Good job this week. Looks like the pullbacks ran right to your stops on the last 2 trades. Hate it when that happens! You can enter commissions in NT so that only your net on trades is used for P/L if you choose.
Funny thing is I don't even put in an initial stop anymore, I enter and just let price do it's thing and manage it from there. This time I entered stops at the exact tick where price turned. Thanks for the tip about the commissions.
What rules of thumb do you use to manage a trade when it goes against you when you do not have an emergency stop set somewhere? What is your gauge on how far you will let it run against you?
I have a predetermined price for entry when I get a setup. If I feel that price has shot too far past my ideal entry after I enter then I look to get out with as little damage as possible. I don't have a number on that because every setup is different. When price starts to go in my favor I will then put in a stop and trail accordingly. I know you're looking for a more definitive answer, but a lot of what I do is gut feel guided by experience so its hard for me to explain how I trade exactly. I tried to in my past charts but I don't think it helps. It all boils down to confidence in my ablility to read price and react to it decisively. My last short trade @ 18.25 was completely screwed up because I decided to put in a stop. Price gyrated a bit but was well within my tolerance and you can see the end result if I did not put in that stop.
Sitting on hands all day. I just hate to jump on a train that may be closer to the end of the ride that the start. Better than overtrading I guess.