Disliked{quote} First off, much appreciation for posting this. A lot of traders would refrain from posting such a loss on a public forum. Would you care to explain the thought process behind the trade? You entered on a breakout and the majority of the time, price will come back and test that breakout. Even though I know breakouts aren't a good trade overall, there's been times I've taken them when I see a good opportunity, so I get that. What I don't understand is your exit. At the very least, you should have been out of this trade when price came down...Ignored
Since I moved to Michigan I have had no time to sit in front of the computer to manually trade, so I took a very old concept I developed, modified and coded into an automated system. It is called the "BrownHornet" and it takes bites out of the market when I can't be there.
I have been putting together a financial literacy and trading course for kids also working so my time is very limited. The ideal time of 9-12 noon doesn't work for me anymore even though I want it to. My manual SORE trade plan takes conservative trades so I don't get to trade everyday because my rules are very detailed and specific. Don't get me wrong I do not rest solely on the robot because I believe in keeping skills sharp so behind the scenes I listen to Damien videos and when I get a free day in the morning I try and join everyone to trade my SORE setup which took me a year to tweek and get approved by Damien, so it has not fallen by the waist side.
On to the Chart:
Q: What I don't understand is your exit. At the very least, you should have been out of this trade when price came down and took out the swing low that produced the leg you traded. Were you trading a different plan?
A: According to the leg I traded if I did not manually close trade I would have had profit. Why did I close trade? According to my Rules If I reach my break even level price moves +1 but it didn't so I got out when I got home. The chart shows my swing low(stop loss) risk 128T if it stop me out would have blown my account. I have been working on risk management.
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