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Taking profit is a matter of money mgt,
discipline, overcoming greed,
and following your written
plan,
lets take tomorrow for example,
today I shorted 4 big contracts at
1207
and bought at close 4 dec 1210
calls
if we close -10 tomorrow, will close only 1
short, and sell at loss my calls
if we continue lower, will move stop loss at 7
points above lowest low,
when we are down -15
will close 2 more shorts
the rest will most likely get stopped
out,
if
I am wrong and mkt goes up,
when it closes +10 will close all shorts, and sell
at profit 1 call
when +15 will sell 2 more calls
and +20 sell rest of calls
you must face reality
trading is a business, you must plan all your moves
ahead of the order placing
and
it better be covering all bases, what if up
what if down
if you don't do it, you are fooling no one but
yourself
and DO not blame anyone for failing, it is YOU who
is responsible for ALL of the outcome(good or bad)
best regards
Ben
----- Original Message -----
Sent: Tuesday, November 01, 2005 11:00
PM
Subject: Re: [e-mini_traders_anon] Re:
Taking Profit Questions
Sounds like a good "theory".
----- Original Message -----
Sent: Tuesday, November 01, 2005 3:32
PM
Subject: Re: [e-mini_traders_anon] Re:
Taking Profit Questions
when the time frames are not in sync usually
don't hold
when they are usually do
----- Original Message -----
Sent: Tuesday, November 01, 2005 3:06
PM
Subject: Re: [e-mini_traders_anon]
Re: Taking Profit Questions
taking profits, and when is my current
issue, my entrys are good finally and along comes Problem
no.2, I either hold on to long and give up some nice profits and get
stopped at no loss, or I take a few pips then it shoots up and I
waste a good run.
Experience and patience is the only way to do
it, impossible to predict the future
unfortunately.
( I'm trying to hold on longer, and it
keeps biting me )
----- Original Message -----
Sent: Tuesday, November 01, 2005
7:19 PM
Subject: Re: [e-mini_traders_anon]
Re: Taking Profit Questions
Absolutely it is.... but this goes against
everything you've ever heard about profits run etc.... like markets
trend all the time or something.
----- Original Message -----
Sent: Tuesday, November 01, 2005
12:29 PM
Subject: Re:
[e-mini_traders_anon] Re: Taking Profit Questions
And I should have added that it must be suffecient
to
cause a negative expectation. It is possible to have
larger
losses and much less of them and still have a
positive
expectation.
--- Jerry <drwar2000@xxxxxxxxx>
wrote:
> You will if your profits are less than your
losses.
>
> --- e_mini_daytrader <e_mini_daytrader@xxxxxxxxx>
>
wrote:
>
> > You wont go broke taking profits.
>
>
> >
> >
> >
> > --- In
e-mini_traders_anon@xxxxxxxxxxxxxxx,
> "janice
> >
wright"
> > <wright.janice@xxxx> wrote:
> >
>
> > > spoo
> > >
> > > I
have been trying to accomplish reversal for
> > years--I
learned a
> > long time ago --if I want out I usually
want
> in--but
> > it is so hard to
> > do
and change right at that moment. Do you have
> any
>
> brain teasers
> > that help you get there--when I am a
bull I am a
> > bull for 90 min or 4
> >
hours--when I am a bear I am the same.
> > >
> >
> tkx
> > > ----- Original Message -----
> > > From: spooboy54
> >
> To: e-mini_traders_anon@xxxxxxxxxxxxxxx
> >
> Sent: Tuesday, October 25, 2005 4:51 PM
> >
> Subject: [e-mini_traders_anon] Re: Taking
>
Profit
> > Questions
> > >
> > >
> > > Brooks
> > >
> >
> I like your question, but I don't have a
ready
> > answer.
> > > But I can say
this -- I'm on it !! Just
> today,
> > I
had
> > > an 8.00-pt S&P gain that
evaporated to a mere
> > 0.50. There have
> >
> been at least two recent Thursdays that come
>
to
> > mind, in addition,
> > > where
10- to 15-point gains evaporated in the
> > final 1/2
hour
> > > (those were pretty unusual moves,
though).
> > >
> > > I'm with you
regarding "let your profits run",
> > and I just
> >
> don't buy into fixed targets. I must hasten
to
> > say, however,
> > > that as a
day trader, my average trade time is
> 4
> > hours..
ergo,
> > > I'm not a scalper. For a scalper
who's in and
> > out in 5 minutes,
> >
> fixed targets may in fact be entirely
> >
reasonable.
> > >
> > > Anyway,
I'm initiating a study of MFE (max
> > favorable
excursion)
> > > versus SGB's (that's my
invention.. subsequent
> > give-backs).
> >
> My recollection is that I studied this about
8
> > years ago and
> > > found that
(at least for my type of trading)
> > there was NO
>
> > optimal ratio (ie, 40% SGB, 50%, 60%,
etc),
> but
> > it's time
> > >
to try it again. I'll keep you posted.
> > >
> > > Another thing that may muddy the
water.. my
> > system is a
> > >
reversal system .. once I get an opening
> signal,
> >
my next
> > > signal will be to reverse.
In other words, my
> > exit signal
> >
> is the same as an entry signal for the next
>
> trade. I've
> > > had the
philosophy that separate exit and
> entry
> >
signals
> > > don't make sense... it shouldn't
just be an
> exit
> > signal
> >
> unless it's good enough to also be an entry
>
> signal. Thus,
> > > my results may/may
not be applicable to yours.
> > >
> >
> As a reversal trader, I definitely face the
>
> potential
> > > whip-saw scenario that
you alluded to. And
> dare
> > I say
> >
> it.. maybe I'll actually consider going flat
>
> between
> > > trades (I've got a friend
who is rolling in
> the
> > aisle
> >
> laughing right now because of that one).
> >
>
> > > How do you propose to answer your
own
> question?
> > > What kind of
studies might you perform?
> > >
> >
> Spoo
> > >
> > >
>
> > --- In
e-mini_traders_anon@xxxxxxxxxxxxxxx,
> > "Brooks Rimes"
> > > <brooks@xxxx> wrote:
> >
> >
> > > > I've come to
the conclusion that some type
> of
> > trailing stop is
> > > needed in
> > >
> order to capture larger profits (when they
> are
>
> available). I
> > think
> >
> any type
> > > > of fixed
profit is really scalping in one
> form
> > or another
and,
> > if
> > > used as
>
> > > the only profit taking method, goes
against
> > "cut your losses
> > short
>
> > and let
> > > > your
profits run". For those that figured
> > this out long
ago,
> > maybe
> > > you
can
> > > > help with some answers from
your experience
> > ...
> > > >
> > > > Is it best to combine fixed
profits and
> > trailing profit? Or,
> > some
> > > other
> > >
> method?
> > > >
> >
> > What works best in scaling out profits?
2
> > steps, 3 steps? If
> > >
steps, should
> > > > it be 50/50 or 67/33
or ?
> > > >
> > >
> What is the best type of trailing stop?
> >
> > - an N period ATR +/- the H,L,C
> >
> > - an N period SMA of the L or H
> >
> > - 1 or 2 ticks above/below the N period
>
> highest high or lowest
> > low
> >
> > or something else?
> > >
>
> > > > Is it a good rule to always
take some
> profits
> > on a long,
> >
favorable
> > > bar?
> >
> >
> > > > To avoid
being shaken out by a small move
> > against you, is a
> > wide
> > > stop the
>
> > > best defense?
> > >
>
> > > > If shaken out of a trade,
only to watch it
> > resume, what should
> > be
> > > considered
> >
> > in deciding to re-enter?
> >
> >
> > > >
Thanks,
> > > >
> >
> > Brooks
> > >
>
> > >
> > >
> > >
>
> >
> > >
> > >
> > >
> > >
> > >
>
>
>
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>
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