Haha Fid. Well we all completely agree that exits are far more important then entries. (not to underscore entries).
I can remember having it drilled into me that "capital preservation" is the utmost key to survival. It's worked really well for me but I'm also the first to admit that it's cost me plenty in missed opportunities. But the sooner you can accept that and move on the better. I now take on the attitude that I hope the next bloke gets a good feed. Therefore I'm not bitter and twisted about closing a trade with a nice bank and the SP moves higher and higher.
I've always been the bloke in the group that closes out the first or too early, it's something that I'm continually working on but it now doesn't bother me at all.
But one things for sure is that I've always got my designated capital. So to me exits are far more important for many reasons.
Agree with Wednesday that my entry signals are slower than my exits. Should they be the same? Why not? Dunno, I think it depends on where you are in the trade, close to profit targets, close to signals that the trade is going the wrong way, lack of patience / boredom? And no matter how hard you try there's always those emotive battles.
Haha and yes our platform brokers are always the winners but if you're at all concerned about brokerage costs then you shouldn't be participating at all.
Since this discussion has started I've been amused and confused about just how big the scope of TA is especially when it comes to the amount of indicators we can select to work with. Now below are just a few from the C's and some D's on the platform.
Now I'm happy to admit that I haven't even heard of some of those indicators , Coppock Curve? Chande Forecast Oscillator?, Correlation Coefficient? What in the hell is all that? But there you go, it's all there for us to test if it can help us with those entries / exits. And then if I go into the other categories of Indicators, man what a head spin!
By the way, anyone who works the Bio's noticed the sector lately? Getting stronger and stronger.
Anyway getting back to the discussion, the EMA verses the SMA has always been a hot topic and could I simply say that IMO EMA's are best for the more aggressive shorter term trader as it suits their temperament and patience better where SMA's suit the more passive (nicer person) that has a bit more time on their side. Maybe I've got it all wrong and it's part of my closing out too early problems. (not problems really)
Personally I'm not liking them as a combination or should I say that I'm not seeing the gain above other more proven indications. But I love the testing and discussion.
Cheers.
