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Strategies & Market Trends : Your Worst Trading Enemy.. You
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To: shawnwolff who wrote (36)1/16/2001 1:45:36 PM
From: davidrmm  Read Replies (1) of 223
 
I am not a day trader but am trying to figure out how to lock in profits instead of riding down. I am in a learning phase and play with money I can afford to lose. Somewhere I came across a comment that we are our worse enemy and our biggest danger is not limiting the loss potential. There are always opportunities to buy, but as is coming across in this thread we tend to hold on through losses and profits. It boils down to greed I guess.

I took three stocks that were rebounding WCOM, ORCL, TSM, the past two weeks and did what I think you say you do and follow with a stop loss so when it sells at least there is profit. With WCOM and ORCL I sold only 30 to 50 % of my positions. (I am in a self training mode and want to see what happens) I am trying to target an average gain of 20 % but that is after I see the stock move in a positive direction.

I have not set stock losses on any other stocks at present. Is the recommendation to set stop losses on all holdings? Even if at a loss at this point in time? (Own worse enemy statement.) My holdings are not large usually $ 2000 to $ 8000 for each position. I look for profitable companies with PE f 40 or less although on occasion I might get into a CISCO or AMGEN at higher PE.

I appreciate this thread and hope to learn a lot. I still wonder if long time holdings in Good long time mutual funds which show consistent earnings do as well in the long run. That approach allows time to research new technology & try to find the new Intel, Compaq, or Cisco. Then you put in some gambling money. Even then however the stop loss is a good strategy.

The above is written to say this is what I am doing but I am looking for advice of experience as to whether I am headed in the right direction or should I stay in long term buy and hold.
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