I'll agree with that although I didn't count the posts. But the substance!! More like substance abuse, imo. good luck to all Osorico [returning to the cave on top of the mountain]
Hi, Don't post often, but would like some feedback from this august body of traders.(!) From 2/22/06 to 4/21/06 my system produced 749 YM points on a one contract basis. From 4/22 to 5/1 it gave back 421 of those points. I trade intraday swings with 45 point targets(hitting target about 15% of the time before reversal signal) and 35 point stops (being stopped out before reversal signal about 10% of the time). Stops and targets vary as functions of valuation, volume and volatility. Paper traded for 3 months before 2/22 with good results. All observations, critiques, and opinions are welcome and appreciated. Thanks, Patrick
Hello YM Traders: Which type of stop loss order is better when trading emini's? Mental Stops or Bracketed OCO's? Are you more likely to get stopped out when using Bracket Orders by displaying you limit prices? Thx JTMarlin
Mental stops are for extremely disciplined traders. Stop-hunting only appears to be such when you've lumped your stop in with others at the obvious levels...ie: 1-2 ticks above yesterday's high or low. Set your stops based on your plan and stick to them. MiniDowTrader
best type of stop is to stop yourself from turning on the pc. second best is the oco.... it will cause you much frustration... triggering a wave of anger that will cause you to over trade and get deep in the red. Later.. causing you to bang your head in the desk.... asking yourself why cant you follow your plan. least best is the mental... it carries a mild toxin... causing temporary paralysis... which in turn will make you refuse to believe how deep in the red you are. This in turn makes you wait it out... convincing yourself that eventually price will come your way and you can get out at a much lesser loss. As the toxin works its way out of the brain nerves and into the heart muscle... you soon begin to realize how hopeless it is... and accept the reality and finally get out at a huge loss. Shortly after, the final stage of the toxin triggers the mood receptors in the brain... causing great depression, which eventually leads you to get the hemp rope out of the closet and go into the garage after you write a note to your wife and kids. besides that stops are great.
only the fools trade without stops......or thepros and they use mental stops.....because they have the discipline to execute them whtn they see them hit...........i am talking intraday trading only.....
Anyone want to chime in? How many YM points per week is a successful week for you? I don't know.. 200 per week on one contract.. is that too much or too little to strive for?
stops are set when you know whats going to happen. stops are ignored when you don't know whats going on , don't know where wrong is wrong , and you trade with a bias wishful thinking things will go your way. Which it never does Life is unfair to the uninformed!
rip, shouldn't they have to also disclose the type of trading style..........scalping, intraday, position or longer term? it makes a huge difference........especially when some are bar traders........scalping in it's purest form.....