Shared by
ckz8780
Two-day range break. DDD had tapped $65.70 twice the previous day so I figured on this 3rd tap it would get a little pop over the high. I was right and the trade was quick and easy, but didn't really follow through as much as I wanted. Original stop was under $65 ($210 risk) with a $68-70 target but it didn't quite have the power. Nice trade anyway
300 shares
+$228.60 (1.96%)
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-02-06 11:31:04 | DDD | buy | $65.700 | long |
| 2014-02-06 11:36:50 | DDD | sell | $66.320 | long |
| 2014-02-06 11:40:52 | DDD | sell | $66.800 | long |
| 2014-02-06 11:49:05 | DDD | sell | $66.990 | long |
| 2014-02-06 12:16:23 | DDD | sell | $66.171 | 0 |
Comments
ckz8780
It fluctuates. Normally I try to keep it under $500, but I use dynamic risk rules based on what I made the previous day. If I make $1k one day then the next day my max loss is only $500, so my max loss per trade will be like $200-250. I played a bit smaller last week cause I hadn't seen much follow through in many of my trades. I am trying to stick to 1-2 bullets a day for $500 risk or $1500 gain each, since if I have a $500 max loss and I hit it over 6 trades then I have another $100 in commission plus emotionally it is 6 losses vs one. I'd rather wait 2 hours for a perfect setup and hammer the hell out of it, hold it all day and make $1.5k or 3k or 10k than trade 20 times and pay the broker 30% of my profits lol
jmoscate_BOWS
I definitely agree. Being patient and resisting to get in is one of the hardest things to do but I also am having in differentiating which ones will run all day and which ones are good for a scalp. I also noticed like you said, there hasn't been much follow through these past couple weeks bc of the correction and now all the resistance the SPY has to go through. This has caused me to take my profits a little quicker and having less faith in the runners. Thanks for your quick answers btw!
Markmandy54
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What is your max loss per trade if I may ask?