COngrats on your progress.. keep it up.. I can totally relate about the spike.. WTF was that.. all day flat and then that circus.. What the hell are you future traders thinking.. Took my ass for a wild ride in equities.. WTF was that anyone know? :eek:
Yeah, its good you made a little money on the long side to affect your psychology, now you have to tune your risk reward ratio. Just as you had a tight stop on the upside and are willing to let the short play it self out. Try a 3 to 1 ratio on the long side. The best way to do this is to have a target for profit.. don't let the bid, ask dance spook you out to soon. When the trade starts to move your way, move your stop mental or hard to your entry. Now you force your self to either make a profit or break even.. should take some of the fear out of going long, and hopefully reinforce your ability to wait through a good long move. You can look at it as a free trade, no losses nothing to be afraid of, the long side is not that bad.. ect.. Oh while your in the trade, try talking to yourself.. tell your self "theres no reson to get out, look at the trend.. Its just retracing, I know my stops, my plans good" ect... Personally I use a bit of stuck up frustration as my tool to sit through a retracement.. " I tell my self , look at the idiot who just sold out, some one got in at a good price, that sucker will have to pay top dollar if s/he wants my shares"
3 to 1?!! 2 to 1 is hard enough. I guess on super rally days like yesterday one could have 3 to 1 or even 5 to 1 if you held through the entire ride. But on choppy days, if you just move your stop to breakeven allt he time you'll still be NET DOWN after commissions! I guess on choppy days, your target profit should be smaller. And on trend day sthey should be bigger.
exactly, you want to ride the trends not the chop, and as far as the stops, raise the stops to levels that include commision. ok try 2 to 1, and when you get to 2 take some off.. and leave a little on. If its a chop you took some off, but boy will you be hitting your self if its a move and you took it all off for 2.. either way you are making progress
come on, et members---need help is an obvious put on. a damsel in distress to bait you guys. LOL ! JaCk
Why you don't think women have legitimate trading issues to resolve? We want to make money just as much as you guys! That's what's wrong with this world. Too much cynicism. I bet you don't get it that often because you don't ever slow down to help a damsel in distress!
LOL Help the damsel in distress, you get "it".. nice correlation. I'm all for the ladies making money, its nice to date people in the same networth level. Your realities are similar.
Chaos, You are a cool guy! How old are you and how tall are you? Anyhow, do you use automatic trailing stops?
Aww thanks, your to kind. I'm 23, and 6' You never answered my question from earlier, I'm curious how you got interested in trading. I always love hearing what drives a person partake in the path they are on. As for the automatic trailing stops, I have used them, but only as a trigger alert (no execution). The alert tells me to look at the screen and rethink my positon. I wouldn't suggest using hard stops, its like a big game in the markets for the controlling side to speculate and gun for the other sides stops to trigger and pick up their shares. I'm sure alot of people on here can tell you about getting their stops gunned and missing the move of the day..