Kenneth Lee- Romancing the Stop and other Price Action Fables (Supply & Demand).pdf
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Trading Thoughts and Ideas
By; Kenneth Lee
Disclaimer
As always very few of any of this is a novel
idea of my making, just my interpretation of
ideas and facts I have learned over the years and
staring at charts until I was blind.
If anyone feels I have encroached on any of
their proprietary information please let me
know and I will edit or remove. This is being
made for sharing on public forums not as a
money making endeavor.
Plus also remember trading is a lonely
profession and each person is responsible for
their own trading decisions. Everyone has their
own ideas of what is a good or bad trading idea
use this information to build your own Ideas.
Thanks Ken Lee
FOREWARD
In my time trading I have seen many people with
issues similar to these that they have found hard to
overcome and most never get past and finally decide to
give up trading.
I have decided to try and put some of my own trading
thoughts down on paper . One to remind myself on a daily
bases of what are in my opinion the most cost effective
aspects of trading. Or the things that can allow a person to
move forward in the trading game.
The title Romancing The Stop , Is probably based on
the most important of any one single trading issue that is
abused to the detriment by more traders than anything
else. The Stop position.
Moving a stop, adding to a loser to move a entry.
Those things will keep a person from becoming a real
trader every time.
I will also put some of my personal thoughts down of
what I look for as to direction and my personal entry
ideas. Again this is just my own thoughts based on
information gathered over a decent amount of time from
various sources.
Romancing The Stop
The one single aspect of trading that will make you or
break you is using stops correctly. They will preserve your
trading account equity as well as build your confidence in
your own trade plans.
The first and foremost thing a stop does is provide
control for rule number;
1.Always have enough equity to take the next trade.
If you can't take the next trade you are dead in the
water and will have to wait to save more funds to try
again. Plus it is a devastating blow to the ego to have that
feeling of a total loss . Most people can't take to many hits
on their personalities before they decide that this isn't for
them .
Those that keep fighting the good fight can also build
a wall of indifference between themselves and their
trading . Making it sorta alright to continually fail, but
neither idea is acceptable. We are all in this to at the very
least add to our financial situations and better our life's .
Plus your personality will start to suffer and then you can
start to blame out side things on your trading. Blaming
your family and friends or your other job. Which can
lead to self destruction.
So we must learn to love where we place our stops and
realize they are our guardian angels, That we control to
protect us from us. I hear so many people blaming the
market or the charts on why a trade goes bad , but in
reality we have no one to blame but ourselves.
The choice of entry style has less to do with being a
successful trader than does knowing where to place a
realistic stop. I watch a few newbies trade and analysis
their charts and at times one of the most basic faults is
the use of a preset stop loss. This is the stop you set on
your platform to automatically be placed with your entry.
The use of that should be nothing more than to get
your stop on your chart so you can then adjust it to the
correct location. To correct that issue change it from say
15 or 20 pips to 150. Then it is so far out of position you
have no choice but to adjust it. Plus within your trading
plan you should have a price number already picked to
where it should go.
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