Three Stop outs

I have stopped out of three trades.  Here is how I managed risk on these trades. 

SSO

RIMM

 

Ten Year

Comments

[Roger]

Hello,

In the RIMM example, there was a false bar ans Uptrend in place, Also we had BLue XTL bars and still you placed the Stop.
Just wondering why. Was it because of the Stochastic pointing down?

With best regards,
Roger

[Jim Kane]

How and when did you set each stop? What was the price when each was set?

[Dan]

Hey Joel.
What is your technique for a time stop?

[Joel Stahl]

In the RIMM example, I was not looking at any indicators when I stopped out. I was simply following my trailing stop methodology. Since I triggered into these trades on the daily timeframe, I would simply review the chart at the end of each day and see if my stop needed to be moved up. You can use various methodologies to trail a stop. I showed in the three trades how each stop was moved and when each was hit.

In reference to the time stop, I do not have a hard and fast rule, other than the best trades usually begin working quickly. If the trade is not working over the first few days or first few bars, move your stop to breakeven.

Trailing stops and good money management are essential to successful trading. I may have conviction that RIMM moves higher. However, my discipline trumps whatever conviction I may have. Discipline will keep you in the game.