What Are Your Golden Rules?

Scataphagos · Feb 11, 2019

victorycountry said:
Only if you know the current trend true that the level of risk is down to the individual

Sufficiently vague to likely be wrong.

murray t turtle · Feb 11, 2019

volente_00 said:
Never enter a trade without a predefined

Entry
Exit
Stop

Set it all in a bracket order format
Walk away and let it ride

%%
And dont quibble about a quarter + miss the move

volente_00 · Feb 11, 2019

SimpleMeLike said:
Hello volente_00, post,

I need your recommendation or help.

I use bracket order as well, but I struggle with trusting my profit target exit at sometimes and exit sooner....than X minutes/hours later my profit target get hits. This cuts into my profit.

Besides set it and forget (walk away), do you have any recommendation or opinion to improve this struggle?

Thank you in advance.

Read the book

The Disciplined Trader

SimpleMeLike · Feb 11, 2019

volente_00 said:
Read the book

The Disciplined Trader

Thank you volente_00

ironchef · Feb 11, 2019

Stockolio said:
Whether it's buying shares, calls or puts, this is key advice from buffet!

I don't think this is diversification:

To make things worse, 7 of the top 10 are in banking/finance. Sounded like he preached one thing and did just the opposite.

HolyGrailSeeker · Feb 12, 2019

Always have a stop loss 100% of the time

maxinger · Feb 12, 2019

Also set your stop loss far far away.
Do not panic and tighten your stop too soon.
Give allowance for market to retrace / pull back.

maxinger · Feb 12, 2019

Most important of all,
do not listen to the experts blindly.
Do not listen to our golden rules blindly.

Trade plans, golden rules are not transferrable.
You have to develop your own holy grails, trade plans & golden rules.

ironchef · Feb 12, 2019

maxinger said:
Also set your stop loss far far away.
Do not panic and tighten your stop too soon.
Give allowance for market to retrace / pull back.

I actually agree with you sir.

After been stopped out of my FB @ $20 (after IPO), AAPL @ ($400 prior to split) because I read O'Neil and put on a 8% stop. Couldn't get back in on both until recently. Where were you when I needed you? :banghead:

maxinger · Feb 12, 2019

ironchef said:
I actually agree with you sir.

After been stopped out of my FB @ $20 (after IPO), AAPL @ ($400 prior to split) because I read O'Neil and put on a 8% stop. Couldn't get back in on both until recently. Where were you when I needed you?

millions of experts said keep your stops small.

But my trade plan says keep my stops big.

well. cannot blindly listen to the experts.

Those experts failed to quantify how small the stops should be.
also they failed to realise different people have different experiences, and
different programs in our subconscious mind.