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Online Share Trading

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My stop loss..

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eddy66
Super Contributor
triggered and now I'm out of the market.Made 40% on my margin so it was succesful.Reasons for my success is I had a exit strategy before I went into the market.My stop was very tight,1.5%. I had to almost force myself not to enter a trade again.I guess it would be better to just sit on the side for a while before I chase greed.
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15 REPLIES 15
djw
Regular Contributor
Eddy - it also depends on what underlying share you are trading with. MTX and OML have massive swings so you could hit your stop loss almost every 15 mins. What share do you trade with such a tight loss stop?
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eddy66
Super Contributor
I traded AGL
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saash
Super Contributor
Sounds like a spectacular trade. Take a breather, and look again tomorrow.
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eddy66
Super Contributor
Also think it would be wise.
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TOPIX
Regular Contributor
Nice one Eddy. You had a plan, you executed your plan and you made profit. Now, never chase the trade for more and never look back at your exit and say "what if". There will be lots more trades coming your way.
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eddy66
Super Contributor
Thanks TOPIX,that's probably just what I needed to hear.
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KVW
Super Contributor
Well done Eddy, your only going to get better and make more profit if you continue like you did.
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swordfish
Frequent Contributor
yes well done ed. why do you calculate your profit on your margin amount, and not your trading capital or the amount you set aside for the AGL trade ?
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eddy66
Super Contributor
Cause that's the % on the amount that I used to make the profit. 21% profit on my portfolio amount.
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swordfish
Frequent Contributor
cool ed, well done again and good luck with the studies.
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eddy66
Super Contributor
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john_1
Super Contributor
of all the traders I have spoken to..myself included The single bigest reason for drawdowns on performance is re-entry after an exit is hit.... best thing to do is turn of your screen and come back tomorrow.
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Not applicable
Eddy, are you not glad your stop was triggered for the right reasons on AGL. Then the second good thing is you avioded entering another trade (unless you went and took a put) ;-) Looks like your school fees bought you some expensive but very useful education.
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eddy66
Super Contributor
Hey CPS! I sure am proud of myself.It was hard not to go in again but I stayed out.What John and TOPIX said really hit home yesterday.never look back and say what if.Even if it went up today it would've made no difference.Feels good to make a better decision for a change.And I hope I would've learned something after all that school fees.
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john_1
Super Contributor
there is hope.
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