tenny1886, I like the APE and "follow market when it dictates the moves" As day trader, all I have is my eyes and what is on the chart. It is my job to take the trade and then perform trade management. Forget this risk stuff. The risk is the risk, who cares. What matters is the exit. Will I hold for more profit where price is stalling, or will I exit for small profit ? Who knows, I make that decision when it happens and then react. That is pretty much all I can do as a standalone trader. read and react and manage. I most certainly agree with you Tenny. Yes, I scalp, walp, palp all that stuff. What is key for me is knowing where to exit. i like to hold for bigger profit as well. The entry is important, but knowing when to exit and when hold for more profits is key. The orange is me getting in and green is me getting out. Some times I hold longer, sometimes I exit quickly.
yes, i do hold some positions for more profits. risk is always constant but profit taking is dependent on the movement of the price. I do scale out at 2-3 points and move the stop for my last contract to either break even or a point or two higher/lower in the money, depending on how price had performed at that level for adjusting the stops. For targets, it will always be dependent on the range that price has traveled previously and how smooth has been the momentum. There are certain levels during the course of days where price will visit again and again and those levels you can set your entry and exit and when you enter those levels probability of price hitting your profit target is much higher compared to your stop being taken, but for that precision entry is required and my stops are always a point and half or lower, which either make me right most of times or wrong certain times, if wrong then it is a small price to pay, compared to the reward when i am right.
i draw ranges all the time and as price erodes those ranges, it gives me a clearer idea about how price might react, along with signals and price action i formulate my trades.
Yes, I just hold this for $230, happy i did not exit early on this one. We don't know what is going to happen after entry, so just hold on til price starts to turn. Move the stop loss with common sense. this is a good one, but i take some like -$40 trades today too. some small losses is ok, but we gotta hold and manage the big ones too. I use to exit quickly, but now I wait for more or less. It all depends. Just do whatever the market wants us to do and move that stop loss down. Another guy on this thread taught me that about a week ago. his name is volpri, good guy.
yes very good trade, my max profit on 1 contract hardly surpasses $175 in terms of $ amount. There are rare trades where i would hold in anticipation of price breaking a previous swing high or low. those trades my contracts net me around $240+ each, but those are very rare, but they do occur 2-3 times a day.
this is how my chart looks too. LOL. I have lines all over the place. lol. But I need those lines to gauge what to do and where to consider exiting the trade at. Sometimes the line get in my way, but I need them.
yes but if you take out certain levels that are not very strong or where price has not concentrated too much it does help in making the charts a little cleaner. i remove most lines that have already had their uses and then chart new ones, as price moves forward, only keeping some which have a high likelihood of being an AOI ( area of interest). i too had some many and sometimes when price breaks from a range and then get into a whole new territory then the imp lines from past do help in anticipating exits.
In my developing years I had a bucket full of seminars and mentors. Some would show there 3 year statements and others not, some I would watch for up to 5 days of them trading profitable and other others not. One guy pulled in over $75k in a week I was there. But here is the problem, I was not them, didn't have the abilities at the time to grasp how price works and why. This takes years to learn, almost anyone can remember patterns, targets and risk stops, but this only takes someone so far. Retail has no idea of how far, to a degree markets are not free but are controlled with those who trade huge size. The best we can do is tag along. I occasionally look at all the stuff I bought before, most of those who taught have left this world, but now I completely understand what they were trying to convey. Even the material that reviewer's said was garbage, I found small parts to add to my models. Most of my life people have said "NO" to me, but definition of "no" is different to me, it means that path is a no, so go a different path and if need be 100's of paths to overcome what one wants to conquer. Same with trading, you can overcome what is stopping you from accomplishing what it is that is stopping you, AND it might be you not cut out for trading. Instead of wasting years find another path to find your harmony.
Great advice here. I think it applies to both novices and expert traders as well. Actually, trading is not difficult to a point of being impossible, but its also not worth terming as easy. That is why its important to learn from people who have trod these paths before. The problem is that those who need advice are never willing to follow