Eventually, profits will have no place left to hide! :-D
My two losses today were pretty painful to watch. In both cases, the trades were up nicely -- just not nicely enough to hit their first profit targets. And then they reversed on me. I'm referring to BYND and the first SPY trade, both of which closed negative.
We've already got a Green-to-Red exit tactic that catches those headfakes where a candle reverses on you. If it happens aggressively enough, GTR will detect it and get you out before you have to suffer the whole loss down to your trailing candle stop or your stop loss. It attempts to detect a reversal and get you out without having to suffer the full effect.
The GTR exit tactic also can do something similar with position p&l, so that you can prevent a winner from turning into a loser. The problem is that in its current incarnation, you can only choose one approach or the other when using the GTR. And I have been using the candle reversal version.
But after profits in BYND and SPY today turned into losses, we decided that we are going to let both types of GTR coexist in the same trade plan. So you can protect a position from both headfakes and also prevent a winning trade from going red on you.
With every trade, we learn more about how this versatile tool can be improved. And then we improve it! That's why we say "eventually, profits will have no place left to hide!"
Net result today, $47.83 total profit. (But it should have been more like $180.)
And I must confess that I failed to try for smaller profit targets, which I mentioned yesterday. That would have made both BYND and SPY into winning trades today.
Maybe tomorrow. ;-)
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