Daytraders After Market Lounge 3rd May, page-63

First 63 Last

Share
Profile

Follow
craigsale

390 Posts.

03/05/16

20:02

Post #: 17667568
Share

Originally posted by ohreally ↑

I generally have just day traded BKL in the past (I dont trade for the dividends thats for sure), with the odd overnight/ST trade on it,the more money you put on the line though on more expensive stocks is usually relative to the risk, for example I could bail out quicker on a BKL trade with 10-100K on the line at less loss than any of these penny trade stocks if I didnt like the way it was looking, take IOT for example today, if I hadnt of bailed out asap when I did it could of turned real ugly real quick, all it takes on a penny stock is just a couple of people to make large dumps and spook other holders out and before you know it within just a few seconds you're staring at your screen in shock like a deer in the head lights, there's a lot more time to react to dumping on higher priced stocks(the American markets are a bit scarier)

One of the most important things to do when entering a trade is to think more about how much you are prepared to risk before thinking about how much you could make, or greed will get the better of you, on IOT 3 pips was the max I wanted to sacrifice and as soon as it hit that I was out without a second thought. Been there done that too many times where you sit there and try to kid yourself as to why the price should go back up and a few minutes later you cant believe how much you are down, then you start kidding yourself about why the fundamentals of the business are good, then another month goes by and you're still holding yet now you're down 50% instead of 25% and you say to yourself if only I had of cut my losses earlier what was i thinking.

Everyone has different strategies, but for me what works is sticking to day trading almost exclusively with the odd overnight/ST hold, and along with the strategy comes bailing at any real sign of weakness or i'd struggle to profit. I also feel a lot more comforaatable knowing that the majority of my money is in my account each night and not tied up in some company that could be broke or over 50% down the next day(eg .XTV and SRF from last couple of days). As I say heaps have gone on to go up in price after I sold them, but there's also been a few that could of wiped out large portions of my account had I sat on them rather than bailed, that's a risk im not willing to take. I'm not here to make millions a year, just enough to live comfortably off, which involves protecting my capital.

Expand

Lots of great DT stuff there thanks. Need to get out of the mentallity been growing up with of you buy to keep for long term
1 Upvote

Reply

Top Stories

GDM

Banshee's historic trenches prove rich in antimony and gold for GDM

3DA

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

BNL

Blue Star Helium sees approval for five more wells at 'Galactica/Pegasus' project in Colorado

IRX

InhaleRX gains approval for clinical trial to test non-opioid therapy for cancer pain

BTH

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

First 63 Last

Daytraders After Market Lounge 3rd May, page-63

Banshee's historic trenches prove rich in antimony and gold for GDM

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

Blue Star Helium sees approval for five more wells at 'Galactica/Pegasus' project in Colorado

InhaleRX gains approval for clinical trial to test non-opioid therapy for cancer pain

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

Featured News

Featured News

Daytraders After Market Lounge 3rd May, page-63

Top Stories

Banshee's historic trenches prove rich in antimony and gold for GDM

To make modern missiles, you need 3D Printing. And in that gold rush, Amaero is selling shovels

Blue Star Helium sees approval for five more wells at 'Galactica/Pegasus' project in Colorado

InhaleRX gains approval for clinical trial to test non-opioid therapy for cancer pain

Bigtincan's Board backs Investcorp offer: Why a NASDAQ listing could be game-changing

Featured News

Featured News