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Thread: Justbizness45's Account

  1. #11

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    Default Re: Justbizness45's Account Talk

    Since the stimulus bill is going to pass, I am thinking about a clean energy ETF for a long position. ILCN, GEX, KWT or PBW. ICLN has the lowest expense ratio @ 0.48 but is global vice U.S. Anyone already holding a clean energy ETF?

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  3. #12

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    Default Re: Justbizness45's Account

    Tom/Lady or anyone else. How do you determine when to sell? Technical analysis, a set percentage or a combination of both? What method do you use on an upward trend? Limit Sell?

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  5. #13

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    Default Re: Justbizness45's Account

    Quote Originally Posted by justbizness45 View Post
    Tom/Lady or anyone else. How do you determine when to sell? Technical analysis, a set percentage or a combination of both? What method do you use on an upward trend? Limit Sell?
    JB, with the caveat that I'm just learning this stuff myself, here is the way I decide. And it depends from trade to trade. I make myself write down a trading plan before I ever enter a trade, including the entry point I want and the exit strategy. Sometimes that exit strategy will include a stop or trailing stop. (If I use a stop I try to set that stop just off of technical indicators, or it will be triggered the same time that everyone else's stops are and I'll get trampled.) Sometimes my position just has an expected exit price.

    I always include in my plan the reason why I entered the trade, to keep the goal in mind as I look back at the plan afterwards. Then I exit according to my plan. Or if the market doesn't move according to my plan I exit as soon as I see my plan sucked.

    And if things are moving too fast for me to take 5 minutes to write up a plan, then they are moving too fast for me to be in that trade in the first place.

    For what it's worth,
    Lady
    If you think education is expensive, try ignorance. - Derek Bok

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  7. #14

    Join Date
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    Default Re: Justbizness45's Account

    Quote Originally Posted by justbizness45 View Post
    Tom/Lady or anyone else. How do you determine when to sell? Technical analysis, a set percentage or a combination of both? What method do you use on an upward trend? Limit Sell?
    Lady got it. A plan is a good idea. Is it a swing trade (days), a long term hold ( weeks, months, etc), or a scalp / day trade?

    I also watch the market for overbought / oversold readings and sentiment to know if we could be seeing a reversal any time soon.

    As Oscar (livewithoscar.com) says, it's never too soon to take a profit. But he is a day trader so he closes out all trades by the close. While I do make day trades occasionally, I'm not a day trader, but if I see a 20% profit in a position, I start thinking about exiting, or raising my stop.

    Selling is a tough decision. I think Revshark has a chapter in his book about that.
    -- Tom | My Trades

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  9. #15

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    Default Re: Justbizness45's Account

    Thanks Lady & Tom, I will have to chew on that awhile.

    I bought SLV the other day at 13.32. Today's high was 14.19. I haven't got a plan on when to sell so I guess I need to figure one out.

    I've gotten killed on my ICO. No stop. My only recourse is to hold long term. It should come back up when the energy sector comes back. I hope...

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  11. #16

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    Default Re: Justbizness45's Account

    Good luck on you SLV trade, I keep waiting for it to pull back, but I've yet to find an opportunity to pull the trigger.

    If I had to venture a guess???

    When Gold hits 1,000 we might get some profit taking, perhaps SLV will follow. But hey, it's just a guess...
    Candlestick crack addict...

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  13. #17

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    Default Re: Justbizness45's Account

    After reading Lady's 4 page post on ETF&Markets my plan is the following. SLV is above it's 200DMA so I am going to set an 8% trailing stop and let it ride.

    http://www.etftalk.com/forum/showthr...?p=834#post834

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  15. #18

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    Default Re: Justbizness45's Account

    Quote Originally Posted by justbizness45 View Post
    Thanks Lady & Tom, I will have to chew on that awhile.

    I bought SLV the other day at 13.32. Today's high was 14.19. I haven't got a plan on when to sell so I guess I need to figure one out.

    I've gotten killed on my ICO. No stop. My only recourse is to hold long term. It should come back up when the energy sector comes back. I hope...
    I just looked at ICO with the 200 EMA, it looks like the S&P 500 chart. I think I may sell and chalk the transaction up to experience. I don't think it's coming back for awhile.


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  17. #19

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    Default Re: Justbizness45's Account

    Quote Originally Posted by justbizness45 View Post
    I just looked at ICO with the 200 EMA, it looks like the S&P 500 chart. I think I may sell and chalk the transaction up to experience. I don't think it's coming back for awhile.
    Yeah, I've have ones like that too. Took a position too fast just to put my money to work, then will hold it to at least try to make my commission costs back. I'm coming around to thinking that maybe it's better to find somewhere else to put my funds where they have a better chance of making money than to get caught in the "buy-n-pray" type of buy and hold scenario.

    Lady
    If you think education is expensive, try ignorance. - Derek Bok

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  19. #20

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    Default Re: Justbizness45's Account

    I had to make a similar type loss on AIG, mostly because I just don't have the patience to watch myself lose money

    That coal chart looks ugly!!! Darn thing took a nose dive the previous time the STO hit under 20

    Have you looked at USO lately? Embedded STO since Feb...
    Candlestick crack addict...

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