Thanks for your response. I do not think any PVT or SCT people are posting in the P&L. We have not posted on the platforms either.
Perhaps not in the P&L thread at ET, but rest assured, this is how the big money is made in the trading world as a whole.
It is up to the system you are trading which one works better. You should go through your latest 30 days (or more) trades and paper trade them again by the pre defined targets or not. Do not change the way you do the target during this... My system is pure price and volume action based and found that keeping fixed target was the best result. It showed me clearly that the question was a combination of high frequency/low freguency setups vs. fixed/non fixed target (=reverse signal or weakening). It gave me much smoother equity curve also (what I am looking for).
here we see two crazy ideas. I will pit them against each other. buy1 sell 1 - do you realize that as you enter and hold - jack hershey will be making three times the daily range each day you are holding. In essence his testimony proves that your concepts are wrong. Lets say you are long and jack reverses to long for size. he could then scale out at the top and then put on size for the next up leg. the fact that he says he can get 3x the daily range with his method is proof that you are wrong about scaling and exits. Whatever time frame you are on - jack can do better. consequently scaling out makes sense.
Gotta give them hope Rocko. And it doesn't matter what I say, I've given people my whole method and watched them lose money with it (or find it too boring and go back to something more exciting like chasing big wins). Very nice proof Jem.
mgj, what u say is true. also, it is not ONLY psychologically desirable, it is also monetariliy desirable for many traders, and many systems targets (and scaling out) smooths an equity curve. it also (in many systems) will result in SIGNIFICANTLY less risk of ruin. these are desirable for many traders.
First of all, jack or whomever, will have a better chance of making 3 times the daily range by letting the winners run intraday and cutting the losses short, even if that means that he is using a target for profit. You've missed the concept here of letting winners run. Secondly, well over 90 percent of retail traders will miss nearly every turn during the day and actually lose money. Those that do catch the turns will be eaten up with slippage and commissions. Third, the vast majority of wealthy traders ( and I mean vast majority), are position/swing/overnight traders. So, kudos to the very few that can be nimble enough to make it intraday, but the advice to take is mine, which is to not daytrade or if you must, only in the direction of the major trend. My concepts are extremely correct. I only offer them here as help. You are welcome to follow your own path.