I have been thinking about revising my strategy for a little while at least. When I started in December, I made several small profits on my trades and lost very little money. Of course, I only had $400.00 at that time and now I am using more, but I have not been trading well lately.
What I am considering doing for now is to not hold anything overnight and get out of a position as soon as it looks like the candles turn against me at all. Since a stock price can move very quickly, I may end up scalping some stocks with this strategy, but I think that may be better than losing a lot of money in a trade because I held too long.
what do you guys think?
Posted May 05, 16 8:18 PMbyRollingball
Received 1 Karma
What I've learned is that no matter what your strategy is, if you don't feel 100% about entering a position then don't. I would say 90% of the time I'm glad I didn't because the stock tanked soon after I was thinking about entering. The other 10% of the time I would have banked if I entered like SYNC today. Plus I think scalping gets your feet wet a little, so there's nothing wrong with it as long as you don't make it a habit
Great strategy. You will miss out on some moves but you will not be down 35% before you get up in the morning. I am going to start scalping personally. I have literally watched 15-20% gains morph into 10-15% loss waiting on a 50%+ move. I need to focus more on singles instead of homeruns. Hang in there.
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