Naz
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PSFT,SEBL,BEAS were given as stocks to watch BEFORE the market opened.All had promise but all could have equaly failed.The key when getting into the trades is setting the right stops.BEAS was a breakout but didnt show that much strength on the level 2 screen so it was worth putting a tight stop undrneath the breakout.After putting initial stops on PSFT and SEBL they were then managed by trailing stops during the day.
Its worth putting the stops into the market using your trading software and walking away because human nature being what it is mental stops are very hard to take. Also intraday wiggles and jiggles cloud your judgement and greed will make you take your profits to early.Predicting prices has little to do with successfull trading.What is important is determining when the risk is overwhelmingly in your favour and then controlling that risk.
The position of the stops initially are important and nothing is more annoying than to get stopped out of the trade only to see it turn around and go in the right direction.Some traders trade a bsket of stocks for a swing play and expect to close down a few of the trades that dont work or are stopped out whilst running the ones that are moving.
In essence this is what happened yesterday,BEAS didnt work and was stopped out for a small loss PSFT and SEBL were running and managed with trailing stops.Total profit was 15.5% for the day.Including the VRSN swing trades last week that is a total of 41.5% profit in 8 trading days.
One thing that increases the profits is that Nasdaq trades are free from large spreads and stamp duty incurred in other exchanges which could have could have cost us 1/3rd of our profits on BEAS SEBL and PSFT.
Its worth putting the stops into the market using your trading software and walking away because human nature being what it is mental stops are very hard to take. Also intraday wiggles and jiggles cloud your judgement and greed will make you take your profits to early.Predicting prices has little to do with successfull trading.What is important is determining when the risk is overwhelmingly in your favour and then controlling that risk.
The position of the stops initially are important and nothing is more annoying than to get stopped out of the trade only to see it turn around and go in the right direction.Some traders trade a bsket of stocks for a swing play and expect to close down a few of the trades that dont work or are stopped out whilst running the ones that are moving.
In essence this is what happened yesterday,BEAS didnt work and was stopped out for a small loss PSFT and SEBL were running and managed with trailing stops.Total profit was 15.5% for the day.Including the VRSN swing trades last week that is a total of 41.5% profit in 8 trading days.
One thing that increases the profits is that Nasdaq trades are free from large spreads and stamp duty incurred in other exchanges which could have could have cost us 1/3rd of our profits on BEAS SEBL and PSFT.
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