Confused about this position. Not sure how to interpret recent price action. Interested in different perspectives. This is my first post here so hopefully it falls within the guidelines of this form.
Game Stop GME
- Thread starter Violintrader
- Start date
long. Bought at 135 and 141. Just trying to figure out my stops. Usually I do between seven and 9% once I am in profit and based on chart but on this one for some reason I’m more skittish. Pretty much swing trading most of my buys.
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It depends on the situation but a typical one would be an initial Stop loss at purchase between six and 8% then once it is in profit put a trailing stop on it. Depending on the chart the trailing stop might be fairly close three or 4% But more typically 7% sometimes mine. This is once I have A few percentage points profit and I takeoff that initial stop loss. I also take into account support and resistant lines based on the technicals. I’m trying to counter my natural psychological shortcomings and bias as far as reacting in the moment or having my attention drift too much. When I’m paying attention I am quite good and on my game but my attention can wax and wane sometimes
Thanks