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| wallman 299 posts msg #26336 - Ignore wallman |
4/30/2003 9:53:21 PM HI DAB, i didn't understand that you meant a room with similiar type traders/developmental theory ideas,if you are new to trading and your not confident and/or happy with your method then i would say it's an excellent idea,one of the best traders i personally knew used to say..."closed minds = closed accounts" and i think that is very true,for myself i traded basically the same system for over 36 years with consistantly high annual returns and mothballed that for the bb method that i now use,so you can see that i must be very pleased with my trading now or otherwise i would consider entering a trading room as you describe or retuning to my old system.......as for shorts if you read the above posts about the headaches invovled,and the fact that i've traded my method well in some really crappy market periods(so far)would deter me from shorting,but that's just me and if you want to try don't let anyone discourage you,prove to yourself if it's profitable or not SEE YA |
| janeiro 25 posts msg #26337 - Ignore janeiro |
5/1/2003 8:37:22 AM Wallman, I papertraded for a while with your method...and finally last Fri 04-25 I bought ALGN......22% gain so far....!!!!!!!!!!!!!!! THX. PS I hope one day to have the chance to thank u personally |
| defghca 150 posts msg #26338 - Ignore defghca |
5/1/2003 9:33:57 AM wallman why not post your old system here, we might be interested !!! |
| no4j 45 posts msg #26339 - Ignore no4j |
5/1/2003 9:40:21 AM Wallman, Thanks again. I have been using use sytem for 3 days and haven't sold any yet but they are all green! I'm taking a liking to it for sure. Discipline will be the name of the game. One more question.... What do you think is a typical holding time for this system. I'm asking because of money management. If I set a fixed amount for this system, it would help to get an idea of approx. how many positions I could be holding on average. My guess from what I can already see is about 8-10 days. That would equate to 8-10 positions so a good amount to invest in each stock would be about 10% of the allocated funds for this system. Am I close? |
| wallman 299 posts msg #26340 - Ignore wallman |
5/1/2003 11:49:08 AM HI NO4J, you are very close,in fact i would say 8-10 days myself,if i understand your ? correctly i think you are saying if you have 20k to play you will play 10 stocks @ 2k each? if this is what you meant then that is great to begin with as it gives you alot of practice in realtime (way different than papertrading)as to when to enter,usage of stops,your limit as to what % you are willing to pay over yesterday's close and to find out what your tolerance is when/if you should have 3 or more losers/quick stopouts in a row,nothing can take the place of finding out these things in realtime,IMO the object of the first few months is not to see how much $ you can make but to get a feel for what your "stick to" rules will be,it's hard to make max gains when you are holding 10 stocks at once anyway, you are too diversified ,after you think you have the confidence and everything in place,THEN it's time to go after the real $,that's when i think that 20k port should be split between only 3-4 stocks,even 1-2 if you feel confident enough,from my experiance with this method in the last 18 months in normal times this approach can make very good $ but in "hot" periods as it seems to be in now,the $ is even better,if you use the 1-4 stock approach it is absolutly necessary that you stick to your stops,an example that happened to me a few months back is i had 3 quick stopouts in a row at a 5% loss each,on my 4th trade i had a 22% gain in 4 days,by sticking to my stops this allowed me to have a 7% gain on these 4 trades over about 7 days or 1% a day on only 1 win and three losses...great to hear your 3 picks are all green...GOOD LUCK,MUDDY |
| wallman 299 posts msg #26344 - Ignore wallman |
5/1/2003 4:21:29 PM HI JANEIRO, no need to thank me,ALGN was a nice play for your first real trade,it closed up another 5% today,it's getting real close to the 75 RSI,so if you want to try and let it run past that 75 just keep an eye on it real close with your mental stop....IMO, GOOD LUCK |
| no4j 45 posts msg #26347 - Ignore no4j |
5/1/2003 6:28:53 PM You got it exactly right, Wallman. I was trying to figure out how much to put into each trade so I would come close to exhausting my allotment but still have enough for the trade of the day. I saw something today that was interesting. I paper traded ROV on 4/28 (in @ 10.67). The low today went to 10.00. That was below the 5% stop. It closed @ 10.17. That's above the stop. From what you said B4 you would still be in the trade because you do not want to stop out intraday. Do I have that right? The only reservation I have about this is not having physical stops on these super-volatile stocks. This is great fun!!! |
| wallman 299 posts msg #26349 - Ignore wallman |
5/1/2003 8:32:16 PM HI NO4J,yeah try to keep it fun,looking at the ROV chart i can see a couple of things that you may have missed,first although ROV showed up on your filter matches in reality it is not a match for me,as it only has 2 down days in a row,on 4-22 it closed at 12.12,on 4-23 it also closed at 12.12,making it an even day,i know by glancing at the candles it appears that it's a down day and the fact that it showed up as match you wouldn't ? it,but i've noticed the stockfetcher filters very often include unchanged days as down days when they are not(that is why i use charts in which the volume bars can be colored red for down days and black or white for up days,you would have spotted that 4-23 was not a down day cause the volume bar was not red at first glance,the first thing my eyes go to is to make sure i've got 3 red bars in a row)the second thing is you say you entered at 10.67 which would make your 5% stop 10.14,you are correct there,BUT it appears that you failed to move your 5% trailer in accordance with the close price of 10.80 on 4-28,which should have made your stop now 10.26 not 10.14,it's very important to always remember to raise your trailer with every closing price that is a new high from when you entered,if you don't your 5% stops will really be 6% or much more if it closes up a couple of days in row,if a stop is put on a buy price of $10 at 9.50 and it runs off to $12 and you don,t adjust it ,if it starts to go down,you may not only give up all of your $2 gain but actually lose money on the trade if it goes below 10 before you realize it,that's why they are called trailing stops,you trail it's upward price move,after a stock moves up more than 5% anything after that is all profit from there and that's a real good feeling,especially when you know from backtesting this filter what big gains it's capable of in a short time,THAT is fun,so if it closed at 10.17 and you had adjusted your stop to 5% of 10.80,you would be stopped out, either you sell right before close or you sell right after the open,it's your choice,this is why i say you should papertrade and then just worry about finding out what is right for you in realtime with numerous but SMALL trades,myself i always sell after the open in hopes of an upward move(if it's big enough i'll continue to hold during the day to see what happens)but you must understand i have traded this filter for over a year realtime and i have confidence in it,as for putting physcial stops on very volatile stocks that's exactly why i don't,because they will trip you out often early in the day and then not only recover somewhat but to close up for the day,but i need that volatility for the chance of a big gain,that's why i automaticaly discard ETF's,mutual funds,and utility stocks when they appear as matches,they are not that volatile,hence low risk but low reward,all these things must be worked out by only you through practice,as everyones situation and objectives for trading are different REGARDS |
| ddsmith2 10 posts msg #26350 - Ignore ddsmith2 |
5/1/2003 8:46:42 PM Wallman, Was wondering what type of money management you use and also what type of "system" do you use to cut losses or take winnings? Thanks, |
| ddsmith2 10 posts msg #26351 - Ignore ddsmith2 |
5/1/2003 9:03:22 PM Wallman, I had not looked at the May 1 posts until now and see that there is alot of info on this subject. Looks like: Enter as you have already described Use a 5% trailing stop on a close basis (and sometimes look to see what happens the next morning first). Money management, 1 to 4 stocks, whatever your comfortable with. Seem about right? Do you ever just take a big winner without hitting the 5%? Tighten the trailing stop tigher than 5%? Any othe tips? etc. Thanks, |
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