Let's not confuse honest questioning or constructive criticism with bashing. But here are a few reasons why people are more "hostile" towards Blackguard: - With good trades come high expectations. He has raised the bar with his previous trades, thus we expect more of him. - This trade was clearly indicated as a short term 2 days (max. 3, he said possibly into Monday) trade and not a "I hold it until it goes up to 11000, no matter how long it takes" trade. - I agree, if one goes for X points gain, he can be allowed to lose just as much. But he was going for a 50 points gain, and he let the trade go against his best high by 110 points. So the X gain for X loss doesn't apply. - The trade went his way, but instead of managing it, he just let it slip. That is not good trading, IMHO. Now, here is how I would manage a trade if I have a bullish bias: 1. Once the trade is in the green by a decent gain, I would apply a moving stop loss of 20 points. That is wide enough to let the trade breath, but close enough to lock in gains and not to let it run against me. Again, this was supposed to be a relative short term trade, not a 2 weeks long one. If the market falls a good amount (as it did) and I am still bullish, I enter long again. or 2. Use a trading channel a' la Marketsurfer. Let's say the Dow is at 10880 now and I am bullish, I make the channel between 10860 and 10880. If the Dow gets above 880 I go long, if it falls below 860 I close it out. The channel width can be adjusted to personal preference. This strategy works better for longer swing trades though. Sure, it can fluctuate a few times in the channel, but at least that is a plan and management and not just holding it. And definiatelly helps against big losses...
1) I put a few more of you all on ignore today. 2) currently up 15 points on the trade, though I really lost because my timing was off. However money is money. Profits are profits. No , Im not selling here but holding for more gains. 3)for those of you who have too much time on your hands, why don't you put your minds to work on a constructive problem?Here is one: tell me how the DJI acted on the next 5 days after it closed above 10000, 9000, 8000, etc.............. blackguard
Hope you all did good today. Saw signs of program selling around 3 and went short and played each level break lower. This puppy is still inside of a trading range so won't be holding anything overnite.