As usual great informative answers from everyone, so helpful and they all work. I found locking in 80 % at 1st target , bring stop to BE and let remaining 20% run worked really well for me.
Even if you didnt babysit and trail the 20% you couldnt lose. I did this for my head. It was not my idea. I borrowed it from another strategy. However I would like to add that my targets were not huge due to fear. ( 5-10 pips). My trading has now evolved into higher time frames, bigger targets and learning to pile in when markets allow me to. ^:)^
Clear Sermon on Stop Losses Needed!
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Den
- Free Member
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- Joined: 06 Dec 2011, 08:40
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wiseambitions
- AIMSter
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- Joined: 17 Sep 2012, 21:36
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Re: Clear Sermon on Stop Losses Needed!
I am really grateful for the discussion which has taken place here.
It was with the thought in mind that the best part of Aims is the setup, and the best part of account preservation and account roll up comes from money management
We would love a setup predictor that said "This entry is the start of a lovely long upwards/downwards trend for 100 pips or more". Alas such doesn't exist. The nearest we get to it is ewaves, which tries and judges the wave we're in and the likely target of extension points if it goes to w5. Quite an amazing tool. But not always right.
In between, well, some of you know one of my strategies is just to scalp for 5 or 6 pips, and a couple wins a day keeps the show on the road. But it could take 3 wins to compensate for a couple losses if the RRR is not healthy. I'm also working on the idea of setting the TM with a higher TP, impose break even resets and possibly trailing stops or jumping stops, to cope with occasions when I cant ovesee the trade. One of my biggest reservations is letting winning trades run. I think we all suffer from that.
Friday, about 20 pips positive for me, I didn't get the entire rise so if anyone stuck in the trend and made a fortune, good for them!
still working on making it stress free
Between October and early December, in a clear run of 11 weeks, I had one account make 900 pips (*) with the Aims system, that was with Eurodollar only, and the worst week was still not a negative. But it did involve a few mad moments, definitely the opposite of stress-free, and I'm certainly not thinking this excellent run will ever be repeated because it felt like beginners' luck and it did involve more than the couple hours a day which most members wish to trade.
still thinking to record a better journal (even if not published), to keep me disciplined.
I need to record for each trade why I went in, was it setup1, setup2 an addon or a gamble?
Immy is right in saying it helps
Like I already said, we are prone to discuss the entries here, and the magical setups more than discuss the management of floating trades.... I hope I don't close this thread by having said thank you all.
It was with the thought in mind that the best part of Aims is the setup, and the best part of account preservation and account roll up comes from money management
We would love a setup predictor that said "This entry is the start of a lovely long upwards/downwards trend for 100 pips or more". Alas such doesn't exist. The nearest we get to it is ewaves, which tries and judges the wave we're in and the likely target of extension points if it goes to w5. Quite an amazing tool. But not always right.
In between, well, some of you know one of my strategies is just to scalp for 5 or 6 pips, and a couple wins a day keeps the show on the road. But it could take 3 wins to compensate for a couple losses if the RRR is not healthy. I'm also working on the idea of setting the TM with a higher TP, impose break even resets and possibly trailing stops or jumping stops, to cope with occasions when I cant ovesee the trade. One of my biggest reservations is letting winning trades run. I think we all suffer from that.
Friday, about 20 pips positive for me, I didn't get the entire rise so if anyone stuck in the trend and made a fortune, good for them!
still working on making it stress free
Between October and early December, in a clear run of 11 weeks, I had one account make 900 pips (*) with the Aims system, that was with Eurodollar only, and the worst week was still not a negative. But it did involve a few mad moments, definitely the opposite of stress-free, and I'm certainly not thinking this excellent run will ever be repeated because it felt like beginners' luck and it did involve more than the couple hours a day which most members wish to trade.
still thinking to record a better journal (even if not published), to keep me disciplined.
I need to record for each trade why I went in, was it setup1, setup2 an addon or a gamble?
Immy is right in saying it helps
Like I already said, we are prone to discuss the entries here, and the magical setups more than discuss the management of floating trades.... I hope I don't close this thread by having said thank you all.
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."