Here is a thought...if you could only make one trade today - take one set-up - would it be THAT one? Or would you wait for something better?
Charts after the close.
And go vote for "Stock Pimp of 2006" on Tale of the Tape.
And, don't forget to check out my links on the lower right.
Finally, check out "Comments" on my last INET post for some gap sources. I will try to compile a list next week.
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tags:
trader-x
The Most Important Lesson in Trading Psychology
2 hours ago
7 comments:
I need to learn to ask myself that question after every trade.
Q) How do you place your stops?
A) 95% of the time my stop is placed at the opposing high/low of the bar I entered. If there is an obvious zone of support/resistance away from that point, I may (on occasion) extend my stop to that point.
I'll second what Chris says.
Trader-X, I have one question though about where you place your stops. Let's say you want to enter on the break of a Third 15min bar high. So you are entering during the 4th 15min bar. Do you place your stop at the low of the 3rd 15min bar low or the 4th 15min bar low? From your answer above it is not quite clear, well atleast to me it isn't.
Alex M.
No, you need to ask it BEFORE every trade. After is way too late.
: )
Alex - it is the trigger bar, in your example the 3rd bar. Not the 4th bar where the entry was made.
TJ
Larry - what timeframe?
TJ
TJ
Thanks for the reply. I thought that was the case.
Alex M.
thats exactly what i do when i am stinking the place up. i try to take one trade & make it a winner. ill also set a real tight stop ($amount allowed to lose for day) so that the entry has to be pristine.
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