How to "sit" on a position during a big move

Discussion in 'Trading' started by Ghost of Cutten, Aug 25, 2010.

  1. bone

    bone

    From a 'bigger' picture perspective, by design I set a profit target and a stop/loss when I enter a trade, and I want to get taken out one way or the other. I've got alot of different spread combinations that I'm monitoring with a scanner at any one point in time, and so I am basically turning over inventory in the sense that I really try to have capital working in "fresh" entry signals.

    Having said that, I always have a close look at the daily and weekly charts to gauge how much "enthusiasm" I might have for a trade's longer term prospects - and for those occasions, moving stops and scaling can be used to good effect.

    One of the great things about this business is that if you look at ten very good traders, you're looking and ten different trading styles.
     
    #51     Sep 7, 2010
  2. jem

    jem

    I just got taken out of half a position with a trailing stop.
    I was happy to put it on. Because the move was getting parabolic.

    Percentage wise it has been my best trade in a long time. When I put it on I wanted a big long move... I got a short almost parabolic, so I had to take some off.
     
    #52     Sep 7, 2010