Your $952 stop looked like a genius call this morning. Oh well, live and learn. You have a good day sir.
You really should start reading up on option strategies to lock in profits.. especially when you have them! Here is something to watch for..price establishes a range..breaks to the upside..quickly comes back into the range..you really do not want to be long once price is back within that range..placing a stop at the bottom of a range can be a very bad decision..as the same goes for the bottom of the range..as the top! Do you understand this? Also..CW..it appears..bought the rights to a software version for VSA..and his main aim was to get gullible people to hand over £5k for training and £1.8 k for VSA software..which worked well for a small while..as..bad news really does travel very quickly! Point is..of course volume matters..and of course looking at volume in relation to the OHLC of the bars can reveal who is in control..buyers or sellers..do you need software to work out and tell you who is in control..well..that depends..on how you want to trade..and how much you want to spend on analysis techniques..for the plebs..I would say forget it..waste of time and money..just start looking at the charts and trade what you see..not what you think! I could write a book about it all..maybe I will some day.. how about calling it.. "One Born Every Minute"
I don't place hard stops sir. I mostly had a target (or a series of targets, what you called a plan) and took action when the targets were reached.... By the way, I am beginning to appreciate charts and what folks call price action. Started to make some headway. I made a couple of entries lately, one by the way was IBM.
You just gave me another homework assignment: Looking at volume in relation to OHLC. There goes my weekend. Appreciate the coaching. Thanks again.
MrScalper, Since you do not accept PM, I have to use a public post to thank you for your guidance. Your posts were road maps I used to modify my methodology, for the better. I especially want to mention chart reading. I used to think it was useless and just noise but after a few months studying them, using them in real trades, I am a convert. It is not important if the way I read is the same as yours or other "chartists" just that mine worked for me. I am sure it is obvious to others here but to a mom and pop small retail trader, it is an eye opener. Regards.
You are welcome. Truth is.. anyone can make it work.. providing they have the ability to focus and accept that losses are an integral part of making money..this is by far the biggest hurdle to overcome..no need to go into the reasons why.. just accept it and get on with the learning curve. Discipline is not an easy thing to master..due to family issues..work issues.. social issues..etc..etc..but once mastered..then..it really does just become a matter of time. In relation to chart reading..be careful..there are many ways to interpret charts..but most are not of any real value..you must find the way that is consistent..each and every day..be it a minute..5..10..30..60..D..W..or M chart..unless you see it in all timeframes then you have not yet found that way that will really help you identify low risk trades..meaning.. good entries and exits. Options are a different ball game..but..chart reading skills can greatly help option strategies also..funny how most option traders haven't a clue about chart reading..if they did..they would really clean up Change is always present in the markets..but..the OHLC of a bar chart will never change..so that is what you should really concentrate on..let the "experts" talk about all the things that do not really matter!
Mr. Scalper, You are providing very valuable information. I sincerely hope that those reading your posts will recognize the value of your words. Thanks, for your contributions.