Traders Ask: Should I Develop Price Targets?

Hi Mike,

I just started the DNA Program. I’m very excited! I hope it can help me with my trading. I’ve been working hard. I’ve kept a trading and emotional journal, I’ve been doing my playbook, with so far nine plays. And I’ve been disciplined and focused with the selection of the stocks in play and the research on them, and have also followed the seven fundamentals. I’m now flat in my P&L. I know I can do a lot of better.

Now I’m struggling with my profit exits. I’m working with trades2hold but it’s not working for me. Do you think it’s better to start with some profit target?

Also, I have three or four stocks for the morning, and I miss good moves because I can’t pay attention to all of them.

I been reading the DNA material, and I look forward to the lectures.

Bella

For your Trades2Hold develop Reasons2Sell.

One of your Reasons2Sell can be a price target. This webinar discusses others you may develop as Reasons2Sell. I also wrote extensively on how to develop your Reasons2Sell in my latest book, The PlayBook. Lastly, in this post I discuss an extensive list of Reasons2Sell. I hope these help.

As for not being able to cover four stocks on the open, this is an excellent observation. As a developing trader it makes no sense to spread yourself too thin. If you can only cover two stocks on the open then stick with just them. As you gain experience you will be able to cover more stocks. But it does no good to cover four stocks poorly when you could be trading two stocks very well.

We look forward to working with you in SMB DNA 2014, with our first live event next Tuesday.

You can be better tomorrow than you are today!

Mike Bellafiore

One Good Trade
The PlayBook

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