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King, Stops should be placed in relation to price action (pivots) and not a fixed value... same is true for profits, price action should tell you when the move is over and not a pre fixed target... fixed targets its like spoiled kid that wants something (candy).... markets dont give some times what you want... market has a dynamic you want to simply follow... I here a lot here on TL about 10 12 points targets on YM.... thats some how pretty foolish, because some times you will get a 30 move and you leave money on the table... and some times market made a nice 8 point move and you didnt get it and waited to get mowed with - 10 -12.... price action is the best way you can manage a trade in terms of stop/trail.... if the market wants to give you a lot of profit he will give you, if he doesnt want to give you much profit... want give you... now never forget this : RRR = live or die.... cheers Walter |
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Walter - allow me to share one piece of advice I received awhile back when trading - there is no way perfect way to trade. What works for you, may not work for others.
Point being - you cannot say that one way of trading is 'foolish'. That's just completely inaccurate.
For example - the argument can be made that if you go for +10 on the YM, why can't you re-enter the trade again if it indeed moves the 30 pts you quote. Just b/c it may have taken 2-3 trades to capture profits vs. one, that trader is just as profitable minus the tiny commission. However, that same trader is constantly taking profits and that can do wonders for your psyche.
Just keep in mind that when you reply to threads, you are providing your opinion. And while you are entitled to it, calling people or ideas foolish is indeed, foolish. Just b/c you don't like it or agree, doesn't mean it can't or won't work. As my high school math teacher used to always say - there's more than one way to skin a cat.
(I have no idea why that quote has stuck with me for so many years. It's rather disgusting, but proves the point.)