Common Trailing Stop Mistake and How To Use it the Right Way
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- Опубликовано: 5 июн 2024
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In the following video, George from TRADEPRO Academy teaches you everything you need to know about the trailing stop loss.
This is a technique that helps traders maximize their profits and minimize their losses, sit back and enjoy!
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I hate to sound like I'm engaging in flattery, but your insights on trader psychology is unlike ANYTHING i've ever heard, and I've been reading about trader psychology off and on for almost 20 years. Where you talk about getting out and getting paid and then watching the market afterwards is absolutely golden. Being able to say "I should have stayed in longer" is a much better psychological base to stand on for learning purposes than "I should have gotten out sooner."
Thank you Mike I really appreciate the positive vibes, and the goal at TRADEPRO is to bring you success psychology and techniques to learn to trade like a pro. This small winner philosophy is used at a lot of institutional companies when training new prop traders. I love your statement also - that it's always better to feel like you could have stayed in longer than thinking you could have gotten out sooner. This statement is GOLD, thank you for posting it. It's all abotu taking small wins, building confidence and anchoring yourself to feeling successful rather than "oh man I could have had more". Cause if we anchor positive days to negative emotions the sub conscious mind will sabotage you into generating losses to avoid the negative feelings outcome. Hope this makes sense. Have a wonderful day - sending you and your family love joy and happiness. - George
George is different level...we are lucky to have his channel. Lots of "noise" out there in social media land but I think as we elevate to new levels ...the energy from that growth brings us to the right place.
Your absolutely rite I totally agree I was about to say the same thing but u had already said it for me which he has the rite mine set golden
This was not what I was expecting to hear when trying to learn about trailing stop losses. I am absolutely glad I heard it. Great lesson. 👍
getting paid to learn... priceless information. Thank you
This is great! I started with nickel moves, which resulted in easy consistent profits, especially when the ATR was above 10cents.
Agreed 💯 Vary good advice! Go for base hit and not trying for home run!
George / Great summary! Find the stock, determine entry, set risk/reward, establish a target price, I take half off the table when 3/4 of the way there, let the rest run with a trailing SL. Take your beans off the table.
Yes, don't over complicate it!
PERFECT TIMING to chance upon this video! Trading psychology has always been my downfall becoz I always feel either I got out early OR I should have taken profit. Needless to say, the latter one is more regretful. I should really train myself “to celebrate” small wins AND take small profits, instead of always waiting for big wins then losing everything. I liked this video so I can watch it over and over, until I become consistent with taking small wins. Thanks for this vid!
Your explanation was very explicit. I am an amateur. Your honest advice is highly appreciated.
you are right, this happened to me on Friday when i put a trailing stop on NTRB, it changed my profit into a loss. thank you for the video
You are great. Clear English pronouncision, articulated forex points. Thanks a lot for whipping off scales which had been blinding me.
Interesting word choice. How ironic 😬 😆
Hello, you are practical, logical, consistent, simple, growing/increasing income and you are appreciated. Thanks.
Thanks, so helpful
most people that use trail lose set it up. cross their fingers. and go to work. when they get home most of the time a small profit will be there
Very valuable video...any profit is good profit
Thank you sir - I love it - any profit is a good profit, very true. It's all about what we take home out of an opportunity, and not aiming to get everything out of everything or we end up with nothing. :) Have a great afternoon - George
I agree with everyone THIS IS A GREAT VIDEO! Its Clear & to the Point! You did a Fantastic Job of Explaining & Illustrating thing to help us the Average person learn. Again thanks!
what illustrations?
Thanks for the video.
How many pips can I use for a trailing stop?
Thank you for this useful information.
Thank you sir
the problem is how do you know which is the highest point... what if I exit at 20% gain but next week it goes 30% hits peak then drops to 15% two weeks later.
if I had set up 5% trailing, I would have gained 25% to simplify and this will keep going up automatically and limit loss, increase potential gain
I do agree taking half out for gain, make sense very good strategy. I can't believe how many stocks I had 40% then waited, ended up only taking 20% gain. Should have sold half at 40% and leave half and see how it goes in that way i don't feel bad.
Very useful.
Hey George, very useful tip as always. I want to know your opinion in trading the ES or NQ e-mini futures contract market opening with tick charts or range following the continuation of a trend without indicators, just looking at price action and volume profile to set important pre-market support and resistance areas, and maybe using the DOM to have more security of the trend that I'll be trading as I like to trade as simple as possible or would you opt to use IMO complex footprint chart and orderflow...
Hey Ismael! Thanks for the question! Market structure rules all, so a tick or range chart with volume profile and DOM would suffice. That being said, order flow allows us to see the prices where the majority of the volume takes place and where big money orders are sitting which help us identify potential price magnets above or below current prices to keep us onside with smart money. At the end of the day, you gotta use what makes sense to you and go from there! There is no right or wrong strategy. Hope this helps! Cheers -Mark
great points
Thank you so much, super happy you enjoyed them and thanks for watching. - G
thank you
Quality delivery, and great points to ponder upon.
Thank you for watching. Be sure to subscribe for more valuable content!
I sort of agree with your idea, but I'm confused as to why I just can't ride the stock to the highs it will make and then let my stop loss kick in to protect my profits of a price dives baring some bad news about the co. nobody can predict a sell off
EXCELLENT EXCELLENT 6 MIN OF ADVICE. I never looked at it from this stand point. especially from the stand point of taking the small profits to build on your psych. AWESOME INFO. Is there anywhere or any info on your channel I can expand on this topic here in the video? I know this is 2yrs old but it's still very relevant. thanks
Hey Jason, thanks so much for the positive feedback, super happy you liked this video. We have a few videos on YT on risk management, trading plans and psychology - if you use the search back on our channel you can find a lot more of a deeper dive in these topics. Hope this helps brother, sending you positive vibes. - George
nice lesson brother
Thanks
Good advice. Thank you v much.
Glad it helped! Thank you for watching!
Excellent
With all the real opportunity that futures trading offers it's easy to overlook the fact that becoming consistently profitable and therefore wildy successful in this game is a right of passage that one must earn. TPA does not sugarcoat this fact. This group really is interested in your success.
One problem beginners do is see a stock move up $1 or $2 a share get all excited and take half, this is fine if there doing day trading. A good profit target for beginner to follow this advice is 25% to 30% is good spot to take half using his strategy. Anthing below 25% is very low spot to learn education.
Exit with a profit, forget - what if’s. Don’t turn a profit into a loss, that’s the point of trading.
I like it bro, I like it!
This was a very practical and common sensed video to listen to. I don't think they get much better than this because you got to the point. I teach meditation. You'd be surprised how many times I have to say, "Sit down, close your eyes, put your fingers in a circle and shut up." Somehow people turn this into a some sort of wierd ritual of the ancients. It's really a bunch of BS we talk ourselves into. Your video was great.
Thanks for sharing your video!
I wonder if you've given thought to this strategy: often traders lose money because their stop loss gets hit and then later, the prices cross back up but the trader is no longer in the trade. What if you can implement an automated algo trading strategy where when a stop loss is hit and the trade liquidates, then immediately send a limit order with the same or a similar price that the stop loss executed at? This new limit order can be seen in the Brokerage’s GUI, and the trader can manually cancel it if he wants to.
Thanks in advance for your response :)
Exactly. It happened to me several times. I had a low stop loss order and it got hit and immediately the stock rallied up. Couldn’t buy that more. I am also looking for a solution to that problem.
great video
Excellent advice
Thank you! So happy that you found it useful.
Great video I really like your input on taking profit with using a trailstop, but using a 5 tick stop loss on the ES isn't that kind of tight I trade the MES using tick charts I can't see using nothing less than a 4 point stop loss or 16 ticks. Thanks
10% drop can happen just from profit taking from other traders and investors. Then there is corrections in stock.
Excellent video. I just learned something new about myself. Not SL or trailing stop. Thank you! Keep it coming. You got a subscriber!
Hello... can you please explain further time stamp 2:10 to 2:46 with a visual in the whitel board so that novice traders like me can understand better. I am also visual person...thanks
I was making consistent profits but started over trading, then tried to trade bigger with different strategies and it destroyed my account. Have to do what works for you. I stopped experimenting and stopped trading during the day....I like to analyze more and a slower moving session is better for me.
Great video. but I wish there were a number of mistakes on TRAILING STOP!
Very good teaching advise! New or experienced traders would benefit greatly by using your advise. Take your profit and then watch without bias (in a trade) and learn where it will most likely go is a great strategy. Nice clear no B/S presentation. Thanks George!
I love this video, don’t be greedy
Great
Thank you!
Great video, very key to touch on psychology. That is everything and this video helped me confirm what I have been doing which is simple stop losses. Once you rattle your psyche, it's very hard to trust yourself and you lose confidence. Best video I've seen on RUclips regarding this process, you actually care about the trader and want them to have wins at first👍.
Thank you for watching and for the positive vibes, you bring up amazing points. We aren't all trillionaires...yet! :) We care is our top value and do our best to live up to it in everything we do. Have a wonderful day. Sending you positive vibes your way - George.
@@TradeProAcademy appreciate that partner, watching your live now and just subscribed.
Thank God someone who talks the talk
Always!
This is great if you are sitting in front of a screen all day. What if you have to work a 9-5 job and can't keep an eye on price movement?
Trailing stop loss
Establish a mechanism where profits will exceed stop losses. Learn to use Metatrader "Strategy Tester" tool. Can take understanding and testing ability a long way.
And a theorethically optimized strategy will not always win in real life usage. Such tools help establish margins and risk level. Learn about drawdown factor.
I've found manually trailing my stop on a strong trend works really well. But I don't think it would work so well on trading range days. Any thoughts?
Hi Paul. Yes, in ranges it might be a bit difficult, a trailing stop could help. Or if you identify the range just trail into the ranges.
Robinhood is saying trailing stop buy. Is there something I'm missing?
Dang... That was good.
Thank you! Glad you liked it :)
Easy on the white board! I think it may be too big!
Uh one small issue. The stock doesn't always go up at all. It reverses and hits your stop loss.
This video just saved me a huge loss
And this comment just put a huge smile on my face. I'm so glad to hear this, and the reason behind why we exist. Welcome to our community and I wish you the best in your trading my brother. - George
I'm confused
Aren't you ignoring the potential loss after your small profitable exit? Hanging around for "small winners" isn't always profitable, as you must know.
Watch out for taxes.
Those “small wins” will be engulfed by the inevitable losers. Taking profits too early is one of the reasons people lose overall, better to gain confidence in letting trades run, imho.
Spend a few months on a demo account first, and practice doing it right, not doing it wrong.
Subject line is misleading. This did not get into the technicalities of Trailing Stop /Step setup and strategies. If just suggested to ditch this whole thing to begin with and learn to make consistent small profits using traditional TP/SL. Tricking viewers into viewing something based on honey pot subject lines shall always be punished with a thumbs down regardless of content of the video.
Ditch the trailing stop as a new trader? SMH. You sure you don't work for robinhood?
Wrong! People use a trailing stop to protect from loosing big bucks in the stock market while they are away from the computer. We don't sit in front of the computer all day watching the market.
Your hair is so thick i thought it was a hat
Just talking go straight to the point how it should be done on the chart,
I wonder how many read this, stay quiet and not comment. 🤫 I’m not going to be the guy that says it.
Thank you for taking action and leading the way! I salute you! :) - G
too much talking and not enough illustration.
BS Just keep pushing your stop-loss up duh
This is BS!