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The market was VERY good to me today. My portfolio was up almost 4%. A couple of weeks ago, my total stash was up about 7% for the year. Then all came back down. I wound up almost right back where I started from at the beginning of the year.
I’m trying something a little different this time. My Daily Graphs Online allows me to look at stock graphs throughout the trading day. What I’m starting to do is each evening to review each of my positions using the “Intraday” graph.
This seems to allow me to see short-term trend lines. I’m starting to use this to decide where to put my stops to get out either with a profit or a very small loss.
For example. My buy order on PDII kicked in today. I was filled at $30.63. But when I look at the intraday graph, I see the stock peaked at $31.91 at 12:30. The rest of the day, it headed down on heavy volume. I’m putting a stop on that stock at $29.90. It will like trigger and I’ll be out with a 2.4% loss.
My ESMC was up dramatically today. However, it was up 25% at 10:00. Then it dropped back quickly and traded between $9.50 and $10.00 on very heavy volume the rest of the day. It’s unclear where it is headed, but I put a stop on it at $9.35.
We’ll see if this strategy proves profitable.
Posted by Ted at February 11, 2004 9:13 PMBig Gamble-
It is no get rich scheme. It's OK for to gamble
a few bucks if you can afford it. It's nothing
to get caught up in with big bucks thinking one
can make a fortune. Thats my comments.
The goal is to get out quicker with a smaller loss or maybe even a modest profit. Too often I have had a nice profit in a stock only to watch it evaporate over a few days. My hope it to prevent that from happening in the future.
Posted by: Ted at February 12, 2004 11:32 AM