Quote:
Originally Posted by CStrickler
In reference to "protective buy stops"...does this mean you have entry/market orders waiting at your stop points to cover the event of a breakout?
Thank you for your input.I am doing much better in my trades thanks to you and the other staff members.
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Exactly...we want to define our risk before we get into the trade and have standing orders to exit the trade entered in at all times. This protects us if the market moves against us if we are not looking and also protects us if we are looking but fail to act. The only guarantee in the business of speculation is that if we trade, we will have losing trades. Even the most successful traders in the world have losing trades. How we handle those losses has as much to do with our long-term success or failure as a trader as any other factor. Define your risk, enter your protective stop and then honor it. That is the mark of a successful trader. Glad you are finding value here as that is what we are trying to do. Thanks for letting us know.
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