NoFrills Trading 2006

i always believed a good rule to follow is if you are unsure what to do and you have a profit, just take it. uncertainty leads to luck.



RT
 
Quote from mksummny:

well why i never went through any of this hardcore planning that you got going on i managed to pull millions out of the market. My hope is that you can replicate some of what i have done. I like to see any trader make consistent money day in and day out, so my hats off to you to start out this way............................
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So what is your point??
 
You have a nice journal and a nice play here, and I agree that X's charts look good on short / intermediate term. But I see no reason not to set a trailing stop to lock in some of your profits. I noticed that in your first post you didn't really have a plan to take profits. Are you more of a trend follower or a swing trader?
Quote from 4XIS4U:

My X position is progressing well ... what to do ?

Few things can happen here:
1) Go up until hits the first resistance
2) Consolidate a little and then continue until it hits the first major resistance (last pivot high)
3) Consolidate and break down through support....

Looking at the weekly chart, I decided to leave it open... stop at break even.

today
http://www.atglance.com/images/12292005_X_D_update.png
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4X,

Do you look at the volatility of price movement oever some period of time to set your stops?
For example, if the average daily range for X number of days is Y, do you use some multiple of this average range to set stops?

Thanks for your journal contributions!
 
Quote from trader56:

4X,

Do you look at the volatility of price movement oever some period of time to set your stops?
For example, if the average daily range for X number of days is Y, do you use some multiple of this average range to set stops?

Thanks for your journal contributions!
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tradre56 -- no, no volatility. I base my stops on previous support (long) or resistance (short) on the hourly or daily charts... i like to give it some room. I feel very confortable moving my stops to break even and giving the stock some good room to grow... i find that if you watch it too closely you tend to make your stops too tight...
 
Quote from cnms2:

You have a nice journal and a nice play here, and I agree that X's charts look good on short / intermediate term. But I see no reason not to set a trailing stop to lock in some of your profits. I noticed that in your first post you didn't really have a plan to take profits. Are you more of a trend follower or a swing trader?
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cnms2, you´re absolutely right about the fact that I didn´t have a specific rule for profit taking... the most important rule I follow is to move my stop to break even as soon as possible. I then try to close 1/2 of the position when I have 2x my risk... the remainder, I let it ride.... so, essentially I´m a trend follower at this point... I´ve done some swing trading in the past but it didn´t really suit my personality... I was always leaving too much money on the table and it was very stressfull... I seem to make the same or more money by letting my positions grow....

All my positions in this journal are still currently open... and I´m on vacation in Brazil right now :-)
 
I´m very satisfied with my results so far.

Here´s a summary:

Position............Unrealized P/L
EXC (300) -10.50
UPS (200) -137.00
X (200) +705.00

Total unrealized P/L : 557.50
Total equity: 20,557.50
 
Quote from 4XIS4U:

I´m very satisfied with my results so far.

Here´s a summary:

Position............Unrealized P/L
EXC (300) -10.50
UPS (200) -137.00
X (200) +705.00

Total unrealized P/L : 557.50
Total equity: 20,557.50
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I like X. I'm a trend follower myself...

I missed my entry signal on 12/22. Had I entered, (and I'd still be in as of today) I would've made an unrealized profit of $2200...

Sigh... :mad:

Good luck. I like how you are taking the time to take this seriously... keep it up and may your fills be complete.
 
Here's a quick update as of today:

Position..Unrealized P/L
EXC (300) +690.00 (+4.2%)
UPS (200) -306.00 (-2.0%)
X (200) +1,310.00 (+14.2%)

Total unrealized P/L : 1,694.00
Total equity: 21,694.00

Charts
X is behaving quite nicely so far.

01172006_X_D_update.png


EXC is starting to gear up (IMHO)
01172006_EXC_D_update.png


Plan Compliance

So far I'm very happy with my ability to follow my plan.
I'll take partial profits on X when it hits 57.00 or 20% approximatelly.
 
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