Strict Stop Loses Lose You Money...

so let me show you the importance of your stop loss when you're scalping and trading right here I jumped in on a short but in the Market's going to go down here the main reason was that because the market had a crazy move up and then some consolidation and my thought is we're at a good resistance level I've already drawn and we're gonna give that back up that's kind of my thought process so I jump in writing the Mark's gonna go down right here and I put my stop loss at the extreme High here and the reason why that's important is because if you put your stop loss kind of in a random area like here or here you know not at an important Place based on what the actual price is doing you have a much higher chance of getting stopped out because you can see the Market's going against me right here and if you didn't have your stop above the actual extreme there and the actual high that the market put in I would have got stopped out and it would have been a loss of a trade now you can see I gave time for the trade to work out and it had amazing momentum and went all the way low and that's where I got out at about two three times my wrist

Channel: Riley Coleman

Views: 571,361

Keywords: live day trading futures, day trading strategies, futures trading, futures trading for beginners, futures trading strategies, trading strategies, trade ideas live, day trading live, stock market for beginners, price action trading, Price action trading strategy, price action trading system, price action trading live, price action trading for beginners, price action trading small account, trading price action, Trade ideas live, live day trading, scalping, scalping strategy

Id: pW1a1GnqIUc

Length: 0min 58sec (58 seconds)

Published: Thu Jun 15 2023