Stop Limit is My Friend

I love day trading! I am that last minute person that loves the thrill.

I have finally gotten to the point where I can see the candlestick patterns and I guess there is some level of intuition about the direction of the trade.  I can see the trade will be good in the direction chosen.  I find I hesitate getting in.  As in driving, hesitation can be deadly.  Once I am in the trade…. well getting out is another emotional swing.

Some where in my brain is this thought that “its just retracement” but often,  it really is a new direction. and I should have been out.

I am using TastyWorks for my live trades these days along with the OptionsHouse platform on Etrade.  I am still learning the TastyWorks desktop platform so most of my research is done on the OptionsHouse platform.  I love the low commission and fees, but there are just too many buttons to press to get into and out of day trades fast.

On OptionsHouse I can use OCO orders but TastyWorks does not have these.  It does however have a Stop Limit order that is different than on other platforms.  I can select my stop trigger and set a limit order for my stop exit!  I have been testing using this as a manual trailing stop, adjusting it up as the trade moves.  This has in fact worked quite well for me.  I have not been able to get out fast enough on a direction change so this acts like a safety netting for me to keep profits.

Four years ago none of this would have made any sense to me. I had no knowledge of the stock market, options or what was involved in trading. The Master The Markets course I took back then has turned out to be a really good investment. As Dani Johnson pointed out, investing in my self, in my personal development, always pays back.

Now, if the S&P 500 would pick some direction.  Its been in a channeling flag pattern for months. Lets see if it stays above the 100 MA this time.

Learn to Trade:     Master the Markets
Options Trading:    TastyWorks ( $1 commission  )
Stock Trading:        RobinHood
(get 1 free share of stock for signing up without even funding!)

 

 

Author: Evelyn Rosa

Smile for no reason - Happiness is a choice Pay It Forward - random acts of kindness the best legacy of all Love You... start there

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