Trader's "10 Crack Commandments"

No particular order....each is important individually

Rule 1: Do not lose "money" (as in beyond your risk mgmt profile)
Rule 2: Do not forget rule number 1
Rule 3: Keep your emotions in check
Rule 4: If you're on tilt, take a quick break to re-gain your pose
Rule 5: Do not delete your stop-loss
Rule 6: Do not delete your stop-loss
Rule 7: Do not delete your stop-loss
Rule 8: Do not delete your stop-loss
Rule 9: Do not delete your stop-loss
Rule 10: Do not disrespect your "proven" strategy

 

Rule 1: Do not lose "money" (as in beyond your risk mgmt profile)
---->
Rule 1: Do not lose TOO LITTLE "money"

Let's say you are day trading 1 lot of crude oil futures.
You will need to set your max loss at say $150.

Do not attempt to cut it down to $50 because you need to allow for
volatility / whipsaw.

Also if you fear losing money, you can never earn money from trading.

Be confident !!!

 

That's 15 ticks! That is nada in CL! Make it 300 ticks and you might be onto something.

 

Agreed. Adjust your stop-loss according to your timeframe for the trade.

 

Just don't forget to login to your trading platform.

 

I am using a maximum loss of 15 ticks.

Occasionally, I'd increase to 30 ticks or more when Crude oil futures move very violently.

 

Crude is ranging 300+ ticks per day, and you do not think that is violent movement? You must be a RBOB trader.

 

The devil is in the details. I always thought that this maxinger is a big-mouthy pretender. There it is.

 

I would not call max a pretender...I have seen no evidence to think that in any of his postings on the forum. Just in this thread, to call a 15-tick stop loss in CL is too-damned tight under these conditions. Since 6PM looks like we already have a 200+ tick range. You'd have to be at the screen all day long working those 15-tick SL daytrades to make it profitable. Blah.

 

I know that you are more polite than I am and don't want to get involved in my arguments. He has blocked me already
, so there's nothing to lose.