The adventures of a new Trader
- Thread starter cashmoney69
- Start date
round number are bad places for stops. try and think in "teenies" as stops tend to get run by 1/16th and 1/8ths....
traders should spend as much time placing stops as they do buy points. i try not to move stops, unless its up as as trade becomes more profitable.
maybe most important is to take the loss and move on, not move the stop and hope.
good luck
I got stopped out at 85.00... what were your stops at?
AAPL goes down to 84.99 then reverses and goes right back up.. if AAPL went down at least another .10 cents, I'd feel better about myself.
Quote from cashmoney69:
It was doing GREAT this morning, then it all went to shit. Now I'm an inch away from getting stopped out. I want to cancel my stop...but I wont.
I'm not trying to diss you.......jus tryin to figure/help you out.....
why are you day trading mainly the largest cap, and most basic stocks.
These kinds of stocks normally are needed to be held for weeks to get returns.
larger cap stocks I have in my portfolio (MGM since 36.......PTR since 111) are held to make money over time,,,,,, to serve the purpose of offsetting any stop outs that occur on more aggressive plays, allowing the 35%...40%...20 or 60%...aggressive wins to not have to overcome the stops from other aggressive plays with their gains....leaving them to go straight to your monthly%returns rather than pushing back at prior losses.
if you are going to trade so actively you really should consider more volatile small or micro caps......atleast mid caps. But this will take skilled money management to pull off w/0 large risk........meaning stops at 5-10%.....offsetting plays (shorts.....longs..... pos' in sectors expected to move for unrelated reasons)....and probably not obvious to you but LETTING WINS RIIIIIIIDE...
money management is what makes a trader......not stock picking......
stock picking is roullette......and money management is counting blackjack.....you can play according to the odds you desire....
also.........again not a diss..........jus tryin to help.....
why the hell are you STOPPING OUT GAINS?????? especially since you said you watch your pos all day.
this to me is unbelievable, especially when you appear to set the risk and reward at about the same number.....
incase you didnt know in trading......60/40 or even 70/30 are not desired odds.....these are incredible risk and are a crap shoot......these risks are only taken if other pos are held to limit the downside risk.......and these odds are never manufactured to be so bad by the trader himself.....
rather than having to convince you why a stop gain is obsurd.......
jus agree to compromise with me..........
whenever a stock approaches a stop gain....
CANCEL THE STOP GAIN.......and if you have to RAISE YOUR STOP LOSS TO BE RIGHT BELOW WHERE THE CURRENT PRICE IS......
THIS WILL ESSENTIALLY REMOVE YOU FROM ALL RISK OF THE POSITION AS IF YOU HAD SOLD,,,,,BUT IF IT GAINS YOU WILL STILL GET PAID.......
BTW jus tryin to help ya out........take the advice...not offence...
"why are you day trading mainly the largest cap, and most basic stocks.
These kinds of stocks normally are needed to be held for weeks to get returns."
I'm not day trading. Legally Im not even allowed to. If I get stopped out in the same day then..oh well..it was not intended.
"why the hell are you STOPPING OUT GAINS?????? especially since you said you watch your pos all day.
this to me is unbelievable, especially when you appear to set the risk and reward at about the same number....."
Because I have no patience. If theres one thing about trading i've mastered, its not being greedy. If I get close to my pt, most times I'll just take whats offered. If anything, I deserve more, but I place these restrictions on myself
.cm69
I forgot to post these trades from last friday...
--
1/26/07
Bought 100 AAPL @ 87.41
PT: 92.00
Stops : 85.00
1/26/07
Sold 100 AAPL @ 85.00
profit: - 255.00
review:
f--k you AAPL. Now that I got that off my chest... My problem with this trade was entry.
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1/25/07
Short 100 DNA @ 87.49
1/26/07
Cover 100 DNA @ 86.50
profit 85.00
--
1/26/07
Bought 100 AAPL @ 87.41
PT: 92.00
Stops : 85.00
1/26/07
Sold 100 AAPL @ 85.00
profit: - 255.00
review:
f--k you AAPL. Now that I got that off my chest... My problem with this trade was entry.
---
1/25/07
Short 100 DNA @ 87.49
1/26/07
Cover 100 DNA @ 86.50
profit 85.00
aapl 1/25-1/27