Are you more comfortable buying or selling previous highs?

Adding to what Lucrum said, which is good advice, the first turn is somewhat less reliable, buy the second and third (if applicable). Many times if it fails to make new highs it never turned or the first turn attempt failed.

Sometimes you miss a move that worked on the very first turn attempt but that's the price of higher accuracy and the market typically opens the next day, so nothing lost...

 

Buy new highs = trend trading

Sell new highs = mean reversion trading


Buy new highs in ranges = losses

Sell new highs in trends = losses


Good luck

 

As per usual, stating the obvious.

 

No Sir - you're not - by any stretch

RN

 

Even if the position is in the black and my stop is at a better than breakeven price including slippage and commissions?

(fat finger/exchange malfunctions not withstanding of course)

 

Adopting a mentality that money is somehow free / another’s / or the mkt’s – potentially leads to sloppy risk/ trade management

Not saying turn stupid in protecting unrealized profit

Am saying never give back 1c more than necessary

Which is a potential when one looks at it as "not mine"


Remember – this thread was started by a newbie and has plenty posting in it

Bad habits beget more of the same


Always manage the winning trades, with the same ferocity as the losing

RN

 

So I suppose you grabbed the "obvious" 25 pts in the ES last week, too? Those were obvious levels

 

All good points I don't disagree with. Though I do think you may have read more into my comment than I intended anyone to do.

 

Probably - but then... that is how I make a living

Reading not only the surface... but also the underlying

RN

 

Yeah RN, stop the x-ray vision stuff.