Take a trade. Go for a walk. If the market is on your side, think of where to take profit. If you are stopped out, you are stopped out....look for the next trade.
Take a look at this blog http://tradethesensex.blogspot.com/ The prices and stops for tomorrow's Indian market is already set up !!
It is a new blog, but look at the performance of the last 4 days. The performance is based on the first price point which is hit (buy/sell) and end of day prices. But every time a stop loss is hit, the losses are accounted for that trade.
Hi kausty,
I think there would be more interest here if you traded US or UK markets imho
If you are stopped out you have dropped a huge b0lllock. If the trade is going against you should be out before price hits your stop.
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If you are stopped out you have dropped a huge b0lllock. If the trade is going against you should be out before price hits your stop.
Stops are not there for exits. If I'm right, like 99% of retail traders you're using price and time as your entry criteria yet you only use price as your exit criteria. And to make it worse you're day trading. Double duh.
I am not using time as an entry point, only price. I give the buy or sell price points with thier respective stops a day earlier. The loss on a trade will depend on the risk taking capability of the trader. If the stops are wide, you decrease yourr trading lot size and if they are tight you increase the size of your trading lot.
You are right that the time-stop is the best stop, but that cannot be set till one actually enters into a trade and the momentum of the market at the point of entry. A technical stop-loss point is the second best and can be decided before entering into a trade. Every trade should have a stop-loss point before entering the trade !!
Tight stops are the number 1 killer of retail traders.
I didn't say you shouldn't have a stop loss point before you set the trade![]()
What I said was stop loss does not equal point of exit unless you drop a b0llock or there is huge market mometum against.
Price on its own is meaningless.
Tight stops are the number 1 killer of retail traders.
This is a bad example: there's not enough scope for decent r:r but the chart will do to show the idea:
Or you can keep trying to scalp intraday providing liquidity for someone else's orders with your stop :clap:
Hindsight is the best sight.....the charts you have put up are history......the EURUSD is now at 1.4379.......give me a trade, with a stop ?
Not this sh1t again.
It's lack of understanding, ignorance, incompetence, not stop placement.
Here are my price points. Buy it above 1.4450 with stops 20 pips below. Sell it below 1.4199 with stops above 1.4215. If stopped out, take the trade again if the markets gives it to you.....one of them should run a few hundred pips.
Here are my price points. Buy it above 1.4450 with stops 20 pips below. Sell it below 1.4199 with stops above 1.4215. If stopped out, take the trade again if the markets gives it to you.....one of them should run a few hundred pips.
As I've already stated it can go 200 pips past my entry. I don't care as long as it's back within time criteria.
Buying into supply and selling into demand?
I'm open to new ideas.
Sorry. I'll stop now. I apologise. Can't you tell I'm bored?