Eman93
4,750 posts
msg #71171
- Ignore Eman93 |
2/4/2009 6:25:48 PM
At least it was for a profit!!!!
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johnpaulca
12,036 posts
msg #71201
- Ignore johnpaulca |
2/5/2009 12:05:12 PM
RDN...caught the run just now...out at $3.01
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Walid
130 posts
msg #71202
- Ignore Walid |
2/5/2009 1:06:40 PM
With $7500 in a day, I would say this makes you a very smart idiot :)
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TheRumpledOne
6,411 posts
msg #71204
- Ignore TheRumpledOne |
2/5/2009 1:36:49 PM
johnpaulca
Idiot of the day ...bought 10000 shares EXM yesterday at 6.21 sold this morning at 6.96, high today $8.04...figures.
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Next time, sell 5,000 to lock in some profit and let the rest ride.
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johnpaulca
12,036 posts
msg #71205
- Ignore johnpaulca |
2/5/2009 1:39:17 PM
I was upset about the trade rather than the money. I had no reason to sell when I did, it hadn't met my sell requirements. It was a really poor trade and I got lucky, hopefully I learned something from this.
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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.
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TheRumpledOne
6,411 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!!
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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
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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
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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/
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