Shared by
mrijod168
TRADE 98
I tried another long in CCL. I went long after the break of a bull flag of $18.56 at 10:40AM, risking to $18.40. The stock moved in my favor. After almost reaching my price target, the stock rejected. I was stopped out at break even at 11:09 am. It's not good enough to exit a trade like this at Break Even. That should be a profit.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2022-03-25 10:40:32 | CCL | buy | $18.560 | long |
| 2022-03-25 10:40:32 | CCL | buy | $18.560 | long |
| 2022-03-25 11:09:17 | CCL | sell | $18.560 | 0 |
Comments
mrijod168
@lapoochi: Thanks for your comment. You are absolutely right. I often put a wider stop (hard stop) just in case I'm being stubborn or so. This stop saves me from stupid psychological problems. Then I have my mental stop, which is the right stop from a technical point of view. My price target was at least $19.70 and I wasn't flexible enough. If I see that my target is almost reached, then I should realize at least a partial....., it's just not good to end this trade break even.
lapoochi
Ah gotcha with the wider stop. I'll often do the same to avoid wick out stops. I'll lose a bit more when I do take the mental stop but I feel like the times I avoid the wick out pays off... As for taking the partial. If you have the share size to do it then for sure that 5 minute chart had back to back topping tail candles showing resistance and gave you a few chances at getting some upper .60s fills. I sometimes have the issue of taking too small of a size and can only have 1 out and what should had been a winning trade turns into a loser or break even because I can't take partials. I try not to take a trade unless I have can have at least 2 or more outs anymore.
Yes it is all about psychology. I have a specific $ amount which I risk in each trade. But sometimes I put a wider stop as I said before. It makes it a bit harder to track because it's not quite systematic but I feel like I need that flexibility to react to my mental state. I make sure I take notes and track this on an Excel basis. I can recommend you a good video from SMB Capital. It has helped me.
www.smbcap.com
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using the 18.40 as your original stop is 16 cents in risk so I'm assuming your target was at least 16 cents from your entry... Not sure what your planned target was. The only thing I could see to change is using the recent swing to 18.51 as your stop instead so a 18.49 stop since it broke out of the bull flag a break back below negates the break. That would give you a 6 cent risk instead and you would have had a 2/1 r/r trade.