LOL... How do you do that?
<<Emotion is hard to master, however, if you are aware of the limits of your trade before you enter then you can reduce emotion to "0>>
I am stupid!!! (might be a good name for a poster {ME})
If I buy a stock on the Nasdaq, say COVD. I bought COVD yesterday at 1 31/32..I am willing to lose 3/8ths on the stock, I place my stop at that point after the buy. The stock is up to 2 3/32 but is trading 6mm shares, so one good day on the Teckie front I figure its good for 2 3/8's in the meantime I forget it.
I bought CMTN yesterday at 5 3/4 put a stop in at 5 7/16ths, the stock closed at 6.125, I stopped at 6.00 on open and finally sold at 6 7/8ths My intention was to get 6 3/8ths out of the trade but it kept going up, so I just trailed the stop. The stop was hit at 6 7/8ths on the pullback from 7 1/16th
In each case I knew what I was willing to lose before I entered the trade. It releaves so much pressure off of the trade.
I bought RIM 2 days ago at 88.00, put in a stop at 86.50 and got tossed out, only to watch it go to 101 on the close....I don't like RIM and only play it once in awhile to remind myself I can't play it, and I truly can't! I recognize that, so if you consistently screw up on a stock stay away from it, it may not like you!!LOL
Look at "beating the market" not making money. Some of my best days, I lost money...hard to understand but its true. The reason was I had "interpreted the signals correctly and got out, shortly after the market flushed or the stock I was working tanked huge.
the Chief |
