Exit

[mahenav 10]

Hi,

 

I have been trading last 4 years without success. My equity curve has gone up and down and now staying down consistently. The biggest problems I have observed are,

 

1. Chasing market after I miss a signal (I have a full time job so missing signal happens a lot).

2. not knowing when to exit (somehow I find this extremely hard to decide)

 

Ignoring time I have been trading, I still consider myself rookie. Can somebody help? I need a mentor? How can I find one?

 

mahenav

[Mysticforex 13]

Hi,

 

I have been trading last 4 years without success. My equity curve has gone up and down and now staying down consistently. The biggest problems I have observed are,

 

1. Chasing market after I miss a signal (I have a full time job so missing signal happens a lot).

2. not knowing when to exit (somehow I find this extremely hard to decide)

 

Ignoring time I have been trading, I still consider myself rookie. Can somebody help? I need a mentor? How can I find one?

 

mahenav

 

The first piece of advice I could give you is not to try to fix everything at once. Attack it 1 problem at a time. For instance. If you miss the entry, YOU MISSED THE TRADE.

Discussion over. Wait for the next entry. When you can do this move on to the next problem.

[Obsidian 10]

Hi,

 

I have been trading last 4 years without success. My equity curve has gone up and down and now staying down consistently. The biggest problems I have observed are,

 

1. Chasing market after I miss a signal (I have a full time job so missing signal happens a lot).

2. not knowing when to exit (somehow I find this extremely hard to decide)

 

Ignoring time I have been trading, I still consider myself rookie. Can somebody help? I need a mentor? How can I find one?

 

mahenav

 

Since you identified your problems, why would you need a mentor? you should keep in mind that market is not going anywhere, there will always be plenty of of opportunities-signals. you may consider changing the time frame (if your system still works) and find a better exit method which you can find on this forum;)

[MightyMouse 12]

The first piece of advice I could give you is not to try to fix everything at once. Attack it 1 problem at a time. For instance. If you miss the entry, YOU MISSED THE TRADE.

Discussion over. Wait for the next entry. When you can do this move on to the next problem.

 

I agree on fixing the issues one at a time.

 

I do think, however, that "if you miss the entry, you miss the trade" is true for some types of trades and not for others.

 

Frequently, there are many opportunities to hop on or hop back on in the event of missing a trade or getting stopped out if the direction is the same.

 

2 important questions: 1. which way is the market trying to go, 2. how good a job is it doing trying top get there. If you stilll know the answers to these 2 questions, there is no reason why you can't get back in many instances.

 

For some of the trades I do, I enter using stops. So, if I get stopped out and try to get back in a gain, it is, sometimes, at a much lower price. If I do get stopped out and then need to get in at a worse price, then all that really matters to me is if the direction is still the same. Generally, if only worse prices are available, then the direction is still the same.

 

Just a point of debate.

[straddle 10]

(I have a full time job so missing signal happens a lot).

 

Its not easy to daytrade if you have a full time job . Some times its not easy to just trade if you have a full time job. Now its easy to monitor the market using an iphone but back in the days if you didnt work on a pc you had no idea what was going on.

 

Try to reavuate your system on am larger time frame .(a week or a month)

 

Also when you miss the signal either play this one out or if you enter dont start with moaning and the shoulda goulda woulda .

 

You missed the signal end of story , now you are following a new one .

 

PS Just realized this is an old thread . It would be interesting to discuss how it is possible to trade and keeping a full time job

[Steve66 10]

To the original poster. Try trading longer term where entry and exit are not that crucial.

[Ammeo 10]

Hi,

 

I have been trading last 4 years without success. My equity curve has gone up and down and now staying down consistently. The biggest problems I have observed are,

 

1. Chasing market after I miss a signal (I have a full time job so missing signal happens a lot).

2. not knowing when to exit (somehow I find this extremely hard to decide)

 

Ignoring time I have been trading, I still consider myself rookie. Can somebody help? I need a mentor? How can I find one?

 

mahenav

 

By the look of it ,it seems you are day trading (scalping) ..my advice will be to try swing trading and looking at the daily/weekly charts rather than intraday charts which can be stressful and produce false signals so many times...

2ndly ,try trading some different asset ..if fx is not working for u,try trading stocks or options and vice versa..

[Limitless420 10]

Hi

I too have a full time job and use my Galaxy Note to trade during my 9 to 5. It is challenging and exciting... it is very difficult to check the market when you have free time, randomly deciding what to buy or sell or hold. Instead I place alerts and advanced orders with my broker optionshouse.com.

 

Alerts to send me a message when for example the SPX is greater than 1525 the near term resistance. Than that's when you can excuse yourself to the bathroom and are given that window needed to catch today's rally.

 

Also, placing advanced orders using functions such as "if" and "than" along with stops. For example using my broker optionshouse.com I place: if SPX is greater than 1525 than buy spy 151 Feb calls and than even place a limit sell higher and an alert or another advanced order to sell.

 

You got to do all you could to alert yourself when key levels are reached than you can provide yourself with better chances of hitting you mark. Just bring a lot of water bottles with you to work and drink them to excuse yourself to the bathroom to trade...you can help hydrate yourself and ultimately make better stock market decisions...lol:2c: