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Now down 16 points from where my stop loss was!!!!te_fern wrote:Today proved that stop losses are required for day trading. Lost 1 point on SOXL, expecting a bounce. SOXL is now down almost 9 points where I exited the trade!
thanks very much boss it’s going to take me a while to figure that one outTrades with cats wrote:I use the stop as my initial risk or R for calculating maximum position size. I am very aware that experienced traders like the people on this board will use price action support and resistance. But when the futures start moving I don't have the time to think and consider so this works as a fast and dirty.
Thank you to both of you guys! Gave me alot to think about!Al_Dente wrote:thanks very much boss it’s going to take me a while to figure that one outTrades with cats wrote:I use the stop as my initial risk or R for calculating maximum position size. I am very aware that experienced traders like the people on this board will use price action support and resistance. But when the futures start moving I don't have the time to think and consider so this works as a fast and dirty.
In the meantime, for others on the stockcharts platform, YOU CAN GET STOPS ON BOTH SIDES, by typing in “short” on one of the sides.
In “overlays” the default is:
Chandelier exit “22,3.0”
Then on the next line type:
Chandelier exit “22,3.0, short”
Then adjust the numbers