Cash, after 2300 posts on this site I would think that by now you would know that expecting useful advice on setting stops without discussing your entry strategy and your profit objectives is a waste of time. Why are you entering a trade? What are your setups and triggers? Why did you select the instruments you're trading? What is your risk tolerance? These all play into any consideration of stops.
Maybe you have success daytrading CRDC anc SCON but everthing I've read & learned has told me to trade trending stocks...there are plenty. Looks like yours have broken out already. Why not buy trending stocks which trade about the 20 day MA when they get beaten down to the 20 day or near it. Your odds are much better!! Strategy from "Beginers Guide to Daytrading." Works for me....Lucky
When I started trading in 2006 (swing) my stops and pt's used to be just a simple 3:1 ratio, but again, like in day trading, the volatility of the stock was an issue. I'd either get stopped out or take out some profits instead of my established profit target. People keep saying on this site "Oh well I just let my winners run".."dont sell winners run", blah,blah.... Now I dont use PT's because I let winners run, but always set stops. screw it. I'm just going to trade a flat 100-300 shares regardless of the stock, unless someone wants to help me figure out this sh--t.
I just asked you a few simple questions. Why are you entering a trade? What are your setups and triggers? Why did you select the instruments you're trading? What is your risk tolerance? They are at the heart of your issue. But instead of answering, you waste your time posting more compaints and whining. Does Dr. Phil have a hotline for you? You have also entered the market at a very tough time for intraday trading. Everything intraday is extremely choppy, and there is an overly large influence from the overall market, which is also very choppy and without direction or theme. You are essentially trading noise until this fed thing gets hashed out. So my advice is to trade tiny and attempt to perfect your entries during this period, and begin to size up when both the market and you get your heads on straight and decide where you are going.
Just because you apparently can't trade successfully doesn't mean others can't. Your "logic", or lack thereof, is analogous to saying "I can't believe people are engineers" (or any other profession that you lack the training and skills) to be successful. Stay with your buy & hold mentality. But don't get upset when traders come in and take your money on a intra-day basis as your unrealized long term P&L fluctuates up and down. Still not sure why you continue to post on a trading site when you don't trade.
Just popping this thing back up to say im long on SCON @6.40 and long on CRDC tomorrow if we get a break above the high (@9.26). Size is fairly small considering these issues are so volatile. Well that, and my acct size is tiny.
Hi cash, Actually if you filter out the rudeness out of the above post, it is the best advise given to you so far. What he is saying is that: 1- Just trading what you have learned from the books and seminars are not good enough. You need to use all that to create your own edge, backtest it and if successful go live on small scale. 2- He is also right that you should immediately stop trading and go back to the drawing board until you find the edge or else you are sure as all of us have to blow your account.
TIMOTHY CRDC looks interesting. Any thoughts on PTT or RICK? Both companies are trying to brand an industry that has had a sleazy rap. They are going upscale. Thanks TIM