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I trade with a hard 5 tick stop; however, I have been more liberal in the past few weeks to account for the increase in volitilty.
Perhaps just as important as placing (or knowing) your stops in advance is the awareness of the next entry. Too many times, traders get stopped and then freeze or curse or lallygag. Every trade should be made with the knowledge of where the next entry is should you get stopped out, and this may have some impact on your decision to perhaps forgo the stop and take the next entry thereby lowering your cost basis. This is not averaging down! Instead, it is proper trade management and plan execution. |
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rex - you trade with a hard stop, but also forgo the stop? That seems more like a 'soft' stop.