You make a good point, and I'll share what I tell ny new people. "Life does not end right after the opening" -- and "Get out if you can get back in at a better price" ..... Since we know our opening stocks pretty well, they can easily be rolled into post-opening traders (not "children" necessarily)... and, at times, "doubling up" will work well... The part about "geting out if you can get back in cheaper" really seems to help and came into play with me today on a couple of stocks.... I was long PEP...looking bad...bailed out at .74 for a loss....bought it all back at .60 and sold back at .70 turned a loss into a profit...(for "pickers of nits" - I don't post the "final" tally when I continue trading any of the opening stocks).... A couple of trades in BAC today worked well in the same regard. I am seeing that holding on a bit longer seems to be working... I think I will start scaling out even more, perhaps 25% at a time. Anyway, back at it.... Don
Don wrote: "The part about "geting out if you can get back in cheaper" really seems to help" and Don wrote: "I am seeing that holding on a bit longer seems to be working" Don, Are you saying that sometimes "get out and get back in" and sometimes "stay with it" ????? Could you please clarify when to do which?
and Don wrote: "I am seeing that holding on a bit longer seems to be working" if i had waited till 8:45 cst the p&l would have been 2000+... i think i too will leave 10 to 30 % on till at least 8:45 or so...
I'm trying to relate that, for example...when in a long position, market selling off, you see a bid but nothing behind it on NYOB, then by all means, hit the bid...if market turns around, buy it back (everything else being equal)...this does two things; 1) clears your mind, limits losses and 2) takes away the "fear" of "getting out at the bottom" - which can be a psychological nightmare for newer people. The "stay with it" part is done by setting alerts, not stops, and let the market settle down...and never, chase a stock with wide spreads. Does this make sense? Don
Yes, it makes perfect sense. I just thought the way you phrased it at first was funny The "stay with it part" is something I'm trying to do more of. I'm looking to bail on half at .10 and IF I can get to +.15-.20, I'm entering a b/e stop. Unfortunately, over the past 4 weeks, the market is exhibiting a lot of intraday volatility rather than one way direction. Over the past 7 trading days, the S&P has closed within 10% of its' high/low (using the total range for the day). While looking at it on a daily basis, it looks like we have had trending days. The reality is that we have had a lot of intraday volatility with the last hour providing the only real trending for the day.
Should read: Over the past 7 trading days, 6 times the S&P...... "Over the past 7 trading days, the S&P has closed within 10% of its' high/low (using the total range for the day). While looking at it on a daily basis, it looks like we have had trending days. "
Yeah, we've had higher intraday volatility..that's for sure. Sometimes it's the old "look out what you wish for" scenario, LOL. Don