guys just for clarification, some comments were sent to me via
p.m. regarding the setups I showed, some didn't have a 1:3 risk
reward ratio etc (however many of them did I just set very
conservative targets and it wasn't about that anyway). The
video was not about cherry picking setups, it was about how to
calculate your proper position size based on your personal risk
tolerance from your initial stop and entry point for the trade
setups so that you can be consistent, it wasn't about finding the
perfect setups. Again mistakes I've done in the past, we all
have, placing too much capital into some positions losers, and not
enough capital in other positions winners, when really for the most
part we should try to be consistent for standard trade setups so
that winners make up for losers and over time we make make
money.
Thanks Matt for displaying the video. It really helps newbies
like myself. Would appreciate the initial stop and entry points in
the future. You and Steve are the best! Keep it up.
yeah I mean I'll try to add that to some of the trade ideas,
probably not all of them, it's actually a lot of work. Also you
will need to convince Steve to do that which may be
harder.
again obviously trades are not the same for everyone so it's
just a guide for a general swing trade approach. Quite simply
I'll use the last higher low a stop, or just below a trendline, or
a moving average like the 9 EMA or 20 SMA. Or if there's a
solid up candle I'll use 50% of that range. Also patterns like
tight coils and falling wedge patterns, even flags will have tight
stops on daily charts by their nature. However horizontal breakout
plays have higher risk because many times those important support
areas are far away and your stop has to be too wide, which is also
why I suggest looking at 60 min charts and seeing if you can get a
tighter entry and stop from that.
I may try to add some of those stop and target areas to specific
patterns but not others like horizontal breakouts
that would be super great Matt, and would add a lot of benefit
to us swing traders till we get the hang of it. esp your coil
patterns that i will be looking and learning to do!
Stops and targets should be defined by each individual based
upon their style - most importantly DEFINE YOUR STYLE and your
answer will come as a result. PRTS was one of my original
fundamental plays when the stock was trading around a $1.00.
Position traders were greatly rewarded following the
management change. Too many traders bounce around from idea
to idea without having any PLAN in place. That's like a team
going into a game without any practice or plan and simply winging
it on game day - end result is most will ultimately fail with that
approach.
Stops and targets will vary greatly depending upon YOUR APPROACH
which should be enacted PRIOR to trading. Novice traders
want to start with targets without any plan in place and as a
result most will simply rely upon others and never become
proficient.
Give a man a fish and you feed him for a day; teach a man to
fish and you feed him for a lifetime.
We are TRADERS not FORECASTERS - focus on what's in front of you
first and foremost. Forecasters don't put money to work like
traders. They want to tell you what's going to happen and
more often then not are wrong.
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guys just for clarification, some
Important Education Video to help you trade our trade ideas - reposted from 2018
Posted by matt on 11th of Mar 2018 at 02:23 pm
guys just for clarification, some comments were sent to me via p.m. regarding the setups I showed, some didn't have a 1:3 risk reward ratio etc (however many of them did I just set very conservative targets and it wasn't about that anyway). The video was not about cherry picking setups, it was about how to calculate your proper position size based on your personal risk tolerance from your initial stop and entry point for the trade setups so that you can be consistent, it wasn't about finding the perfect setups. Again mistakes I've done in the past, we all have, placing too much capital into some positions losers, and not enough capital in other positions winners, when really for the most part we should try to be consistent for standard trade setups so that winners make up for losers and over time we make make money.
Thanks Matt for displaying the
Posted by indyjohn on 8th of Jul 2020 at 02:31 pm
Thanks Matt for displaying the video. It really helps newbies like myself. Would appreciate the initial stop and entry points in the future. You and Steve are the best! Keep it up.
yeah I mean I'll try
Posted by matt on 8th of Jul 2020 at 02:39 pm
yeah I mean I'll try to add that to some of the trade ideas, probably not all of them, it's actually a lot of work. Also you will need to convince Steve to do that which may be harder.
again obviously trades are not the same for everyone so it's just a guide for a general swing trade approach. Quite simply I'll use the last higher low a stop, or just below a trendline, or a moving average like the 9 EMA or 20 SMA. Or if there's a solid up candle I'll use 50% of that range. Also patterns like tight coils and falling wedge patterns, even flags will have tight stops on daily charts by their nature. However horizontal breakout plays have higher risk because many times those important support areas are far away and your stop has to be too wide, which is also why I suggest looking at 60 min charts and seeing if you can get a tighter entry and stop from that.
I may try to add some of those stop and target areas to specific patterns but not others like horizontal breakouts
The video you provided is
Posted by steverobin on 8th of Jul 2020 at 05:43 pm
The video you provided is a good guide. Placing stops and targets depends on the trader and their plan.
that would be super great
Posted by imelhoe on 8th of Jul 2020 at 02:54 pm
that would be super great Matt, and would add a lot of benefit to us swing traders till we get the hang of it. esp your coil patterns that i will be looking and learning to do!
Important to Understand
Posted by steve on 8th of Jul 2020 at 02:44 pm
Stops and targets should be defined by each individual based upon their style - most importantly DEFINE YOUR STYLE and your answer will come as a result. PRTS was one of my original fundamental plays when the stock was trading around a $1.00. Position traders were greatly rewarded following the management change. Too many traders bounce around from idea to idea without having any PLAN in place. That's like a team going into a game without any practice or plan and simply winging it on game day - end result is most will ultimately fail with that approach.
Stops and targets will vary greatly depending upon YOUR APPROACH which should be enacted PRIOR to trading. Novice traders want to start with targets without any plan in place and as a result most will simply rely upon others and never become proficient.
Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.
We are TRADERS not FORECASTERS - focus on what's in front of you first and foremost. Forecasters don't put money to work like traders. They want to tell you what's going to happen and more often then not are wrong.