I agree with you 100%. I normally don't overtrade in such a fashion, but yesterday I fell into the old trap of trying to chase a profit goal in chop in the afternoon, and by the time I realized I was in said chop it was too late. I kept trading to make up for a mistake in that noon hour, when my target was missed by like 2 ticks. That would have put me at nearly $1,000 up, which was my goal. It was a cavalcade of comedic errors after that. I think the point of the post was that stops work in large trends, but not in chop?
Yes, have been mulling over the thought of taking smaller profit targets in 2 markets to make up for the larger target in one market. But there again lies the problem of simply doubling the chance of a loss by having to have a smaller stop on each.
Dumbo! Chase the methodology not a profit target. Concentrate on executing your plan and what price action is telling you, not on what your desires to finish the day with a pot of money. Several times in the past you have strongly suggested to me "get out, take your profit now, don't wait". Well my system doesn't look at profits, it looks at trends.
Yes yes, I know! Ack! You evil mouse. I am my own worst enemy some days. Today I stayed out, tried some sim, and it is back to the same routine of doing great there. I'll get though it. I'll never find my "aha" moment, because those moments change as market conditions change. In fact, every day is a new aha moment lately. Ug!
imo... and my opinion only.... stops should only be set for catastrophic failures. Other than that, you should be confident enough in your assessment of where you see things going and then stand your ground. You might surprise yourself. Stops will chew you up. Zoom out the charts a bit and take in the bigger picture. Be patient on the entry, and then believe in your convictions. Give your trade some time. ......Zoom the chart out... sit on your hands.
Trending markets have a better average profit per winning trade. And as the stops are the same in any kind of markets, the losses stay and the profits shrink. That's a problem for every trader.
This proves that you are an incompetent trader! To make things worse, you’re also a horses ass My apologies to horses!
I KNOW! I knew you would understand. There is a video analogy I have been chewing on for over a year but cannot find a small enough snippet about the idea. Of what you say there. It is from the Hunt for Red October. Just ONE little line from Sean Connery. *sighs*
So the stalker is now being stalked? Go away Sweet Bobby, this is not good for you I think. Because I eat the real, which is Oreos. You, who have proven NOTHING here on ET, and are eating the Hydrox, which is fake. Ug!