Jun 4, 2008

Stops on the 5-min charts

So... I've been frustrated with being stopped out on good trades over the past couple days. While I'm not one to worry over a couple of trades and am one to get pissed off over missed profits on trades that moved the way I thought they would move. It seems to me that the best way to be a successful trader is to capitalize on the good opportunities that present themselves and try to squeeze out a good amount of profit from them.

With that being I am going to start place my stops a few cents below the 5ema at the time of entry. Most of the time that will mean the low of the previous to entry but sometimes I will just look at the 5ema and just drop it down a few cents.
I have picked the right trades I just haven't managed them well.

As I've said before... I don't mind losses when they happen I just mind them when they can be avoided with some tweaks. Yes, my risk size will increase but I don't think it will increase drastically and I believe I will be able to buy the same amount of shares relative to my risk amount.

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