luc1grunt
622 posts
msg #46767
- Ignore luc1grunt |
9/6/2006 7:09:49 AM
I agree Avery. I have increased my gains by rigidly sticking to my loss threshold (and cutting them without hesitation)....but watching those "profits run" after I sell at my target still churns the guts a little. I need a little more refinement in this area. Thanks, Luc
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nikoschopen
2,824 posts
msg #46769
- Ignore nikoschopen |
9/6/2006 3:44:43 PM
While we're on the topic of sense and sensibility, perhaps I would like to add my own contribution. My gripe of late is that I keep giving back my profit. Damn, had I only taken that profit 5-minutes ago when it was at its zenith, I would be a happy camper. Call it a pure pristine glimpse into greed. LOL
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luc1grunt
622 posts
msg #46770
- Ignore luc1grunt |
9/6/2006 5:20:26 PM
mmmmmmm, fresh tasty Greeeed.
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nikoschopen
2,824 posts
msg #46771
- Ignore nikoschopen |
9/6/2006 8:38:24 PM
I have yet to meet a trader who claims modesty as one of his or her shining attributes. Now 'fess up, show ure true colors!
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luc1grunt
622 posts
msg #46780
- Ignore luc1grunt |
9/7/2006 4:35:04 PM
AAPL. Got my $1 then bam, right in the kisser. Came back to check the longer holds and she's headin for the moon!
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TheRumpledOne
6,411 posts
msg #46784
- Ignore TheRumpledOne |
9/7/2006 6:45:17 PM
I sold AAPL the over day above $71.
Today it went about $73.
That would have been over 2 large in my pocket. Oh well.
Guess what?
I BANKED PROFIT AND...
TOMORROW'S ANOTHER TRADING DAY!
So many times, I'll take 3 or 4 pips off the Euro only to watch it run another 3 or more pips. BUT I TOOK PROFIT. And you know what? Those times it reverses after I exit, it feels REAL GOOD!!
Just remember to focus on GETTING SOME rather than GETTING MORE!!
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luc1grunt
622 posts
msg #46787
- Ignore luc1grunt |
9/7/2006 6:57:46 PM
Agreed. The whining is tongue in cheek but, I will continue to refine my exit stats and strategies!!! I have been lucky enough to observe a nice stop triggered and the dog keeps diving into what would have been a multi $$$$ loss. Now that feels good!
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nikoschopen
2,824 posts
msg #46788
- Ignore nikoschopen |
9/7/2006 8:05:04 PM
It goes without saying that noobs concentrate on the entry while the pros on the exit. BTW what's ure exit strategy anyway?
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luc1grunt
622 posts
msg #46790
- Ignore luc1grunt |
9/7/2006 8:46:42 PM
Mine? Price target each trade. I'm pulled away from the screen very often so trailing stop is the main technique when it is nearing my target. I hate having a stop because time has shown it gets "plucked" like a piece of fruit in a volatile stock. If price hits .15-.25 over the target, I'll set the stop to lock in the target. That's where the last few days have got me. Quick pullback, pluck the stop, then off to the races. Lost my target many times by "not placing the stop" as well, so if I go through the journal it would likely show it all as a wash when said and done........and you?
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nikoschopen
2,824 posts
msg #46792
- Ignore nikoschopen |
9/8/2006 1:18:45 AM
You didn't specify what you use as a profit target (eg. stochastic crossing above /below overbought/oversold, price/trendline breakout/breakdown, etc). I hope you don't use just any random number as your price target.
If you haven't already noticed, Newton's law of motion applies in the stock market as well. It tends to advance up or down the price ladder until it gets knocked out of balance by another force of resistance. And these occurences happen in specific places, such as support/resistance, trendlines, and major moving averages (MA(20), MA(50), & MA(200), for example).
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