Hi, aag100,
I know trading can be quite frustrating and emotionally draining!
However - I've stated to you in the past - you are trading without a written Trading Plan.
You seem to imply you are an "intuitive trader". Let me just say - the brokerage firms of stocks, options, FX, binary brokers - are littered with individual traders' blown out accounts! Many that claimed "intuitive" and/or "discretionary" trading was their trading method(s).
But this is not grounded/reality-based trading. It is trading on seeing what happened to your trading account's P/L - and then you generate internal emotions - and then you ACT on these emotions in the next trade or two "thinking" and "believing" you have solved the trading problem(s) that caused losses.
One of the key problem(s) - this emotional-based thinking and trading is EXTREMELY quick and nearly instantaneous! The trader is NOT AWARE that he/she has already been "trapped" by the emotional vibrations/energy within. :idea:
Then back to trading on the basis of "wish, hope, and pray" - which are excellent life principles - but not really all that great for trading profitably!
aag100 - if you cannot - or even worse, WILL NOT - reward yourself by adopting a positive edge (back-tested and forward-tested and randomized tested) written Trading Plan, you will have a high adverse probability of landing back to where you are now!
:whistling
Trading profitably on a consistent basis is a very simple process to execute repeatedly. The tough part is to focus, commit, and measure trading performance against a written Trading Plan and written Checklists of procedures and standards!
I've been retired from being Risk Mgr for a Single Family Office trading room for over 10+ yrs! But - when I was still actively involved there, 100% of the traders, interns, clerks - were never allowed "intuitive" or "discretionary" trading. It was allowed during planning, briefing, and debriefing meetings/sessions. But NOT during active trading and management of open campaigns!
And - our institutional trading colleagues over at other hedge funds, etc., also had the same similar priorities. Discretion, intuition, were excellent traits for research, planning, back-tests, etc. But NOT for active trade management.
aag100 - as long as you are looking for the ideal "stop loss" formulation, or the ideal "entry" point, etc. - you will not be able to seriously grow your account and achieve long-term profitability as a multiple-lot trader.
Sorry for the negative comments and "prediction" above - PLEASE - it is NOT meant as a reference to your character or persona!
:!:
My comments are meant to strongly push/move/stimulate/"gouge" you into making the correct sequence of ordered procedures and actions/movements that you MUST develop to succeed long-term in trading and grow your account(s).
Winning traders are focused on campaigns! Simple and direct - nothing more. What is the final P/L after a series of 20-30 closed perfectly executed trading campaigns? What errors from the Plan were observed? Root causes? Adjustments and error-prevention? Etc. Winning traders THINK and CONTEMPLATE from a much broader but organized SYSTEMATIC perspective.
What happens if I am planning to trade a 200-lot campaign? Here is a good Pull-Back zone per Trading Plan criteria - I will put in my first Entry of 30-40 lots. Hmmm - price going against the expected/desired trend direction. Wow! Another excellent Key Support zone with Confluence - time to add the next 40-lots.
Of course - the lots being entered are also fully hedged with options insurance puts (for example if trading long stock campaign).
See what is happening here, aag100? The campaign trader is NOT overly concerned about being right or wrong over a stop-loss price point! The campaign trader is more focused about protecting lots with limited-loss insurance, then overlaying several ideal entry zones, etc.
And - it the campaign is moving in the winning trend direction - then the campaign trader can add the next 40-lot group at the ideal entry zone(s) as defined in the written Trading Plan.
The above scenario is written out for you to consider and study and THINK.
Trading and winning and consistent profitability is all about deep focus, thinking, research, commitment, and flawless execution. It is NOT about picking the correct entry or stop-loss price point precisely. :idea:
:clap:
Understand aag100? I hope you can "see" and internalize what I am trying to communicate here.
Good luck - I really do wish 100% that you find the satisfaction, grounding, centered, fun trading pathway soon! But please - not by being intuitive! At least not until you have demonstrated long-term systematic trading success - then you can learn to trust your intuitive insights as being real and beneficial for you.
Best regards,
WklyOptions