Stop losses? Why not: When in trouble double? With leveraged ETFs you can double, or even triple without risking a margin call.
They say a picture is worth a thousand words. I've always said this is the proper way to back your claims or defend yourself in ET, simple screenshot and done. You are a player ESD. I assume you just trade ES based on your nick ? Nexen
If you don't use a stop or some other risk based caluclation then how can you know and understand your potential risk? And that's why the majority haven't got a chance in this game because they never even contemplate the business is all about risk.
Is it just my imagination or does the subject of 'cutting your losses' get considerably more attention on ET than 'letting your winners run'?
yes, that is trading ET (Entertainment Today) style. When will people realize that in order to make real money, they must trade a real account.
I think the use of stops should be based on your style of trading and the backtesting of your method. My "style" of day trading is complete opposite of my longer term trading of letting profits run. So if in my backtesting shows risking 6 tics to make 8 tics works to make money, so be it. I am not good in day trading of letting profits run, I have a daily goal of 2.00 points, then cut back size 90%. But I think stops are crucial for the beginning trader, otherwise many would be wiped out in a few weeks.