of stock market psychology
Hi Steve, how do determine your stop loss once you open a position? Is there a formula? Thanks.
On any trade my stop depends on a combination of the confidence level of my wave count and a moving average I select as appropriate. I have about 40 averages that I use for entry and exit. The one selected is in accord with the wave degree that I want to exploit. For the current position I'm exploiting a 3rd wave at minuette so there are several indexes and averages I could use. I'm using the YM futures 10-minute, 76-unit M/A - .3% because that one seems to be dominant over the last several days.I'll include the above in a post.