● Zak Mir, an experienced technical analyst comments about entering and exiting trades. How/When to Exit a Trade.
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Zak Mir, an experienced technical analyst comments about entering and exiting trades. How/When to Exit a Trade.
How to Determine Take Profit and Stop Loss Levels. I know what works and what works is successful money management over and above charting or the technical aspects. You take a position, irrespective if this was done on the toss of a coin and you move the stop loss with that position until the market stops you out. The key is to raise your stop loss to breakeven level as soon as possible. That way it is difficult to get wiped out and one day you will have a very big winner. I know that sounds like i'm doing myself out of a job but it important to be realistic what is effective and not effective. Money management is so important in this game. I think you can determine the take profit and stop levels using the average true range but really all you need to be concerned about is raising your stop to breakeven.
Half of people tell you to move to breakeven the other half tell you to accept the risk of a trade. They both tell you it's common sense. Correct money management is different for every person/strategy. Backtest your shit and decide for yourself. Don't just take some confident guy in a suit on the internet's word for it.
Just came across this video while looking for some word on stop loss after being stopped out several times in my trades without a loss or very little profit. I guess my impatient was beginning to weigh in on me. After watching and listening the video, was encouraged to know I am on the right track. With my trading experience, I could easily relate to the issues raised in the video.The best video on stop loss explanation and other related issues. Kept it short & simple. Good examples used along the way. It has ideas that are relevant now and then. Was the course of how to identify and handle the five types of trades ever made?
One thing i'm worried about is i'm not a day trader, but during the day the stock goes up and down but i'm worried my stop loss will be triggered because of the day traders, i'm more concerned about if the stock is up or down near and after wall st closing bell.so do i use mental stop loss or a physical one? do i only put in stop loss near the end of the trading day and remove during the beginning of the day?
for me i would be swing trader and stay one week a few weeks one or two months at most i know swing traders should exit the stock when things go bad i would like to sell at 5% 1% to 2% expect to be stopped out way too soon.
It depends on what kind of trader you are and how long you want to stay in the trade: 5+ days, or 2+ weeks or 1+ months. So for ex. For a 5 day trade, if stock price is at $25 and low of yesterday is $24. You can place the stop at $23.85 ( just an example) and trail your stops accordingly. If you favor staying in the trade for a longer period of time then increase the stop lower.
So if yesterday low was $26 i will set my stop loss at 24.70 which is 5% loss i heard some people put a stop loss at 10% but some investors buy the the stock when it's 5% to 8% down i'm a trader not investor why would i put my stop loss 2% more than what a investor thinks is a discount lol i heard some traders put there stop loss at 2% but i expect to be stopped out way too easily then.
This is the channel I never regretted to have subscribed to. Tons of useful real life experience presented in an easy and understandable way.
But I must say that this video tops all the 100+ I have seen here. Many thanks for making it available to us.
most useful info that 99% of these BS youtube videos, all they talk about is how to grow your account and how you can turn 1000$ into millions.
What this guy is saying is what i been doing for 6 weeks now, 50$ wins over and over and few 120$s or ... my account is up 33% already
I did just that : I put in a trade on Thursday and it immediately went against me. It kept falling and I got a feeling to get out, but I wanted to "believe" in my stop (something I learned in the past) so I held and I finally got stopped out with a thousand dollar loss by Tuesday. Got to "listen" to those hunches. Believe it or not, we KNOW what's right, but we get stuck on things we've "learned and get screwed. Great video. One for my file.
Listening to those "hunches" is why 90% traders don't come out alive. The more well defined your system is, your hunch will have no place for good. And we might on some occasion know what's right but most of the time you wouldn't. And your losses will be greater when you are wrong compared to your profits when you would be right. If trading based on hunches really amassed anything, retail traders would be making money all the time.
If you think thousand dollar loss is too big for you to emotionally handle it, why did you put your S/L at that level, even you think the S/L must be there, then you should sized your position. Nothing wrong with what you learned, its how you applied it. Hunch trading for gamblers, they never fold when they on a winning streak and they double down when odds are against them.
Your rules are excellent but I think depending on who your spread bet company is I would never show my stop. I would have my mental stop on paper or on my Google drive.. The reason is we have seen so many stops taken out far below the underlying price. I had a couple of friends one trading the DAD USD he had a stop 20 pips down and we watched that stop taken out then back to the normal price action. So just a little observation.. Very common unfortunately.
(if this if forex) find a broker thats STP, that execute market execution because this will never happen. brokerage companies who arent STP and execute instant execution are just betting against you and want you to lose to take your money.
This was EXACTLY what i did this morning. Had I have held on to what I KNEW would happen on price I would have pulled 50 points. Still had a good day but frankly could have had an AMAZING day and had the rest of the week off!!! Still, tomorrow is another day!
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