Stop losses saved my bacon

[Rob_ee]

For what its worth for new start-out traders (like me)

As a 5 month newbie could the seasoned traders please comment on what type of market we are in at the moment ... Bull, Bear, Sideways, Uncertain ??? or any other terminology.

My guess (only) would be uncertain ... reason.. nothing I buy has really taken off.
Hence my dilema, I am trying hard to let my winners run, however I seem to be giving back a lot.

MOST Recent trades

WMT .345 High .39 stopped out .365
PEN .084 High .115 stopped out .10
AAR .083 High .105 stopped out .099
PDN 8.53 High 9.57 stopped out 9.21
GME 1.08 High 1.14 stopped out 1.01
AXM .58 High .68 still holding (bought today)
ESG .44 High .45 still Holding

From above trades last 2 months my biggest loss has been $284 best profit $826.
Nothing has really run for me ...

5 months isn't really a long time BUT I would love to get at least 1 runner.
Is this the best I can expect under present conditions, perhaps I should only be concentrating on the higher priced stocks?

Am I limited with my trading capital $18k available?


Any views fellow traders?

A month down the track revisiting my "What type of market are we in?" Thread it is very fortunate for me that I resolved to stick to strict stop losses.

WMT .345 High .39 stopped out .365 NOW .195
PEN .084 High .115 stopped out .10 NOW .078
AAR .083 High .105 stopped out .099 NOW .098 (virtualy unchanged)
PDN 8.53 High 9.57 stopped out 9.21 NOW 7.78
GME 1.08 High 1.14 stopped out 1.01 NOW .87

AXM .58 High .68 still holding (bought today) NOW .875
ESG .44 High .45 still Holding NOW .62

I am still holding these two on the "let your profits run " rule although I have given back a lot from their recent highs


Had I held on and hoped with my stopped out ones I would now probably be suffering from self doubt and a little annoyance.

I guess if I had say a $100,000k bank I might have looked at it differently.
So I am happy to have stuck to my trading plan no ifs/buts.

Hopefully I'll be around in a years time.

Rob

 

[tech/a]

Re: Stop loses saved my bacon

I guess if I had say a $100,000k bank I might have looked at it differently.

I hope not!
Well done profit in the end is the main game.

 

[happytrader]

Congratulations Rob_ee

Well done on letting go and trusting the process. The hallmarks of a trader.

Cheers
Happytrader

 

[Awesomandy]

Good work there.


As a further proof of this concept at work, here's a story about one of my trades.

My friend and I both bought in SIP. It just kept going down, and I stopped out at 2.20. He thought it's going to go back up, and kept holding. It is now trading at 1.715 as I type.