Inside Days & Trailed Profit Locks at WPTs

[falconer]

What is standard trade management for locking profits on inside days after the WPT has been tagged?

Does one trail a tick below the low of the inside day for longs? Or does the Profit lock stop stay a tick below the prior outside day (for longs)?

Thanks,

Chris


PS I think I have successfully attached the snagit of the trade in question, though if it did not work I'll try attaching again later. The trade is FCQ7.

[Steve Griffiths]

trail at the bar extremes

Steve

[falconer]

Thank you.

Chris

[swissoaktree]

I could have probably posted under "Psychology", but decided on Trade Management. If you have been trading for a while, you have undoubtedly heard to "Never Let a Winner Turn into a Loser". MTP EOD trade management has the 100% rule whereby you bring your stop to BE as soon as you have acheived 100% profit. I am having the most difficult time staying in a Real Time Day trades after I have 100% profit because I do not want my winner to turn into a loser. This saying has been beaten into me so many times that I am having a difficult time keeping my initial stop where I originally had it until my profit objective has been reached or the ATR stop indicates to start bringing it down. I would certainly appreciate any and all comments and insights which might help me to deal with this well known trade management saying when it comes to Real Time Day trading of MTP.

Thanks in advance.

[tombtrader]

I don't apply this so called rule.

I made a choice to be content with the losing trades in order to be able to get the large >5R winners.

What I would suggest is that you use something to invoke the ATR stop. Sometimes its OK to use it right away. At other times, in a choppier market, I don't use it until the position is more developed. I use an oscillator to tell me when to start using it.

With the NT version, you can see all the trades. I's try some rules and see the result going back.

HTH

[Steve Griffiths]

I could have probably posted under "Psychology", but decided on Trade Management. If you have been trading for a while, you have undoubtedly heard to "Never Let a Winner Turn into a Loser". MTP EOD trade management has the 100% rule whereby you bring your stop to BE as soon as you have acheived 100% profit. I am having the most difficult time staying in a Real Time Day trades after I have 100% profit because I do not want my winner to turn into a loser. This saying has been beaten into me so many times that I am having a difficult time keeping my initial stop where I originally had it until my profit objective has been reached or the ATR stop indicates to start bringing it down. I would certainly appreciate any and all comments and insights which might help me to deal with this well known trade management saying when it comes to Real Time Day trading of MTP.

Thanks in advance.

I do not suggest using the 100% rule when day-trading with short-term charts because of the increased volatility of short-term charts

Thanks

Steve

[Matt Bowen]

I agree 100% with Steve!!! You are far better off to keep the initail stop in place until the ATR moves PAST the initial stop and THEN move your stops in the direction of the trade. This will improve your win percentage as well because you will not be stopping yourself out as much...the 100% rule is designed for Daily charts, but it's way too close for intraday charts... you'll end up taking yourself out of trades where the initial stop and ATR management will keep you in... try it, you will see :)

Hope that helps,

Matt