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I'm trading for 2.5 years now. I should be paper trading because i suck at it but well, we all know... So not a good start, but luckily i'm still profitable.
I like trading in channels and try to take breakouts on daily charts.
Today i took this trade: bought north american palladium at 2.75. I wanted to buy it yesterday at 2.55 but it didn't go down, today it also went up, as it looked very strong I just bought it. But it was a very bad price because i chased it. Luckily it closed break even for the day.
I'm trying to catch a breakout, I have no sell target, I'll let it run until it stops running. Also i'm bullish pm's and this is a cyclical stock, i hope i caught a turning point.
stoploss is 2.58
unfortunatly i cant post the charts as this is my first post
I'm here to learn and to have my stupid mistakes put in my face by you guys. So there's fun for everyone, you can teach me or laugh at the pathetic overestimation of my skills.
Can you help answer these questions from other members on NexusFi?
Let go of the mouse and step away from the computer slowly ...
I pride myself on NOT telling other traders what to do ... but I hate to see folks piss away their hard earned money.
Please tell me you have a better trading plan than... I think it's going to go up...
If not ... don't trade real money until you get one...
Disclaimer: This post does not represent the view point of the owners, managers, or moderators of this web site and is not intended as a slam against any moderator, board member, any banned former members whose name we dare not say, any other living person, any recently living person or any person or persons whose status we are not sure of and especially not for any platform vendor with a questionable product and a pit bull lawyer. This post is meant purely for entertainment and should not be confused with a real thought.
I am not a programmer, coach, trainer or self appointed guru and do NOT hold myself up to be a good example for anything. I do not have a book, trading room or seminar. Even though I have an opinion on every subject under the sun, I do not give financial advice. Nor should I be held responsible for feeble attempts at humor at your expense.
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
I use trendlines and fibs as support and resistance, the space between them i see as a vacuum. So i take a trade at a line and hope it will go to the next one. As i stop the when it goes trough the line, giving me a tight stoploss, i'll sell at a profit at the next line. This gives me, I think, a positive expectancy over the long run as my gains should be bigger than my losers.
As a daytrader this might sound ridiculous but on daily charts a lot of lines realy are strong support that only gets touched briefly. I take the trade after testing the line.
Also a friend of mine does a lot of analasys. I buy things that got an upward bias because of price/earnings, bookvalue, or just technicals.
Do you think it's any good?
I've been thinking about papertrading, mainly after losing, but it's not the same, there is no rush. I think it's better when you learn to handle this rush, i think it's a big part of trading.
It seems you have no plan other than "hope it goes up".
A plan would at least consist of:
a) why did you buy where you did?
b) what is your exact exit price?
c) what is your exact stop price?
e) what would cause you to exit the position early, ahead of the target or stop price?
Also how much did you buy? How much are you risking? 1% of your account? 2%?
a: it broke out of a long downward channel, see charts
b: trailing stop, no target, i want to let it run, i think you do not always need an exact exit, in a channel, yes, but not for breakouts. Cut losers, let winners run
c: stoploss is 2.58
d: stoploss is close enough to not have another reason that way. If it's going up, i'll look for resistance lines, if it rejects them, i'll sell. I'll also sell before i have a loss, considering transaction costs
i bought 26% of my account, stoploss is at 6% loss, so, 1.5% of capital at risk.
