Replies to post #71902 on GoodFellas Big Board Catalyst and Chart Plays

[Wrinkles]

Having enough bankroll makes all the difference Run....I remember having $5K yrs ago and saying if only I had x amt to play with, I could make money much easier. Now I have much more obviously, but I don't buy all that much, considering the amt of the bankroll. I've only been using like $30K of my bankroll daily and leaving rest cash and try to be in as much cash overnights. I think I might start doubling the amt I play on my quick flippers soon, to increase my profits.

I get to damn wordy all the time, a baaaad habit. Bottom line, you'll be fine, get as good as you can at reading charts and try to build that bankroll and add margin to your acct when you can, was a huge help for me.

Good luck today gang.....

[crookedneck]

Hang in there Run4It, we all started where you are at. Slow and steady wins the race! The key is to keep compounding your gains and you will be surprised how fast it can grow.

You have to remember that you have to endure some losses along the way and the trick is to minimize those losses with stop losses in place, be it a mental stop losses(which I prefer) or actual stop losses through your broker.

The biggest killer of many portfolios is hanging onto a loser too long. It can be devastating to one's portfolio! I learned the hard way, but since becoming much more disciplined, I have steadily grown my portfolio. Enduring some losses along the way is the nature of the beast and EVERYONE has them, so one has to accept this and manage it properly.

In here we are not afraid to post our losses, along with our gains, as some trades just don't always work out. Each of us has our own threshold for our stop losses and mine is around 10% - 25%, depending on the stocks risk factor. A highly volatile stock may require a higher stop loss to prevent one from getting stopped out too early. VRNG is a good example due to it's wild swings, I have in place a 25% stop loss in place. Whereas, a stock like NQ I have a 15% stop loss, due to how it trades and to ensure I protect my profits along the way.

The point being, that once a stock is substantially up, I want to lock in and protect those gains in case the market would turn against me, so I employ a 10% - 15% stop loss. Despite how much I like a stock, I will flip it when the market/chart dictates. It is hard to entirely remove emotion when trading, but the more and more you get better at it, the more gains you will see add up over time.

Winkles does an excellent job of taking profits and employing tight stop losses in his day trading, which equates into compounding his gains over time which really add up.

Happy Trading my friend - Cheers!

[butterfly89]

I'm not saying I will make that much this year. I'm saying that whatever I make is through my hard work and shouldn't be used to pay for every special program that Congress wants to throw money at. We are a military household so the starting capital wasn't that much to start with but it's getting better. I've been unemployed technically for 3 years and that is why i started trading full time. All of our income comes via the federal gov't between my husband's pay and my military disability. Fortunately, we can pay our bills on what comes in so I can keep rolling my trading money over and leave it alone. I have lost plenty so far this year because I have a much more negative bias on the state of our economy and our future while the market has lost control over the Fed's buying.
We spend 85 billion a month to the Fed's balance sheet. What is the amount of sequestration? Oh only 85 billion for this year. And that is supposed to bring down the economy because the govt isn't spending? Sooner or later it is going to catch up to them and I think things are going to get pretty ugly when it does. The only thing I can do in my opinion is to keep adding to my account and hope that when the bottom falls out that I have enough to weather the storm that is brewing. At some point I think inflation is going to raise dramatically and it will be interesting to see what the masses do when they can't afford some of the things that they take for granted. My goal this year is to have all of our credit cards, etc. paid off.