Best advise : DON"T take small loss !!! TAKE big loss !!! Now explanation. Let's say you day trade ES. Max loss is say 12 ticks ie $120 / lot. Don't try to tighten stop loss to < $120 !!! You need to give allowance for deep retracement. Be confident with yourself and the market and take big loss. Definitely having >$120 loss is unacceptable. So don't blindly follow the experts.
" The stock market is a device for transferring money from the perfectionalist to smart unperfectionlist. " - maxinger
some good advice...but a bunch of real terrible advice in this thread. I feel like a lot of you guys eat top ramen 3 times a day not by choice. "buy low, sell high" "buy when there's blood in the streets" two of my favorites.
The Market does not know your condition. You must trade what is hard. You need to get an impulse and get your stop to breakeven as fast as you can. Trade what fits you. Would you do that? Define your plan. Do not risk your own money. Baseball: 3 strikes your out. Do not have your P/L up on the screen during trading. Exit with a stop, take what the market will give. now here is some of my own advice: The correct reading of volume does matter It ok to "scale-in" to a position. When you want out... get out, otherwise let the stop take you out. You do not need to trade each trigger, it's ok to trade less. You can take a short walk if needed. You can work a side job for perspective. Do you want to wait, wish and hope? or do you want to update your condition often? You must define this for YOU. This fear and greed thing can be defined. Why is the market moving...reacting....what are the traders thinking and doing? where are these levels? what sort of session is this?