This week we opened and closed 12 trades: So not much trading once again and i love it like that! Less is more! How many times did i tell you guys that??! lol. It'll sink in eventually.
12 trades. 4 Losers and 8 winners. Here's are the details:
| LONG/SHRT | Symbol | Entry Price | Exit Price | % Profit/Loss | Holding Period | |
| long | nm | 5.45 | 5.85 | 7.34 | swing trade | |
| long | tti | 8.68 | 9.17 | 5.65 | swing trade | |
| long | gmo | 2.42 | 2.68 | 10.74 | swing trade | |
| long | gsi | 5.88 | 5.93 | 0.85 | swing trade | |
| long | shld | 61.95 | 62.6 | 1.05 | swing trade | |
| long | wti | 11.2 | 10.3 | -8.04 | swing trade | |
| long | abat | 3.92 | 3.62 | -7.65 | swing trade | |
| long | ERX | 34.32 | 37.02 | 7.87 | swing trade | |
| long | mtl | 9.95 | 9.9 | -0.5 | day trade | |
| long | cmed | 24.93 | 25.45 | 2.09 | swing trade | |
| long | mtl | 10.33 | 10.97 | 6.2 | swing trade | |
| short | agu | 46.89 | 45.98 | -1.94 | day trade | |
| long | gg | 36.85 | ||||
| long | tna | 31.75 |
Have a great weekend everyone and i will see you guys next week ready to tackle these markets again!! Look for my weekend updates as usual!
God bless!
2 comments:
A good week indeed, considering the extreme choppiness and lack of direction in the market. What is your normal guidelines in setting stops? Since you lamented the large losses in wti and abat (over 7%), I was wondering why you don't go with a tighter stop, perhaps 3-4% loss maximum. I've been around the block enough times to realize that some trades don't work out. I don't get overly emotional about that but isn't it better to jump ship once the trade stops working. On the other hand, I've had positions stopped out only to see the stock rally up immediately after my stop was hit. Sometimes it is uncanny how those stops get hit before reversal. This trading gig sure isn't easy.
i try to buy as close to support at possible. I try and aim for about 5% stops for day trades and less than 10% for swings trades, but often times i will not allow the trade to hit the stop loss. If i feel like a trades is not working or might be dead money then i will remove the trade all together without allowing the stop to hit. You need to be very proactive if you feel like your original analysis isn't working.
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