I'm more pragmatic about it --I won't take more than a $200 hit on my account. For RIMM @$75/share, I mentally raised it to $400 - $500 and I almost got stopped out today too! So yea, I watch the "unrealize" Profit/Loss window of my real-time Portfolio stats. And I do try to get out when I'm +$1000 (my profit target - but i'm flexible about it) in that window. I find it easy to click the trade button when I see the portfolio's value moving whichever way. But, I do keep an eye on the PRICE of the stock as there are natural levels of resistance/support e.g. whole numbers (mainly) and halves (.50's) and to a lesser extent, quarters (.25's). So while I got the trade underway, I keep shifting my eyes between the Price of the stock and my portfolio's unrealized value. Back and forth, back and forth --until one tells me to hit the buy/sell button to close out my position. I also found that there are natural time stops that you could use too --perhaps not to actually exit but to at the minimum tighten your stops somewhat or even to add to your position. These time stops happen often times with spooky regularity... <-gapster->
Pre-Market Gap Stock Watchlist for June 10, 2005 FRIDAY: Gap Downs: IFIN Shortable via Alliance. Open up Time and Sales and observe Price movement @ Market Open. <-gapster->
Trading Results June 10, 2005 FRIDAY: IFIN has a nice drop off the open but I didn't play it... No trade this morning. Back to sleep! <-gapster->
Does anybody know where I can find archive of stocks gapping up or down for backtesting? Anybody knows how to backtest these strategies?
Pre-Market Gap Stock Watchlist for June 13, 2005 MONDAY: Gap Downs: CNCT PNRA BLUD Shortable via Alliance. Open up Time and Sales and observe Price movement @ Market Open. <-gapster->
Trading Results June 13, 2005 MONDAY: Trade #1: 09:30:39 SHORT CNCT 2000 shares @ $15.67 (average) 09:32:58 Buy to Cover CNCT 2000 shares @ $15.55 Trade #2: 09:34:55 LONG CNCT 2000 shares @ $15.875 (average) 09:38:17 Sell CNCT 1000 shares @ $16.00 09:41:26 Sell CNCT 1000 shares @ $16.00 Profit/Loss SHORT Trade #1: +$240 LONG Trade #2: +$250 Total Profit: +$502.10 (I know is should be $490 but $502.10 is what's appearing on my portfolio window as my gain for today. Commissions/fees not taken into account). And yes, I was scalping for 10 to 15 cents which accounts for my larger than 1000 share lot size. P.S. Please note: Not all my plays are winners. Impossible! Secret is to control your losses which actually means to contol your emotions. <-gapster->
BLUD should have been the stock I played this morning. I had it up on my screen too! BLUD was a total SCREAMER off the Morning OPEN as it went -$3 in FIFTEEN MINUTES. The thing is, I can only watch one stock at a time and I was concentrating on CNCT this morning. I do have to improve on my ability to watch multiple times and sales windows and act appropriately. Much of what I am doing is pretty discretionary. I don't want to mess with things too much, but I have in my mind a different way of playing the Open on these Gap Down stocks. I'm going to experiment with it a bit and won't be posting anything until I see how things pan out, either way. Till then, good luck to everyone on your Gap Down plays! <-gapster->
Add "backtesting" to one of the Myths I simply don't believe in. Right next to "Funny Mentals" and "T & A's". The only "backtesting" I actually believe in is one's own Trading Account Blotter! So true, huh? Scalping the Open of Gap Down Stocks is not a strategy! It is essentially a cash management exit system. My going LONG or SHORT is based on what/how I see in the Tape i.e. Price / Volume / Velocity. This part is hard to put in words and is therefore as of this point, purely discretionary trading. <-gapster->