My new strategy: Entry, Exit, Position Sizing

This is a discussion on My new strategy: Entry, Exit, Position Sizing within the Swing & Position Trading forums, part of the Methods category; Thanks for all the feedback ya'll. I'll consider all your inputs. Neo, It's funny you should mention Toni Turner's "A ...

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Old Aug 5, 2009, 3:00am   #16
 
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Joined Jun 2009
typhoon1983 started this thread Thanks for all the feedback ya'll. I'll consider all your inputs.

Neo,

It's funny you should mention Toni Turner's "A beginners guide to day trading online." I went to a used book store looking for Steve Nison's books and left with this instead not knowing what it was.

I actually posted this thread before I read Stan Weinstein's book and I'm trying to use his strategy now. Tell me if this is a good new strategy...

My Second Strategy:

Picking stocks: i go through all the sectors and pick a few that are in strong uptrends or are in a level 1 basing with potential to breakout. then i go through the few sectors that i picked and put all potentially strong stocks on my watchlist w/ alerts to tell me when to get in.

Entry:

1. entry either on breakout or on confirmation of support within the trading range. (i heard it's easier to play a stock before the breakout and sell a part of the position near the resisitance)

2. after the breakout, entry on a pullback towards the previous resistance AFTER signs of strength

3. fast MA crosses over slow MA or signs of strength after confirmation of MA support (got that from toni turner)

Position sizing: still haven't mastered this part yet. i guess i'll stick to pedro's method of

Risk per trade/(Entry price - Stop loss price)

Exit: Stan Weinstein's method of putting a stop loss at below last swing low or support... then, if it goes up, move my stop loss to below new last swing low or support after a pullback.

the only thing about that exit is that i hate waiting through pullbacks. can't stand seeing my money fade. also, anybody ever hear the expression from investors "never seen a rich technical analyst." that ain't true right? i mean, i know there's no buffett of technical analysis, but there's gotta be some guys that made a billion dollars being technical.

what do you guys think?
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