Thanks for sharing.. Thats a pretty interesting way of approaching this game. I must admitt- I have never tried that nor thought it possible but it DOES seem to make complete sense and I may have a try at that : )
I rarely attack a snorter.. only if I had a great week, and I take a stock like NVEC and just put a ridiculous limit order in like I did at 44.90, and similar to you- I have a sell order pretty much in place. I mostly prefer position trades, so I have some flexability. Rather than put a physical stop in, I usually let it cross over my pre determined lose limit, and try to set a solid stop after it.. Its always dangerous because the gambling demons awaken and thats where I have to be careful I dont become a stuckholder, praying and punching the monitor at the same time for it to go my way so once it reaches the danger point, I always enter a physical stop shortly after.
If you dont mind me asking- do you trade for a living? Would be interesting to know if you use that strategy 100% with success making a living at it..
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