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Here's a quick update as of today: Position..Unrealized P/L EXC (300) +690.00 (+4.2%) UPS (200) -306.00 (-2.0%) X (200) +1,310.00 (+14.2%) Total unrealized P/L : 1,694.00 Total equity: 21,694.00 Charts X is behaving quite nicely so far. EXC is starting to gear up...

I´m very satisfied with my results so far. Here´s a summary: Position............Unrealized P/L EXC (300) -10.50 UPS (200) -137.00 X (200) +705.00 Total unrealized P/L : 557.50 Total equity: 20,557.50

cnms2, you´re absolutely right about the fact that I didn´t have a specific rule for profit taking... the most important rule I follow is to move my stop to break even as soon as possible. I then try to close 1/2 of the position when I have 2x my risk... the remainder, I let it ride.... so...

tradre56 -- no, no volatility. I base my stops on previous support (long) or resistance (short) on the hourly or daily charts... i like to give it some room. I feel very confortable moving my stops to break even and giving the stock some good room to grow... i find that if you watch it too...

I have a trading plan here. Hope it helps. http://www.elitetrader.com/vb/showthread.php?threadid=61002

My X position is progressing well ... what to do ? Few things can happen here: 1) Go up until hits the first resistance 2) Consolidate a little and then continue until it hits the first major resistance (last pivot high) 3) Consolidate and break down through support.... Looking at the...

I'm hoping this whole planning will lead me to consistency and better discipline. I came to the conclusion that I've spent way too much time on sharpening my setups, exits and all and none of it works without money management IMHO. :D Good luck to you.

riskarb - I take your compliments.

Skeptical -- I've extracted this sheet from a Workgroup, that's why it has a password for the code... but, for this specific sheet there's no code, only formulas... all there. Thanks!

US Steel (X) position has gone up for the last 3 trading days. Adjusting stop to break even.

2005/12/28 Long [UPS] 200 shares @ $76.43 stop loss @ $ 74.7 total risk $350 * Refer to chart for comments daily view weekly view

Will post update tomorrow.

This is an Excel spreadsheet that I use to calculate risk based on stop placement and also target. It has also a Stop Loss Risk sheet adjusted to my maximum trading risk.

Excellent article. I’ll be disciplined and try to avoid these mistakes. The Top 10 Mistakes Traders Make and How To Avoid Them by Jim Wyckoff - original article 1. Failure to have a trading plan in place before a trade is executed. A trader with no specific plan of action in place...

40yotrader -- your goal is quite agressive... hope you have enough capital to achieve it... My goals are rather small compared to yours but would make me very happy... :D

2005/12/23 Long [EXC] 300 shares @ $54.66 stop loss @ $ 53 total risk $504 (risk complies with my trading plan) Exelon Corporation is a utility services holding company engaged in three business areas through its subsidiaries. Exelon's Energy Delivery business consists of the purchase and...

Yes Mike. The numbers are in line with my last year's results. I'm trying to get more formal this year.

Please feel free to post comments or suggestions on how to improve my trading plan and my setups. :cool: I'm using a real trading account and I intend to post the results as a close trades my trades. My trading methodology is founded mostly on price and volume analysis. I use moving...

2005/12/22 Long [X] 200 shares @ $46.23 stop loss @ $ 44 total risk $450 * Refer to chart for comments daily view weekly view

NoFrills Trading Plan 2006 Objectives & Position Sizing * Grow $ 25,000 initial by $ 9,750 (39%) by year end * Improve my discipline discipline and also validate/refine my trade setups * I will risk a maximum of $ 500 per trade (2% of my trading capital) * If the total...