Day Trading Futures

[manishchan]

ST Da explained it very well. Not sure if you came across one of his posts on early exit method. Check this out. http://www.traderji.com/futures/91950-day-trading-futures-335.html#post945888

But like he indicates, SL in case the price is going against, must be based on analysis and risk apetite. Not because we entered the trade so we hv to have SL.

Thanks Vijay for your suggestion..
That's why I want to know ,what ever method we apply..we have to put some entry rule & exit rule..rule for entering or exiting on those points ...candle close or just touching that level..
.so my question is again same..our system says that if we are long we have to exit on low of pivot low break ..so what should we write on your rule book..that we will get out on breaking of that pivot or should we wait for candle close ...same dilemma in entry on pivots/levels
you are price action trader..so you may have been facing those problems regularly..so please suggest
Thanks

Most of the areas in trading are gray....they are neither white, nor black but they are gray. I may find the colour to be more white and less black...someone else will find it to be more black and less white. So who is right ? There is nothing absolute right or wrong in trading.It depends on what we as traders are comfortable with.

Coming back to your question, both options could be right. But each has its own trade off and you have mentioned the disadvantages of each in your question. There is also a third option and that is exit the moment your stop is hit and re-enter if the market again goes in your direction.

In slow markets you can wait for closing but in fast and crashing markets, waiting for close could be expensive. I prefer re-entry and I get out at slightest sign that a trade is not working out...but I am comfortable with re-entry and it works very well as I keep my losses very low.

Smart_trade

 

[manishchan]

Hi pakatil....no mastery...still learning in market's school of hard knocks....

ST

For a moment I read that as school of hard rock :lol: .. But definitely you are one of the masters (Guruji) for all of us here.

 

[XRAY27]

ST da,

You have clarified me how to exit earlier... and not to change the rule of trading...... even when market is at all time high...This added great boost to my trading.....

Thanks for the kind help :clap:

 

[Smart_trade]

ST da,

You have clarified me how to exit earlier... and not to change the rule of trading...... even when market is at all time high...This added great boost to my trading.....

Thanks for the kind help :clap:

You are most welcome. I am happy that I could add value to your trading.

ST

 

[niftytaurus]

Most of the areas in trading are gray....they are neither white, nor black but they are gray. I may find the colour to be more white and less black...someone else will find it to be more black and less white. So who is right ? There is nothing absolute right or wrong in trading.It depends on what we as traders are comfortable with.

Coming back to your question, both options could be right. But each has its own trade off and you have mentioned the disadvantages of each in your question. There is also a third option and that is exit the moment your stop is hit and re-enter if the market again goes in your direction.

In slow markets you can wait for closing but in fast and crashing markets, waiting for close could be expensive. I prefer re-entry and I get out at slightest sign that a trade is not working out...but I am comfortable with re-entry and it works very well as I keep my losses very low.

Smart_trade

Smart Sir ,Thank u very much for your prompt & helping reply..
You are guru of all of us...so i have written in my rule book as ..we have to exit on touching of sl points..& we can reenter when markets goes in our direction..
sir,should we apply same rule on entries also..as we are to enter on break of pivot high..& pivot is on 6550..so can we put sl-m order on price of 6550..?
Regards

 

[Somatung]

Smart Sir ,Thank u very much for your prompt & helping reply..
You are guru of all of us...so i have written in my rule book as ..we have to exit on touching of sl points..& we can reenter when markets goes in our direction..
sir,should we apply same rule on entries also..as we are to enter on break of pivot high..& pivot is on 6550..so can we put sl-m order on price of 6550..?
Regards

So, when can we expect your new book with the title: Trading by the book with Niftytaurus?

 

[Vertigo_1985]

Smart Sir ,Thank u very much for your prompt & helping reply..
You are guru of all of us...so i have written in my rule book as ..we have to exit on touching of sl points..& we can reenter when markets goes in our direction..
sir,should we apply same rule on entries also..as we are to enter on break of pivot high..& pivot is on 6550..so can we put sl-m order on price of 6550..?
Regards

i use sl limit order to avoid slippages and missing out entries. So for long entry 6550 u have to put trigger price as 6550 and then price as 6555 or whatever you want i.e the worst price you can afford to enter...
imo dont think about re-entries as of now, you will make it too much complicated. Have crystal clear entry, exit rules first, master their execution and then only look into re-entries.

 

[PUCHU_2500]

I have joined this forum today. I have read out so many threads and found some good members and one time disposal so many members have already left this forum and shying away from their valuable posts, I think they might have incurred too many losses and so they did not expose themselves twice !!!! I am not a good trader and never make a single penny, now I am afraid my existence will also be not available here after some days !!!! 95% traders are failure and I am also in this category ?????

 

[Tlahuicole]

I have joined this forum today. I have read out so many threads and found some good members and one time disposal so many members have already left this forum and shying away from their valuable posts, I think they might have incurred too many losses and so they did not expose themselves twice !!!! I am not a good trader and never make a single penny, now I am afraid my existence will also be not available here after some days !!!! 95% traders are failure and I am also in this category ?????

Some would have gone because they made good profits and started other business by side and not able to handle traderji along with that.

 

[niftytaurus]

i use sl limit order to avoid slippages and missing out entries. So for long entry 6550 u have to put trigger price as 6550 and then price as 6555 or whatever you want i.e the worst price you can afford to enter...
imo dont think about re-entries as of now, you will make it too much complicated. Have crystal clear entry, exit rules first, master their execution and then only look into re-entries.

hi
Thanks for your reply..it will really help me in giving idea about putting right orders..
but I have some other confusions/problems also which may seem stupid.I have post here..if you can provide solution of this as you are also price action trader & you may have gone through some..
http://www.traderji.com/futures/91950-day-trading-futures-380.html

Please advise on this also
Thanks