There are so many ways to day trade – so many ways to manage a trade – to move your stop – to take some profit. What works for you? I can share with you what works for me – get in – get out – go home. Apply position sizing to all your trades – when the market gives you 10 ticks – for tick’s sake – bank some profit and move your stop. So what if you get stopped out at BE and then the market goes your direction – get in when it’s going the right way again. Some of us don’t have the mental fortitude to make that happen – in the moment – when it looks like the world is our oyster and we are up handsomely – the market turns on us like a dog in heat and we take a big loss. So – automate it. If you’re using NinjaTrader use the ATM to remove the emotion. Trust me it will move the stop at the same time every time that you tell it to – no emotion, no greed, no wishiwoulda’s. If you trade another platform like me sometimes you make mistakes. You are too slow or the market is too fast – hey – that’s trading – buck up cowboy – put your big boy trading pants on and own it.
On a lighter note (LOL) – here’s today’s CL price action demonstrating taking profits quickly and repeatedly.