Just a few thoughts on this trade. I held this stock for four trading days. That was not my intent, but I did allow for it in entering the trade. I learned a lot from this trade, emotions do play into decision making, even if only small sums are involved. I stuck to my plan in this trade, to see if my 'system' would work mainly, and I learned that a lot more trades will be needed to prove/disprove my methods. Still considering the use of stops, this trade demonstrated to some point that stops in most cases would have got me out with losses. Still considering them, and again, many other trades will be needed to resolve this in my mind.
I get a feeling that it won't be that many trades without the use of stops - to resolve this. best regards, plum
Maybe make your trades for the first month all $1000. worth of stock. If profitable, increase to $2000, etc. etc. until you get to a certain % of your trading stake/per trade. (Numbers like 1%-3% are thrown around.) But even if you have a zillion dollars to start out, show a monthly profit on the books first... or you expose that zillion to uneccesary risk.
are stops part of your trading plan? riding out losers only re-inforces bad habits.... one day you'll hold and the market wont bail out a bad trade.... also consider psychological energy of monitoring a bad trade. the first loss is the cheapest. regards and good luck QQQBall