I know many people say the exit is more important than the entry. But my personal experience is the entry is also very critical. I say that from the psychological point of view. If after entering a trade, the price immediately moves in my favor, then my mind becomes much more relax. Now I have a winning trade in hand, I can decide when to exit. I am the master of that trade. I experienced a lot of trades that the price oscillated around my entry and I really didn't know what to do except watching the screen. I can take profits or losses without hesitation. Some people still have such problem. So they think the exit is more important. I feel watching the screen and don't know what to do is much more painful.
I agree .. for the same reasons..and another more important reason.. when you are in trade..and the market is in chop-chop mode.. and simply ain't moving..or worse..moving against you no good exit strategy is going to help you there.. you still have to lose money. Markets move up..down..and sideways. you lose when market against you( up or down) and sideways so you can probably say the win percentage is 33% A good entry can change that into a coin filp..just up and down.. made it into 50/50.. a entry is probably twice as imporatant as the exit..
I find it easier to get a great entry than a great exit. When you do not have a position, you are much more dettached and objective, however it is hard to stay as calm when you are in the market. I focus on getting excellent entries, and use a fully mechanical exit to take me out of the trade, thus eliminating the fear/greed response that causes non-optimal decisions.
I disagree... the exit is where the loss or gain is taken.. period. Entry is the easiest because you have full control.. once the position is on... the pressure arises and you no longer have full control.. The exit is what separates the top traders.. from the pikers. Ever hear the old trading saying... " Cut your losses short and let your winners runs" -- since when does that talk about entry? --MIKE
Have you ever traded before... I am curious to hear about your success trading .. Anyone that trades... knows that this is simply not true. By the way I am a swing trader... --MIKE
coin flips, percentages and a few other things makes it clear that you're not really trader material... this is what trading is all about, if for example you always hit the entry correctly and were in a profit in just a few ticks, then somethings wrong with the "reality" of your trading, because the experience is such that there's no predictability towards whether or not its 50/50 over time or whatever, its just what trading is all about...
have i ever traded b4? I traded 5000 futures contracts just last month.. largest position been 290 es contracts.. and just finished trading 500 today..lost about US30,000.. well...I think I am trading..would you agree with me? unlike you..I am a trend following which is probably why the entry is THAT important to me.. try goingthe trend or go trade some SIZE.. .then you MIGHT understand what I am talking about.. at this moment..you MIGHT be..for a lack of better word.. too GREEN to understand what you are talking about...