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What do you think the best Stop Loss is for daily trading? I say...

  • #21
  • Feb 4, 2007 12:31am Feb 4, 2007 12:31am
Hey Bemac,

Is this indicator in the VT package or is it a download that I can find somewhere.

By the way. VT charts have a Disneyland of charting tools and indicators.

When will they have micro lots or units?

Lou
  • #22
  • Feb 4, 2007 12:43am Feb 4, 2007 12:43am
Quoting permanentjaun
Yea taking profits is the absolute worst advice a trader can hear. Right. I can give you a thousand scenerios+1 where not taking profits puts you in the poor house in even shorter order. I win.
OK, you win. Let us know how that works out for you.
  • #23
  • Feb 4, 2007 2:53am Feb 4, 2007 2:53am
Hi,
Quoting permanentjaun
Yea taking profits is the absolute worst advice a trader can hear. Right. I can give you a thousand scenerios+1 where not taking profits puts you in the poor house in even shorter order. I win.
Just to clarify.

Taking profits 'early' is not a good idea. That comes from fear.
Taking profits late is not a good idea. That comes from greed.

If taking profits 'early' is more profitable (over the longer term) than taking profits according to your original trading plan then maybe it is time to update the trading plan to taking profits at your new criteria.

Taking profits according to your trading plan is always a good idea.

Best regards
Alan
  • #24
  • Feb 4, 2007 11:58am Feb 4, 2007 11:58am
Quoting Lou
Hey Bemac,

Is this indicator in the VT package or is it a download that I can find somewhere.

By the way. VT charts have a Disneyland of charting tools and indicators.

When will they have micro lots or units?

Lou
I wrote it for VT.
Sample Image:
Attached Image
  • #25
  • Feb 4, 2007 12:01pm Feb 4, 2007 12:01pm
The Indicator: It should be noted that this indicator has gone through numerous improvements since this version.
Attached File(s)
File Type: vtscr DORng.vtscr   2 KB | 298 downloads
  • #26
  • Edited 11:05pm Feb 4, 2007 6:57pm | Edited 11:05pm
Quoting Bemac
I mentally count Flat Trades in the Winning Column. I don't worry about the Winners. Why should I? I worry about the ones that cost me money and try to eliminate them.

Let Your Profits Run... Of course it is great advice but there are numerous reasons to say, "I may be leaving some on the table, but I'll take my Profits now thank you Sir."


Perhaps the members suggesting that you should milk every Trade for all you can get out of it are honestly offering what they feel to be good advice. But I feel that this is part of the Psycological Learning curve also. Losing Profit can be just as mentally devastating as losing capital. Play where you are comfortable and let YOUR comfort zone grow at YOUR pace.
I agree with this 100%.
How you act is more important than how you feel.
  • #27
  • Mar 8, 2008 6:41pm Mar 8, 2008 6:41pm
Quoting forexpert310
What is the best and most safest stop loss limit for daily trading I say 30 pips because if you buy/short a currency and it passes -30pips in most cases it will go higher than that too... you tell me your number and why????
The ideal stop does not use a set number. Saying to use a 30 pip,50 pip, or even a 100 pip stop has no edge what so ever. You have to know where price is least likely to travel to. Here's something to try. It's not an exact science for setting your stops, but it should point you in the right direction, by asking you to look at things differently than you are. You said you are trading daily? Try placing your stop just above/below the high/low of yesterday's daily move.
The market is like the matrix - it is you that must learn to bend
  • #28
  • Last Post: Apr 17, 2008 12:16pm Apr 17, 2008 12:16pm
I gauge my S/L based on what the currency pair is and Were the support and resistance levels are in the market at that time. It could be 70 pips one time 30 pips another or even 10 pips from time to time. But it is always based on the above criteria. Hope this helps!
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