August 04, 2011 at 7:15 am | | Comments 2

Let Your Trades Go

Trading on certain timeframes requires that we monitor every tick, gauge the momentum, and continually modify our management of the trade.

For most traders, however, more of a hands-off approach is far better.  Whether it’s a job that prevents fixating on the screens, or simply an aversion to that high a level of activity, many traders choose to operate on a timeframe that doesn’t require their nonstop full attention.

When I’m swing trading, there’s a tool I utilize that makes all the difference in the world.  It allows me to take a set-it-and-forget-it approach to my trades so I can set them up and let them go.  It helps me prevent interfering with my positions so that my original trade plan can fully develop.

Just as you should, I already know from the outset of my trade what I’ll risk if I’m wrong and where I’ll ring the register if my target is reached, so with those pieces of the equation already known, all I need to do is plug them in.

Read this post for an explanation and a video I made explaining how I trade with Peace of Mind.

Trade Like a Bandit!

Jeff White
Producer of The Bandit Broadcast

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  1. Thanks Jeff. I can’t imagine trading without the bracket order — I’ll also never forget how happy I was back when I first discovered these things existed!

    As for me, I still also look at the trade from time to time for moving the stop loss above or below a pivot high or low.

  2. I agree Ramsi, the trade may still need to be managed and with me I tend to tighten stops along the way as well to shore up risk as the trade progresses. Thanks for your comment!

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