Stop to protect $500 profit

I bought 550 shares of (dsx) at 26.76 today. It is now at 27.85 for a profit of 599.50. I want to protect my profit and put a stop around $500 of profit. How do I calculate that? Its going to be a swing trade, however this has moved unusually fast today. Its a paper trade, but I want to see if this system works.

Thanks

 

DSX now at 27.80 area.

You need to have a Sell stop at $27.86 which is just about where it is right now.

Unless you want to get some options in the mix.

 

stop price = profit / shares + entry price

$500 / 550 shares + 26.76 = 27,669...

 

A stop at $26.67 would give you a profit of approx $500. Uptik, time to give up worshiping in the Church of Beer. Those brain cells are disappearing.

 

LOL..smokin' crack in Beantown, bro!
YOu just gave him a B/E stop.

 

You are both dyslexic crackheads!

He paid $26.76, a stop of $26.67 is a $.09 LOSS, not breakven but a $49.50 LOSS!

A sell stop entered @ $27.67 would lock in his $500 profit (less commissions).

I don't even trade stocks, that MBA is paying off!

 

lol, I did mean $27.67, but yes, I suppose my worshiping at the church of crack has lost me a few more cells

 

Smoke 'em if you got 'em!!!!

 

LOL.


Anyway, you don't want to get in the habit of protecting profit on a swing trade. You want to get in the habit of having per-defined exits and entries.

Else, how you gonna get the home runs?

 

Thanks for the risk management lesson!
Nothing wrong with many singles and doubles to keep the register ringing.

el surdo