What's your stop loss?
- Thread starter JeffreyLin
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Ninja_Trader
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I use ninjatrader. It's actually on the charts. You set up the Static SuperDOM to have 3 contracts, and you can chose where the targets/stops are by the number of ticks between the entry and the target/stop.
In ninjatrader you open a new Static SuperDOM, click the ATMStrategy drop bar and go to custom. Then choose the amount of contracts you want. If you chose 3 you can make each set have either 1 or more per set. It shows the stop loss and profit target. You can choose the amount on ticks to take the profits and to stop you out.
Then if you click the dropdown for stop strategy, and go to custom, you can choose if you want a profit trigger, which brings your stoploss up to break even automatically when it his a specified tick, or it can go above break even if you choose to do so. Also auto trail is available. Not suggested as it makes for annoying scalping, but it's available.
Check to see if your DOM has these options.
When you've set it up, save it as a strategy by right clicking the ATMStrategy dropdown, and "Manage Strategies" and you can save it as anything you like.
After you have it all set up in the DOM you click on "Chart Trader" on your chart, which will bring up a dropdown arrow. Then you can open your strategy with the dropdown menu for ATMStrategies in there, and you will be able to right click on your chart and bring up either BuyLimit/SellStop/SellStopLimit or opposite depending on the side of the current price. It will place the pending order on the chart, ready for you to move it to the price you want it to take you in at, then it opens the trade accordingly.
Then you can move the stops around and targets if you so desire.
Hope this helps!
In ninjatrader you open a new Static SuperDOM, click the ATMStrategy drop bar and go to custom. Then choose the amount of contracts you want. If you chose 3 you can make each set have either 1 or more per set. It shows the stop loss and profit target. You can choose the amount on ticks to take the profits and to stop you out.
Then if you click the dropdown for stop strategy, and go to custom, you can choose if you want a profit trigger, which brings your stoploss up to break even automatically when it his a specified tick, or it can go above break even if you choose to do so. Also auto trail is available. Not suggested as it makes for annoying scalping, but it's available.
Check to see if your DOM has these options.
When you've set it up, save it as a strategy by right clicking the ATMStrategy dropdown, and "Manage Strategies" and you can save it as anything you like.
After you have it all set up in the DOM you click on "Chart Trader" on your chart, which will bring up a dropdown arrow. Then you can open your strategy with the dropdown menu for ATMStrategies in there, and you will be able to right click on your chart and bring up either BuyLimit/SellStop/SellStopLimit or opposite depending on the side of the current price. It will place the pending order on the chart, ready for you to move it to the price you want it to take you in at, then it opens the trade accordingly.
Then you can move the stops around and targets if you so desire.
Hope this helps!
meanreversion
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My stops tend to be a function of ATR, to account for volatility, and I'll bet a fixed percentage of account per trade. I've seen this referred to as the Van Tharp method, but Richard Dennis was one of the original proponents.
ilir.shkurti
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My stop is 3 ES points. Accounts for about 3% risk based on my lot size. I use this on both my gap and reversal setups. I have just over 200 trades with this stop and stop hit rate is around 15 percent (85 percent win ratio).
I know my stop is bigger than most traders' I have had the chance to enter into discussions with. I am sure there are traders that achieve same win ratio on a stop that is three times smaller than mine. That just means they are three times better than me at picking their entry points.
I know my stop is bigger than most traders' I have had the chance to enter into discussions with. I am sure there are traders that achieve same win ratio on a stop that is three times smaller than mine. That just means they are three times better than me at picking their entry points.