Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
My swing bot runs a time based stop, so 2-3 days and no profit = exit. Granted you have to leverage with the understanding that you could have 2-3 really baaaaad days in a row statistically. You have to be able to absorb that. So just as much as it is a time based stop, effectively it is a price based stop because you have to understand a devastating move against you over a 2-3 day time frame.
So in effect you are taking a look at both price and time when considering a time stop.
But each individual trade has a stop and target so 99% of the time either my targets hit or stops hit before end of day. If I am still in a position at end of day my bot will close it.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Both, plus number of trades.
For the day, I stop when I hit a certain number plus or minus, a certain time, or an upper limit amount of trades.
Per trade, I use a defined stop, negotiable target, but if I stay flat for too long I'll get out in favor of less market exposure/original trade idea being wrong.
All of my entries and exits are determined by price and time only.
Time for me is slope/trend/channel. Price is price.
Only an emergency stop which was recommended by Big Mike is used.
I've found that most profitable trades tend to work right away, if I take a position and I don't get the expected result within my time frame I'll scratch the trade and look to re enter later.
I day trade and take swing trades on occasions. For me if a trade isn't working out in the first 20 minutes I nix it. I give swing trades more leeway hours/days depending on why I'm taking the trade in the first place.