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Hello,
For those who frequently enter trades with limit orders I had a few questions:
1) How do you typically structure your trader's equation (risk, reward, and probability), and does it change depending on the market cycle?
2) How long does a typical trade last (# of bars)? Reason I ask is because the market is moving against you, so I would be interested in hearing on average how long you're typically in a trade (both wins and losses).
3) Do you scale in and how do you typically structure your strategy for scaling in? (e.g. position sizes, # of ticks from initial entry, # of times you scale in)
4) What are your default mechanisms for when you'll either decide to not scale in or exit the trade prematurely because the market is disappointing you?
Thanks in advance for the response. Any specific screenshots of trades that anyone recently took to help answer my questions would also be greatly appreciated.
Thanks,
Matt
1, yes, as I guess you already know, markets is not always the same. I dont think in terms of risk/reward, I just focus alot on what im doing and just trying to do a good trade. Risk reward is usually between 1:4 to 1:10. And in some cases ive had 1:20.
This is countertrend trading and the markets are never the same. Sometimes its bigger trades and other times short ones.
2, yea, same here. But between 4 to 25 bars a trade can last.
I mainly intraday swings.
Im fast at taking loosers, between 1-3 bars, I know really fast if im wrong, not even close to 1% on each trade.
3,different, depending on setup.
If I can feel that its a higher propability trade, I add faster and harder. If I start to in same way question it, I just get out and revaluate. Depending on how far the stop is, I adjust my position size too.
4, yea, this one is pretty easy. Im mainly doing intuitive trading, wich means, everything is not always "precisely". But I know my subcouncious mind helps me here and at every other aspect of the trade. But I always have some sort of plan how to do it.
