timothysykes

Entry comments: I bought this morning spiker that's holding its gains well, solid PR this morning, former runner, goal is to sell in the low 5s

Exit comments: Not closing strongly so rule #1 is cut losses quickly, I gave it plenty of time, but no dice...I can always rebuy tomorrow, small losses stink, but I don't want to let a small mistake turn into a potential big disaster!

16
920

DatePrice
Entry6/12/20194.72
Exit6/12/20194.62
  • Total Views925
  • Position Size6,400
  • Percentage-2.12%
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MaiTai
MaiTaiJun 12, 3:14 PM

I hope it exceeds your expectations.

amili2046
amili2046Jun 12, 3:48 PM

Why not cut losses quickly if this is around 460 now? Possible video Lesson soon?

MaiTai
MaiTaiJun 12, 3:53 PM

Another example of following your #1 rule. Thank you for sharing.

Tradale
TradaleJun 12, 5:26 PM

Thanks for sharing! Great rule to follow....

jdhllano
jdhllanoJun 12, 5:42 PM

Don’t worry about it! This is harder than you make it look... LOL

j_cesar17
j_cesar17Jun 12, 7:39 PM

It dropped from 4.75 to 4.62 in a matter of seconds after it couldnt test the 4.80s. 4.64ish area was intra day support after the spike so once it falls below that key risk level get out, its a shift

j_cesar17
j_cesar17Jun 12, 7:41 PM

If hes in at 4.72 he probably set his risk at around 4.64ish anyways so stick to your plan.

BGoddard
BGoddardJun 13, 1:58 AM

Yes indeed cut losses quickly

j_cesar17
j_cesar17Jun 13, 6:29 PM

2% loss isnt that bad anyways, especially for a small account. We cant afford to lose 5-10% on a single trade so we need to have very very tight risk. 1-2% max loss vs 10-15% max gain will keep us in the game. Live to trade another day.

RichieRichW
1
RichieRichWJun 13, 10:08 PM

Tim I get it, I really do. But I still have a problem with holding too long, then I end up getting screwed. I mean, how do you know exactly how long to hold waiting for the move up or the turn around? It is this problem that I have the BIGGEST problem with and it needs to be fixed but I don't know how!

RichieRichW
1
RichieRichWJun 13, 10:13 PM

I had to get brutally honest here because I have a feeling that others have the same problem but they might not want to make it public because it probably makes them think they'll look stupid. And that's not my reason for saying what I did. I said because I would like feedback and I hope it will help the others that are afraid to say it themselves. Guys and Gals, please believe me, I mean no disrespect to any of you.

j_cesar17
j_cesar17Jun 20, 2:40 PM

You are correct 1-2% isnt as realistic I was mostly reffering to this specific trade. The best we could do as new traders with small accounts is have as minimal of a loss as possible.

j_cesar17
j_cesar17Jun 20, 2:55 PM

Hope everyone is doing well and having fun learning!

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