So when you get to the part of the reveiw that askes did I follow my plan, how are you going to answer?
I think I would answer yes I always have it in the back of my mind to sell half a position at a profit or sometimes may be a quarter position. I also think that when it comes to exits you have to strike a balance between sticking to your preset exit and building in some flexibility. In this case the stock went pretty far pretty fast. So I think by selling half at a 25 point profit I did a decent job of managing risk
I take it that you don't have a written plan. Some kind of check list that you refer to. I don't mean to hound you, just seeing mistakes I made along the way. Just little mistakes but they add up after time.
No worries on the hounding. I appreciate the feedback No I don’t have a written plan. Just somr things in my head that I try to follow
It's easier to follow when you write them down. Making stuff up as you go along is easier but less effective. A written process overcomes emotion. Your answer, "I think I would answer yes" implies tht you are not sure. It's a binary question. Yes or No that you can't answer unless you have a plan.
Closed out my last half position at 261.01 I had a target of 275. But i think flexibility is important in sell decisions. Stock ran to 269 at the open, couldnt hold it, and seems like its running into resistance around 260-262, tomorrow is investor day, thats why the stock has run up, could be sell on the news scenario. Protect profits Total investment 11,750 total risk $1000 total gain $1250 Not a great R/R but it was a result of wanting to be flexible to protect profit