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I have to agree with brown, there has to be discipline when trading and making an entry. Believe I've done this and it was nice to continually taking small losses but psychologically it hurts watching your capital shrink and see the fees accumulate, it's a negative sum game and doing that will not break even or win. The market is a very nasty place to play with your head and emotions, teasing you to come in and out... over and over until you plead for mercy. A trading plan with stop loss (not jerk it around) will decide once and for all if the trade works or not. |
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I guess tor is like me - we like clearly defined rules and then follow them. To simply say that I will flatten sometime before my actual stop is hit will play with your mind all day long.
Today was another great example of setups that took a little longer to hit, but they did. Here's the best so far:
- Long YM at 12737 at 10:09am EST
- Moved up nicely initially, but no profit target hit (actually 1 tick away)
- At 10:12 and 10:13am the trade is in the red, but not stopped.
- At 10:43am profit target hit for +10.
So, it took 34 minutes to reach my profit but I could have easily turned this into a loss if I paniced or didn't feel like waiting.
The other question I have about exiting and entering quickly is how do you filter these trades out? I mean, how do you not get chopped to death when it's consolidating? I would rather be in a trade and patiently waiting vs. trying to go long, then short, then long again b/c you want to get in right before the big move. I just don't see how you can time these perfect and not get chopped and also not trade frequently. It's not adding up to me.