it seems that you guys took my 'i came up with this genius idea' thing at face value and didnt pick up on the sarcasm i also seem to be taking heat for not having a predetermined exit point, but dont i have one of those when i say sell at 15?
You could put in a stop loss e.g. $14 but it may take years to get there and then rise. The markets can spike suddenly ! Personally I get fidgety after waiting 1 hour but that is just me. I guess you may have a day job . so an EOD look would be OK. No one has dared to corner the silver market since the Hunts some years ago but one will come along. A good piece of advice is - don't let the criticism get you angry because then you will dismiss it all and learn nothing.
Accepting this and identifying it is understanding the true risk. Being aware of what it will take to wipe you out is understanding and accepting the risk. Knowing the risk of ruin and knowing eventually the risk of ruin could be realized, maybe today, maybe not quite in the traders short lifetime. But eventually. That is the risk. I would not want to trade any strategy if that risk is not clearly identified and understood and accepted. I see no way to consistently make money with a strategy that does not have a clear and identifiable risk of ruin so I know what risk I am accepting. They call it risk of ruin, but inevitable ruin is more like it.
do you guys know of any good podcasts or youtubers to listen to? so far everything ive heard has been all fluff and no substance
If they can talk about it it's all fluff. Check out the MIT website, you might find some useful information there if you have a math background.
New Guy, You can place a limit order to buy the stock when it reaches your desired buy price. You can also set a stop, which will automatically sell the stock for you if it takes a huge dive. You can also place a limit sell order to sell at your high price. Lastly, some platforms will allow you to place a sell order if condition x, or condition y occurs. I know Scottrade does this. So you can set a limit order to buy at $10. Then you can set a conditional sell order that will sell when the stock dives to $9 (to prevent a loss), or when it rises to $12 so you collect a profit. Then the question that you need to answer is if enough $10 levels, and $12 levels will occur to make you enough money to offset the losses when it falls to $9. You only need to win more than about half to make money. You may find that buying at $10 and selling at only $10.50 will make you more money in the long run since the stock will hit $10.50 much more often than it will rise to $12 or fall to $9. You just need to look at past history and never stop evaluating whether things have changed. SM