You have to increase your size when you feel comfortable. The easiest way to do this is in smaller increments. If you want to give your self a 15% pay raise, then increase your size from 500 to 600. WHen you're fine with that, go to 800, then 1000, and from there it is pretty easy to go bigger. As for holding, I really don't. My only rule is that I tend to my losers immediately. They have the power to make or break your day. The winners take care of themselves. Good trading to you! Mike
It sounds like you already keep records of your trades. I do too. What I do is figure out an "target" exit time based on past performance. My thought process is, if everything is working I should be getting out "about" X time. And I try to make myself wait until then. I've found that lack of accuracy in my target time still beats my itchy trigger finger when I have a profit. All it took was a few early bailouts when my target time showed a much better profit and I started to be more patient. And it all defers to how the stock and market is acting of course.
The ruling went our way...and in any case, nothing happens for a year (and, as you well know, things can certainly change a lot in a year). Don
Mike is correct...we try to have the "bootcampers" up to 2,000 shares by the end of training (for openings, 1,000-2,000 for other trades)...this helps in two ways, since our pricing structure rewards you for all shares above 1,000 on any given order. $270 today, small open....had new "test pilots" watching, trying to explain everything to the newbies while trading. Don
You contradicted yourself here, no? The $1000 fee is good for a lifetime of free advanced classes, only open to Bright Traders. I took the basic class, paid the $1000, but I'm not a Bright Trader. Is the advanced class open to me?
Are you talking about Starwood (HOT) vs. PDCO or PTEN? In either case, they don't show up in our database of correlated pairs at this point. Let me know if you want to trade them a bunch, and I'll have some research done for you. Don
Unless you're kidding about "don't be sore; short some more" it appears you average down losers quite a bit. Just curious when you say you "tend to losers immediately" do you just play it by your gut or experiences in a particular stock; sometimes cut the loss; sometimes average down; discretionary so to speak. I try to adhere to a consistent strategy, including cutting losses but I'd say about 20-25%, and this is where I concur with Don (believe it or not), if enough conditions are favorable (tape, etc.) I will average. I studied psychology in college and I'm fascinated by the psychology of trading and the internal and external factors that go into trader's decision-making.
My base share size is set to 4500, but like Mike, I vary it for many stocks based on share price, volatility and how well the stock has worked for me in the past. A stock like MOT or DIS I'm in the 7-9,000 share range. 2-3,000 for the higher priced, wilder movers. It takes a while to be mentally comfortable with larger size and the p/l swings it will give you. But experience teaches you to trust your numbers and to just let your edge work for you over time.
someday...someday i just got to believe my numbers... easier said than done.... thanks for the support...