JJJackson

Went on tilt for some reason today.. overstayed a bounce and watched a nice gain turn into a loss.. then went on tilt and basically revenge traded into another $100 loss.. immediately closed my computer... 2 steps forward..1 step backwards..

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JJJackson

This is amazing!! I've been looking for a system that could take the emotions away from trading and be strictly ruled based. Thank you so much. [(HOD - LOD)/2] + LOD

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TroyMan

I am not a good one to ask about risk as I'm currently in a 1-year experiment where I don't care about risk generally because I only trade OTC former runners as they usually run again and I'll always get out for a profit. I have 467 consecutive wins with the strategies outlined in my 10/31 & 2/27 blogposts. I also have 47 open positions! When I learned that Jack Kellogg had 60 open positions, it made me not worry. What I've learned from Sykes and other mentors over the past year, if buying a dip buy, you might commonly cut if it goes below LOD. What I've learned is that, as long as I'm buying former runners as daily Big % Gainers with Volume, if it goes lower I'll usually do another dip buy and then hold. My trading weakness isn't cutting losers... I proved I could do that quite well as I lost $15k in my first 15 months as a trader ($7.5k to start in Tim's Challenge). My weakness is greed and that's what I'm focused on until Sep... learning how to shoot winners before they fall back below me. Back to your question, another way I've learned from Sykes and the mentors to cut losses is when the price falls below a strong support price. You can always find those by looking back at the 2-mo, 3-mo, & 6-mo charts. You'll see me in Challenge Chat calling out the support prices because if I'm up 10% profit or more, that's how I decide to get out is when the support prices break... then I get out on the very next bounce.... this helps me with my greed problem.

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felix77
felix77 Jun 22, 2:55 AM

nice analogy for one year with Sykes, I'm around the same time as you now , but still figuring it out, good post thx

JJJackson
1
JJJackson Jul 09, 12:07 PM

I have no idea how I have not been following you all this time.

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JJJackson

I stalked this low float ticker after it was already very extended, but still liquid. I watched it come down and hit a key level at $4 then climb over $5.15, so I stalked it for a while and noticed it was forming an ascending triangle and knew another big move could be ahead. It suddenly jumped form the $5 to the $6 in one candle. I stalked longer and it suddenly dropped back to the $5 level. I took this as a sign that it was about to make another move, but unfortunately, I was wrong. I took position and it dropped. I should have cut losses quicker, but this was my very last day trade and I wanted to be sure it wouldn't reverse and perk back up. It didnt.

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