ES frustration today

[Phantom of the Pits 10]

Today I advise of a two stop system. First stop is advisory stop to get out when hit....this allows you to work out of a position prior to your second stop (extreme stop) being hit at a much greater loss.

 

Advisory stops allow you to work out of positions most of the time without losses that amount to much. I had a system where Art Simpson traded FX with 138 trades in a row without a loss due to using the advisory stops and knowing to work out of the position. He worked 138 trades this way and never loss but his gain was limited due to often times getting out of good positions after getting out. To eleminate this bad postion going good problem I recommend that you always pick a range and not a price. You see you can never pick the exact price. Pick a range allows you to re-enter a trade at a better advantage. Ex..... JPY at 108.10 short and it went to 108.18 so you get out due to your advisory stop being say 8 pips(exclude bid/ask pips) but your plan is to sell JPY at 108-109. Your range allows you to re-enter the short within the range even though you exited your first trade due to advisory stop.

 

I wish I had more time but reading your posts is often enlightening for me.

 

I have been working on a New Energy Fuel and feel we are within 3 years of reduction in energy cost and greenhouse emissions. It has been taking lots of time. I do intend if I live long enough to update "Phantom's Gift" with Art

 

Thanks for your posts and please keep your eye on the white line when trading. To trade forever allows you the opportunity to be the rich guy in the block. Losses only point to the winners if small.

 

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