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rom30

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rom30 last won the day on December 5

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  1. rom30

    Daily Profit, Daily max Loss

    I think that if taking partials works for you keep doing it. This is what Andrew does. With a small account it is difficult to make good use of partials especially in chunks of 33%. I think partials make more sense when you have a large account and taking large positions. I think that with your account size the two best strategies are: 1- Don't use partials. Just get completely out when you think is the right time. 2- Do a partial of 50% at predefined level (1:1 or 1:2) and then wait to see if the stock is moving in your favor or against then exit completely when you consider the right moment. Also, please note that taking partials is not mandatory in every trade. In some trades it makes sense to take a partials and in other it doesn't. It all depends on how the stock is behaving. But if your strategy is working keep using it. Some brokers charge a fee per each order submitted , in this case taking a lot of partial will result a lot of fees that will kill your gains. But, like I said. If your current strategy to exit is working, then keep doing it.
  2. rom30

    Daily Profit, Daily max Loss

    It is probably a good idea. I personally do that on my trades and I think a lot of traders do. You have to stick to your predefined limits. Just because you enter a different trade, you don't change to risk limits, right? If you decide to use $20 as a risk on a per trade, it should apply to all trades. This is the kind of discipline that you need to develop. I know what you are thinking. It is going to make it harder to find trades to take. Well, yes. But it will also make you better at selecting good trades and in the long run become a better trader.
  3. rom30

    Daily Profit, Daily max Loss

    You can manage this by reducing your per trade loss to say $20. In order to achieve this you may have to take a smaller size per trade. Also, you will have to be very selective on which stocks to trade. You don't want to trade a stock that have big price changes in the 1 min candle. For example trade 100 shares of a stock that is $30. If the price drops to $29.80 get out with a $20 loss. But if this trade had a 1 to 3 risk/reward then it could go up to $30.60 and you would exit with a $60 win.
  4. rom30

    Daily Profit, Daily max Loss

    Omar, You may want to consider making your daily loss 1% or $50. Think of it this way: Every day you are risking $150 to make $50. In the long run this risk to reward ratio will not lead to wins.
  5. rom30

    Daily Profit, Daily max Loss

    Mohamed, Just because you decide to increase your Daily Goal to 5%, it doesn't mean it will happen. What is happening is that you are trying to force your trading day to this 5% goal and possibly taking riskier trades, thus you end up losing. Have you considered that maybe 5% is not realistic for you? Your initial Daily Goal/Max Loss/Risk per trade is probably more realistic to achieve. Like, I said you are probably taking risky trades which lead to losing most of the time you enter. I would focus more on how you are selecting the trades to enter. Are you getting the right entries? are you getting in/out too soon or too late? If you keep a journal of you trading days, go back and review what you have done. Find the source of the issue and make a plan to address the issue. I had the exact same issue at the beginning. What I do now is every morning before trading, I write a list of 4 or 5 things that I want to do during the trading day. I keep the list next to me when I am trading as a reminder of what to do or not do. At the end of the day I look at my list and on each item, I write how well I did in against that item. Over time these items become normal things to do and I won't have to write them down. Here is an example of a list: - Wait 10 minute before I start trading - Only enter trades based on levels & known setups - Only enter a trade on a pull back - Exit losing trades quickly once the max loss per trade has been reached - End my trading day when of of the following happens: Made at least 1%, hit max day loss, it is 12:00 PM on the market clock.
  6. Somebody asked The following will work assuming your broker gives you a 1 to 4 margin. For your stop loss to be 1% of your equity you would use this: BP*0.0025 With a 1 to 4 margin, your Equity=BP/4 or BP*0.25 and 1% of this is BP*0.25*0.01.or BP*0.0025. If your broker gives you a 1 to 2 margin then then need to adjust your factor: BP*0.005 Moderator Edit: This forum post has you covered:
  7. rom30

    Fallen Angel

    Is the "Fallen Angel" the same as a "Short Squeeze" ? A couple of days ago I watched a Webinar sponsored by Speedtrader (see link below) titled "How to Find and Trade Short Squeezes in the Stock Market" . I noticed the similarities of the patterns used in the seminar with the Fallen Angel. The seminar was very informative. In particular how to use finviz.com's Screener to identify potential stocks for this pattern. If you have time check it out. https://www.youtube.com/watch?time_continue=2928&v=xldSYgYWwsA
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