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Strategies & Market Trends : Strictly Buy and Sell Set Ups -- Ignore unavailable to you. Want to Upgrade?

To: rchlrvn who wrote (9603)	5/10/2006 12:40:26 AM
From: hubris33	Read Replies (1) \| Respond to of 13449

rchlrn - Hey thanks for that perspective on protecting profits! I think I'll give it a try and see if I can find something that works to my advantage over the long haul. So far most of my trades have topped out in the 4% to 6% profit range just off of the targets. This is the hardest area to set stops for IMHO. A number of times I've set a tightish stop and secured 3% to 4% profits other times I've let the profits run on a longer leash and netted only 1% gain. But I like the idea of setting a maximum 'loss' on the high of a trade. Also scaling out of a trade sounds like an interesting strategy as well. Does that work OK with odd lot trades? What? You are an 'all-star at picking pivot points for your stops? <ggg> I thought I was the only member of that club! LOL! Been there, done that...and that is why I'm looking for something better! Thanks again! H3

To: rchlrvn who wrote (9603)	5/10/2006 4:03:33 AM
From: sixty2nds	Respond to of 13449

The following is from The Daily Worden report dated 10/24/04 It is subtle. It is easy to use. It is very effective ... "Start out with a loss-cut of your choice, based upon how much you are willing to lose. After you are once 10% ahead, don't ever give back more than 66% of your profit. After you are once 20% ahead, don't give back more than half your profit. After your are 50% ahead, don't give back more than a third of your profit. You can tinker with these percentages and mold them to your own objectives and temperament if you want to. But after you're once 10% ahead, PLEASE don't ever give back all your profit. Set a loss-cut and punt when you have to. -DW" ...(DW = Don Worden)