SPLS is a perfect example of why I like to look at charts as opposed to using a scanner. Here you have a chart about to potentially breakout. It is close to its long term bullish support line, so either way a breakout should be significant. You want to have your order in before it breaks out. You could place a short order at 20, and a long order at 25 and have one order cancel the other.
Thanks. RS already broke up days ago, 1.25 box chart will also breakout at 25. I would take smaller position, if going long, since BP of NYA and SPX are in O.
Absolutely pathetic day. I had 3 contracts on a terrible risk-reward play. Lost 1100 dollars and fought my way back to -245.10. I traded 12 round trips. This was really an easy day, and there was absolutely no excuse to lose money today.
HolyGrail, .....as a newbie, very informative thread! By the way I'm interested to know what you actually buy (forgive me if you've already covered this) i.e. do you buy: - the actual Stock itself? - CFD (contracts for difference)? - Spread Bets? - something else? What I'm really trying to establish is what level of leverage (if any) you use on your transactions. If you don't use any leverage (i.e. if you just buy the stock with available cash) I'd be interested to know why? (especially when you have what you consider to be strong signals)
No, I don't use any leverage. Why? Because I don't need or want to. I am at an age and financial condition where protection of assets is by far the most important aspect of my trading. I want consistent returns above the market. I'm not out to set any records, or win any contests.