Hi Kay., Thank you for your stack. I was aware that you define your stop loss based on the MAE of your winners, but you recently stated that you are trading with a somewhat wide stop loss. I would like to know how you determined the current SL ~ Pivot low, Base low, PDL, fixed %, or any other approach ?
Well, a wider stop loss, rather than a wide one. Still within 3.5% in most cases.
How I determine it isn't overly different from before - a technically logical level - but I'm now more likely to use the LOD rather than an intraday level.
The big thing about the MAE was that it gave me the confidence to place those tight stops on an intraday level. And actually, my stops are still pretty tight by many traders' standards. So, that still is something I really recommend traders look into. But the nuance I'd add today is to balance that against giving yourself peace of mind, too.
And perhaps in future, I'll add more nuance again. I'm very much a work in progress, both as a trader and writer.
Thank you again for writing.
Thanks, Wes :)
I really appreciate your writing, it has helped me out a lot in just a short period of time
That's brilliant to hear! Thanks for taking the time :)
Hi Kay., Thank you for your stack. I was aware that you define your stop loss based on the MAE of your winners, but you recently stated that you are trading with a somewhat wide stop loss. I would like to know how you determined the current SL ~ Pivot low, Base low, PDL, fixed %, or any other approach ?
Well, a wider stop loss, rather than a wide one. Still within 3.5% in most cases.
How I determine it isn't overly different from before - a technically logical level - but I'm now more likely to use the LOD rather than an intraday level.
The big thing about the MAE was that it gave me the confidence to place those tight stops on an intraday level. And actually, my stops are still pretty tight by many traders' standards. So, that still is something I really recommend traders look into. But the nuance I'd add today is to balance that against giving yourself peace of mind, too.
And perhaps in future, I'll add more nuance again. I'm very much a work in progress, both as a trader and writer.