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Online Share Trading

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The age old trader tradition...

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eddy66
Super Contributor
A while ago OST forcasted that if AGL closed above 262 it's a good long with a 5% stoploss.Well,I only bought at 250 and I want to sell now at 262.A realised profit is better than ficticious gain right? I can't help but wonder...According to the Tech team a close above these levels are a great sign to be long.So would it be wiser to hang on?
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10 REPLIES 10
Not applicable
Eddie, eddie, surely you know the answer. Actually you have given yorself the answer. Take profit at your initial intended level. WHAT IS YOUR EXIT PLAN? if 262 is it get out. you cn always come back to trade your profits when the share is back at 250...
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jack12
Super Contributor
Eddy Oh Eddy what art thou doest??? Would it not be wise to set a stoploss at this point and let it ride??
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SimonPB
Valued Contributor
advice from one of the traders on my show .. when you hiut target put the stop below the previous days low ..
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Not applicable
Looking at the chart I would sat it has the potential to goto 285/290 BUT sitting at resistance of 264/274. Last hit 281 14 Oct 2008 and since then highest is about 274 on 06 August 2009. TA says still going up but getting close to OB position. Bol is on upper range so a breakout could be short lived. OMO
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Not applicable
with all due respect CPS, that principle violates all trend following systems. a lot of traders will disagree with the statement that nobody lost money taking a profit. There are times when you just need to ride the wave. IMO eddie, AGL has broken out its triangle, but I doubt it will push through the 26450 level today. Volumes have been steadily dropping off for a long while now, which for me would be an indication not to get in, but if I was, I would have got in on the 3rd and I would not have made sufficient profit to justify the trade yet, so I would stick it out and cash out at my entry price if it went against me.
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eddy66
Super Contributor
I also see potential upside but don't want to be greedy.When I got in I set a trailing stoploss at 5% that would currently trigger at 253 which means I would still make profit if it reverses. Obviously I want to make the decision which involves the lowest risk.Maybe I should just leave it as it is cause even yesterdays low is lower than my trigger price.
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Not applicable
Skaap, I agree with you about riding the wave but many a trader gets out to late after riding the wave. We are all pre-disposed to saying "so its down today tomorrow will be a good day like yesterdayand it will get better" and then you are back to where you started (less brokerage etc) or worse off you stop is under the entry.

Anyway if I remember, and Eddie did not clarify what he is trading on AGL, Eddie has found favour is SSF or maybe the new CFD so these have other risks that need to be taken into account.
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jack12
Super Contributor
May the force be with you Eddy, decisions, decisions so many decisions 26300 and rising mmmm decisions, decisions. If you fix the stop loss at 26000 and ride monday you can adjust it again and let it make money while it is rising. Ooops 36337 next offer is 26349
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TOPIX
Regular Contributor
Eddy, the easiest way to lose money is to change your plan midway through a trade. You have two issues to consider. One is confidence in your system - if you keep making changes on other people's recommendations, you will not build your confidence. Number two is meassurability and repeatability of your system - if you keep making changes on other people's recommendations, you will not be able to measure your success and repeatability will suffer. Have a plan before you enter and stick to your plan. If your plan needs adjusting, test it and the implement it with future trades but not whilst in the trade.
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Not applicable
253 is a pretty arbitary value - easily within a single day's trading range - I would say you have at least a 50% chance of being stopped out at that value in the next couple of days.
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