second entries are safer so your risk is slightly and reward may be less also....but you can take bigger positions
here you could have waited for confirmation from the market: you could have entered on the close of the 4 bar [the big up bar] after the bar you actually did enter on. Learn the lesson: always say..."aprez vous",as the french say or "pehle aap" as we say here in India: it means 'after you' let the big boys enter and then you follow. see in this trade i entered at the yellow arrow short...it is also a support level so do not be in hurry to enter...of course i may be wrong this is live right now
Speaking for myself only, I teach my clients how to use the modeled Trading range and volatility for a particular instrument (Spread combination) in order to set both profit targets and stop-loss levels at the time of trade entry. It’s a very systematic approach. There is no “standard” stop-loss for me - each trading instrument models differently.
thankfully so.....i have 30 years experience in position trading but 10 years back shifted to day trading because i found position trading too capital intensive,had nothing to do for months at the time [ i remember i was playing a video game fr 3 months when i had a position in stock futures;i eventually closed for 300% position, ] but in looking at all the material on the internet..found it dubious to say the least
The market is taken where it is taken by institutional traders/investors not pip squeak retail traders.
Just MHO: When you are so good at picking entries, you should automate your system, just like handle123, so your emotion/psychology won't get in the way.