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When to get out of a trade

  • #21
  • Feb 4, 2008 8:36pm Feb 4, 2008 8:36pm
Quoting jacobtrader
If you are new in this field.
I would say stop trading.. buy some technical related books, study them... practice.. understand all concepts. learn money management, and then come in this field.
Or with One Click your account will be gone..

And remember, don't be dishearten, Every single professional has lost an account, practices and practices and improves.

But my advice, if you dont understand TA with FA (Fundamental Analysis) and dont know when to buy or sell.. its better to read some books.. use different indictors, learn how to make trend lines, resistance and support, fiobannici and lots more.


Thanks Jacob Trader. I was struggling with it. But I did pick some books up and now, I'm getting better at it. I'm guessing that my questions are similar to what every new trader asks. I have been practicing with a demo account and have been learning a few things as I discuss more on the forums. The only problem I'm having so far is that I' haven't been able to come across detailed info about the TA indicators. Meaning, I actually wanted to know a little more in depth about the Indicators like stochastics, RSI, etc.

Any ideas where can I find more DETAILED info about the indicators.
  • #22
  • Feb 23, 2008 12:24pm Feb 23, 2008 12:24pm
you need to know when the big traders come into play

when you are trading against the big boys chance of winning is slim

London hours is the best time to put stop losses and now plus the NY hours since US is in a big trouble and prone to institutional traders

during Asian price most likely just consolidating so no need to put stop loss order
  • #23
  • Feb 23, 2008 12:36pm Feb 23, 2008 12:36pm
i beliv that for me to get out of a trade , i hav to consider if the profits i hav made so far is sufficient based on how certain my analysis is. for example when i am on a profiting trade, i do not quit until i see a breakout of my indicator.on the other hand on a loosing trade, i quit a trade immediately if a large lot size is traded related to my account size but if the lot size traded is very small , i do not accept losses by quiting trades anyhow since it mite still come back in my favour.
know thy edge and abide by it ! 4 in it shall thou be successful !
  • #24
  • Feb 23, 2008 1:20pm Feb 23, 2008 1:20pm
i beliv that for me to get out of a trade , i hav to consider if the profits i hav made so far is sufficient based on how certain my analysis is. for example when i am on a profiting trade, i do not quit until i see a breakout of my indicator.on the other hand on a loosing trade, i quit a trade immediately if a large lot size is traded related to my account size but if the lot size traded is very small , i do not accept losses by quiting trades anyhow since it mite still come back in my favour.
know thy edge and abide by it ! 4 in it shall thou be successful !
  • #25
  • Feb 26, 2008 8:04pm Feb 26, 2008 8:04pm
So why is there this theory that broker will trade against you?

Can anyone point me to a link/.forum where they this is being discussed.



Also, can anyone point me to a book/link of detailed info one the indicators such as stochastics, MACD, BB,etc. i.e. how they come up with them when they can be effective.
  • #26
  • Feb 26, 2008 9:22pm Feb 26, 2008 9:22pm
Quoting Svm
So why is there this theory that broker will trade against you?

Can anyone point me to a link/.forum where they this is being discussed.



Also, can anyone point me to a book/link of detailed info one the indicators such as stochastics, MACD, BB,etc. i.e. how they come up with them when they can be effective.
Try www.incrediblecharts.com (large range of indicator info), even Wikipedia can sometimes gives great info on an indicator.

Brokers (correctly) summize that most traders will blow their accounts. Example a broker that is a market maker, they don't have to place your trade on the real market. They could just sit back and wait for your account to dwindle down as you panic and overtrade etc. They take the other side of your trade. Nothing wrong with that. Some traders DO take money from them. A broker will hedge his overall risk in the real market of course.

There are dodgey operators out there as well, who'll make it even harder by created false spikes etc. BUT if you become a good trader it won't matter. You'll eventually move towards the better brokers anyway.

To sum it up. Become a good trader. :-P

No seriously, as you learn and read you'll find naysayers all over the place blaming their blown accounts on dodgey operators, when a lot of the time it's because they aren't equipped to trade correctly. Don't follow this hurd. BUT at the same time still be cautious.

You'll find plenty of threads whinging about brokers in the brokers section of this forum. At the very least it will help prepare you to not be a sucker. At the same time don't be sucked in by the negative members who will never "GET" it.
Bundy's status today: "Waiting..."
  • #27
  • Feb 27, 2008 4:01am Feb 27, 2008 4:01am
That's the definition of a bucket shop... lol

Linky:
http://en.wikipedia.org/wiki/Bucket_shop

It's common for brokers to place aggregate trades on the market, since trying to trade each tiny order would be very expensive. But if your broker isn't placing at least an aggregate trade and is effectively betting against you "in the bucket" then it's a good idea to get the heck out of there.
  • #28
  • Feb 27, 2008 5:31am Feb 27, 2008 5:31am
Quoting Rabid
That's the definition of a bucket shop... lol
Of course it is.

But, a bucket shop can still be a fair business. Personally, I think some of them are a hybrid. ...So to speak.

For the record, I'd trade the "real" market anyday if I had the required equity.

(And if I had the required equity , I suppose I wouldn't trust a bucket shop. Well there you go! LOL)
Bundy's status today: "Waiting..."
  • #29
  • Last Post: Feb 27, 2008 7:04pm Feb 27, 2008 7:04pm
Quoting bundyraider
Of course it is.

But, a bucket shop can still be a fair business. Personally, I think some of them are a hybrid. ...So to speak.

For the record, I'd trade the "real" market anyday if I had the required equity.

(And if I had the required equity , I suppose I wouldn't trust a bucket shop. Well there you go! LOL)
Thank you so much for your input. I guess there's still a lot of learning.

I've heard from some of the experienced traders that money management is the first and foremost important thing you need to be successful. It is recommended to know the money management concept before working on building a trading system.

I'm mainly interested in News trades and swing trading. Also, while I know its not recommended, but i like trading on more of a short term scale like day trading as oppose to set and forget. Any ideas/links you guys can point me to?

BTW, if I had the equity, I would trader directly with the banks and arb the market. Its full of inefficiencies.
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