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My target just got hit! The thing about losses are... they aren't 'REAL' yet, they are only real if you sell your position against a loss! Right now both losing trades... turned out to be winners instead. I haven't taken a loss since I started, but I did take 2 bad trades to deal with!
There is a solid plan for exits, which is 10 points, currently.
Unfortunately, I agree with you on a lot of bullets you shot at me! And I am thinking about it a lot... then I stop a bit because I get to confused! As this is in my case not something you come up with out of the blue...
I have a lot to think about, already... I definitely haven't thought everything out, else I wouldn't have started this journal.
A lot of these question you ask... I had problems with them to begin with!
But another good reason for finding out answers are that this method is working! I just have to put in more concrete rules as you say!
My second now live trade,
Everything went so fast... I might have entered a bit too soon, though there is room! Currently went +8 points so far... Target hit within 30 minutes!
Sorry, I missed all (two) opportunities today... I am still overthinking your comments... but I can't find to seem a straight honest answer! Ideas for any solutions are welcome.
No trades were taken today... I was very conflicted... and I missed all opportunities while doing other stuff around...
A daily review can be found in this picture...
I will continue and try to find a methodology that makes my strategy more sound in terms of stop losses and so on.
The red line is an MA 180, but... that should be a 150 one, even though the conclusions will be the same... we got an MA crossover, 200 crossing over the 150 one!
I will be on back tomorrow active again, I hope...
"Price alerts
I still believe in stop losses, but not the automatic kind. Rather than using automatic stop losses, I set up price alerts for the securities I bought (and for those I plan to buy). For example, if I buy XYZ stock at $20 per share, I might set a price alert at $19 (5% loss), and also at $25 (25% gain).
If the $19 alert is triggered, I am notified by email and text message. Next, I’ll turn to my mobile device and decide what action to take. More than likely, I’ll sell depending on market conditions. And if the $25 price alert is triggered, I might sell for a profit or set new price alerts.
The main point is that I am in control of my sell orders. Technology has made price alerts more practicable than in the old days. First, because of mobile devices, you are notified instantly if the target price is triggered. Second, you can take immediate action. Before the Internet, you had to run to a phone and call your brokerage firm. (During the 1987 market crash, phone lines jammed because of the huge influx of orders. By the time brokers entered their clients’ sell orders, stock prices were already at rock bottom.)
Note: Stop loss orders still make sense if you are unable to access your account immediately, for example, if you are on vacation. In addition, if you are not disciplined and ignore price alerts (hoping your stock will come back one day), automatic stop losses might be a better alternative."
Maybe this is something I should look into... because the market is constantly changing, the scenario may be changed already when it's heading towards your stop loss, there for maybe missing a turn around at that level. The article is also noting 'run the stops'! Why aren't we talking about this instead, because... I have seen it happen so much on the DAX! stop losses were hit and suddenly the market went even higher/lower because of it, going into extreme mode!
Am I the one who's running a risk with a stop loss? Instead of preventing a risk from happening?
To decide whether or not to place an order in the market for your stop, you first need to know where it would go.. Devise an appropriate exit strategy for your setups. I've mentioned it to you before about a simple ATR volatility based exit as a starting point at least. Try something and test it, adjust, test, adjust, test, etc.
Definitely, I am working on it... or I will be working on it for the time to come and beyond!
My first trade taken today... I missed a good one this morning... I had my finger on a buy button, but I wanted to buy at a lower level, while... it did meet the standards to go in! Anyway, nothing won, nothing lost!
Entry 12015.86, target 12005.86, lol we got to 12005.85 but... that's the price level, which is an average of the buy/sell level... hehe can I say target achieved while my order is still in the market?
A 1 minute chart here... I am currently losing money! it got to 12004.85 and it's still not sold lol! Target is 12005.86 this is weird... huge spread apparently...
TARGET FILLED! Ya know... what... this third try of selling even failed again! I noticed my profit was on 10 points... and it failed to sell! ! ! However a 4th attempt quickly after was successful!