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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: Nemer who wrote (3073)	9/2/1998 12:55:00 PM
From: SE	Read Replies (1) of 44573

I was just discussing this in PMail with Patrick and thought I would share it with the thread. The last two days have taught me something. The markets, especially the SPOOS can be fast and exciting. The last two days hearing of others taking 15 points off on a trade and watching trades I made continue in my direction for greater than 20 points etc, has made my start to look for a bit more than my average. This damaged me yesterday. If you throw out the trade I screwed up the order on (and by the way, for record purposes I finally decided to enter it as a 2.50 loss, even though it was a 5.50+ winner!) I ended up losing on a couple of trades becuase I was looking for more. Had I taken my normal exit yesterday on those two, they both would have been profitable. My average winner is just over 2.30 points and I should be ready to get out once that number is hit....or before if the indicators are turning. I think that maybe I should do as I did this morning on the short from 999. I thought it might run, but once it got to 995.50, I picked a number (997) and was going to be out if the ask hit that again. It did, I was out and preserved a winner. Maybe that is the way to look for more, pick an exit and trail the exit...rather than just watch it and then when it goes against you, hope it will come back to the previously had profit. At one point my trade this morning hit 995 on the bid and I did not want to take it out at 997 knowing I had almost 4 points just prior to that, but the hard stop level of 997 took me out and in retrospect, it was a good thing. Looking for anyone's ideas on this. -Scott

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