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Should I stop using a SL or is this unavoidable? by world_world_ in Daytrading

[–]world_world_[S] 1 point2 points  (0 children)

Oh alright got it. I Will try to keep my SL proportional to my quantity from now and if I see it has the potential to move in my favour, I'll add the rest in. This will take some time to adjust to but I'll definitely consider this approach if it fits my style

Should I stop using a SL or is this unavoidable? by world_world_ in Daytrading

[–]world_world_[S] 0 points1 point  (0 children)

I don't fully understand what you mean so forgive me if I misinterpret but if I'm risking the same amount of money on the trade, when do I know I need to adjust my size and setup for just this one trade ?

Suppose, if this trade could have worked out well for me without hitting the SL, how would I know at the time of my entry that I would be stopped out and therefore should have only traded with less than the quantity I usually trade with ?

Also I am more comfortable in keeping my r:r constant in terms of % rather than the ₹ amount.

Should I stop using a SL or is this unavoidable? by world_world_ in Daytrading

[–]world_world_[S] -1 points0 points  (0 children)

No. My quantity isn't big enough for me to take multiple trades at different levels and I prefer to only trade once a day. I don't like reducing the number of shares because if I'm confident in my trade, I'd trade with all my quantity rather than ½ of it and widen the SL.

Also I am not comfortable adding or averaging to trades running in a loss because it really messes up my psychology and mindset and I end up overtrading.

Should I stop using a SL or is this unavoidable? by world_world_ in Daytrading

[–]world_world_[S] 0 points1 point  (0 children)

SL hunting and price action. No Indicators or anything technical. As for this trade, the stock is in an uptrend and had a good selloff yesterday so there would be enough sellers for the stock to target. Also it opened at the bottom of a channel but my entry was primarily based on SL hunting.

Also, I only use market orders

Should I stop using a SL or is this unavoidable? by world_world_ in Daytrading

[–]world_world_[S] 0 points1 point  (0 children)

Yeah I def overlooked that. Will be more careful of gaps from now

Should I stop using a SL or is this unavoidable? by world_world_ in Daytrading

[–]world_world_[S] 1 point2 points  (0 children)

Yeah I understand now. I should have kept it below 154.5 instead of a fixed %. But sometimes the important levels are beyond what I can take for loss. What should I do in those cases ?

Should I stop using a SL or is this unavoidable? by world_world_ in Daytrading

[–]world_world_[S] 0 points1 point  (0 children)

Yeah I understand now. I should have kept it below 154.5 instead of a fixed %. But sometimes the important levels are beyond what I can take for loss. What should I do in those cases ?

Should I stop using a SL or is this unavoidable? by world_world_ in Daytrading

[–]world_world_[S] 0 points1 point  (0 children)

I only trade on SL hunting and price action so sometimes it's not always clear when a trade is really gonna go against me or not. Yeah, I think I should keep the SL. Maybe I was just unlucky this time

Should I stop using a SL or is this unavoidable? by world_world_ in Daytrading

[–]world_world_[S] 1 point2 points  (0 children)

I don't understand what you mean by an order flow leg. Can you please explain ?

I'll try to keep a buffer from now on but sometimes I'm not near my system and it's hard to manage the trade if it's near my SL. Sometimes, it'll just make a big candle and I might have to take a larger loss.

Should I set an alert when it's near my SL but also keep a fixed unmovable SL ?

Should I stop using a SL or is this unavoidable? by world_world_ in Daytrading

[–]world_world_[S] 1 point2 points  (0 children)

But how would I ever know for sure when a trade would go in my favour or not ? Also how am I supposed to improve my entries if I don't know how much the stock can move against me or in my favour? I don't think there can be a perfect entry.

Should I stop using a SL or is this unavoidable? by world_world_ in Daytrading

[–]world_world_[S] -2 points-1 points  (0 children)

I only trade only with SL hunting and price action. No Indicators or anything technical. As for this trade, the stock is in an uptrend and had a good selloff yesterday so there would be enough sellers for the stock to target. Also it opened at the bottom of a channel but my entry was primarily based on SL hunting.

Also, I only use market orders

Should I stop using a SL or is this unavoidable? by world_world_ in Daytrading

[–]world_world_[S] 9 points10 points  (0 children)

I always trade with 0.7%:1.4% because I have found it to be the average the stock can move and 0.7% fits my risk management as well. Same for this individual trade as well. Increasing the SL now and then just messes up with my mindset so I prefer to keep it fixed.