Yes, took stops on inverses, closed roughly 2/3 size yesterday for $400ish loss. Market was down last week so I thought we'd get selling this week.
Lesson learned = wait til unrealized PnL is more in the money before scaling in. Patience!
How to Let Your Winning Trades Run: Got ideas?
- Thread starter KCalhoun
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Yes, took stops on inverses, closed roughly 2/3 size yesterday for $400ish loss. Market was down last week so I thought we'd get selling this week.
Lesson learned = wait til unrealized PnL is more in the money before scaling in. Patience!
Go to Break-Even, and let it ride...
I think I learned that from a Mark Douglas book. I think he called it a "risk-free state of mind", or something like that.
I think I learned that from a Mark Douglas book. I think he called it a "risk-free state of mind", or something like that.
1) Reminiscences of a Stock Operator
2) The Market Wizards (Series)
3) Books by Mark Douglas, Brett Steenbarger, and Mike Bellafiore.
I would also add anything by Richard Wyckoff
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Good one or 2.
I bought a used tire from a recycle dealer, when I was selling my used car. Dealer wrote on the Goodyear or Goodrich tire , ''good'' LOL/true...…………………………………………………………………………………………………………….
Hold at least until the end of the week
Great example is SQQQ swingtrading....... because of it's volatility I prefer daytrading. It's breaking up over 50SMA on 6month daily chart and I'm currently long small size.
I want to scale in and swing a big 1000share position as it goes up.
How to let it run without giving in to temptation to book profits too soon?
I like the idea of opening a different account just for long term 2week+ type swings
I want to scale in and swing a big 1000share position as it goes up.
How to let it run without giving in to temptation to book profits too soon?
I like the idea of opening a different account just for long term 2week+ type swings
Finally managed to let a winner run. I’ve tried countless times in past but usually get stopped out back at entry point (if I left trade alone). Mind you, I normally scoop small profits that add up, but this time I felt Nasdaq index had overdone its drop.
Though it helped that I was already decently profitable for the day before I tried this lottery shot. It probably helped that I used the famous casino symbol of 777 (on a 10,777 buy stop - LoLoL).