Received 4 Karmas
MetalHat
MetalHat Mar 17, 17 6:05 PM

Best thing I learned was to sell half my position when it has claimed an equal amount to what my risk was. Then I set my stop to the buy price so at worst I have made $ on the first half and broken even on the second. Then, with no way to LOSE money anymore, I let the chart guide me and only get out when it tells me. Took all the nasty emotional/nervously trading away for me. It has been the #1 reason I've been green the past few days, albeit small gains.

MetalHat
MetalHat Mar 17, 17 6:06 PM

So, for example, if I am in at 2.02 and my risk was 1.92, when it (hopefuly) hits 2.12, I sell half and set my stop to 2.02. Then I can't lose and feel relaxed to let the chart speak to me on the second half of the position.

Pandabear
Pandabear Mar 17, 17 10:19 PM

@MetalHat Yeah it's good to scale out when you have a large position but doesn't make sense for me to do it now with such small size. I just need to learn to hold through dips and have a target in mind.

Pandabear
Pandabear Mar 17, 17 10:20 PM

@IceMan14 It is but with a few more trades I think I should feel more comfortable. It's all practice and experience

Join now or log in to leave a comment