As others have said, always have a plan BEFORE you enter the trade. Personally, I figure my risk before my goal. As an example, I never risk more than 1.5 ER2 points per trade, and sometimes less if its on a trendline, or significant S/R level in general. Figure the exit first, enter the trade, place a stop, and then stop stressing. Profit exits are much tougher, and several threads could be (an have been) created on that one. Jay
You post the same questions over and over, and get the same advice, but continue to trade as if you have no clue what you're doing or why you're doing it! Your time in this business is limited (unless your capital is not). Seriously think about what you're doing here or you are toast. You've gotten a lot of good advice on various threads, you should humble yourself and heed it.
Spot on. BTW, for future reference, if you have Esignal, pull up the DiNapoli Detrended Oscillator through Formulas. Generally, not a good idea to short if the signal line is above zero. There are many similiar indicators you can use. I'm familiar with this one, so I bring it to your attention. Good Luck.
lol agreed seems like he is given advice in almost every single thread and then he tries to justify the position, in fact he even went as far as to point things out 1 by 1 to trader 273 after "trader 273" just told him what was going wrong, Cashmoney it seems blatantly obvious when you read alot of the things you say that you just wing any chart pattern based on all of your different reasons it "SHOULD HAVE GONE RIGHT" but you dont have any sort of system/winning edge, and you really dont take any advice any ways so why even bother?
I have my traders graph out their entries and exits, with a "zero" point in the center (trade entry). Show profits to the right, and then mark how much further the stock went after exit (to see if they got out too soon) before it retraces a nickel or so. Same on the losing side. Chart it out....great visual to see if you're holding too long or taking profits too soon.. Keep it simple...don't get all involved in RR and charts etc., too much overkill. Don
I'd have to respectively disagree. I think it could be suicide if he ignores the R/R ratio. People, especially new traders, are dominated by fear. Fear of not booking profits, fear of losing. If he continues to book nickels and dimes, but his losses are in dollars, he wont be around to long. This is just my opinion, but I never enter a trade that isn't at least a 1.5 ratio. Preferably 2, but that can be hard to attain. -273