My stop loss has been hit, but the price is still rising

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Old Mar 12, 2011, 6:03pm   #1
Joined Nov 2010
My stop loss has been hit, but the price is still rising

So I had some ETFS in Silver (PHAG) and yesterday my trailing stop loss got hit during the day. I have made a nice profit and I'm happy with that. However despite it going low throughout the day it finished positive and Silver is currently in a bull market.

My question now is what do I do next? I want to get back into Silver as I feel that this bull market will continue.
Do I leap back onto the wagon after being kicked out by my stop loss?
Do I wait to see what happens to the price?
Do I just move onto something else?

I understand now my mistake is that I took my profits too early (which I think is a common mistake amongst beginners) and maybe I set my stops too tight with Silver being volitile.

Thanks in advance.
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Old Mar 12, 2011, 6:15pm   #2
Joined Sep 2008
Re: My stop loss has been hit, but the price is still rising

Quote:
Originally Posted by forefit View Post
so i had some etfs in silver (phag) and yesterday my trailing stop loss got hit during the day. I have made a nice profit and i'm happy with that. However despite it going low throughout the day it finished positive and silver is currently in a bull market.

My question now is what do i do next? I want to get back into silver as i feel that this bull market will continue.

Trade what you see not what you think.

do i leap back onto the wagon after being kicked out by my stop loss?

If you can find a good spot to do so and everything else is saying you should buy then yes.

do i wait to see what happens to the price?

It could be too late then, but don't forget if the technical's say you shouldn't be buying then don't.

do i just move onto something else?

If you want.

i understand now my mistake is that i took my profits too early (which i think is a common mistake amongst beginners) and maybe i set my stops too tight with silver being volitile.

Yep you should always take into account the volatility when placing a stop.

thanks in advance.

note: Just my opinion and not fact or investment advice in any way shape or form.
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