Posted by retirefire on 12th of Sep 2019 at 11:12 am
I got stopped out of shorts I bought last night in AH at the
Futures spike. I have to rethink strategy about my stops. Like Matt
said last night I losing to0 many trades and all the meat left on
the bone .... bummer
We are now trading in an environment of unexpected tweets and
fake news ... Algos loves it... me ... not so much ;) ...
short term trading is definitely challenging ...which is why
i've slowing down my trading a lot lately ... no need to be churned
out in pieces ...
remember guys, heed my words last night. I think too many
of you guys are not trading relative to your time frame and are
reacting on noise.
We generally like setups off lows when possible and buying
inside a pattern vs a breakout as your risk/reward is better and
your stop can be tighter.
but that said, I think too many of you guys react to noise, take
losses on positions reacting to movement that was just
noise.
If you are generally day trading stuff and scalping things like
Steve does, then that's one thing, you will want to try to take
profits quick, and exit quickly on reversals. But if you are
working jobs then you should be giving wide enough stops to account
for noise. And also keeping your position sizes small enough that
you can allow your stop to work with the general noise of the price
movement.
a good example is NTGR. Steve commented about it being a
breakout play that was off the highs and they are higher risk, and
that's true, but if you bought it on Tuesday NOT for a day trade
there was no reason to sell it on Tuesday despite the fact that it
closed off the highs. There was nothing wrong with the pattern and
Steve mentioned that as well, but it's also one he might have just
sold that same day whereas if you are not a day trader and work a
job you cannot do that. You would set a stop perhas just
below the lows of that day or the last few days, and yesterday it
popped nicely.
I've talked to enough BPT members who tell me they can't make
money on our awesome trade ideas, and most of the time after I ask
them to show me exactly how they traded the setups, I see that most
of you are telling me you are day traders but selling on noise that
a day trader would do. You can't do that, you have have your stops
relative to the time frame you trade. And most of the time what I
saw when reviewing BPT members trades was that they would buy a
trade idea from the newsletter, sell it on some slight pullback
noise for a loss, only to then have the stock go back up and be a
big winner without out. Most of the time I found if the simply
reduced their position size and set a stop that was logical and
wide enough on the daily to account for some wiggle room they would
do 10 times better
URAN is another example and probably a better one, it broke out
last week on Wed and pulled back slightly below the breakpoint last
Thursday. I know at least one member who bought it on Wednesday's
break then sold it for a loss on Thur. But look at the chart, there
was no reason to sell it on Thursday's pullback, that was just
noise.
some of you guys say you are swing trades but try to give day
trade stops to these and just end up getting whipsawed to death
I think too many of you guys try to trade our nightly setups,
you buy a breakout that is up one day and it's down the next day
and you sell for a loss, even though there was really no reason to
sell, you take your loss and the stock goes back up and would have
been a nice winner had you just given it the room it needed.
And also reduce position sizes, if you can't handle the
wiggles/noise, then your position is too large, reduce it so that
the noise doesn't bother you and goat you into selling noise for a
loss.
obviously it's not only this cut and dry. It's also best to be
more aggressive with longs when the market is not overbought, for
example if the market was up 5 days in a row, better to be
pickier than 1st day off the lows or even 2nd day
anyway guys I just suggest reducing your position sizes, and if
you are trying to short term swing these ideas, you have to have
to set a stop that makes sense for the chart. If the stop
makes you emotional, that tells you that your position is too
large.
and don't give up, too many of you try a few of our ideas and
fail, then give up, don't do that, as you see, most of our ideas
end up working out
Well, that will certainly run
someone should sue bloomberg for more FAKE NEWS! my guess ...
Posted by maggi3322 on 12th of Sep 2019 at 11:02 am
Well, that will certainly run your stops!
I got stopped out of
Posted by retirefire on 12th of Sep 2019 at 11:12 am
I got stopped out of shorts I bought last night in AH at the Futures spike. I have to rethink strategy about my stops. Like Matt said last night I losing to0 many trades and all the meat left on the bone .... bummer
We are now trading in
Posted by mla127 on 12th of Sep 2019 at 11:19 am
We are now trading in an environment of unexpected tweets and fake news ... Algos loves it... me ... not so much ;) ... short term trading is definitely challenging ...which is why i've slowing down my trading a lot lately ... no need to be churned out in pieces ...
yes agree mla127, mental strain
Posted by retirefire on 12th of Sep 2019 at 11:22 am
yes agree mla127, mental strain to high for my results. I think I will lean heavier on SPY systems and trade less
Trading Comments
Posted by matt on 12th of Sep 2019 at 12:12 pm
remember guys, heed my words last night. I think too many of you guys are not trading relative to your time frame and are reacting on noise.
We generally like setups off lows when possible and buying inside a pattern vs a breakout as your risk/reward is better and your stop can be tighter.
but that said, I think too many of you guys react to noise, take losses on positions reacting to movement that was just noise.
If you are generally day trading stuff and scalping things like Steve does, then that's one thing, you will want to try to take profits quick, and exit quickly on reversals. But if you are working jobs then you should be giving wide enough stops to account for noise. And also keeping your position sizes small enough that you can allow your stop to work with the general noise of the price movement.
a good example is NTGR. Steve commented about it being a breakout play that was off the highs and they are higher risk, and that's true, but if you bought it on Tuesday NOT for a day trade there was no reason to sell it on Tuesday despite the fact that it closed off the highs. There was nothing wrong with the pattern and Steve mentioned that as well, but it's also one he might have just sold that same day whereas if you are not a day trader and work a job you cannot do that. You would set a stop perhas just below the lows of that day or the last few days, and yesterday it popped nicely.
I've talked to enough BPT members who tell me they can't make money on our awesome trade ideas, and most of the time after I ask them to show me exactly how they traded the setups, I see that most of you are telling me you are day traders but selling on noise that a day trader would do. You can't do that, you have have your stops relative to the time frame you trade. And most of the time what I saw when reviewing BPT members trades was that they would buy a trade idea from the newsletter, sell it on some slight pullback noise for a loss, only to then have the stock go back up and be a big winner without out. Most of the time I found if the simply reduced their position size and set a stop that was logical and wide enough on the daily to account for some wiggle room they would do 10 times better
URAN is another example and probably a better one, it broke out last week on Wed and pulled back slightly below the breakpoint last Thursday. I know at least one member who bought it on Wednesday's break then sold it for a loss on Thur. But look at the chart, there was no reason to sell it on Thursday's pullback, that was just noise.
some of you guys say you are swing trades but try to give day trade stops to these and just end up getting whipsawed to death
I think too many of
Posted by matt on 12th of Sep 2019 at 12:17 pm
I think too many of you guys try to trade our nightly setups, you buy a breakout that is up one day and it's down the next day and you sell for a loss, even though there was really no reason to sell, you take your loss and the stock goes back up and would have been a nice winner had you just given it the room it needed. And also reduce position sizes, if you can't handle the wiggles/noise, then your position is too large, reduce it so that the noise doesn't bother you and goat you into selling noise for a loss.
obviously it's not only this cut and dry. It's also best to be more aggressive with longs when the market is not overbought, for example if the market was up 5 days in a row, better to be pickier than 1st day off the lows or even 2nd day
anyway guys I just suggest reducing your position sizes, and if you are trying to short term swing these ideas, you have to have to set a stop that makes sense for the chart. If the stop makes you emotional, that tells you that your position is too large.
and don't give up, too many of you try a few of our ideas and fail, then give up, don't do that, as you see, most of our ideas end up working out
Thanks Matt, exactly what happened
Posted by retirefire on 12th of Sep 2019 at 01:15 pm
Thanks Matt, exactly what happened with me on VET. If I bought a second lot instead of selling it would have been my best trade of year