The time I've been on this website and the number of posts I have would indicate I am experienced and successful in pennies. I consider myself to only be one of those two.
Greed and fear control the market for sure. My previous strategies allowed me to get greedy and let my profits ride, ultimately watching them get swallowed. The big picture always escaped me. Trading in the stock market isn't about bettering myself today. The goal of trading is to better your future self. I am constantly asking my current self if I care more about now or future self that is in a year or more.
My answer is always the same. I care more about my future, but my trading hasn't shown that. Therefore I am very serious about again changing my trading stategy. The only variable I'm changing is when I enter a buy I limit my profits to only 10%. I'll never look for a 100% play.
Is it just me or are those opportunities more plentiful than ever in the penny market? Even someone with only $300 in their account could make profit off of every trade if they use Ameritrade, for example, which has trades for just $9.95.
I rarely hear people saying they were happy with just 10% on this site however. So I wonder, what are others rules for making money that work and do you actually follow them or does greed get the best of us always?
Posted by 10of13 on :
Greed gets most of us...I almost always take 10-20% and I am happy with that...but my number 1 rule is to ALWAYS protect my capital....without this..you just can't play pennies...or anything..it's the one "tool" that you MUST have...so yes...i always follow that #1 Rule....alwyas protect your Capital...!!!
Posted by jordanreed on :
i have also learned to escape with 10% gain...
ive lost thousands thinking otherwise...
Posted by kermit42 on :
I'm still learning to follow my own rules. When I break them, I almost always regret it, but it's hard not to get caught up in the MOMO.
Tex summed it up perfectly when he said we come here whistling the theme to Beverly Hillbillys. And then reality bashes us over the head.
Posted by Machiavelli on :
In Pennies take your profits at 10 to 20% but if you trade Big Board stocks... let your profits ride and limit your losses...
Posted by Jo4321 on :
I am trying to go with small gains now, but prior to this, I've lost big time. My worst play to date was my very first penny stock. I bought STTK at .74 and didn't sell it when it was at $1.60 something. Now it is at .18! There was a lot I didn't know then.