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Hello, I've been trading about 4 months now but only paper trading. I want to make sure I have winning habits before investing real money. My question is about setting stop losses and losing the least on my losing trades and winning the most on my winning trades.
What I experimented with today was to use the low of my buy candle as the stop loss on ThinkorSwim and sometimes the low of the previous candle. I will include my notes below. It worked out ok but I was wondering if anyone had any advice on improving this and not getting stopped out? thanks
QQQ buy at 175.21… stop loss at 174.98 Risking .23 Winning 175.21 – 175.87 = .66 R .23 / R .66 1 to 3 RR
SPY buy at 279.31 … stop loss at 278.75 Risking .56 Winning 279.83 = .52 RR 1 :1 No a good r/R
OBSV buy at 12.90… stop at 12.59 Risking .31 Winning 13.27 winning .37 1:1 no good
MOMO buy at 36.36… stop at 36.19 risking .17 Winning 37.63… winning 1.27 1:10 excellent
LPCN buy 2.30 … stop at 2.27… risking .03 winning 2.36… .06.. stop out on 3 red candle
CRBP buy at 5.95… stop at 5.90… risking .05 winning 6.30… .35 …. 1:7 RR.. excellent!
UWT buy at 16.04… stop at 15.94.. risking .90 … winning 16.11 .07.. no good
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