I have an issue in how to select an entry point
Let's say that in the course of the day this stock shows up in your scanner
You put it in a chart and you realize is about to break out
No much time to analize, just have to buy it, i do
and then turns around, hesitate, keeps going down
Then Close the trade at at bigger lost than warranted
I need to fix this kink in my person
I'd like to hear how do you guys go about it
Thanks
Ah, when i say "be aware of midday spikers", i mean be careful of them. Tim warns against them a lot
I don't rush into a trade like that. I mean if you notice a stock literally the second it's breaking a morning HOD then I'd wait for the pullback which generally happens. Other than that I buy anticipating a breakout early. If you look at my MYOS trade today I bought at 2.60 because it was making higher lows and I was anticipating the breakout. I didn't get stopped out when it dropped to 2.40 soon after but that requires keeping emotions in check. I buy anticipating the breakout because often st
ocks double top (like today MYOS looked like it would so I sold) and it gives me room to exit with a profit even if it double tops. In the past I would often buy right as a stock is breaking out only to have it tank soon after and I'd take a loss.
If you feel the need to buy without really having the time to double check everything then try taking half of your desired position then take the other half after the breakout is confirmed
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