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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: David who wrote (21213)4/16/1999 7:40:00 AM
From: Patrick Slevin  Read Replies (2) of 44573
 
Each trade is different. Position trading I don't use stops, just mental ones. I don't position much so I really don't have a refined method. Yesterday, I felt the 1325ish area had to hold as key support so breaking that I just covered.

The day trades are very different. Sometimes I use a Real Stop if I think the entry was at a critical point that could go either way, then I usually use roughly a 2 point Stop. Breaking the Stop I may re-enter and usually I get a better price anyway. If it's trending I may not enter a Stop but I have a mental one.

The widest Stop I usually use is 4 or 5 points on a day trade. That's usually when I think there is a Change in Trend or Continuation of Trend but Market Volatility has wide swings so I have to allow extra slack.

In all cases during the early part of the day trade I move the Stop up to marginally profitable as soon as I can. Once that is done I can better manage the trade as the risk of loss is practically zero. For example, if it moves three points my way and I still wish to keep it on I might move the stop to 50 basis point profit.

For example, if the Long entry was 1330 and the market moved to 1333 I might place the Stop at 1330.50 and then try to target where my preferred exit will be.
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