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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Thomas Sterner who wrote (5548)2/24/1998 11:22:00 PM
From: Thomas Sterner  Read Replies (1) of 120523
 
Stops

Since I mentioned using stops in my 2/24 watch list, I thought I would
offer my thoughts on stops. Although my TA approach and other trading rules I follow are constantly changing, I have never really deviated from the rules I follow concerning stops. First of all, I make sure I never lose more than 8% on any stock...usually I stick to more like 6% depending on the stock, etc. A variation on this theme is that if a stock rises by 6%-7%,I will set a stop at the break even point or slightly above. If it rises by 12% or so, I will either set a stop at 2%-3% above my entry point or at a low in the last 2-5 days, depending on the general behavior of that stock. In the event a stock rises by 20% or more, I will take at least some profits, no matter what. I have learned the hard way, as I imagine many of us have, that greed is one of the most dangerous threats to our trading success. I won't let emotion to cause me to lose more than 8% initially and I won't let greed to cause me to lose a 20% profit. If it continues to a profit of 1000%, I don't care. I made a nice profit and I protected that profit. I'm not that greedy.

I'd be interested in hearing other folks' self-imposed rules on stops.

Tom
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