Rossini
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''For the Absolute minority who are willing to work hard and progress, I strongly advise you read and pay attention. For everyone else, let your positions 'breathe' as you sweat over whether your stop is going to be hit again... ''
Firstly I see no reason why anyone with a sensible stop loss in place would be sweating and worrying about it getting hit, I certainly don't! If you have put a stop loss on the trade then you have committed to accepting the loss before it is taken. So when the stop does get hit its just a trade that didn't work, simple.
Why can you not see that there is no right way to trade, including placing stops? Stops are there to minimise risk and to ALLOW YOU to be wrong many times and still be in the game. There is no point having very tight stops if the entry to trades is not perfectly timed because even if the trade is ok YOU ARE LIKELY TO GET STOPPED OUT. And not only that but teojh wont learn anything from it exept that his entries are no good, which he knows anyway!
Market Wizards- Interview with Linda Bradford Raschke Pg 301.
So when you take a bad trade you don't dump it immediately?
That's right. I find that I can usually get out at a better price if I have a little patience. Once i'm out, its easy for me to get back in. If I buy back at a higher price, I just look at it as a fresh trade.
When I first read that it really made sense to me, especially as the type of trading she gave examples of really appealed to me.
This is not the best quote from this book but it does illustrate that there is no right way to do things. Linda might get stopped out all the time if she used very tight stops like you are suggesting, even though her idea and trade had the potential to be right.
I took 10 trades today, 6 of them where timed superbly, they only went one way. Two of them where good trades but the timing was slightly out so they went about 6pts against me and then went into the blue. The other two I closed out at break even as they had gone into loss buy about 15 pips (my stop is 20) then they came back to BE so I exited. My win loss ratio is 1:2
Yes I have to be right 50% of the time just to BE but that is how I want to trade, and my win rate is way more than 50%. Yes I can have a stop of 10 to make it 1:1, but I don't want to. Maybe in the future I will, but at the present time I will stick with my stops that give my trade ''room to breath'' and you can stick with very tight ones.
I'm afraid we are going to have to agree to disagree. Of course I can accept that the less risk the better and there is no substitute for a good entry and trade management, but what I cannot accept is that there is only one right way to do something and it is yours, we are all different and therefore our trading must be different.
Firstly I see no reason why anyone with a sensible stop loss in place would be sweating and worrying about it getting hit, I certainly don't! If you have put a stop loss on the trade then you have committed to accepting the loss before it is taken. So when the stop does get hit its just a trade that didn't work, simple.
Why can you not see that there is no right way to trade, including placing stops? Stops are there to minimise risk and to ALLOW YOU to be wrong many times and still be in the game. There is no point having very tight stops if the entry to trades is not perfectly timed because even if the trade is ok YOU ARE LIKELY TO GET STOPPED OUT. And not only that but teojh wont learn anything from it exept that his entries are no good, which he knows anyway!
Market Wizards- Interview with Linda Bradford Raschke Pg 301.
So when you take a bad trade you don't dump it immediately?
That's right. I find that I can usually get out at a better price if I have a little patience. Once i'm out, its easy for me to get back in. If I buy back at a higher price, I just look at it as a fresh trade.
When I first read that it really made sense to me, especially as the type of trading she gave examples of really appealed to me.
This is not the best quote from this book but it does illustrate that there is no right way to do things. Linda might get stopped out all the time if she used very tight stops like you are suggesting, even though her idea and trade had the potential to be right.
I took 10 trades today, 6 of them where timed superbly, they only went one way. Two of them where good trades but the timing was slightly out so they went about 6pts against me and then went into the blue. The other two I closed out at break even as they had gone into loss buy about 15 pips (my stop is 20) then they came back to BE so I exited. My win loss ratio is 1:2
Yes I have to be right 50% of the time just to BE but that is how I want to trade, and my win rate is way more than 50%. Yes I can have a stop of 10 to make it 1:1, but I don't want to. Maybe in the future I will, but at the present time I will stick with my stops that give my trade ''room to breath'' and you can stick with very tight ones.
I'm afraid we are going to have to agree to disagree. Of course I can accept that the less risk the better and there is no substitute for a good entry and trade management, but what I cannot accept is that there is only one right way to do something and it is yours, we are all different and therefore our trading must be different.
