Shared by
daytradingzebra
IMPORTED ID=162170<<
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-04-10 10:20:47 | TMO | buy | $80.510 | long |
| 2013-04-10 10:46:45 | TMO | sell | $80.781 | long |
| 2013-04-10 10:48:23 | TMO | sell | $80.830 | 0 |
Comments
gregr
daytradingzebra
Hey good point Greg. There were numerous other trades I could have taken afterwards, but perhaps the best way to approach a daily profit target is to keep existing positions but not add new ones afterwards. I suppose there's a lot of ways to approach this kind of rule, but ideally since each trade should be managed irrespective of others, perhaps a per-trade target is more valid
Tough to say. IMHO, one should be open to taking advantage of what they see, as long as they haven't hit their daily loss limit. If news comes out, and BIDU starts moving on huge volume, you probably need to be in it.
Remember back a few years when AIG was moving like 20% every day for a week or so. Those aren't the days to close your trades when you hit your profit targets - those are the days to take as much advantage as you can, and perhaps make your week/month/year.
IMHO of course. :-)
Oh so you do believe in a daily loss limit? Just wondering because that's what led me to create a daily profit target as well.
For sure - a daily loss limit is what keeps you in the game, and gets you through the bad times, IMHO.
It's just the profit target I'm not (personally) a fan of. I mean, it's great to have a target, but I don't see a reason to artificially limit yourself to only that much, if you're having one of those amazing days that only come along once in a while.
davewaztrades
This conversation also brings to mind another concept; which is the daily give back. So lets say your up $100 realized and then you give back a certain % perhaps that would trigger a stoppage for the day. Personally, I don't care for daily profit goals but like daily loss limiting measures.
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Some traders believe that the vast majority of their yearly profits will come from unusual events. If this would have popped up another $10, your rule would have prevented you from participating in a make-your-month sort of event...not saying a trading rule like this is right or wrong, but just a thought!