In or out

[orl]

Quote from kybandit:

And yea I've got a great big sack and a bunch of common sense to go with it...I've been trading now for 5 months with no training what so ever...Before I invest, I stop, look and listen...I'm just now taking the time to set down and read different strategies....In my 5 months of trading, I've almost doubled my initial investment but the last month or so has been tough...

I would advise you to develop some sort of risk/trade management rules to avoid giving it all back.

Good luck!

 

[piezoe]

Quote from kybandit:

I bailed, losing 6100...I'm no investor, obviously, I'm recently retired and trying to learn day trading...I set aside 100,000. to invest with and until this trade, I've just traded on pull backs...I just bought 350 shares of apple @ 231.50 but this time I set a stop at 230.00...I.m a gambler and have always done with well with gambling, I'm researching this new hobby...This is my first loss trading and lesson learned...

That was the right thing to do under the circumstances regardless of what POT does next. Follow Nodoji's advice and suggestions. Always know where you are going to put your stop when you enter a trade. Then put your stop in place pronto and never move it except to tighten it if the stock moves up sufficiently. Pay absolutely no attention to those posters that say they use "mental" stops. You want to place your stop loss order in a spot where your own technical analysis (not someone else) would indicate your reasons for entering the trade would be invalidated. If hitting that stop would entail a greater loss than you are willing to take, don't take the trade.

I should mention one other point since you're new to trading. We have been in a strong Bull market these past months. In that kind of market it is relatively easy to make money. You must adjust your trading to market conditions. Therefore it is not only important to pay attention to your positions, but to the market in general. When the market is going up, most stocks will also go up, and when it goes down most stocks will go down. It is unlikely that the stocks you own will be exceptions to this rule. Consequently you want to be cautious about taking long positions in a falling market and vice versa. You always want the market to be on your side.