2008.12.10 IT'S ALL ABOUT THE ENTRY

The majority of trading gurus say that the EXIT is more important than the entry.

I DISAGREE!

I focus on finding entries that STATISTICALLY give me a better than 50/50 chance of having an opportunity to take profit. Notice how I worded that last sentence. It was written that way on purpose.

I get asked about SL and TP all the time. Some people get downright nasty and harshly criticize me because I don't conform to what they believe to be proper. To me, SL and TP are part of the individual trader's money management and risk management strategies and have NOTHING to do with my entry triggers.

It does not matter why you entered a trade once you are in it. Nor does it matter what your indicators say. PRICE is the ONLY thing that matters once you enter a trade. And after you enter a trade is when your money management scheme kicks in. You will either exit the trade with a profit or a loss. How much of a profit is determined by the market and your greed. How much of a loss is determined by you. It is up to the individual trader to decide when to say "when".