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anyone using charts 20,30,45,1hr,2hr,4 hr in their trading?


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#11 Entropy3.0

Entropy3.0

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Posted Yesterday, 03:05 PM

what type of stops profit and loss do you use?

 

Sorry only just saw ur question - I don't read the board very often!

 

I use an OCO order - which is 'one cancels other' on every trade - this sets a 'stop loss' and a 'profit exit' on entry.

The hard part is how to calculate WHERE to put those exits ...too close, lots of stops out ...too far...more risk...etc ..

Most trading boards focus 90+% on 'calling the market', i.e. trying to pick perfect turns, and entries ...but trading is much more about things like 'not getting stopped out' (big topic),

position sizing (that's a big topic ), strategy for taking profit - signals, or points for example ....i'm still working on all these, takes years of experience and alot of mistakes to figure it out.

Alot depends on the timeframe your trading, the shorter the timeframe, the more 'trading skill' u have to have, and will learn because your getting more experience faster. Investors for example

don't really have trading skills in my experience( it mostly just about being right on bull or bear trend), whereas anyone day trading or even more so 'scalping' is mostly trading skills. I personally try to 'uncomplicate' things and not use

complex order types or strategies ...and just try to do a few simple things over and over, which is the complete opposite of how I started out LOL..but that is my 2 cents. 


Edited by Entropy3.0, Yesterday, 03:11 PM.

Pick a system, follow the system, ignore everything else.