Collin, what is so great about trading the entire day, is that you can set your trailing stops and raise them during the day on your winners...(My wife and I did this together on Friday on four successful trades--we really had fun, she had the calculator and I was giving her the bid price, and she was telling me where to set my trailing stop--Brown N Company must have really loved us)That way you drain every penny you can out of a winner...The part-time trader sets his original stop, and then loses out when the stock eventually pulls back, and the trader is nowhere around to grab his additional profits...Regards, Mark
P.S. Here are two of my top ten picks for Monday....Remember these
are just on the watch list..They have to show continuing upward momentum and take out Friday's high by 1/32...Comments appreciated...
ADTK at 6.87 and ADPT at 12.25.........
RULES OF THE TRADER
1. Set sell stop immediately after opening position is filled..
3 to 5% below entry
2. Once position is up 5% move your stop to break even point...That way,if the stock comes back, you will have a scratch trade...
3. Then vary your trailing stop with the preference you determine, but use the bid price in your calculations...
4. When you are stopped out, so what, take your profits and move on, never love a stock...
5. Only hold a stock overnight if it closes strongly...
6. Never hold a losing position overnight...
7. If a stock is closing poorly, dump it....
These simple rules separate the pros from the average trader.....
Well, what do you want to be? I want to be one of the best part-time traders in the country...And with determination, and a willingness to always learn and improve, I will be....You guys(gals) watch...
regards, Mark
|
