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usually stop orders if I am early in finding the trade and market orders if not....never limit orders. I don't like them. Don't ask me why, i don't know.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I have the luck of getting filled on about 50% of winning trades, and 100% of losing trades with limit orders. Destroys my edge. Only using stop and market also with more consistent results too. I'm realizing that my p/l is a reflection of my trading behavior.
Making NO errors is what establishes the certainty of victory...
My trading was ok today. I mean I made my profit target but it took 9 trades to do it when three would have been enough.
My normal set ups happened but after my first two winners, I passed on the 3rd winner and then waited until my set up presented itself, took it and then bailed with a 3 tick loss. The premise of the trade was NOT over and of course the trade paid my profit target.
Then a sequence of trades (4) all stops and all invalidated by price action.
Then another sequence of winners (3) that put me over the top.
From a profit standpoint, it was a good day. From an execution day it was about 50/50. I lost my head for a bit due to impatience. But I kept the losses small and the winners bigger and ended up with my profit goal achieved.
Cheers
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
what lead you to bail on the 3rd trade? how came you entered the trade if not validated by price action? I am looking to learn by probing your mind... if you dont mind... also, is this sim or real $$$? curious...
I bailed on the third trade for the same reason every one does....I chickened out. Price went against me a bit and I thought if the bar closed up, my trade would be invalidated, so I bailed....but that is the purpose of the stop, to invalidate the trade. It did not.
As to cash vs sim. The answer for that is in the thread a few weeks ago.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I will check the whole thread all over again, you making me work here ... as to the trades... what about the other ones? would you post the chart with the annotations? If you dont mind of course..
Last week I completed a month long experiment to see if I could trade a $1000 sim account all month and end the month with at least that much in the account. If successful, I was to go live today. If not, back to the sim until I can prove myself consistent …
Nope, I almost never do that. I learned the hard way not to do that. I punched out manually. My stop was in the correct place where the trade was no longer valid. I assumed the trade was going to hit the stop and decided to exit prior to the stop being hit. That is not really part of my trading plan. My stops are pretty tight anyway so its not like it would have hit me for 20 ticks or something like that.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris