RealMoneyIssues' Account Talk

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RealMoneyIssues said:
Yeah, love that 10 min candle that took out my stop... go figure, happens nearly every time... but who has time for a mental stop, work must be done.

Oh, and who would have thought TNA would gain 13% just today, left 2.5-3% on the table... maybe it will drop tomorrow and I will be vindicated... :censored:

sorry folks :(
Click to expand...

Well, back to where I was stopped out... maybe buyers will come back in this afternoon :)
 
IMHO, it rose up pretty fast, would expect a consolidation at some point. BTK is a huge anchor dragging down the NAZ today and that's as good a point as any to start consolidation before a another leg higher. Reminds me why I have bond mutual funds in the portfolio.

RealMoneyIssues said:
Well, back to where I was stopped out... maybe buyers will come back in this afternoon :)
Click to expand...
 
Must

Remember

To Set

Trailing

Stop....

I hate it when I lose 10% gains just because I didn't set a stop. Since I have a real job, I can't use mental stops... :angryfire:

I hope I remember this next time :nuts:

(looks like I might go from up 10% to down 5%, stupid day trading rules)
 
Last edited:
Still wishing you'd stopped out?:smile:

RealMoneyIssues said:
Must

Remember

To Set

Trailing

Stop....

I hate it when I lose 10% gains just because I didn't set a stop. Since I have a real job, I can't use mental stops... :angryfire:

I hope I remember this next time :nuts:

(looks like I might go from up 10% to down 5%, stupid day trading rules)
Click to expand...
 
Ok, sounds good (not that I condone it). I'll be researching whether the system can benefit from a trailing stop (or other type of stop) after I finish determining the best parameters.

EDIT: Added parenthetical phrases.

RealMoneyIssues said:
Just trying to grow my paper. Have a trailing stop in starting at $42.50 for a 5% gain


Sent from my (Daughter forcing me to use an) iPhone using Tapatalk...
Click to expand...
 
RealMoneyIssues said:
Grew my paper, sold @ $46 from $40, so "theoretical paper" gain of 15%... ;)

Going to sleep well this week-end all in paper cash :D
Click to expand...

So, I have a simple goal. More good trades than bad trades, no matter the gain. I know I will be stopped out of a lot of trades because that's what happens when you put in a stop.

But, a 0% gain is better than a 6% loss, no matter your position size...

I am planning to have 1-2 good trades a week (I know, a little aggressive) and stop, no matter the gain...

Biggest question I have at this point is whether the market is topping or consolidating...

Next week's goal ____% in 2 trades.
 
So, missed out (couldn't pull the trigger) on DUST this morning even though the writing was on the wall...

Didn't make anything on DUST, but got filled at $41.6 on NUGT to see if I can grow my paper a little more.

NO whammy, no whammy, no whammy...

 
RealMoneyIssues said:
Come on NUGT... Might cut out at $46.20, lets see how this goes


Sent from my (Daughter forcing me to use an) iPhone using Tapatalk...
Click to expand...

Yeah, not going to happen since the markets reversed course... did something happen at 11am EST or was it just profit taking time for the institutional investors?

Now the markets are down big and GDX is down too... really?

About to get stopped out... 6% up to break even in 2 hours, yuck
 
RealMoneyIssues said:
So, I have a simple goal. More good trades than bad trades, no matter the gain. I know I will be stopped out of a lot of trades because that's what happens when you put in a stop.

But, a 0% gain is better than a 6% loss, no matter your position size...

I am planning to have 1-2 good trades a week (I know, a little aggressive) and stop, no matter the gain...

Biggest question I have at this point is whether the market is topping or consolidating...

Next week's goal ____% in 2 trades.
Click to expand...

May need to consider:

Revising my trailing stop % - or -

Profit taking level

Anyone have thoughts on a good trailing stop % for a 3x ETF?

I might consider taking profits/setting a stop at 5% instead of holding out for 10% which may require more trades (must watch the PDT rules).

Thoughts???
 
Oh, I re-learned a lesson on stop orders today...

Can anyone (besides the seasoned folks here) explain the difference between a Stop Limit order and a Stop Market order???

Oh, wait... only a few people come by the dark alley way of the RMI Account Talk... If no one answers by the morning, I will post the answer ;)
 
I've given this a little thought a few times. I'm not ready to fully investigate it yet, but here are my thoughts.

1) Time frame.

If you are a legit pattern day trader. No problem. However, if you have to deal with avoiding being labeled a pattern day trader and you have to comply with T+3, these facts have to strongly factor into a stop-loss strategy. You don't want to end up being penny-wise and pound-foolish. (Being stopped out to protect a small profit, only to miss the run up due to T+3 or pattern day trading restrictions.)

2) Statistics.

With point #1 in mind, perhaps one can do a statistical analysis on the GDX price action to determine the "normal" price range, and act when prices are near/out-of said range. This can both lock in profits and stop losses.

3) Brute-force Simulations.

What I do with most things trading. This method would take a model that's already built and "re-run" (EDIT: back-test) it 100's/1,000's of times with different profit-taking and stop-loss settings. It would then report the settings that were most profitable.

4) Manually.

Simply Brute-forcing in slow motion, without the need for a trading system/model. Review previous trades. Do "what-if" scenarios with different stop settings. Keep a database of the results so that the next trade can be added to it, and the results then recalculated.


RealMoneyIssues said:
May need to consider:

Revising my trailing stop % - or -

Profit taking level

Anyone have thoughts on a good trailing stop % for a 3x ETF?

I might consider taking profits/setting a stop at 5% instead of holding out for 10% which may require more trades (must watch the PDT rules).

Thoughts???
Click to expand...
 
userque said:
I've given this a little thought a few times. I'm not ready to fully investigate it yet, but here are my thoughts.

1) Time frame.

If you are a legit pattern day trader. No problem. However, if you have to deal with avoiding being labeled a pattern day trader and you have to comply with T+3, these facts have to strongly factor into a stop-loss strategy. You don't want to end up being penny-wise and pound-foolish. (Being stopped out to protect a small profit, only to miss the run up due to T+3 or pattern day trading restrictions.

2) Statistics.

With point #1 in mind, perhaps one can do a statistical analysis on the GDX price action to determine the "normal" price range, and act when prices are near/out-of said range. This can both lock in profits and stop losses.

3) Brute-force Simulations.

What I do with most things trading. This method would take a model that's already built and "re-run" it 100's/1,000's of times with different profit-taking and stop-loss settings. It would then report the settings that were most profitable.

4) Manually.

Simply Brute-forcing in slow motion, without the need for a trading system/model. Review previous trades. Do "what-if" scenarios with different stop settings. Keep a database of the results so that the next trade can be added to it, and the results then recalculated.
Click to expand...

Ouch, my brain hurts... I will go back and re-read this next week after I get my paper turned in...

Point, I am also trying to make sure I get stopped out at my 6% limit (assuming the trade goes against me from the start, stopped out at break even (when it goes with me and gains 1%), or find a profitable point to take my gains and run...

Today I could have had 5-6% depending on my trailing stop (if I had sent one), but since my day job gets in the way of trading, I set a break even stop (sans fees) to save my paper in case of a reversal. Had I seen the gain up until the institutional traders got back from lunch, I might have sold... alas, I was not near a computer or a phone.

Thanks for stopping by :)
 
RealMoneyIssues said:
Today I could have had 5-6% depending on my trailing stop (if I had sent one), but since my day job gets in the way of trading, I set a break even stop (sans fees) to save my paper in case of a reversal. Had I seen the gain up until the institutional traders got back from lunch, I might have sold... alas, I was not near a computer or a phone.
Click to expand...

I would have bet money you sold once it started to fall off the highs...glad I didn't bet. :)
 
userque said:
I would have bet money you sold once it started to fall off the highs...glad I didn't bet. :)
Click to expand...

Wasn't available to see it happen or I might have, especially after that first big fall...

Anyway, only make PAPER bets on anything I do... wouldn't want to be responsible for you losing real, hard-earned money ;)
 
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