my trading...
- Thread starter sobemark
- Start date
In the after-market I usually try to scalp 10 or 15 decimal points on a fast moving stock. But I do have a weakness of selling too early. I get especially nervous on fast moving volatile stocks. It is the classic struggle of selling early/too late which is in my opinion the hardest part of the market.
I pretty much am at a loss at the moment as far as that goes. I do know I am leaving way too much in a trade and that trades that go my way from the beginning and stay that way, are hard to come by. So I need to stay in those somehow. Just knowing that and I am fighting off my instinct to sell early before a next clear support or resistance level. Even so it's maddening and I have to admit I need to learn more about profit taking and stick with my knowledge not my reactions!
and I have jotted down what that total would be and then compared it to what I ended up with. So far it doesn't seem like I really would've made more one way or the other. I'm also trading futures so it's one position. I'm training myself that when I think I'm too exposed with money sitting around in positions, I close the least profitable one first rather then the most profitable. It alleviates the stress and then I can evaluate whether these good trades still maybe have more in them. I think it has to be better then hanging around in weak ones. But, I'm talking about trades I hope will be good for possibly overnight or more. If I think only a daytrade I try to get out at a predetermined target or else breakeven. This is so hard for me I would love to hear about how others manage this profit taking issue. It should be the easy part wtf!?
Uh, I still suck at this (letting winners run that is). My losses are no problem but I set mental profit targets which get in the way of letting a real winner run. But better safe than sorry. Currently, for as many that I got my target from that just kept going after I got out, there are just as many that turned around and took me out BE or a little over. Experience IMO is the best teacher - some ideas I have started to use in my logic:
1. If combo of Nas, Dow, and SP all in solid green = hope that the winner keeps going and maybe stay in overnight. All red = opposite logic for shorts.
2. If combo of Nas, Dow, and SP mixed or no clear red or green area = set targets and use them.
Its simple but I am still experimenting w/ how effective it is.
Mike
1. If combo of Nas, Dow, and SP all in solid green = hope that the winner keeps going and maybe stay in overnight. All red = opposite logic for shorts.
2. If combo of Nas, Dow, and SP mixed or no clear red or green area = set targets and use them.
Its simple but I am still experimenting w/ how effective it is.
Mike
