I feel the entry is also critical

Ding ding ding , we have a winner.


Finally someone states the obvious.

The weight of entry and exit are directly related
to your style of trading.

Try telling a scalper the entry isnt as important
as the exit

Swing traders may say the exit is more important.

Who cares.... worthless bickering. Entry and exit importance
vary based on style, individual systems, and other
factors. Why even debate it?


peace

axeman

 

I'm beginning to wonder if you really trade. Keeps looking more and more to me, like you've read a few trading books, memorized a few trading cliche's and decided to impress yourself on us.

"The exit is what separates the top traders.. from the pikers."

You're joking, right?

 

I repeatedly stated I swing trade.. and the exit is what is most important... I stated this atleast 5 times through out this particular thread..

Obviuosly when you are daytrading there is a different set of rules... but I stated many times.. I dont believe in daytrading.. I dont think anyone can be consistently profitable for a 10 year time span... This is based on my experience and seeing what happened to others..

Maybe there will be a handfull that make it as a day trader... but they are 1 from thousands....

 

Bronks, no need for personal attacks..

Where do you get off bashing me? You just come in from no where bashing... You havent contributed one ounce of idea, or thought into this particular thread...

You are just roaming around.. bashing people...

Look at your experrience.. you are just another product of a pointless journal of someone trying to make it scalping the eminis and fails at the end...

You just played right into my belief of daytrading...


--MIKE

 

Well, that's precisely the reason why exits are so important, because as you say, they are harder. Indeed, they are and so many if not most people prefer to concentrate on entries because if they could not do even this part of the trade well, they would never make it in this business. But I believe that it is when you master the harder part of the trade that you really become a great trader.

I am now working on solving this problem. My latest daytrading system (for ES and hopefully YM) is always in (except when it hits some fixed targets) otherwise when it exits it automatically enters a new (reversed) position. That's how I am trying to solve this problem. In this approach exits are equally important as entries.

So to me exits are more important because they are more challenging. Of course, for some it can be the way around. It also depends on what you mean by 'important'.

I used to say that 'every fool can enter a trade, but it takes a wise man to exit it', which was intended as a deliberately politically incorrect way of saying that entries are easier than exits, but some people would take it personally even if it was not aimed at them. Gee...

 

I'll second (third) that motion!!


Ice

 

Exits are no doubt what separates the very profitable from the 'also-rans'! I would like to hear those that doubt this thought support the contrary proposition.

Ice

 

Your kidding right?

 

Quote from 0008:

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.
--------------------------------------------------------------------------------

So by virtue of your comments you are saying that all that is necessary for an entry to be "good" is for the price to "immediately" move in your favor?! That can be done with a dartboard, non?

Now comes the hard part. When to exit or maybe even add more to the position or sell some. That is the challenge. That is the "reward" part of the risk/reward "ratio"! That is more subjective and requires greater skill because until you pull the trigger to exit you have not made a cent. And how you pull the trigger repeatedly.. what path you take while in the trade... determines how many "cents" you make...

it's much like the Robert Frost poem:

"Two roads diverged in a wood, and I -- I took the one less travelled by.....

AND THAT HAS MADE ALL THE DIFFERENCE."



Ice

 

Nope... maybe 1 out of thousand can consistently earn a salary for 10 years straight day trading.. Min. salary for me is atleast $50k... in NYC you near around $75k+ to live a decent life....

--MIKE