Selling Too Soon
My biggest problem is Selling Too Soon. Do you believe your service help me overcome this issue?
If not, can you recommend any resources?
Thomas,
What do you mean "selling too soon?" Are you selling a stock for a profit and it trades higher after you sold, and that bothers you?
Can you reference a specific stock and specific trade? I can help with that. But, generically saying you "sold too soon" lends me to believe that you have the personality that wants to take risks and maximize gains. That is a really common trait in stock trading. On the other hand, would it bother you more if you held on to a generic stock and it traded lower and you lost profits?
Regards,
Marty
I replied to your request for a specific example on December 1 in case you missed my reply
Hi Marty - Thanks for your prompt response!
Here are a few specific Intraday examples of what I am doing (trading too much/selling too soon):
IBIT....on 11/26 @11:45 Bought @53.93 (went above the 50 dma after pullback)...sold it same day 2:25 @52.24 (50 dma breakout failed and price going down) for a 3.9% Intraday Loss. On 11/27 (next day), it opens higher and continues to go up so I bought it back at 3:30pm @55.34 (6% higher price than I sold it and 2.6% higher than my original buy).
AI...on Fri 11/29, I Bought @39 at 9:53am (going up after 3 day Flag) and Sold it same day @37.41 for a 3.9% Loss (Flag breakout failed and price going down)
RDDT....on Friday, I bought @143.20 at the Open (going up after 3 day Flag) and Closed at Low of day 140.69....I haven't sold it even though I have a 1.75% Loss (small in comparison to the 2 examples above, but if it falls again on Monday, I am likely to sell (and watch it go back up again?)
I appreciate your insights on what I can do better. My strategy is trying to keep my losses small if the trade doesn't do what I expected. However, it is frustrating to see a stock go back up the next day in some cases (like IBIT above), and the other issue is "I'm trading too much and spending too much time on trading....I'd like to transition from a Swing Trader to a Position Trader.