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Does anyone here trade the Walmart style (target 2R, OCO, fire and forget) exclusively and profitably?
If you do, I have a few questions for you.
Thanks.
OK, it seems nobody uses the Walmart management scheme primarily, which is a shame as I was hoping to get some insights.
Or maybe some people do use it but they haven't dropped by recently. In which case I'll leave my questions here:
- Do you make the position breakeven anywhere (eg, at 1R)?
- What's your final target? 2R, 3R, more?
- Do you take partial profit anywhere?
- How many such trades do you take on average?
- Do you have a fixed time limit after which you close the trade? Eg, the 2 hours that Al mentions? Or do you give it longer / until the close?
- Do you physically walk away? If you do, how do you deal with opening reversals, eg, you take a reasonable stop-entry trade, walk away and get stopped out by an opening reversal, but now you have missed that reversal trade because you walked away.
Thanks.
Walmart trades means the structure has just switched to always in (long or short). So 60% probability of a MM. As such, it seems to make sense to take some of at 1R. Would trail the rest as the minimum target is often not the optimal one.
I dont do the walmart style often (actually walking away) but trading an always-in perspective is similar. I consider the best walmart trades the ones that can lead to the swing of the day. A couple bull bars after several dojis at the start of the day would not qualify, per reason you mentioned, too much risk of opening reversal, but also because the type of day is not really defined.
A major setup like gap up and then a wedge bottom would be a common pattern that can lead to a major swing. But that might be bar 15-40 before it gives the signal. At that point you dont have to use a profit target, you can just check back in 20 bars and see where you are at.
I think people are too optimistic in looking for the start of the big swing too early in the day.. it doesn't happen all that often.
Hi PB.
Excuse me for late reply.
I was trading walmart strategy for a long time. Recently I've been trading with active trade management, but I find that I micro-manage my trades and make too much mistake, so I'm considering coming back to the Walmart way.
Do you make the position breakeven anywhere (eg, at 1R)?
I don't take partials.
What's your final target? 2R, 3R, more?
2IR for low probability/small risk trades, and 1IR for high probability/big risk trades.
How many such trades do you take on average?
Maybe 1~3 per day.
Do you have a fixed time limit after which you close the trade? Eg, the 2 hours that Al mentions? Or do you give it longer / until the close?
If the trade isn't closed yet, I let the position run as long as the premise is valid.
Do you physically walk away? If you do, how do you deal with opening reversals, eg, you take a reasonable stop-entry trade, walk away and get stopped out by an opening reversal, but now you have missed that reversal trade because you walked away.
Do you mean taking trend trade on the open? If so, I have experienced what you say, so often. Trading trend setup on the open without active management is very dangerous because of opening reversals. I don't trade "reasonable" trend setup on the open. I wait "good" trend setup like clear BO or small PB trend action, otherwise, opening reversal setup will come. If trend continues, there will be good setups later. I think getting rid of being trapped out on the open is important for Walmart trade.
Also, there is a breif section about Walmart trade in Encyclopedia, part 16, 32-33. Check it out if you have not yet.
Don't think too much about many other variables and focus to take good setups. Walmart strategy is a laid-back way to simplify your trade and get rid of your mistakes like overtrading, micro-managing, turning swings into scalps.
Please excuse my rough English because it's my second language...
I hope this helps!
