"IF YOU DON'T STAY WITH YOUR WINNERS YOU ARE NOT GOING TO BE ABLE TO PAY FOR YOUR LOSERS."
- Michael Marcus
After breaking a red streak today with a small 8% win on $THLD which I sold too soon, could've made 32%. I realize how important this quote is. Going forward will definitely try to hold onto winners longer, as least 1 or 2 dips on the 1 min chart especially when buying in the first hour where there's a lot of volume and momentum
Posted Mar 17, 17 11:22 AMbyPandabear
Tickers
THLD
Best thing I learned was to sell half my position when it has claimed an equal amount to what my risk was. Then I set my stop to the buy price so at worst I have made $ on the first half and broken even on the second. Then, with no way to LOSE money anymore, I let the chart guide me and only get out when it tells me. Took all the nasty emotional/nervously trading away for me. It has been the #1 reason I've been green the past few days, albeit small gains.
So, for example, if I am in at 2.02 and my risk was 1.92, when it (hopefuly) hits 2.12, I sell half and set my stop to 2.02. Then I can't lose and feel relaxed to let the chart speak to me on the second half of the position.
@MetalHat Yeah it's good to scale out when you have a large position but doesn't make sense for me to do it now with such small size. I just need to learn to hold through dips and have a target in mind.
@IceMan14 It is but with a few more trades I think I should feel more comfortable. It's all practice and experience
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