MemeFX....I guess he did say he was a trend follower as opposed to an aggressive trader.He did say he knew traders that could outperform him..
McKagan.....
Yea,know what you mean.Take NEU yesterday...it was rising all through the day and I considered selling around .92/.94 but noticed it was forming a rising triangle around 2/3PM so I decided to hold to see if it would break to the upside.Not long after some clown drops 500k on the sell and kills the pattern.....sending it back to .89/90c......Bugger.You could argue that they were dumped because the market was turning down in the afternoon...or that the pattern failed to develop...or that he was the blocker from a few days back that got his fill around 76/78.Makes no difference,i couldn't get out at the best price of the day for my day-trading parcel.
But what can u do.The pattern failed and now I am stuck with them at .90c......so we will see what happens?
That's the problem with these type of stocks...getting the best price to get out.....you will never get it perfect.
That's why,in the case of NEU I have a second back-up trading system which is simply riding the trend.Trend wise it is a GREAT TRADE.Not as good as scooping some quick day trading profits,but still good.
Also with NEU,even if it wasn't trending,it along with PBT I would still have it as an investment as I think the rewards are there for waiting.
So,bottom line...how to exit gracefully......Pick a stock that is tradeable with half decent fundamentals,that is trending strongly and that also can offer intraday trades as well....the best of everything.
I am finding the biggest part of my trading is the searching for these great opportunities and thats where HC cuts down the time....
