newbie----->: SoSueMe who is also now joining the ignore list, saved for the truly ignorant such as yourself... *click* You may have the last word. I know you will be unable to resist. Most of your other words have not been worth the read...
I really got a kick out of the "spoof". From the viewpoint of a "market order trader" it was really funny. All market entries or reverses give up the spread as the price of having great timing and being in the fast lane. Also, I do not use stops since I trade on the "right side" of the market, only. The limit order entry lacks timing in many ways but if a person is not greedy it works. A lot of types of orders can function as stops, so there are many ways of assuring that most trades are profitable by using stop strategies if sidelining is part of a person's trading. The OP requested some help. My major recommendation would be to always know the side of the market which the market is trading on. If unknown, then exit immediately and find out before re entering. Second, it is a good idea to plan out the next several trades, all with respect, to the right side of the maket for the segment of time of the future trades. This type of planning results from knowing the market's order of events. Because I follow these recommendations, it made the "spoof" more humorous to me. One of the most helpful aspects of trading is "knowing that you know" and its pragmatic construct that is most helpful is the CP4 which points out the zones in which the future price turns will fall. I do about 10 to 12 pages of logging a day. One of the aspects of this is that usually a lot of the segments can be filled in, in advance. The same is true for stock trading. There are about a dozen common ways to use stops. Knowing these conventions is helpful since they all have "tells" which appear as the market moves forward. They are particularly important to watch when the IB's are also closing accounts on various contract levels. Why they are important to watch is that the stops are meaningless as protection for the user at these times. The stops simply are items that turn into market orders at the rear of the que as price continues to cascade further away (in greater losses) from the original stop. If a person is a user of stops, then he had better regard the DOM and whih side of the wall his stop is on. Once a person is upside down and the Wall of the market is between him and current price, then he knows he will continue in a losing position but not be taken out. If he sees the wall drop below his stop, then he knows price will move to his stop and kill his trade. Conventional Wisdom usually means he will not recognize to reverse and make money going to his stop or just sideline since he is wrong. In trading, most people hold onto their views (thinking being right is a good idea) and then learn failure fairly quickly. If a person sets a stop, it is a statement. Being spoofed by spoofs is a statement as well. The market has two sides. Sentiment is always present on a given fractal. Which is more difficult? Learning market sentiment or learning to protect betting? Price is always on the same side of a line that has a name as old as trading. The side price is always on is the left side. Sometimes it is on the left side of two lines that are sloped in opposite slopes. This point in time and relative to a stop is that time at which price is furthest away form the stop (the time of max profits). No sponsors know these things. How do we know that? Wouldn't they be selling the tooling to illustrate how to put stops far away from the most profitable places? This is spoofing isn't it? What sponsors would do is put lines on charts to show when the price is on the left of two opposite sloping lines. Why don't sponsors put such lines on your charts you pay for? Price goes along on the left of one line. Then it is left of two lines. Then it is left of one line again. This is called a price TURN. Is it an exit or an entry? LOL It is a far away from a stop as is possible for a trader who is on the right side (sentimentwise) of the market. What is the name for a trader whose stops get hit? Why do traders even need to set stops? Now you are warmed up. Take a trade. Draw in a trend line to the right of your entry and slope it in the direction of the entry. Place a stop. LOL..... where is that stop????? What keeps you in a trade? Price moves away from the trendline. When price stops moving away from the trendline what do you do? Obviously you move your stop. LOL why? Did you ever notice all bars begin inside the prior bar? Then what happens? LOL How long BEFORE the end of the bar? All trading turns have a beginning and an ending; they are as far away from a stop as is possible. Letting your stop get hit happens because it is so important for you to be "right" instead of being rich. Thanks for spoofing TZ.
just updating this with my trades from 2 weeks in December...I didn't manage to solve this issue. On the bright side, I am now more profitable than ever-for these 9 or so days, the account is down a little, but with 160$ stops would have been up 5*, purely based on trades I actually completed. Without using full leverage. I need a trading system that does it automatically. I didn't find recording each trade in detail comfortable-it interfered with my monitoring of the market. I know that I seldom make mistakes, but when I do-usually through staring at the screen too long, I don't end the trade, I hold on too long. Otherwise, I'm very fast, in and out, frequently. Anyone who wants to fund me with a prop account would be welcome. I'll keep persisting, otherwise.
improvingstops, some ideas related to stops (just thinking aloud) : - try entering in steps : enter 1 contract and wait. Enter the 2nd one ASAP if price goes your way. If it goes against you, judge if you are comfortable with what is going on and enter the 2nd. Else exit and wait for a new setup. - Exit half at BEP (or less than half at something at less than BEP, too). That way, the other half suddenly has an improved risk:reward ratio. I need to quantify this mathematically in the future, but it seems like "r:r magic" at this point. - Consider moving the stop once the trade runs well in your favour, in the spirit of "Never let a winner turn into a loser" I suspect that cutting losers + letting winners run + clever money management while in the trade (partial exits + moving stops) would improve even a random entry technique! I'm still learning myself; this is where I am right now.
I'll ask ET if they want to collectively get together and gather $98 to give my version of his system another 6 months. Too many technical problems to count in the first. I don't intend on paying to list it again. I may keep track of it's results, though.