Trading NR7 setup

[lazytrader]

See the breakdown LT......TA's never go wrong.....I have started trusting TA more than my freaking mind

I have to agree... Technical analysis never goes wrong. After all it has been perfected over the years. It is the technical analyst who goes wrong all the time. Everyone seems to interpret the charts differently.

I had some work and had to leave but the last half hour seemed to be like a rollercoaster ride. But a perfect close!

 

[WOD]

I have to agree... Technical analysis never goes wrong. After all it has been perfected over the years. It is the technical analyst who goes wrong all the time. Everyone seems to interpret the charts differently.

I had some work and had to leave but the last half hour seemed to be like a rollercoaster ride. But a perfect close!

Hope you had stop loss in place LT....I am learning hardway that stop loss is go d for trades.....many times have missed huge profits due to my stop loss have been taken out; no big issues with that....but more I have been bruised badly because I did not put a stop loss; a huge issue......I hope I will put a stop loss evey time I trade going forward..

 

[AW10]

IMO, Stoploss are Gods gift to us traders.

 

[MurAtt]

IMO, Stoploss are Gods gift to us traders.

BUT again what SL to keep is the million dollar Q.
In thses mkts, even God's bigger gifts are hit so many times - sometimes we are fine w/o it.

 

[Smart_trade]

BUT again what SL to keep is the million dollar Q.
In thses mkts, even God's bigger gifts are hit so many times - sometimes we are fine w/o it.

Never make that mistake Murtaza,10 times the market will make you feel that you are better off without stoploss.....but in 1-2 trades it will hit you so hard that it will criple your trading account and drive you out of business.

What SL to keep is the God's bigger gift ,it is called reasoning....and everyone has it...we have to polish it a bit...

Best Wishes,

Smart_trade

 

[AW10]

BUT again what SL to keep is the million dollar Q.
In thses mkts, even God's bigger gifts are hit so many times - sometimes we are fine w/o it.

SM, I agree with ST's comment.
Where to put SL is one of the biggest question that we face as trader.. we get it wrong many times.. but that doesn't mean it is useless. It takes guts to trust our stops and accept that there is nothing wrong even if they are hit.
It makes sense in long range.
And even if it his hit, mkt goes as per our initial trade, then we can always re-enter.

Re-entry is something not many of us think about ..

Happy Trading

 

[MurAtt]

SM, I agree with ST's comment.
Where to put SL is one of the biggest question that we face as trader.. we get it wrong many times.. but that doesn't mean it is useless. It takes guts to trust our stops and accept that there is nothing wrong even if they are hit.
It makes sense in long range.
And even if it his hit, mkt goes as per our initial trade, then we can always re-enter.

Re-entry is something not many of us think about ..

Happy Trading

True -- maybe my drafting of the message was a bit off -- what I actually meant was sometime we feel we are better off w/o it.

And yes, the re-entry --- that part needs to be thought about and slowly implemented in the psych ....

e.g. Shorted 4 lots NF at 4120 with S/L at 4125, hit and then ... whoosh .... (a friend)
Yes the SL was very small BUT who had thought that mkts would just go dooowwwnn... and it was 4 lots therefore did not want to lose much too
This was the second instance, 1st was at 4150, 1lot - NF hit SL at 4175 went to 4180 and then came down like WoW the next day .......

 

[WOD]

SM, I agree with ST's comment.
Where to put SL is one of the biggest question that we face as trader.. we get it wrong many times.. but that doesn't mean it is useless. It takes guts to trust our stops and accept that there is nothing wrong even if they are hit.
It makes sense in long range.
And even if it his hit, mkt goes as per our initial trade, then we can always re-enter.

Re-entry is something not many of us think about ..

Happy Trading

Even I too agree with ST....But here is the thing I am struggling with:

We can have good stop loss strategy for futures, but what about options. How can we develope a good stop loss strategy for options ( there movements are wild )....

 

[myvineet]

Even I too agree with ST....But here is the thing I am struggling with:

We can have good stop loss strategy for futures, but what about options. How can we develope a good stop loss strategy for options ( there movements are wild )....

WOD ,

IMO, putting stoploss on option is tricky. I use 2 approach for this.

One is money mgmt based, ie. based on amt that is paid, if some % of that amt is lost then get out. or if some % of that money is achieved then make postion to breakeven. Generally I enter with more then 1 contract, and sell them in steps to bring position to breakeven or to book partial profit.

SEcond is based on trend and chart levels. If trend changes, then irrespective of premium value, just take the action.

my views for sure...

 

[lazytrader]

Hope you had stop loss in place LT....I am learning hardway that stop loss is go d for trades.....many times have missed huge profits due to my stop loss have been taken out; no big issues with that....but more I have been bruised badly because I did not put a stop loss; a huge issue......I hope I will put a stop loss evey time I trade going forward..

I didn't have any open positions. Infact didnt even trade because of the narrow range (didn't find any good RR entry). Besides, I think one of the rules is: When in doubt stay out.