Comment on Intraday stock trader par excellence
commented on
06 Oct 2013, 03:07 AM
Target & stop loss is something which has to be changing LIVE each second with your position and cannot be prefixed at the time if taking position. When i say i never allow a profit position to turn into loss its natural ‘cos the moment price goes up my stop loss too would change from the original to higher in line with the rise. If you are trading hard from years you would know by now that philosophies & fixed strategies Dont work ! Presets and formulas can work only in an ideal scenario but you know markets are unique each single day ! But your question is not naive it is THE most important & deciding factor between a loss making trader and a successful one !
My exit would be :
(1) 1000-1012-1010-1021-1018 (Exit: 1018)
(2) 1000-1012-999-1025 (Exit :1008 )
(3) 1000-1008-995-1030 (Exit: 1005 )
(4) 1000-1119-1008-1024 (Exit: 1116 )
(5) 1000-1004-1000-1020 (Exit: 1020 )
(6) 1000-1002-990 (Exit: 997 )
(7) 1000-1012-990 (Exit: 1009 )
In short not more than point 3 % down from the moment it starts coming down (in case of buy & reverse in case of short)