Had a difficult start today, made some mistakes but i managed to make some good trades after all. Probably going to quit for today, i have been working on my exit strategy so my attention hasn't been 100%.
Thanks for the update RDK91, One mistakes I have been making the past 3 trades is bad trade management. I just exit the trade because I feel so, rather then adhering to my stoploss. Do anyone experienced this before? Does everyone stick to a specific stoploss or just exit the trade based on experience and what they see on the chart?
I have a specific stop loss for each trade, i know the exact target and stop loss for each trade as soon as i open it. However sometimes i close early, something i really should not do. Now i am working on another exit strategy to see if i could optimize my return. The GC trade today for example, with the new exit strategy i am now developing, the profit would have been 900$ instead of 300$. I am going to keep on trading with the "old" exit strategy and going to keep track of what the profit would have been if i used the new strategy so i can review the results in the next few weeks/months.
RDK91, Thanks and I understand. I am sort of the same way. One thing I struggle with accepting: Accepting a smaller profit (profit target) with a bigger loss (stop loss). Sometimes my profit target is very near entry. I guess its the old speech of take what the market gives you.
My current strategy uses a 1-1 risk reward, however my win % is very high. To get even more profit i am now working on a strategy that would close half of my position at the level i normally would, so my initial stop becomes my break even level, and let the other half of the position run until my new strategy closes it. Another option for my system would be to keep the entire position until the new strategy closes it. Time will show which is the best option for me.
RDK91, I have thought about all the above exiting strategy. Especially the 1-1 RR. Currently, I am managing the entire position for as much profit as possible. The middle scenario is of exiting half and holding half could be more satisfying. But as you stated only time will tell.
More important than a good exit strategy is of course a good entry strategy. The better timed your entry the easier it will be to manage to position. I focused mostly on the timing part, because of the timing it also clear where to place my SL. Only thing i can improve on is the profit part, however for now i am more than happy with the current results
8/30/18, Live. Very late start, Corp. meeting. RTY, 2 contracts. Using new methods. RTH linear RTY range... 14.5 points ($725) (@12:40 pst) 4 trades (16 sides). Largest DD $60 (1.2 points) Nice! NET, after commish... $665 ... 91% of tradable range. My start time negates this stat today.
RDK91, I agree with you on that. Today, I missed two profitable trades on CL due to bad timing issues.