Hello LV,
I can empathise with your concern about not being able to get a fill in for the SL. Specially if our SL is triggered the very next day we take a position and what if there is a gap down?
Our doubts and questions, reflect the experiance we have had previously in the market, for someone who have never traded, these implementation issues may sound trival.
Put yourself in the situation where you have actually made this very trade Saint has indicated in his post. Just imagine it is so..
You have successfully marked Pivot 5, - 8, - 10, ... and so on...
What it means is you are sitting through all those 10 dips or corrections, holding your position even when the market is going down (maybe minor dip of 100 points or more
).
The question is can you sit through these dips/corrections? If the answer is yes, then don't worry, after you have 800 points of the trend behind you, you will not worry about the cost of being taken out.
We all would love to take a trade similar to the one discribed by Saint here. The question is can we "Take the Heat" ?(to paraphrase another of the Giants).
To use this method successfully, we need to be able to be comfortable with deep stop loss and lower number of winning trades (may be around 35% strike rate).
Just hope am not polluting the space.
Best Wishes
Simple
I can empathise with your concern about not being able to get a fill in for the SL. Specially if our SL is triggered the very next day we take a position and what if there is a gap down?
Our doubts and questions, reflect the experiance we have had previously in the market, for someone who have never traded, these implementation issues may sound trival.
Put yourself in the situation where you have actually made this very trade Saint has indicated in his post. Just imagine it is so..
You have successfully marked Pivot 5, - 8, - 10, ... and so on...
What it means is you are sitting through all those 10 dips or corrections, holding your position even when the market is going down (maybe minor dip of 100 points or more
).The question is can you sit through these dips/corrections? If the answer is yes, then don't worry, after you have 800 points of the trend behind you, you will not worry about the cost of being taken out.
We all would love to take a trade similar to the one discribed by Saint here. The question is can we "Take the Heat" ?(to paraphrase another of the Giants).
To use this method successfully, we need to be able to be comfortable with deep stop loss and lower number of winning trades (may be around 35% strike rate).
Just hope am not polluting the space.
Best Wishes
Simple
To take the Heat,now that is another question...........If you don't position size properly and risk manage well........then you will have a hole in your stomach,your account and your psyche!
Each and every one of us come into the markets with a different account size and a different ability to withstand pain......but that's another topic altogether!
Once again,great stuff and keep em coming!!
Saint
