Mr. Hyde wrote:Quick question for Lem and I'm pretty sure I already know the answer is gonna be depends. But what do you do for stops on your trades and how do you adjust them when you add on. I understand if you don't want to give me all your trade secrets. But I got wondering yesterday when I started thinkning how you try to get your 5% on a trade and then started to think how you like to add and then the style of your trading.
Also loving the EB's. Funny how the simplest things we completely miss sometimes.
Depends
(Well, you did kinda' walk into that one, lol).
Anyway...I don't use stops, if a move goes against me, I will enter a counter trade. That locks off as a ''floating loss'' and then I wait for my next trigger.
That stands as a separate stand-alone trade but after that, I will look to unwind the floating loss as well. That could happen in one go, two goes, or the next day. Doesn't matter to me.
The same goes for any add-on trade, it is treated as a completely separate entity.
I can freelance on this, as you've seen me do on the Flip recently, where if it looks like the price has stalled, I will even take a partial add-in (not necessarily waiting for a full retrace to enter on for instance) but look for a shorter pip-distance to get the same amount.
