Yeah. This is very sad. No one should ever move a stop. I just moved it because I was ahead and b/c my thoughts were confirmed by the market as it started moving up. But, even if you are ahead or down for the day, you NEVER MOVE a STOP regardless or nonregardless of what the hell is going on. You don't touch a STOP. No more moving stops regardless of how much I am ahead or what I think is going to happen. No more moving stops for me. Never again...
Where did you get the money to keep trading? Don't you have like bills and sh*t? Dude go get a job so that you can some real side income. You don't have to trade now, it's a horrible environment and you're not going to miss anything besides an occasional 10 handle move which has become to be considered a rally or a sell-off.
"you NEVER MOVE a STOP regardless or nonregardless of what the hell is going on. You don't touch a STOP." This is not entirely true. I often move stops when in a trade but I only move trailing stops.
Exactly, how bout a breakeven stop or a take profit stop? Key to survival IMO. Never change a stop LOSS...
======= Riply; Believe it or not, it can be wise to move stops everyday; but DON'T loosen them or widen them past plan, Parabolic stop moves all the time but does not loosen -it tightens slow You say you have a written plan;????? dont take it as a personal jab; sounds like you need a well researched written plan.
From now on, every time I hear some old school trader talk about how paper trading is just a waste of time, I think I'll remember that pdf.
When I enter a YM trade, I will enter and immediately set a 20 point stop loss. I will never change it unless the position goes in my favor by 20 points and then I will move the stop to break even so that a gain will never turn into a loss. The best advice I ever received was when putting on a trade, always have 3 things. An entry price An exit price And a stop price. If you do not have these 3 things set before you enter the trade you will never make it in this game.
Ripley, My advice for what it is worth, is to set up a strict money management plan. with so little money in your trading account it is the only way you have a chance to survive. Plan your trades BEFORE the market opens with a strict stop-limit that you will stick with no matter what. When the market is open, and you are in trade it is much more difficult to remain disiplined especially if you are a new trader. Others have posted this and I agreee 100%, pay of the debt. Scared money cannont trade. You did not say how long you have been trading or how much knowledge you have, (or mabey I missed it) but continue to study and review all your trades, Especially the losers, to see what went wrong and what you may do differently next time. I do not say all these things with a "Holier then thou" attitude. Been there, done that, I was once a new trader too, I made many of the same mistakes starting out though I never traded on borrowed funds. Less then 10% will survive the first year, if you want to be one of them you have to get an edge, and plan and follow it. JMHO Good Luck
====== 4 more] Money mamagement helps, and avoid stupid stuff like sending much cash thru mail,especially if its illegal or smacks of something for nothing. Hope this helps ;it helped me.