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Rick- it wasn't three years ago. It took me 3 years approx to...

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golden6

11,557 Posts.

674

03/12/21

23:29

Post #: 58066912
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Originally posted by rick64: ↑

Hi @Deanostock, from the weekday thread.

'Hi Rick,
Saw your notes re stop losses and wanted to proffer the following - Not as I know as Im quite new but just some observations:
- The books suggesting always using stop losses, were these before or after the onset of mass algorithmic trading?
- Are they consistent in the % reduction you should set your stop loss at?'Some of the books I have read and continue to read go back to the late 90's - early 2,000's (a lot of Darryl Guppy and Louise Bedford) do not mention so much algo's but plenty of comments about smart money and Market Makers which I am supposing are the forces that set these algo's. To be honest I am not really sure when the bots started in earnest. I try to always set my stops just below the most recent strong support level. It tends to work with some and not others.
They do not so much set a % as that very much depends on the individual stocks and their prices. For instance one would not allow a -20% stop on a blue chip but would probably have to on a penny stock, and possibly even higher.
About self fulfilling prophecies, yes I agree wholeheartedly. If we all see the same sup/res levels, trendlines, what the MACD, RSI are doing well we are probably going to all react like sheep.
I am trying really hard to get my head around VPA/VSA, but getting so many mixed signals. @mirren @Cabbie are very good at this and constantly see it different or pick up things that I do not. Notice Cabbie's charts contain very little extra information. For example, watching the smaller spreads and lower volumes regardless of trend direction, you are expecting to see a reversal soon, then all of a sudden there is a long bar continuing the trend which completely mixes up the theory (regardless of news) and I don't know whether I am coming or going. This is I think harder to master than standard TA but will ultimately be more successful if I can do it.
At the end of the day, I think it boils down to trying to pick a good stock that is trending up, having confidence in my TA, setting my entry point and then having patience. Books say a lot but there is nothing like trying to do it for real. Many years ago I loved maths at school and was advanced all the way and ended with a job that used maths but this is harder than anything else I have tried in my life. Golden mentioned a couple of times that 3 years ago she had nothing and is now okay, well that to me sounds like a pretty quick time frame, and right now am doubting my ability to replicate that. I think almost everybody on this thread are very smart people and good luck to them.
@golden6. Nice to see you got a top up on LTR again today near the lows. I slept overnight so missed the action but at around 40% of my PF I better not buy any more.
Anyway, bloody freezing over here, max of 3c most days and we have been below 0 a couple of times. Due to the heart surgery I had I have poor circulation in my extremities so am suffering a bit. Never been so cold in my life. Spend most of my days with WA ABC radio in the background and am so envious of the warm weather.
Have a good weekend all.

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Rick- it wasn't three years ago. It took me 3 years approx to achieve my goal.Its not a competition. My goals were very different to yours today also my motivation. T/A doesn't really feature in my trading decisions. F/A- every time.
Its going to be 36dgs later in the week, tomorrow about 32dgs. Your body will slowly aclimatise to the climate there.
Hope you don't mind me asking but are you able to visit Europe ?. You will find summer holiday ads appearing from boxing day. The Sydney to Hobart race used to be shown over there. I was about 11 years old so forged my parents signature and applied for immigration to Aus. Didn't go down too well with my parents !!!
LTR- admitted to ASX 200. Brilliant news. So what will the next announcement be along this journey ??? The next few months should be exciting.
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