Hi guys. If you would be so kind as to help me with this trade I did earlier today. Ticker symbol: AUY If you take a look from the chart I drew, there was support at lunchtime at 13.08. It broke support at about 1:40 and I got in around 1:42 as a short. I had a stop loss (worst case senario) at the midpoint of the Bolling band at 13.15, but was planning on exiting around 13.10 if the trade went against me too quickly. If you take a look, price hung around the $13 range for 20 mins, before sinking down to about $13.80, hitting my profit target of 20 cents. Unfortunately, I got out 5 mins before AUY tanked at $13.00. My reasoning ? I had a feeling the trade bottomed out, but I had no real solid reason for covering so quickly. What should I have done ? Better yet, if you were in this trade, what would you have done ? Impatience got the best of me here Note: My time frames are usually 5 - 30 mins, but average around 15 mins per trade.
If you had a stop and a target BEFORE you entered the trade and the trade hit one or the other and you were taken out of the position then the trade was a success. end of story
so you're saying I should always let my trades hit either my stop or my target ? Granted, so far, my system is producing more winners than losers, I just felt like just b/c you've got a stop there, u shouldn't always let price hit it.
Wrong. You have to let gains ride. There's ways to stay in the trade. There's a timing problem with his trading. It's a simple fix, you must use something MECHANICALLY to overcome this "sit and wait" anxiety.
Say's who ? Did you learn nothing from your CROX loss? Your problem is greed, and I tried to help you understand that in your other post but hey, you can lead the horse to water but you can't make him drink.
Think about it If you have a method that produces 50% winners and you only lose $100 per loss but every win is $200 would you make money ? This business is about capital preservation even more so then it's about making money.
Where are your volume bars? How can you scalp without looking at volume? Volume is 2nd only to price action, for it is real time, unlike every other indicator.
Yeah, I sell the losers. I said let WINNERS ride. You can't read for shit can you? You take 40% losers (small) and then adjust your winners so that the 60% are held until your sell signal is hit. A discretionary exit will kill an account.