Any trading strategies to hold onto stocks that might rip higher?

[Raheel Shaikh]

tesla was up soooo much.. and these stocks were going down. I lost faith.

Have faith and trust in your trade plan
Follow your trade plan irrespective of the price
you wont be regretting

 

[NazSherpa]

I was trading lucid, for the last 2 months and same with QS.

I exited at the first move higher and did not re enter, though I had a chance with LUCID at 22 and QS at 28.

I sat through all the CHOP daily by the minute.

Should I be looking at wave theory more or any other strategies? Thanks!

One possibility - Define your initial risk on the trade. Take part at X multiples of that risk. Pull your stop to B/E then trail the stop on the remainder a certain amount. ATR functions work well for this. The ideal moving average length and ATR multiple can vary based upon your objective and how good your entries are in terms of maximum adverse excursion. This is the best way that I know of to let your profits run - the third cardinal rule of trading.