What is your philosophy in day trading? How do you move your stop loss?
2024 ж. 17 Мам.
55 360 Рет қаралды
How do you move your stop loss? What is your philosophy in day trading?
Day Trader Tom Hougaard from TraderTom.com
In this short video, I make some suggestions about how to move stop loss. I also give my opinion on Candlechart patterns.
✔ Visit Tom Hougaards website: tradertom.com
✔ Follow my Telegram group for FREE trading signals daily - all day: tradertom.com/trading-signals/
👍 Please like, subscribe & comment if you enjoyed it - it helps a lot! 👍
For more related videos on Day Traders Mindset:
• Psychology
Videos about Scalping as a Day Trader:
• Scalping
#DayTrading #Tradertom
Really helped.. I came to realise that trading is not really based on candle sticks. It’s about understanding supply/ demand and acting on the right moment without any emotions.❤
when I started studying Technical Analysis and saw a candlestick pattern called "abandoned baby" I knew I was dealing with some serious bullsh*t. Tom is a Price Action guy who looks at the context - this is what really matters.
So true Hector. Thank you for watching. 🙏
🤣🤣🤣🤣🤣🤣🤣🤣🤣
😂😂😢😅😅😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
This is such a simple method of managing a stop-loss, I started using it yesterday and it's already completely fixed any uncertainty about when and where to put my stop-loss. I generally used to catch half the move from the top of the day to the bottom and visa versa, take half out and get stopped on a retrace... I've taken about 5 trades using this way and 1 stopped in small profit, 1 stopped at a small loss, but 3 where this enabled me to catch basically like 90% of move... So simple yet absolutely priceless😅
I found your channel after 3 years and I'm still glad Tom. Much love from India.
Love it when a new video is released. Free lesson by example!!
Thank you, Ian, I hope you have watched the other videos. New content will come soon.
Enlightening as always
Loving the new content Tom. Have a great weekend
Thank you, Luke, Have you watched the other Mindset videos? - kzhead.info/channel/PLTIUSbN_V17W-c4gClZkfvnVT1bMDy5k6.html
Thank you for the content!
Great tip Tom. It makes a lot of sense the the risk reward stop loss.
Tom dropping knowledge again. Wow I learned so much.
Thank you so much, Mohamed. Did you watch the videos in Traders Mindset playlist? kzhead.info/channel/PLTIUSbN_V17W-c4gClZkfvnVT1bMDy5k6.html
Thank you Tom.
Thank you Tom :)
First of all thank you, I read the free manual from your website and this is a great free video, makes perfect sense. I'll apply it and will let you know in while. I never leave any comments but this time it would have been unfair if I didn't. Very knowledgable and professional, nothing to do with most charlatans and scammers navigating the web. You clearly stand out, well done.
Hello Roberto Internullo , Thank you so much for your kind words. Tom runs his FREE Telegram Group and this youtube channel to Pay It Forward. He really feels good if he can help other traders a little getting profitable. Messages like yours is worth all the hours. If you haven't already seen the 2 London talks I would advise you to do so. A few hours spent very well I think. kzhead.info/channel/PLTIUSbN_V17W-c4gClZkfvnVT1bMDy5k6.html
Tom is the Top G in the trading field , keep it up Tom H and thanks so much for great video
Thank you so much for your sharing teacher \
Thank you for the videos and simple explanations. I find myself more times than desired stopped by my own tight stop loss and then seeing the market running. This gives me a good insight about how to place them better.
You are welcome. The hard part is not to get in the market but how you control your mind when you are in.
@J Carald - Your comment is spot on. For me one of the most difficult things about trading is to set the correct stop loss. I keep track of all my trades in an Excel-Spreadsheet, and some time ago I tried to make a note to all my losing trades, once the trading day was over, if I would have been able to make a profit on that particular losing trade, had I set my S/L further away from my entry poiint, and had I waited another 4-5 minutes before I got out. One evening I had 4-5 consecutive losses, and I found out that I could have made profits on all of the trades, had I set my S/L just a bit further away from the entry point. However then again I feel that this also means that I will have to accept that my trade potentially goes substantially into the red before the price MAYBE turns around again, hence then again that had as a result that I had to look at my position size and reduce it. So it is really, really difficult - in my opinion - to set the correct S/L-levels.
Tom brilliant I've been. Following you for a while I'm still getting the high and lows of being a trader I bought your book and 100 Pecent it's mind set fear and greed I know you don't want to sell a course but you need to share your knowledge even if you charge £10 per month and give it to charity and do some zoom calls you need to share your knowledge for all us retail traders much love brother
Thanks Tom, for another excellent webinar.
Thank you 🙏
Har efterhånden set alle dine videoer. Kæmpe inspiration! Keep up the good work.
Det er godt at høre Victor.
This was gold! Thank You so much.
🙏
You make it so simple... I m also going to follow your philosophy
Actually, it is so hard to do - you got to do everything your inner mind refuses to do. You know you are a good trader when you master it.
Great stuff Tom. Fully agree.
Thank you for watching🙏
I totally agree to Toms point about risk/reward. When I hear statements like: _"....I will only take the trade if the risk/reward is at least 3:1"_ - then I think, hmmmm how would you know beforehand how many points you can potentially make? Of course you can look at the previous "waves" and how long they were on average, before you take the trade. However, for me it is much more about looking at the way the candles develop and then decide - when the trade is running, when it is best to get out. I DO admit that as of now I am still taking profits too early, so there is a potential for me in trying to let my trades run for a bit longer, but mentally it is also frustrating to have a trade that is 50 points in the positive and then you end up with a break even or only a 5 points win. For me - in my current trading situation - a 30 point win where I got out too early and could have made 50 points instead is still better than being 30 points in the plus and then hope for an even bigger move, but then the markets turn and I end out with basically nothing
Woah, my word ....this is exactly the same thing I did today....wtf....Took a probable 1:3 trade, points went to 50 but candles were behaving funny, then exited at 30 and Guess what the move went down and hit my SL if I had not taken 30 pts profit and exited
@@TheMrchillz In my opinion - choosing the right exit point in a trade - is the 2nd most important thing in trading - right after having proper risk management
Great video thanks
You are the best!!!! You have now idea how much you are helping me thank you so so much 🙏
Great to hear Arty
love your mindset .. feel it same
🙏
think thats the best way to go to marked on, thanks a lot, for another fantastic video
Thank you Bo. Did you watch the videos in Traders Mindset playlist? kzhead.info/channel/PLTIUSbN_V17W-c4gClZkfvnVT1bMDy5k6.html
It helps a lot thank you so much gor sharing.
You are welcome. On this channel, you find a lot of content you don't see on the usual trading channels 👍
Bought your book, Thanks
When you add to a winning trade, where would you keep SL of the 2nd and third position? Are you adding what the market gave you or are you adding more? Could you explain?
Very helpful, thank you.
👍
Great learning Tom, pls keep it up. GL.
Thank you, A D.
Would the stop moving be similar on a tick chart? ie. if you were trading a 1000 tick mes chart, would you look at the 2000 to trail the stop?
Thanks Tom very good to hear analysis from a successful professional trader
Thank you, David. Did you watch the videos in Traders Mindset playlist? kzhead.info/channel/PLTIUSbN_V17W-c4gClZkfvnVT1bMDy5k6.html
Tom - I love your content. You provide a great perspective and arguement for it. Im new to trade and working on my mental/emotional side. Im very new in fact, and understand the first thing to accept is patients in the process of gaining perspective. Thank you! /subscribed
Thank you for your comment 🙏 When you have the time to work thou the Psychology playlist I bet it would help you: kzhead.info/channel/PLTIUSbN_V17W-c4gClZkfvnVT1bMDy5k6.html
Great video thank you for the advice I'll try this next week 👌
Thank you Julien 🙏 - feel to come back and share next week.
@@MindsetMojoHacks so this week I had much better profits on the winning trades. So I am definitely going to keep doing this in the future. Unfortunately I had my ass handed to me on Friday. Got to emotional and let it get the better of me. Fresh start Monday 👌
@@julienlawes9219 Good to hear about the first part of the week. Regarding Friday ... we are only humans aren't we?
Thanks Tom ....
You welcome, Ashwani Dewangan .
Thanks Tom, Nice lesson and lovely Danish accent.
Thank you, Ông Bố Thuỵ Điển . The Danish accent doesn't get better.
Aa I mentioned before - he has balls and generously shares them with us - kindergarten'... lol . On a serious note: thank you Tom.... Great content - I would've definitely taken some profits before time...... highly appreciate it. AND since it is here only 21K views and only 77 comments - I congratulate all who is watching Tom on a great choice of education!!! We are the champions traders!!!!!
Thank you for your nice words 🙏 luckily Tom doesn't need income from KZhead or sell anything else. We are definitely not marketers so good job for the people who found the channel and find the content of any value. We are just pleased if we can help a few people.
hi Tom. How important is it that when a bar is making lows/highs that it actually closes at those places? do we count wicks as making lows/highs or just when the candle closes. Thanks.
Hi Rohit. The wicks are counted as low/high. The next bars body should close above/belove the lost point.
hi Tom sorry if this has been asked before I'm just browsing your videos one by one now. have you done something like a series of price action analysis or price action tutorial in your channel? Would really love to understand more about your insight.
Hello, I think you will find some price action in the scalping playlist: kzhead.info/channel/PLTIUSbN_V17XvAeJ39G8UWOOqTTcIpytn.html
Thanks Tom. Makes perfect sense.
Thank you, Arshad. Did you watch the videos in Traders Mindset playlist? kzhead.info/channel/PLTIUSbN_V17W-c4gClZkfvnVT1bMDy5k6.html
Price action is the key,thanks for the lesson,great video. What is your opinion on fundamental analysis?
Tom is aware of fundamentals but it doesn't play a major role.
I would also like to add that at top of the channel i enter with a portion of my lot size since i always fear that there might be another leg up and when the downtrend resumes i restore normal size.
There is nothing bad in scaling into a trade. But often working with our fears is a good investment.
Hi Trader Tom, I saw your other video where you add to your position (and that is what puts you in the 90%). If you are moving your Stop Loss, are you also adding at the same time?
Good question - but hard to answer. It depends. Time of day, how deep Tom is in already, where are we on the chart, etc.
hi Tom - a humble question.. in these index trading it looks you are traying to get 0.5% to 1%, the movements not as big a the Small Cap stocks gappers for example... is that correct? meaning the returns if 0.2% to 0.5% per trade in index are super small... kindly your thoughts?
Tom trades CFDs with a 200:1 leverage. So even small % trades add up nice. How much Tom is looking depends. It could be scalp, interday, or swing trade.
Thanku tom sir😇
You are welcome 👍
I have a question, would nt somebody be trapped out of the trade in the left trade set up with the red spike?. Thanks for everything.
I'm not sure I understand your question. Tom wasn't in the trade on the bar I think you refer to.
I'm so glad to hear you clear the air about the candles themselves and the random names assigned to them. That was one illogical hurdle I could never understand when I started trading- a doji candle, or hammer, etc, would be a completely different candle and even color if the ticks were changed from 4000 to 3000, for example. I really think a lot of TA is just human's natural inclination to not only see patterns but to see stories; it's very hard for us to neutrally receive data without packaging it.
Good Nugget "not only see patterns but to see stories"
This is very good one Tom as always- can you please make some videos for end of day trading people also who are still hanging them selves in day job 😜
To be a little hard with you - why not do your own research?
Hi Tom, What if we are trading in 1 min TF Should we trail our SL as per 1 min only or what ?
If you trade on 1 min. the time frame you should use sl or trail it on 1 min. time frame. However, if your scalp looks like it could be a good runner you could change the time frame-up. But take profit on 1 min and use sl on ie. 5 min is a no go.
Did you keep on adding while shorting?
If you see a black + just before the product name Tom had added. You can see that on Dax
I only btc, I always ride all the dumps down. it does really hurt to take profits too early and see the market go as you predicted without you on board or without enough capital, so I dont take my profits on a grid, I take them all or nothing.
Do you add to your position aswell?
Indeed he does. At some point, I hope we can have a full hour video/webinar on the subject in DEEP. But for now please watch this video: kzhead.info/sun/eamIlaqmhWWml4U/bejne.html
The idea is: trade patterns, use candles for signals. You dont need to know candlestick formations or signals , but they definitely help if you know them and psychology behind them.
I agree there are a few good candlestick formations. But I often feel that most of them were only invented to fill up a book.
@@MindsetMojoHacks there are 12 major candlestick signals, you dont need to know all of the lesser ones.
Love from India
We don't have control over your the market 🎉
I have to disagree. Candlesticks for me are immensely powerful but I know which one's to ignore. Big big tip, combine candlesticks patterns with key zones and you'll notice that they are extremely powerful. They have turned my strategy from mediocre to phenomenal. If you are just blindly panicking whenever you see a hammer or kanagaroo tail which is against the direction of your trade you are setting yourself up for failure.
Great when people disagree we have a market. If everyone saw the market the same way you would never be able to get in out.
This is actual gold. But even eith this info, if you dont learn your patterns you wont trade as good as him. He knows his stuff its not like he didnt learn the patterns.
True a LOT of hours of hard work is needed.
I don't understand why the quality of the image is so poor.
Quality is fine, I'm watching it in HD.
du skal bare trykke på "tandhjulet" nede i højre hjørne så kan du vælge kvalitet af optagelsen. hvis du da stadig var i tvivl.
@@Killilluminification tak
@@Flqdebolle it is, as Kasper suggests you need to change to a higher resolution.
If trading were academia, I will probably call Tom professor of scalping and high velocity trading. Am looking for way to hack into his brains and steal all the intellectual property I can find on trading 😁
Haha I've tried to hack him for years 👀