Do you have any advice specifically for $TSLA? I have been trading with a 5% stop loss and an OCO. I raise the OCO to the LOD at the end of the day. Right now with that 5% trailing it will get clipped in 2.5% since it went up to $1045 today. I don't want to get stopped out, but want to maximize the profit if I do. Where would you put the stop?
I've noticed when things go up this much in a day, the next morning tends to be choppy to start as people take profits (I assume). What would you suggest?
By the way today was my single best day ever! Beating my previous best by about 25%.
Congrats on a great day! That is what this is all about! I am so glad to hear this.
I will NEVER tell anyone to sell their stock. A great friend retired from AT&T in 2011, and placed all of her retirement money in AAPL! I often told her to sell that stock and take profits. She turned $750k into nearly $8 million just by holding one great stock. She had great conviction in that stock and she reminds me often not to tell anyone to sell their stock. She is still holding it to this day!
TSLA had a huge gap (breakaway gap) higher today, and typically I would place a stop-loss at the low of today which is $944.20. I would suspect profit-taking tomorrow as the traders will move on to the next trade.
You need to ask yourself a few things. 1. Do I want to hold longer term? 2. Do I have the temperament to see some of my profits erode? 3. Is there another stock I would rather own?
If you want to hold this long term, and have the temperament to watch some of your profits dwindle (that is difficult for me). This stock is one of the better stocks to own right now as it has momentum. This is why I always say we must know ourselves in order to be successful at this game.
TSLA is my second largest holding, and I plan to keep it for a bit. But, it it does approach the $944 level then I will sell because the gap-fill is at $910.0, and I just cannot see my gains evaporate. I am hoping for an "inside day" tomorrow where the stock is down but maintains the $1,000 level.
There is an old saying on Wall Street "you never go broke taking profits!" This is a true statement. But, there is another saying I like much better. "We must let our winners run!" They may not run every day. But, I like this horse for this horse race! Especially in a market that just started an uptrend.
I hope this answers your question.