Day Trading Futures

[vssoma]

NF
6 points move only, in last 70 minutes

yaar yeah tho indian cricket team ke jisa hain...maro to chetury nahi to 0-1-2

 

[OMSAI]

NF
6 points move only, in last 70 minutes

As expected...... :thumb:

 

[OMSAI]

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[Vertigo_1985]

Hi
ST sir & other senior members..please advice on a small & stupid problem regarding sl entries & exit...
ex.we are trading on 5 min chart..& we are in long position .If our sl is on 6550..so markets can do 2 things...a) 5 min candle just touches your sl..it goes down till 6545...& comes up & closes above 6550...& then market resume its upward journey...b) markets goes down 6550...6545..6540..6535..means continue its downward jouney & closes down to your sl...
Now my queston is when we put our sl...what should we considered..should we wait for candle closing to exit..or should we exit just on touching the sl? we have to face problems in both condition..if we just put sl on system..& when it touches but candle didnt close under that level..& we are out ..& market resumes its original journey...& in 2 condition,if we wait for candle close...then we dont know that particular candle can go how much low..& in that conditon if fall down is deep..its not good for our risk management..
same problem with entries only..ex if we decide to enter long on particular pivot high break break...& we put sl-m order...then market can just touch our level & we get the fill & we are in..but after 1-2 minutes that candle starts going down & close below our level..or if we choose 2 option..means we wait to candle close ..& if that candle go higher & higher ...so now we are very far from our entry point & sl is far ...so not comfortable with that entry..
so please suggest..what option is suitable ?
Thanks

" its not good for our risk management " you yourself have answered your question as our main objective is to manage risk. Small winners(most) , big winners( few) and small losers..that should one aim for, most traders will have positive account if they dont have big losers. So dont lose more than what you planned to lose and get out when the level breaks, no if's or but's. When you are comfortable with entries and exits you can learn to re-enter.

Same for entries..if your strategy says get in when pivot breaks then there is no point in waiting for candle close, most of your winning trades will move straightaway in your direction so you dont wanna be chasing those or missing those...let those which dont go in your direction after entry hit sl, that's what sl is for.

why you are entering a trade ? because your edge says that it should move most of the time to your target...important word is "most"..if 6 out of 10 times it moves to your target giving you good reward overall then your edge is going good. Dont worry about the remaining 4 times when it hits your sl and how it hits it as of now.

 

[nirav_j]

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It was for April series, not today.

 

[OMSAI]

It was for April series, not today.

I know........april series will never goes this level......I alraedy post...because big fish traders.....will not stop eating......:lol:

 

[nirav_j]

I know........april series will never goes this level......I alraedy post...because big fish traders.....will not stop eating......:lol:

Okay , if you say so ..

 

[jamit_05]

Hi
.
.
Now my queston is when we put our sl...what should we considered..should we wait for candle closing to exit..or should we exit just on touching the sl?.
.

Thanks

Your dilemma is essentially in the above two choices.

Let us first see what does the concept of Stop Loss really means to a trader.

For momentum traders, SL is a parameter that helps him decide the RR. They keep SL small, say 5 to 10 points. To this type of a trader, he exits at touch. He cannot afford to wait for candle close, because that may happen 4 mins 59 seconds later and that is long enough for irreparable damage to happen.

For swing traders on 5 mins, SL is a level where he negates the trade. The SL is large and kept below major intraday levels and they want this level to be convincingly broken. Since SL is large, say 25 points plus, a few more points for sake of confirmation won't do irreparable damage. Although on a really bad day damage can be twice the initial risk.

So you decide.

 

[OMSAI]

Okay , if you say so ..

6700 april series .................coming soon......

 

[nirav_j]

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