What are some strategies for entry/exit points for a trade? These last few days, I’ve been picking the runners but poorly setting my entry and exit (stop loss) points. Of course this means even tho they’re winners, I still lose.
@BearBullTraders Weekly yes - mostly - but my losses are huge and I think I now realize why. I’ve gotten better with stop-losses but still need to work on finding my edge.
@BearBullTraders
“When the new trader is wrong, the loss is such that it wipes out many gains.” - Andrew Aziz (How to Day Trade for a Living)
Interesting how this explains my exact situation. I’m now reading about the “stocks in play” so hopefully things change.
Thank you
@jordanfogel@_OctoberMade I’m winning more than I’m losing. Up 15% from beginning in late Feb. Although, admittedly, my losses tend to wipe days of profits off the books. Bollinger Bands, RSI and MACD for signals. ATR for stops and price targets. I’m reading books, watching videos and learning.
I'm really liking how I'm using bb/rsi crossover signals; and at a 70% - 80% win-rate. It just sucks that the losers lose more than the winners win!
Hmm... Now, how to improve the profit factor...?!?
Guess I've got some more learning to do...
@SJosephBurns For me, gains have been small but losses - huge. Been using stop-losses but even they’ve been failing me… what is considered a small loss?
@prrobbins I'm new to this arena but I switched to primarily using alerts and price target spreads to layer out and preserve profits. As I reach a target value, I will set a stop-loss of my most aggressive target price at that point to try to maximize my profits.
@alexjc I need to do more research into this topic but seems to me that the cloud service providers should be sued for negligence at least; if not infringement as well. How many cloud services providers boast secure storage? How are they providing the input if they’re so secure?
@alexjc I’m not sure I understand the problem. So the images on the left were used to inspire the AI’s creation of the image on the right and we’re worried about copyright attribution? So everybody that paints “happy little trees” should credit Bob Ross? What am I missing here?