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I hope some of you are doing great with your stock picks at this time. As for myself, I'm afraid I am not doing too well.(WAH) Hopefully things will work back up for me. Anyway, hopefully most of you are doing much better...
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Remember...you don't loose until you sell.. also keep in mind that a little bit of loss helps to offset all that tax you have to pay from all the gains you make on other days...
ALLWAYS see a positive!
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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Now you're talkin'. I was feeling the same way until I changed my entire trading philosophy. If I'm up 5-10%, a take the profit and move on. I've had much better success with this lately and it restores the confidence in being able to make money, even if it's only a few hundred here and there.
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quote:Originally posted by Skendo: Now you're talkin'. I was feeling the same way until I changed my entire trading philosophy. If I'm up 5-10%, a take the profit and move on. I've had much better success with this lately and it restores the confidence in being able to make money, even if it's only a few hundred here and there.
Your missing out in potentional opportunities/profits by making a profit goal of 5-10% and getting out... just put a trailing stop/loss , a regular stoploss or a mental stoploss and let it decide... 5 to 10% is limiting your profits tremendously...buy and read the book below.. may open your eyes to the light:
Trend Following by Michael Covel
Can be found on Amazon.com and other sites or on it's own official site.. some suggested sites are below: