RE Q3. Targets for profits do you have one and should you have you ever hit your target?
Some options for targets I like to use:
Weekly Chart Resistance levels, MCap, % move in a day
When it gets tricky - your stock has had a good run up for many weeks.
Do you take partial profits, do you free carry, when do you totally exit?
For me, the worst thing you can do is 'fall in love' with the story, and discount the chart, see profits evaporate, and worse still end up with a paper loss. The spec game is one of snakes and ladders and is played out on the chart, so play accordingly.
Another example, your stock is having a great run, multi-bags, thinking it can keep going.
But look at it another way. If your stock is up 5x, to get 10X is a just a double. But how easy is a double from here vs finding other candidates, yet to run, for a double or more play?
There is no perfect play that works every time, but converting some paper profits into real bucks, and having some ammo for 'new' potentials has been my personal conclusion.
Trading is a personal journey, recognise it is also a game of probabilities, and play accordingly.
After ASX200 finish to the week, a leg up is looking possible, but with US down down Fri, it's going to be an interesting week.
