Think I've finally identified my

    GCTC nice trade

    Posted by profmel on 10th of Jun 2020 at 02:13 pm

    Think I've finally identified my frustrations (finally!!) Y'all trade for 50 -75cents in and out on DBA, GBTC, etc.... too quick for me. I prefer the swing trades for weeks/months not overnight. My first of twelve steps achieved :)

    GBTC Follow Up to Earlier Conversation

    Posted by steve on 27th of Jun 2020 at 01:21 pm

    Are you still swinging GBTC?  We trade what the market gives simple as that - some say they are swing traders until their not.  Adhere to your plan including exit strategies.  We did identify an early swing weeks earlier but acted quickly on that last 60 minute trade upon reversal.  Bottom line is sometimes you must take the quick trades even if you are predominantly a swing trader.  Trade what's in front of you by adjusting to the message of the market. 

    profmel - understand but that

    Posted by matt on 10th of Jun 2020 at 02:22 pm

    profmel - understand but that also means you have to be much pickier about picking your spots - when finding trade candidates that can be held for weeks and months - that might mean you have to wait a couple months at times for a setup - you don't find setups like that daily. 

    Also TSLA we bought that a few weeks back in the low 800's, that's 20%, that's not a 60 cent move, that's 220 points.  Plenty of short term swing ideas here say 3 days to two weeks have moved many dollars and 10% to 50% moves on these.  Things like DBA - yeah that crap doesn't move much, we've stated that, don't trade it if you want larger moves. We throw out ideas and it's your job to pick and choose that fits your style - say no these dont' fit my style but these other ones do.

    also when you enter a trade - you can't just arbitrarily say you are going to hold it for months  -  you have to react to what happens - you might be able to and you might end up getting wrong and getting stopped out.  Also depends on the market - if the market is trending up and doing well, that's easier to do on longs. But when markets go into chop and have quick 5 and 10% corrections a stock you bought that you planned to hold for 3 months may not pan out and you might get stopped out.

    again formulate a plan, a system that fits you, stick to it.  

    from what you said - I think you should pick a list of big cap stocks that you like - IBD 50 is a good list - and you look to buy them on major dips where you can place a stop and then hopefully hold it for months.  But again that means you might not find a setup that fits your style for weeks at at time and you have to be fine with that   You have to be willing to be patient enough to sit on the sidelines days and many weeks waiting for those setups, I find that guys lose patience. I've had guys tell me: Matt I'm long term, I want stocks I can hold for 6 months. Then after 2 weeks they get annoyed:  I haven't bought anything for 2 weeks, the service isn't for me. It's like huh?  your time frame means you might only find a handful of setups a year! 

    again don't get emotional, find a system that makes sense for you, and also remember depending on various market conditions it will vary how long you are able to hold your stocks. You can't just say I'm buy ABC and holding for 6 months - if the market and the stock go up yes but if the market has a strong correction then you might only be in for a couple weeks as your stop gets hit which you have to adhere to

    TY YES I agree and

    Posted by profmel on 10th of Jun 2020 at 03:29 pm

    TY YES I agree and was not being negative towards anyone -- just gaining an education daily watching you guys trade and through the newsletters. TSLA was out of my price range but I've traded AMD with you 4-5-6 times over the past year for 7-10 points. And others. TY kindly for your long note in the middle of the day -- truly appreciate your words and taking the time.

    No problem and much appreciated 

    Posted by steve on 10th of Jun 2020 at 03:31 pm

    No problem and much appreciated 

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