[Rocky Mtn Trader]

Is it just me, or do other traders sometimes make a trade...put in their profit target and stops...watch the trade for a couple of minutes...then get up and walk away and let the trade play out?

starring at the screen during a trade is very stressful to me. I'm getting better at picking more probable trades and just letting them play out.

How do other traders in here handle this? Do you guys and gals all stare at the screen at day, or do you have confidence to get up, pour a cup of coffee, read the front page of the newspaper, and come back in a few minutes?

Here is another thing I've been working on. When I get into a trade, I expect it to go in my direction...afterall, that's why I got into the trade. All of a sudden the trade totally flatlines for what seems like forever. My latest technique is to just get out...usually its for BE or +/- 2 ticks.

I have looked back on those flatline trades and its a 50/50 proposition on which way its heading. When I stay in...it goes against me. When I get out...it goes in my favor. By getting out...I figure at least I didn't take a full stop loss and there will be other trades.
.
RMT

[brownsfan019]

RMT,
Interesting post. Guess it depends on the person and style of trading. Personally, I don't mind mind walking away for a bit and let the trade work. Starting at each up/down tick can drive you nuts IMO. I think this is also why those that backtest or trade on a sim have trouble sometimes when real $ is on the line. In backtesting or fake money land, you can easily just let it play out. But when your P&L is changing in front of you by the tick, that can lead to premature exits.

[zdo]

Chick Goslin has some pretty good thoughts about different ways to manage 'waiting and watching' / 'watching and waiting' under various situations and conditions in his book Trading Day by Day

[brownsfan019]

Originally Posted by zdo »

Chick Goslin has some pretty good thoughts about different ways to manage 'waiting and watching' / 'watching and waiting' under various situations and conditions in his book Trading Day by Day

Is this the book you are talking about zdo?

I'm not familiar with it but would love to read more about this topic.

[Sledge]

Originally Posted by Rocky Mtn Trader »

Is it just me, or do other traders sometimes make a trade...put in their profit target and stops...watch the trade for a couple of minutes...then get up and walk away and let the trade play out?

starring at the screen during a trade is very stressful to me. I'm getting better at picking more probable trades and just letting them play out.

RMT-

Honestly, for all the forum to see- I'll admit it out in the open. I strive to do this moreso than I do. If I set a trade prior to the London Open and go to bed. I have about a 94% win rate for it to hit target.

But..

If my infant daughter wakes me up to be fed, I get her taken care of.. put her back to bed and go downstairs to check my platform.. I get exactly what happened last night. GBP/USD Short set at 45 pip target. 3:00 AM, I watch it run into my direction "I think EXCELLENT" but then I see the stall.. I puss out, I close the position up 10 pips. An hour later- it DESTROYS my target and I just dicked myself out of an additional 35 pips!

When I am in front of it.. I tinker, I putter with it, I get spooked. The VAST majority of my major homeruns have come from analyzing correctly, setting a reasonable target, going to bed and waking up with pips in the bank. Note to self: Put this in your trade journal -- RMT just gave you a self analyzing gift!

Aaron

[zdo]

Originally Posted by brownsfan019 »

Is this the book you are talking about zdo?

I'm not familiar with it but would love to read more about this topic.

Yes.
He only uses daily (and greater charts) and the trading method introduced in the book is 'old school' but the understanding about trading in general that he has accumulated over the years is applicable to many styles and approaches.
btw. You may be able to buy the book directly from him for less...