Dear Bella,
I can not wait for The Playbook!I started “eating” everything on the SMB Blog six months ago and went though key haha moments thanks to what I learnt, which suddenly made me a lot more profitable (kind of wasted 2 years with useless teachers).So I started to build a playbook ( my Iphoto app became full of the setups I like ) and I started scaling in and out, trying to stay in the stock as big and as long as possible. I need now to optimize my scaling in and out tricks, I often noticed that I’m not big enough anymore in the stock when it keeps going in the direction of the trade I took for a few more points….I try to use the “reasons to sell” for starting to scale out and check the 5 mins and 15 mins charts to see if we’re still trending. I also try to scale in when the stocks gets above new key levels or retesting a level with action on the tape that confims my bias.My question is what could help me more to stay big as long as possible ?I also want to be more efficient executing orders, I use InteractiveBrokers and I’m not familiar with the software U use that I’m sure offers more features, maybe U could tell us what are the key shortcuts U use to be able to react to any situations very quickly.I attached a chart of IBM with comments on how I played it that day (few months ago).Au revoir et merci beaucoup !
I wrote extensively in The PlayBook about techniques to hold your winning positions for the real move. First, I suggest
determining your Trades2Hold, trades that are worth holding. Next, I outline a strategy for exiting, which we call Reasons2Sell (see our Webinar on Reasons2Sell). I describe those Reasons2Sell in detail. Further, I introduce a system for you to determine your risk for each of your trades, which will help you hold. Finally, you might also want to work with a psychology trading coach to hold your winning trades longer. Dr. Menaker is in our office as I write talking to some of our traders, and has worked one-0n-one with our traders in the past.
I hope that helps.
You can be better tomorrow than you are today!
Related blog posts:
A Reason2Sell in $EPXR (If Your Stock Breaks The Uptrend)
The Time Stop (an Example in $YUM)
An Exit Strategy to Add to Your Trading (Reasons2Sell)
Is a Time Stop a Reason2Cover My Position in GMCR?
Mike Bellafiore
