I get a lot of questions asking where my stop is on a given position. My answer is always the same. My stop is where the trend is invalidated for my timeframe.
Obviously that’s not what people want to hear, but knowing my stop doesn’t help you. My timeframe, objectives, and risk tolerance are different to yours. You need to find what works for you.
Where are you wrong? What invalidates your entry rationale? That’s your stop.
Wanting to know mine is a means of absolving yourself of responsibility when it goes wrong, like following a stock tip. You take the credit if it goes right, blame the person if it goes wrong. You learn nothing and become ever reliant on others.
Find what works for you. It could take years. Be prepared to make mistakes and lose money on the way. You may even conclude it’s not for you. That’s cool too. Have someone else manage your money and focus your efforts elsewhere, living your life and enjoying what you do best.
