yep. i have better numbers at the end of the month when i stop day trading after i hit PnL goal or loss limit. gotta have a finish line
Great words of wisdom Mr. Turtle. Unlike professionals, us retails often forget that we don't have to trade every day and every set up.
That is something I'd like to make honorable mention of here ironchef, thanks for reminding me of that. After this past month I have been suddenly thinking of this notion I have formed in my head of "having to make X amount" every day. For me that can lead to bad things, especially when I get into daytrading mode and forget that Fridays have been generally bad for me in that regard. I need to calm myself down and remember that I DO NOT HAVE TO BE IN THE MARKET EVERY DAY. I'll get in next week but need to tone myself down a tad. Thanks again for the reminder, even though it was indirect!
It is a thing he does...Some sort of forum alert tag that lets him know when people have replied to the thread or something. @Magna can you elaborate? I forget it's exact function.
I dont do that every trend time[%%]; but since i use a 7-8% stop loss some ,it can easily slip/gap to 10%, against me on a good trending tech stock. So its a good profit reminder for me, also.I would not use a 7% stop on tight trenders like SPY, or QQQ.....I sometimes have more slippage on exit also, than i plan,LOL but good thing that is not a prediction