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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: OpusX who wrote (43221)	1/9/2001 5:46:02 PM
From: SE	Read Replies (1) \| Respond to of 44573

That is a more difficult question. I have had days get away from me as well. I have studied my trading and but for the few days that get away from me I have done well. It is those few days that set me back bigtime. So, in order to alleviate that, I don't trade as often any more. Four trades in a day is a lot now. Usually two, maybe three. Also I use hard stops of 4 points, meaning they are on the books. But my goal is to be out before that would be hit. That is a disaster stop. Finally, if I lose 6 points I am likely to quit. That is way way too much for what I am trying to accomplish. If I get +6 or so on a day, I am also inclined to quit. Finally, because I figure it is somewhat nonsensical to have stop losses (and we need to have them) but not profit goals, I typically will take +4.00 on a trade if it is presented. Yes, I miss some bigger runs, but I also have saved myself numerous times or have re-entered the same direction from a more advantageous price level. If the market looks set to go beyond +4.00 sometimes I will use my judgment and let it run for +6.00 or more, but then I am quick to remove it so as to not get back to +4.00 or worse. I actually think going to a limit out at +4.00 has done more for my trading than anything else. The second best thing I did was slow down and lower the amount of round turns I was doing. I am inclined to change the stop loss to -3.50 and the limit out to +4.50 to make the equation a bit more in my favor.... -Scott