Yes, took stops on inverses, closed roughly 2/3 size yesterday for $400ish loss. Market was down last week so I thought we'd get selling this week. Lesson learned = wait til unrealized PnL is more in the money before scaling in. Patience!
Go to Break-Even, and let it ride... I think I learned that from a Mark Douglas book. I think he called it a "risk-free state of mind", or something like that.
1) Reminiscences of a Stock Operator 2) The Market Wizards (Series) 3) Books by Mark Douglas, Brett Steenbarger, and Mike Bellafiore.
%% Good one or 2. I bought a used tire from a recycle dealer, when I was selling my used car. Dealer wrote on the Goodyear or Goodrich tire , ''good'' LOL/true...…………………………………………………………………………………………………………….
The sweetest thing I've seen related to this is to exit the trade when the MA changes. Since there is really no trend this isn't really a specific thing, but, as long as the MA is proceeding in your direction, stay in the trade. When it modifies, close.
Great example is SQQQ swingtrading....... because of it's volatility I prefer daytrading. It's breaking up over 50SMA on 6month daily chart and I'm currently long small size. I want to scale in and swing a big 1000share position as it goes up. How to let it run without giving in to temptation to book profits too soon? I like the idea of opening a different account just for long term 2week+ type swings
Finally managed to let a winner run. I’ve tried countless times in past but usually get stopped out back at entry point (if I left trade alone). Mind you, I normally scoop small profits that add up, but this time I felt Nasdaq index had overdone its drop. Though it helped that I was already decently profitable for the day before I tried this lottery shot. It probably helped that I used the famous casino symbol of 777 (on a 10,777 buy stop - LoLoL).