I'm looking at getting back into trading after not trading for a few months and I need some advice. I stopped trading in January when I lost about $1500+ in 2 trades in 20 minutes. I stopped trading completely after that. If you look at my stats, I have about a 60% win rate and the week before Christmas, I had made about $1200 in 1 week.
I'm just afraid that if I start trading again, that I'm going to end up losing a lot again. I'm 19 years old and work 3 jobs, so I don't have a ton to work with.
Anybody have any advice that I could use?
Thanks, Alex
Posted Apr 23, 16 12:50 PMbymotoman1500
Categories
Basics
Use Support levels as your risk! If you just place your risk level randomly, its much harder to make yourself get out. If you're risk level is at a support level and it breaks it, you get out for a small loss. Also, it gives you a better chance that it rebounds off that level and increases your probability of success. Never chase, so if the stock is more than 5% up off a support level, your risk/reward becomes more risky. Lastly, work around your work schedule. I don't recommend entering a posit
ion and then leaving it while your at work. But if you do, like maybe for a swing trade, set hard stop-losses just in case.
My thing is that shorting is definitely my strongpoint. I think my problem was taking massive position sizes and going for grand slams. My best trade was $650 in 20 minutes with 750 shares. I guess stop losses are going to be my best friend.
Good advice for setting hard stop losses... I get tired of watching my phone all day.@JorgeZ19
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