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Online Share Trading

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Intraday trade set up

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10 REPLIES 10
Runbird
Contributor
Another great video! Sorry for all the newbie questions, and talking across two threads, but how did you determine your exit level of 23450 and where do you get that matrix screen of the warrant?
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most recent high is 23477 - set the sell stop just below this (at a comfortable level). The matrix can be found on the specic warrant page - three quaters of the way down. The other issuers will have matrix in different places - heres the absa one -http://169.202.9.30/acmbweb/warrants/menu.aspx
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Runbird
Contributor
Thanks - moving this entire discussion to this thread now. Fear/Uncertainty, doesn't matter - I was happy with the gain. I did lose some money recently and decided early on today to get out when the warrant traded in the 220's. It was on 220 for a while with the market trading sideways, prompting my decision to get out at that level as I did not know how to determine the next move after the sideways trade. Your analysis obviously indicated it would still be up and you were correct. Be that as it may, I am still satisfied with the gain. What I need to develop is a system for determining exit levels consistently and you seem to have that, hence my initial question. Thanks again for the help.
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pleasure - I am a bit worried that you mention the fact that you lost some money recently and that that caused you to lock in the profits - nothing wrong with taking profit but you have to recognise the fact that you acted out of fear - you did not want to suffer the hurt you suffered last time - this is natural and you have to recognise that you are trading on emotion right now....
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Runbird
Contributor
I do recognise that, which is why I am trying to develop an "emotionless" strategy. I have taken a lot of steps in that direction: 1. Studying fibs 2. Opening account with IG Index 3. Gathering info on markets etc Until I feel I have a good strategy, though, I will be bound to take small gains (10% or so) and possibly miss out on larger ones. I lost money trying to hold on for larger gains on a short position and it didn't work - had to sell at a loss. I need to learn how to ride a trade to maximum gain and not sell out too soon, which is what I am prone to do now...
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Runbird
Contributor
Sorry - just to add. Got out of TOPDWI, but did go long on another warrant immediately, based on fibs.
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Update on that trade - got taken out for a profit of ZAR 1700...
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Nick_1
Frequent Contributor
Did u set your stop very tight? Or is that their auto stop tracking the move? With the look and feel of the market at the moment I would have let it ride a bit more! Will however need to decide in next 15min to carry over to tomorrow or to cut and run.
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yes Nick - I think its gonna go higher - I was taken out by a sell limit at 23437. More is nog n dag ....
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we actually went to 23440 exactly....
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