Day traders' weekend lounge March 25 - 27, page-71

Hi @Joannie @ sle

I've tried to reply a few times - but HC not allowing the post. Will try again.

A couple of comments....

You are doing extremely well.
I have recently improved my results - but I'm only doing as well as my risk appetite and current ability allows. I certainly remember the early days of HC where there were punters placing trades at, for me at the time, obscene values. Some names I don't see on HC anymore - can only think they did 'extremely well'.

What is the average amount or $$$'s which you put up for each trade?
Varies markedly. Could be $3k up to $30k - building positions up to $70/$80k for the right stock. It's very dependent on the stock, the liquidity and how it is currently being traded. I never take a large position that can't be closed if needed.

Do you set a number of pips or a percentage to either take profit or cut losses?
Not really (one of my weaker points). There are many ways to trade. As one of my bosses used to say - 'you can only kill the pig once - but shear the sheep a thousand times'. For example - see below chart for AVZ. It's been in a strong uptrend and I'd formed the viewpoint that over the past 6-8 weeks the stock was being heavily accumulated prior to entry into ASX200. When you watch the chart action daily and closely - there are numerous times the market makers just control the stock so tightly - 1/2 pip to a pip for long periods of time. I'm happy to trade 1/2 pip transactions if that's what is on offer for a couple of hours. It all adds up in the end. Just let the sellers fill your order then buy them back off you. Don't chase and pay up....unless the chart looks to be breaking up. As for cutting losses - again this stock has been in a good uptrend - so I would tend to build more heavily on the dips in preparation for the next rise. If a stock was downward trending - I'd have to give it some more thought. Don't really have the appetite for higher risk trades atm - so would probably leave them alone - unless sound reversal was in. I did try a swing trade with Z1P this week (very solid down trend) and just found this very hard work and more stressful. Cut the trade at a small loss - rather than hang on.



Could you please explain the following-Some of your vest trades can be losing ones?
Put it this way - of some of the chess statements that may now line the bottom of your sock drawer - how happy would you be if you had exited those trades at brokerage or small losses. That's what I mean. And over the years I've found these are the trades that are high risk, high emotion - generally those in hot discussion on HC. More often than not the sp has already made good gains - and taking late positions just becomes risky. The better traders have already made on their trade and have moved on or sitting back on the side lines waiting for next entry.

Losses are a lesson which I need to learn, so must take it on the chin.
I think we've all been there. Obviously, the trick is to certainly learn and not repeat past errors. I'm still dusting myself off from early debacles - and am very thankful for the profits over the past 12 months which have offset a couple of losses that I have been carrying for years (delisted companies). They were expensive mistakes. Like others have mentioned - preservation of capital is king.

Re 16th Feb - this was the benefit of accumulating heavily (AVZ) on 15th Feb after watching the suppression. Sold on open into announcement on 16th.

Best wishes with your investing.