[ckait]

Try this, if your missing by a few ticks and the trade hasnt really taken off yet and the set up is good to begin with jump in where it is and add to your position where you wanted to be, If it does indeed come back on you. Then scale some out at the original entry price.

[Bear Mtn.]

Originally Posted by ckait »

Try this, if your missing by a few ticks and the trade hasnt really taken off yet and the set up is good to begin with jump in where it is and add to your position where you wanted to be

Good advice ckait, I actually do this on a daily basis and as long as you manage the risk you take with that first entry then a little while in the red (as price hopefully retraces to a more favorable entry point) is usually a small price to pay for catching some good moves. As with lots of aspects of entries, this strategy's success comes down to confidence in your trading plan. Taking an average entry and / or increasing your stake / risk at a better level.. all this is undoubtedly nerve racking at times and it definitely requires commitment to your strategy and plan. Find that and the rest should come naturally.

[MightyMouse]

Don't chase. Use your paitence, discipline, and confidence.

Your entry should be where it is because of your plan. if you chase, you increase your risk and are not following your plan.

Whether you like it or not, you really have no idea of what price would do if you chased and entered. Your entry could have been the little bit extra that some other trader needed to see to execute an entry in the opposite direction.

It's really only an assumption that price would have done what it did if you chased and entered.

[jonbig04]

To me, chasing implies a deviation from a plan and therefor a lack of disicipline. Chasing happens when you enter because you are afraid you've missed something. If this is the case, and you enter, you've lost no matter what the outcome of the trade. Disicpline is far more important than any one trade and the developing of that kind of behavior will cost you far more in the long run than any trade you may "miss".

If its a part of your plan, then its not a chase IMO. So "chasing" can only be defined on a case by base basis.

[ckait]

How many times do you get into the right position on the first try? What is it that you trad e? I dont trade patterns per say. They are patterns I recognize that have to do with supply demand and the agressiveness of the participants. Its not always exctly clear, the market doesnt work that way, you get a set of events that make people want to buy agressive sell agressive, or or you get professionals playing two tick charlie taking money from newbs. How many times do you find yourself in the right position only to be shaken out by two ticks? Bet it happens all the time. Do you buy the first sign of agressive buyers after a 10 handle sell off? Or do you wait for the re test of the same preice to see if they come back in? Do you wait for anothe push lower after than the initial sign of eager participiants? I will enter on all of these senarios. The way you handle the risk of you positions will determine if you are sucessfull. Not the enrty price. Just some insight for those who still view things in one dimension. Happy trading!

[Head2k]

Originally Posted by ckait »

The way you handle the risk of you positions will determine if you are sucessfull. Not the enrty price.

It depends on how you mean that. The risk management is bound with the entry price. In another words, possible ways of your risk management are always determined by the place where you enter. This is not to say that there is only one good entry within every setup. But each entry requires different management and some may be better than others.

And that also gives an answer for what to do when one misses a trade. If one is able to define subsequent possible entries within the setup, entries which allow for managable risk within one's limits, then he can look for these entries if he misses the primary one. If he is not able to define such subsequent entries, then he must give up on entering, because he has no way how to manage the risk then.

[MightyMouse]

Originally Posted by ckait »

How many times do you get into the right position on the first try? What is it that you trad e? I dont trade patterns per say. They are patterns I recognize that have to do with supply demand and the agressiveness of the participants. Its not always exctly clear, the market doesnt work that way, you get a set of events that make people want to buy agressive sell agressive, or or you get professionals playing two tick charlie taking money from newbs. How many times do you find yourself in the right position only to be shaken out by two ticks? Bet it happens all the time. Do you buy the first sign of agressive buyers after a 10 handle sell off? Or do you wait for the re test of the same preice to see if they come back in? Do you wait for anothe push lower after than the initial sign of eager participiants? I will enter on all of these senarios. The way you handle the risk of you positions will determine if you are sucessfull. Not the enrty price. Just some insight for those who still view things in one dimension. Happy trading!

You've listed several very good reasons not to chase. If you wait, it will come back a lot of times.

An entry should be a range of prices (ticks/pips) the best giving you the smallest risk. If an entry is 1 price only that makes it tougher to enter.

[ckait]

Alot of times it does but more often than not it doesn't. the trades Im interested are daily range trades not 2 or 3 ticks and usually there is one shot, if you miss it you need to be quick and creative if you want to get in.