| StockFetcher Forums · Stock Picks and Trading · Intraday Alerts | << 1 ... 25 26 27 28 29 ... 1903 >>Post Follow-up |
| Walid 130 posts msg #71207 - Ignore Walid |
2/5/2009 2:12:31 PM I did the same thing today with AAPL. Once it filled the gap, I sold with no sold technical reason to sell. I understand your frustration about the performance of the trade, I keept blaming myself the same reason this morning. |
| TheRumpledOne 6,529 posts msg #71209 - Ignore TheRumpledOne |
2/5/2009 2:37:58 PM NO ONE KNOWS IF THE NEXT TICK WILL BE UP OR DOWN... NO ONE!! You make a decision and take action. Sometimes you win, sometimes you lose. Sometimes you leave money on the table. What's done is done... move on to the next trade. DON'T BE GREEDY!! |
| SFMc01 358 posts msg #71211 - Ignore SFMc01 |
2/5/2009 2:51:36 PM Walid: You stated, "I did the same thing today with AAPL. Once it filled the gap, I sold with no sold technical reason to sell. I understand your frustration about the performance of the trade, I keept blaming myself the same reason this morning. " Walid, I did the same thing. I'm afraid that, in most cases, I don't really know when to sell or hold. Usually, I just hold until I fill or achieve my preset low goal which is somewhat based on historical statistics. Respectfully, what would have been a solid "technical reason" for you to not sell? Thank you ... Steve |
| Walid 130 posts msg #71213 - Ignore Walid |
2/5/2009 3:51:51 PM I wanted to include a picture with my reply, but unfortunately, I still don't know how. On 5 minutes chart: Look at the MACD Histogram lines, they were trending north when the gap was filled (the line connecting two adjacent bars is the trend line). Volume was above 50 MA. Also, the buy was at the day’s first support at 92.73 (Review Eman’s thread “Fibonacci Zone Pivots for Day Trading” in the Filter Exchange Forum) BTW, thanks Eman for sharing this with us. I have been watching the validity of these lines for the past few days and they are very well respected (on AAPL charts at least, the one I was watching) Most importantly, I almost had a free trade because I moved my stop to breakeven after the close of the 3rd 5 minute candle. The truth is, I had no reason at all to drop my shares other than my adrenaline rush and my wish to make my first - fading the gap - trade a successful one. With that said, better leaving money on the table than losing money on the table. If you are trying to grow a small account, take from the market as much as you can before he takes it back from you. You will build a good buffer while you continue learning how to execute and manage trades better. Good luck to all of us |
| Eman93 4,750 posts msg #71224 - Ignore Eman93 modified |
2/5/2009 10:06:27 PM Walid..... Be very carefull on your money mangement....... it is more important than any trading system, spend as much time learning money managment and scaling in and out of trades as you do anything else. Anything TRO would like to add I would love to hear......... An example would be I want to trade 900 shares of FAS, should my first buy of the day be 300 then if the trade starts going my way add another 300 then add the last 300 or should I start with 100 and then add the other 800, should I just buy the 900 (this is what I have been doing)? What stratagy works for you? If you figure 30% to 40% of the time the trade goes the wrong way what would make the most logical method... its how you trade........ the light is starting to get in..... this is a good link on positon sizing http://www.ibankcoin.com/woodshedderblog/index.php/2009/01/26/bet-small-survive-and-thrive/ |
| Eman93 4,750 posts msg #71238 - Ignore Eman93 |
2/6/2009 10:28:30 AM any hot tips? I am watching AINV, and trying to fib trade FAS and FAZ...made one trade on FAS lost. I have been watching them zoom around all week and today nothing.... |
| Walid 130 posts msg #71239 - Ignore Walid |
2/6/2009 12:02:48 PM Eman, Thanks for your advice and for the link. I absolutely agree with you regarding the importance of money management in making a successful trader. As a matter of fact - as Dr. Elder said it - it is one of the pillars of trading next to mind and method. Personally, I never risk more than - often much less - 2% of my account on any given trade. When I first entered this fascinating world 8 years ago, I didn't believe in stops, never used them. After all why using them, nothing will go wrong, right? :-) Of course the result is very predictable and it was only a matter of time. Now, I never enter a trade without calculating and deciding on my stop. Once my order is filled, the stop order is immediately submitted. Regarding scaling up - a.k.a pyramiding - I don't usually pyramid. Even when I do, I add less shares then my initial lot size simply because the vast majority of my risk will be closer to my stop, not the other way around. It is a very interesting conversation, if our friends here would like to continue this discussion, let's start another thread so we don't get off this thread's main subject. |
| johnpaulca 12,036 posts msg #71242 - Ignore johnpaulca |
2/6/2009 1:28:32 PM My bad boy for today.  |
| johnpaulca 12,036 posts msg #71243 - Ignore johnpaulca |
2/6/2009 1:39:33 PM EXM...if it gets over 8.21 could run |
| Eman93 4,750 posts msg #71246 - Ignore Eman93 |
2/6/2009 4:18:38 PM Walid, Thanks...you know a lot more than me.. thanks for the input. |
| StockFetcher Forums · Stock Picks and Trading · Intraday Alerts | << 1 ... 25 26 27 28 29 ... 1903 >>Post Follow-up |