nac Calling JOBBERS/SCALPERS
- Thread starter nac
- Start date
hi tnsn
over the years I have found 'stop loss' to be the most potent tool in my arsenal. the first advantage that I can think of is that in ur initail formative years, it keeps u in the game always.
I feel that my loss is the only thing that I can control in the mkt.
as regards jobbing, I am very clear that jobbing without stoploss is like driving a car at high speed without brakes. crash is imminent.
now since I am not jobbing actively anymore,all the systems that I trade these days are based purely on stop loss ie. I do not have a price target but always a stop loss.
having said that, after going thru a few of ur posts, I found them to be practical and informative. hence am eager to know ur point of view on this.
regards
Anurag
over the years I have found 'stop loss' to be the most potent tool in my arsenal. the first advantage that I can think of is that in ur initail formative years, it keeps u in the game always.
I feel that my loss is the only thing that I can control in the mkt.
as regards jobbing, I am very clear that jobbing without stoploss is like driving a car at high speed without brakes. crash is imminent.
now since I am not jobbing actively anymore,all the systems that I trade these days are based purely on stop loss ie. I do not have a price target but always a stop loss.
having said that, after going thru a few of ur posts, I found them to be practical and informative. hence am eager to know ur point of view on this.
regards
Anurag
Sir, I learnt much from your thinking and method but I think that stop loss is very much important to exit from trade. I always exit my position by setting tailing stop loss orders only. I am not very old in trading carrier but I am in learning phase and I am planning to make full time carrier in this line if I make succuss. Your thinking on stop loss is very different then my and fellows who are in this line. How has your success in this line and how you evalue your performance if you not use stop loss then.
Thanks to you and best luck.
Thanks to you and best luck.
Taking the subject of discussion few days back (for the benefit of those who were waiting for the answer, especially Ranger123)
I did try to make autohotkey script to enter the trades with few keys possible. But since i am using ODIN, and ODIN already provides a lot of features like Last Trade price auto populates into Limit Price field, then order quantity can be set.
so the sequence of trade in ODIN
a). If quantity is fixed say 200 (which can be put in preference field)
F1 (or F2 for sell) --> Enter
b) If quantity is differnt
F1 --> <Quantity> --> Enter
Now even when i make the script for autohotkey I will either have to use prefixed quantity or make different shortcuts for different standard quantity (like 50, 100, 500), which ergonomically comes down to same number of keys being pressed to make a trade.
So in conclusion, its much faster to use ODIN itself.
Now for people who do not use ODIN and for whom making entry is more than two keys being pressed, please provide the sequence of keys you press and i will provide you the Autohotkey Script.
I did try to make autohotkey script to enter the trades with few keys possible. But since i am using ODIN, and ODIN already provides a lot of features like Last Trade price auto populates into Limit Price field, then order quantity can be set.
so the sequence of trade in ODIN
a). If quantity is fixed say 200 (which can be put in preference field)
F1 (or F2 for sell) --> Enter
b) If quantity is differnt
F1 --> <Quantity> --> Enter
Now even when i make the script for autohotkey I will either have to use prefixed quantity or make different shortcuts for different standard quantity (like 50, 100, 500), which ergonomically comes down to same number of keys being pressed to make a trade.
So in conclusion, its much faster to use ODIN itself.
Now for people who do not use ODIN and for whom making entry is more than two keys being pressed, please provide the sequence of keys you press and i will provide you the Autohotkey Script.
I partially do agree that Stop Loss is slighly misused and grossly misunderstood.
Keeping the stop-loss for the trade and waiting till the stop-loss hits is like looking forward to Stop being hit.
In almost all the cases my position is greatly reduced before it reaches to the point of STOP.
Exiting the Trade with stop loss means you don't have strategy for exit (for trades which are in not in your favour ofcourse). It is better to devise some rules based on weakness of trend (if you are a trend player), peircing of Bolinger Band (if you are a ranger) and based on tape (if you are a jobber). This will give you more control over the trade.
BUT this doesn't mean that there will be NO STOP LOSS. STOP LOSS must there to save you from catastrophe. Let's say your internet connection is gone or no electricity, system crashes, thunder, and worst (one case i know) Heart Attack (or other medical emergency)
Keeping the stop-loss for the trade and waiting till the stop-loss hits is like looking forward to Stop being hit.
In almost all the cases my position is greatly reduced before it reaches to the point of STOP.
Exiting the Trade with stop loss means you don't have strategy for exit (for trades which are in not in your favour ofcourse). It is better to devise some rules based on weakness of trend (if you are a trend player), peircing of Bolinger Band (if you are a ranger) and based on tape (if you are a jobber). This will give you more control over the trade.
BUT this doesn't mean that there will be NO STOP LOSS. STOP LOSS must there to save you from catastrophe. Let's say your internet connection is gone or no electricity, system crashes, thunder, and worst (one case i know) Heart Attack (or other medical emergency)
Stoploss is the most important tool to prevent runaway losses. Also when i said i do not modify stoploss, i meant i do not expect the losing trade to suddenly turn into winning one. If trade moves in opposite direction of what you expected there is always option of exiting the trade before the stoploss is hit.
Yup, you are right. I did'nt mean to say having stop loss is bad. I always have one.
It's this that I prefer to exit a trade with a reason where reason is something other than "stop loss being hit".
Disclaimer to everyone (specially newbies into the field of trading), Please do not read my words as favour against not keeping STOP LOSS. Always have stop loss, but then there are other facets to exiting a trade. Moreover don't take a position where a smaller runaway scares you (or your Trading equity)
It's this that I prefer to exit a trade with a reason where reason is something other than "stop loss being hit".
Disclaimer to everyone (specially newbies into the field of trading), Please do not read my words as favour against not keeping STOP LOSS. Always have stop loss, but then there are other facets to exiting a trade. Moreover don't take a position where a smaller runaway scares you (or your Trading equity)
I suppose you meant "should you take profits or wait for maximum profit (by allowing your winners to ride).
This is where Trading becomes ART, and is mastered with Experience. It's the greatest Dialemma especially for Trend Players (Positional/Swing/Intra-Day).
I prefer to take 50% of profit at first sign of weakness (opposite candle to my trade direction). Deciding on this weakness also happens after multiple TFA (sometime decision is settled by 1 min candle). Then i take 25% of profit where i see smaller pullback or rally (depeding on side of trade) forming. Last 25% happens either at b/e (if trade was already in profit) or at EOD (since i am intraday trader, i square off all trades by EOD, and no exception even if trade is in huge profit or huge loss)
But then the scope of improvement is always around, everday after the market in hindsight looking at chart it seems i could have done better, or sometimes waited little longer or sometimes booked little earlier, but these are knowledge of hindsight which doesn't come into picture during REAL TIME trading.
Every profession after some degree (i.e initial learning of rules) becomes Subjective i.e a matter of skill (or ART if you will)
This is where Trading becomes ART, and is mastered with Experience. It's the greatest Dialemma especially for Trend Players (Positional/Swing/Intra-Day).
I prefer to take 50% of profit at first sign of weakness (opposite candle to my trade direction). Deciding on this weakness also happens after multiple TFA (sometime decision is settled by 1 min candle). Then i take 25% of profit where i see smaller pullback or rally (depeding on side of trade) forming. Last 25% happens either at b/e (if trade was already in profit) or at EOD (since i am intraday trader, i square off all trades by EOD, and no exception even if trade is in huge profit or huge loss)
But then the scope of improvement is always around, everday after the market in hindsight looking at chart it seems i could have done better, or sometimes waited little longer or sometimes booked little earlier, but these are knowledge of hindsight which doesn't come into picture during REAL TIME trading.
Every profession after some degree (i.e initial learning of rules) becomes Subjective i.e a matter of skill (or ART if you will)
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