Where to place stop loss order?

Discussion in 'Strategy Building' started by xyannix, Mar 8, 2007.

  1. xyannix



    I am having problems picking where to place my stops. It seems I always get stopped out.

    I do not believe it is a market maker conspiracy, I may be picking bad entries but I have a feeling I am just making my stops too tight.

    Where do you place your stops when day trading the ES & YM? (I usually place them 2 Points for ES and 20 for YM)

    Also where do you place stops when day trading trading stocks?

    Thanks for your help!!
  2. wynotb1


    Are you scalping, swing trading, gap trading? I think there is a different stop for each. Also what are you looking at for a reward for each trade?
  3. I just posted this in another thread but I will post it again. Look for an absolute entry, one where you can place a stop (for me 2 pts es, even last Tues) and then either, get stopped out, bail with a small loss, reverse, or reenter, or it goes in your direction, now on to exit strategy (another thread entirely)

    You need to look past your entry and stop level. What do I do when the market does z (usually occurs before stop is hit)

    Rules, entry, intrade, exit, without them we would be just like the monkeys swinging from the trees, thowing our shit at each other.

    Having them is the first step, mentally following them is mastery. Can't say I have reached the latter all the time.
  4. roncer


    My strategy is don't place them....... hunt them....... like a floor

    trader. However this may take a few years to get the hang

    of. But once you really know where they are you are in

    business. :D
  5. xyannix


    Thank you all for your reply's, I really appreciate it!

    I am looking to make two points per trade.

    I am trying to trade by following the trend, hop on after the move starts and ride it until it finishes.

    I dont hold positions overnight. The trade can be 1 min to 4 hours.

    Exiting trades I have no problem. I will either exit at my predetermined goal or adjust my stop up which if it gets hit when it is a profitable trade i dont mind. The problem is getting hit a minute after I place the trade.

    It sometimes feels like the hi candle or low candle of swing has my name written on it. "xyannix had a stop here!" :D

    I am not sure if this is called scalping or swing trading. :confused: