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A perfect trade according to your rules and setup. Also, the institution taking the other side is not always trying to scalp, there are many reasons to take a trade, hedging, etc.
Hi BubbityDog. I think this is a universal problem for all traders.
What I do. And this is just me. If I have a target I NEVER bring it closer IF I'm in profit. If you see my journal of charts you'll see that. Ill move it away for MORE points but of course that directly effects probability but again if IN profit I DO NOT move closer to get out early as YOU NEED THOSE WINNERS to offset losers.
Thanks, I can't agree more ! Since I (nearly) came over this big issue, my trading AND my account pnl significantly approved...
And when I go through my stats, I'm almost always way better off by going all-in and all-out and taking profit on my pre-defined targets.
Of course I know that you can make more / big money by catching runners, but in my case I'm much more consistent AND profitable by taking my 'bread & butter' trades and take my share when the market presents it to me...but of course this depends on every trader's personal style and psychology.
Good trading to you as well !
"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
This is the ONLY style I've ever been profitable at. If you look at my journal you'll see the same.
Today was an absolute perfect example of that. Im not sure how many trades I took... more than a dozen but if you look they are all either at profit taking at small defined areas or I managed my losses, including I believe, TWO FULL STOPS.
But I TOOK THOSE FULL STOPS WITHOUT QUESTION!!!
I ended the day with profit of 9.4 points after comm and slippage so pretty happy with the day. But again I fully took all stops!
Nothing wrong with wider stops as long as you decrease your position size accordingly. I use SharkIndicators Blackbird with NinjaTrader (not a commercial for either). One of the things I like about Blackbird is that I can define the max risk per trade (currently 1% of the account balance), set my stop location and profit targets, if any, prior to executing the trade, and have Blackbird automatically adjust my position size. It will also show me my risk and profit potential for each trade. Lately the market has required larger stops, so I can set them far away, even allowing enough room far a scale in, and let the software do the math.
I've never heard of that feature that does that right on your platform. That's pretty sweet actually. I trade so frequently I have to set less often than I'd like, like daily. Be really nice even to see what the numbers say per trade as account grows and shrinks. Hopefully grows
Thanks, I know that you can manage your risk properly with Blackbird.
What I was talking about is moving your stop AFTER you got in the trade AND then moving it too far out of the way. So as a result, your risk and money management parameter don't match your position size (and account size) anymore...
"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn