When you hold onto something for a bigger profit it comes back down and stops you out. If you bail early to protect your profit it winds up going in your direction to your entry point.. Shorted ES @1155.00.. had a target in mind of 1153.00.. bailed out at 1154.75.. wound up hitting target Long NQ @1503.00.. holding out for 1510.00.. market hit 1508.00 a few times.. then headed south and stopped me out for breakeven since I moved my stop up.. This happens over and over.. I know many of you have experienced and still experience the same thing.. guess you can't pick and choose which ones to hold.. Just releasing some frustration.. can't trade right now.. too emotional..
Yeah, I got slaped with a couple 'stupid penalties' today, too. Ya gotta dance to the toon the market's playin. When you don't you get slapped with the 'stupid penalty'. Fortunately, they are just eating into profits today.
I can relate. Bought ES at 1152.25 with a limit at 1154.25. Right as it approached this price I canceled the order thinking it was going higher (Wound up with .75 pt gain). Granted, I might not have been filled since it did not trade through the price. However, yesterday I just watched the tape and exited at the market for a 6.25 pt gain during the breakout at around 11:00 am. getting in is easy. Getting out is the hard part (IMHO).
trying to figure how you could be out of the 1503 long already.... has the NQ even gotten bleow 1503 since your original entry? I don't many futures but if I had entered at 1503, why get out yet? I don't see the "pressure" that got you out! You asked for comments, so mine is.. be more patient! ICe
Scaling out can be a way to cope with this problem. With the decreasing volatilty off late my 1st target is at 2 pts, 2nd at 5 pts.
Goes along with those other fundamental laws of trading, such as when you enter a swing position it doesn't matter how quick or slow how carefully or how sloppily you entered the position you will be the highest price at least long enough to make you uncomfortable.
Is that what ur shooting for 3 pt gains 5 pt gains dude get real ur gonna get ur ass handed 2 u in that mrkt ....... take punts thats for sure but 2 b a long term player let the profits run and stop w/ the ncikels and dimes
I agree.. trade management is the key.. and you're right.. its hard as hell.. It will look strong for 1 minute... so you shoot for another point or so.. then it turns on dime and you lose out on 1 - 2 pts. had you cashed in.. Good Luck
Iceman.. You're right.. I said breakeven.. but I actually moved my stop to 1504.50.. for a 1.5 pt. gain. $30 per contract.. sorry didn't mean to mislead anyone.. good catch
Ditch, I couldn't agree more.. but I have a small account and am only trading 1 contract.. if I were trading 2 contracts I would have taken a 4 pt. profit on one of them and let the other ride..