I have stop-losses in place on my trades, but sometimes I don't post them if they are far away. My Trade History is exemplary not just because I have a hot hand at the moment but because I use stops as well as process. Currently the longer-term stop is DJI 12-day M/A. As a trend change indicator I use the 5-minute, 380-unit M/A +/- 1.2% plus 10 points. However on many trades my stops are much closer. The 15-minute, 54-unit M/A and the SP futures 30-minute M/A that I've used countless times are not only entry and exit points but are stops as well, if prices move a fixed percentage beyond them.
While I'm waiting on the stock and silver markets to move I want to describe the psychology of trading (one more time). Each person has to learn themselves what style fits their personality. Mine has evolved over decades into a philosophy of living. My lifestyle is very simple, from foods to home to vehicle to the clothes that I wear. I live simple and I love simple. The reason is that if I don't need money or approval then I am not psychologically invested in any trade. It's not that I don't care but that I don't need. I don't need approval of others or the next payment on my Ferrari; nothing gets in the way of the decision of what and when to make a trade. If I need to exit I exit, at a gain or loss, it really doesn't matter. The irony is that I'll stack my trading history with anybody's because I don't need to do so.
This blog is a trading journal and is an accurate record of my trading activity, nothing more and nothing less. The fact that I1 is a strategic part of my thought process or that I have made money in years past or I consistently make money is not relevant to the here and now of the trading world. The process is the key and I protect the process with my lifestyle. The process includes stops before each trade is made.
One more point, I have almost my entire net worth in my trading accounts, so I'm don't diversify. I keep profits made in these accounts and only withdraw small living expenses. I don't owe money on anything.
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