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Hi Kate
First of all I would advice you to take a look at "Trade your way to
financial freedom " by van Tharp.
An excellent book which I highly recommend.
If you do not want to buy his book you may get valuable information
on his website : www.mastermindforum.com
In principle the entry point is of little relevance.
The key is how you take care of your exits.
I would also recommend you to take a look at an instrument
called the "square of nine".(they said used by Pythagoras/and also
Gann)
When you enter a market try to use a predetermined angle to protect
your stops/ trailing stops. Based upon your trading horizon and
capital it may be a 60 degree angle/ 90 degree angle etc.
If you are good at timing turns you may "zoom" in the angle if you
expect a market turn. This would secure your profits.
Likewise I would check previous corrections in your "market" to see
what kind of angles they have reacted on before.
This is valuable knowledge as it may protect you from unexpected
movements.
Give the angles a little "leeway".
A 60 degree angle may be a 72 degree stop etc
Good luck
Allan
--- In realtraders@xxxxxxxxxxxxxxx, ketayun <ketayun@xxxx> wrote:
> Hi,
>
> I was wondering if anyone has any personal/book/website
suggestions
> about how to enter/exit trades. I find that on paper what I
project
> within time/price comes true about 90% of the time. However I
don't make
> the profits.
> At first I would enter on the first signal only to find the stock
to
> slightly reverse and then I would exit (going flat)out of relief .
My
> next thought was to enter on a pull-back but often the trend is so
> strong that there is no pull-back until after it reaches my profit
> objective or if I just jump in somewhere before the profit is
reached
> panic sets in because I did not have any clear signal to do so.
BTW I
> use 65,39,13 and 5 minute charts. Major pattern is usually on
larger
> time frames with entry/exit on smaller (to keep losses down).
>
> Any and all suggestions welcome.
>
> Thanks,
>
> Kate
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