Captain Pugwash wrote:aliassmith wrote:Captain Pugwash wrote:Thanks to both of you! Ric for the Response - thanks for putting your time in - its truly appreciated
And MO for taking an active interest in my particular "misquote" - an interpretation of your words that I have been actively "trading" for some time!
This may explain why 75% of my trades are almost immediately profitable
But I have such big tp's that only 30 something % of my trades are winners - MAN I am embarrassed to say what I've been doing
Because I have never moved my stops, the rest have been ...well ... not break even
and yet my account is somehow (and unbelievably) profitable ( slightly).
And another point MO - I take your work VERY seriously - as seriously as if i had paid for your words of wisdom - even tho I may have misinterpreted those words
What a Wally I've been - I shall now crawl under the nearest rock
i have a possible solution for you. Don't move your
stop but do scale out half at 1:1.
Yep Alias. you are right - I may go back to doing http://kreslik.com/forums/viewtopic.php?p=74520#p74520 this technique ( its over three posts) - Its much easier than it looks ( or how I marked it up) and gives me the intention from the beginning of adding back in again - because I KNOW the only way to do what you guys do is to ADD to a position
My opinion is to not focus on the "you guys" and
do what works best for you. People make a lot of
money scaling out and others make money scaling
For most people that make it work, they start out
losing. They then become break even and then
profitable. Once profitable you fine tune your
execution and money management.