Foremost consideration before you start trading is to establish your trading profile. Using Money management you should arrive at the level of exposure to the market that your account and your risk tolerance allows,
The next consideration is the choice of instrument you are going to trade. This has more to do with the way they fluctuate and how you prefer to trade.
Another aspect that you should pay attention to is whether you prefer to trade the regular trades like the Main ones, the quicker ones like the Continuation trades or both of them.
Finally a vital part of your trading success is the way you will manage your trades. Predetermined Profit taking targets and Stop Loss values should always be entered simultaneously with all your orders.
This is where you will find the recommended strategies handy. The various values that you will see have been established over months of data collecting and actual trading with GemsBot signals. There is even a small range in them to account for variable market volatility.
So check out the settings that suit you best and lets discuss your selected strategy in our hotComm room.
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Cick the links inside the table to see the recommended trade management that reflects you stryle of trading. The Ninja Trader Dom has been used to create the images, but you can use the order platform of yous choise.
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You can see and print all Trade Management settings in a Matrix by clicking here.
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1. The worst and most frequent mistake that traders make is to increase their stops while in a trade. You should not be touching your stops and certainly not increasing them. If you wish, you should re evaluate your strategy for the next trade. The markets are always there; just make sure you conserve your trading capital to keep participating in them.
2. You will have noticed that although the move to breakeven is used in the above, there is no mention of trailing stops. There is good reason for it. In the long run they are against you. In practice you may use the trailing stops whenever there is a great run. Then you can move the already at break even stop loss closer to the last value. However, even at the most exuberant runs, like the 20-40 ES points we experienced late in 2008, you should not get closer than half your original stop loss setting.
3. Also, if you feel more comfortable having trailing stops, for Main Trades only, the recommended strategy is as follows: Right off from the very first tick profit trigger and with a frequency of every 1 tick, you could trail the stop loss at a distance equal to your original stop loss setting.
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