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Hello, I am concern with where the stops are placed sometimes during a breakout. Although I know that Al is right since I believe in his course, it just seems like you would not sit and watch your trade move against you so much to hit your stop.
Hi,
You have feel comfortable about your risk. So either trade small enough or enter on a pullback. If there is a reasonable setup against you, you can exit before your SL is hit.
If you have big risk on the table and trade is going against you, Al says you should manage your trade based on the new information arising. For example f you see three big bull bars and you are still long, you should probably sell before it hits your stop.
I agree. I dont place my stops as he says regarding the breakout. But as he says, theres different kind of traders, momentum and value traders. The value trader will have a tighter stop and The momentum trader might need a wider stop.
And yes, stops doesnt need to get hit, you will find yourself in positions thats better to get out before the market reaches the stop and other times, the correct thing to do is reverse the position.
Its all about how you trade and what you are comfortable with, and this takes time to figure out.
I do allot of countertrend trading, wich means, I very often have very tight stops and it works well.
You have to understand, read Al's work, but thats just a part of the work you will have to do, the rest is your own solutions that fits you.
Hope this helps you a bit.
Thanks everyone. That helped. I will be sure to pay it forward.
