Not only this trade took a long time, about 35 mins.. It was also pretty nasty, I took some heat before winning my 2 points I was down about 4.5 points then it went up again hitting my profit target 2 points...
That's why I have a large stop of 6 points I like to give the market a room to breathe and correct it self.. Newbies always chicken out if they are down a point or 2.. Since I am using a pretty accurate method a 6 point stop is ok since it rarely happens that I get stopped out.. Last loser was on March 2008.
Congrats I've been trading with some of my students today and they all nailed it and took the heat without sweating :))
Becky
That's why I have a large stop of 6 points I like to give the market a room to breathe and correct it self.. Newbies always chicken out if they are down a point or 2.. Since I am using a pretty accurate method a 6 point stop is ok since it rarely happens that I get stopped out.. Last loser was on March 2008.
Congrats I've been trading with some of my students today and they all nailed it and took the heat without sweating :))
Becky
2 comments:
nice pics! what indicator are u using to get in the trades? whats ur tgts and stops?
Basically I use the advance/Declining Issues and the price chart to get in a trade.
My targets is 2 points minimum some other trades I target 5 points and If I am lucky there is a setup that happens like once a month were I stay in the trade the whole day and grab about 10 points from a single trade.
I have a 6 point stop loss, I always like to give the market a room to breathe. Newbies always use tight stops that's why they get stopped out so frequently.. With my method stops are rare, last one was last March..
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