Trouble Holding On To A Position?

[wow]

Originally Posted by brownsfan019 Feel free to share wow - we've had plenty of threads around here on exit strategies.

I traded only one emini sp at a time and just started two contracts per side last month.
What I learned from the gentleman was his peculiar trading concept treated every entry as part of casino betting. That is:
Any entry is a bet and should accompany with stop. Period.
Any opened position must set a target with at least 3X reward versus risk exposure.
The bracket is fixed, right or wrong. Changes allow only when the position is in your favor. He calls it trail stop. A trail stop activated only if entry price move into 1/3 of objective targeted price.

I am still try to understand when he said 'extension in exceptional range' when market volatility increases.

I suspicious he's a Market Profiler because he talk a lot of value Long or value Short. Something I don't understand and sounds foreign to me.

With his way of trading, turned me around the last 5 months from consistent losing months after months for almost 17 months. Not perfect, but no complaints.

He has a free blog at myspace.com/no_nom

[MC]

Great input. I'm only on paper at the moment but I can tell you when I started to scale out it made all the difference in the world. It's like having a free shot at the bonus spin on The Price is Right.

Thanks for the great site and info.

[404]

Good read. This is what I am dealing with currently. I have been having solid entries, and have been scaling out at a certain point gain, say 1-2 points. Then I will move my stop up, but I still find myself selling the final portion after another point or two. I see the profits, and I am quick to sell and book the profit. I tell myself not to be greedy, but then I will often see the trade continue to go in my favor another few points.

I guess it is the question of how much you want to squeeze out of the trade. Soul said that having a target helps, and I am working on that. I do think that having a soft target where you think price is going, will help to hold on. But it is still tough to watch a few retracements and seeing your trade profit ride the wave...

Solid article...