The actual high was 2.85 believe it or not, messed up data lol, look at the 1 day chart and you'll see
If you stick with 5% protective stop, in last trade you would lose only 5% of your equity, like this (without protective stop) you lost 7.5%. So I considered target price and protective stop essential in every trade. I would say that you still involve emotions in your trades because you did not stick with your original plan (after couple of years you will be far away from your original idea) and you let emotions control over you. All what you been gaining last week, you lost in only one trade just because you are fighting the trend. The way you are trading is simmilar to gambling. I wish you good luck!
I am quite certain that I have emotions completely under control, I treat my trading money as fake money and I have ice cold emotion when making trading decisions. Also, if I had remembered to put in that sell order, I would've lost $18 on the trade Oh well, it happens, and I assure you, my trading is far from gambling.
My pick for friday is NXG, my secondary was VION but it trades less volume, plus I like NXG's chart slightly better BUY 1285 shares of NXG, Northgate Explor at LIMIT of 1.82 DAY
Exited at 1.86. Will post a pick tonight hopefully, peace 12/15/03 Equity: $2,391.22 -1.041% since 11/25 4 winners 1 loser
My pick is CYTR, buying at 1.82, exit is 2% as usual. BUY 1313 shares of CYTR, CytRx Corporation - Common Stock at LIMIT of 1.82 DAY
What made you pick CYTR? It looks like it just got done breaking down from a descending triangle. This looks like a much better short candidate to me. I would go with INAP tomorrow using your strategy, INAP seems to be in a rally and has retraced... its close today was right at 2 separate Fib levels.
Closed out CYTR at 2%+ profit at 1.86 12/16/03 Equity: $2,443.63 +1.011% since 11/25 5 winners 1 loser
My strategy is not to take picks which I think are done with a retracement. I trade against the trend, ie. my picks are ones that have been falling and it looks like they've formed a bottom, I try to catch the retracement. Usually the trend is down in my picks, occasionally new trends start from where I buy. I don't look at price patterns, I'm looking at candles and bollingers (2 std dev and 3 std dev) on a 3 month candle chart. Stochastics/RSI I don't use very much anymore because I can pretty much approximate the stochastic and rsi for a particular chart by peeking at the price action for the last month or so. I also sometimes look at the previous day of trading to see how volume acted when it made the bottom. I'll post another pick tonight, see if you understand what I mean