Vacation package

Vacation package on Living on the trading edge will guarantee a big fall one day, and big falls cause mental and monetary damage that many traders never recover from. Normally, when I enter a long position, I will immediately set an exit price; my hand will be on the mouse ready to execute if I see the stock 142 Trading on Momentum is moving against me. If the stock is very volatile, I will set a wider stop loss and accept a bigger loss to make sure I can get out adequately and in a timely manner. Many traders will adjust the price as the stock climbs to have a moving stop to protect profits in the event of a direction reversal, but I usually have a predetermined idea of the amount of profits I can expect given all the factors of the trade. I simply focus on the stop loss and the sell price as I usually take smaller profits than the full potential of the trade. This ensures I put the profits where they belong, in my pocket. If I feel I have a trade that can exceed the normal profit potential, I will take 1/2 shares off the table at the normal sell price and let the others ride. Vacation package 2016.

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