BTW, Volente, have you been able to use trailing stops in TradeMaven? I can't figure out how to get those to work.
question about stops ... When I did trade during the day and I used a mental stop; I would often get screwed becasue: 1. the 1-2 seconds from knowing you are going to push the button to the trade going through. 2. your order is the last market order to go through so if there are a bunch before you you usually get stopped out for much higher(lower) then what you wanted. So does setting the stop as soon as you buy help save $ compared to just using a market order when you see your stop violated? ALOT of great info in this thread btw we really should get a chat room going
How do you determine how much stop to use for each trade ? You are the most level headed 18 year old I have ever conversed with and this alone give you a great edge not to mention being young and open minded. A lot of older people fail at trading because they are resistant to change and are set in the ways of their past. I look forward to your continued posting.
Are you talking about the auto trailing stops ? I still enter and move all stops mechanically even though I know I am doing it the hard way. Perhaps I am just stubborn or maybe it is a superstitious thing.
Yeah, I have to move my stops mechanically as well. I can't figure out how to do it automated. It would be nice if I got enough money to do more long term trades while I'm at school and hold positions overnight, because I'm in school in the morning, if you know what I mean. I just can't figure out how to use them. It is listed under File > Strategies EDIT: I appreciate the comments. I try really hard.
Thanks JM, Volente and others ~ very much appreciate your helpfulness. Great learning experience for someone like me.
I use a 1 minute chart. Because sometimes the 1-minute bars can be extremely noisy it could by itself lead to so many false singals. I bet the signals would be much more clear on a 5-10 minute chart. Thats what I need to do, try out a 5-min chart. But, I like my charts to take up the full screen size, and that would mean I need to buy 1 more monitor.
Heh... you and me both... I do as well like to have the chart full screen. I need another monitor. Maybe 3. One for the trading application, one for my chart, and one form my mentors screen so I can observe his trading. That is my dream set-up. Still have to do well with what I have now to get there though.
Well I trade on Globex and use Limits never market orders. They are native to that exchnage and executte faster etc. Just use brackets etc. I will jsut widen my stops a little. Plus if I know I missed the trend or entry pt I can jsut get out and I woukld close the positon which I think again is a limit order. Most software use the more agressive limits so your order gets filled etc Ie Aux price I think. Very good Thread. JM Im Impressed .
I appreciate the good compliments. It is not needed though. This is all publically available. I am just trying to help others realize that it can be simple, but a lot of people seem to make it harder than it really is, believe it or not. And I used to be one of those. I told my mentor, gave him an analogy. It was like the matrix. I was one of those stuck in the matrix, trading the way every other newbie trades. But he got me out, and now I have seen how is is really done. And now I'm going back in to try and help others get back out as well.