remove stoploss fast
although it can sometimes work against me (see my SEN trade), i like to replace my stoploss level with a trailing stop as soon as the trade is profitable.
that way a winning trade is not converted to a losing one.
once i have set a trailing stop, i am usually slower in moving that up.
that way i can give a winning trade a bit more room to breathe than a trade that i have recently entered.
today SMM traded around $0.695 most of the day but then moved to $0.725 in the last hour. the range it was on was truly broken, and hopefully this trade will be more profitable than the range trade i never entered.
a breakout trade usually has lots of momentum as it gets started, but SMM is a speculative stock so you have to be weary of wild swings.
I have removed my stoploss and created a trailing stop at $0.70.
that way a winning trade is not converted to a losing one.
once i have set a trailing stop, i am usually slower in moving that up.
that way i can give a winning trade a bit more room to breathe than a trade that i have recently entered.
today SMM traded around $0.695 most of the day but then moved to $0.725 in the last hour. the range it was on was truly broken, and hopefully this trade will be more profitable than the range trade i never entered.
a breakout trade usually has lots of momentum as it gets started, but SMM is a speculative stock so you have to be weary of wild swings.
I have removed my stoploss and created a trailing stop at $0.70.
posted at: 8:01 pm
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