Daily stop loss/profit targets

[brownsfan019]

And here comes the PITA

I think it really comes down to YOUR trading styles and what YOUR personal research has shown about this very topic.

Example: I know that I will hit rough days. It's to be expected. Friday was one of them. I also know that there are plenty of days where I will take a few losses initially and then the next few trades take it over. Now, if I was not around for those winners, I'd be upset.

But, THAT'S ME AND MY TRADING STYLE. I KNOW what to expect based on how I trade.

Point is that I do not care for 'one size fits all' approaches b/c it simply does not work in trading. I can prove this article as a complete and utter farce; meanwhile, HLM and others could probably prove the merits. There is no right answer here, but there is always two sides to the coin.

Once YOU KNOW what works for YOU, then you can decide whether a stop loss target is a good idea or not. It obviously works for HLM but I know that it works for him b/c he's already done the research. I have no doubt that HLM has done the research and work necessary to be able to say what he did.

[DbPhoenix]

	Quote:	brownsfan019
	There is no right answer here, but there is always two sides to the coin.

Unfortunately, it's more like a dodecahedron. And therein lies the rub.

[Hlm]

	Quote:	brownsfan019
	Once YOU KNOW what works for YOU, then you can decide...

Exactly...in this business there are many ways to get the job done. The money management I described works very well for MY style of trading. I probably play much tighter than your standard active daytrader. When possible I like to save the gambling for the poker table . The main purpose of my post was to show an example of a dynamic style that's different than what's normally taught. I do feel very strongly that one should have a thought out daily stop placed in advance. How much and if it's dynamic depends on your style. I will leave it at that before I start quoting Kenny Rogers song "The Gambler".

[brownsfan019]

	Quote:	Hlm
	Exactly...in this business there are many ways to get the job done. The money management I described works very well for MY style of trading. I probably play much tighter than your standard active daytrader. When possible I like to save the gambling for the poker table . The main purpose of my post was to show an example of a dynamic style that's different than what's normally taught. I do feel very strongly that one should have a thought out daily stop placed in advance. How much and if it's dynamic depends on your style. I will leave it at that before I start quoting Kenny Rogers song "The Gambler".

Key is to find what works for you.

Now, back to PokerStars.

[Sledge]

I'm looking to transition to an even longer term trader- trading off Daily charts. I trade Forex and would like any insight as to stop loss (in this case it would be profit protection)
I'm aware that it depends on the currency. Anything with CAD or JPY you must allow larger spread, but I don't want to set it so tight, I cut my profits short- I want the winners to run.

Anyone trade Daily Forex charts that may lend assistance?
Trailing Stops may be for fools, I have been experimenting with them for years, on and off, and seem to be too tight (even 85 pips) at times.
Sledge