While I like to focus on the positives 🙂 , it’s vastly more important to look at the moves that don’t work. Sometimes there is no rhyme or reason. These 2 puzzled me today as they didn’t move in line with the rest of the nasdaq group.
They aren’t on my absolute favorites list yet. That is currently being taken up by FFIV, JDSU, and ILMN.
It’s important to get out of these trades as soon as the breakout fails and goes back up to your entry point or a little bit past. Chances are (at least from the amount of charts that I’ve looked at in the past months) that if the breakout doesn’t happen on the first shot it will either go the other way for a while or it will re-test the new breakout point again. At which time you can try the same move. I’ve only had one day so far that I got bounced around from breakouts not transpiring.
So far on my blog, I’ve pretty much watched all the same stocks and I have a 136 gained (profit) breakouts and only 36 failed breakouts. So they do happen, but so far they have been few.
Welcome to Swing Trading the Stock Market Podcast!
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Commit these three rules to memory and to your trading:
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What do you do when the best trade setup that you can find is a stock that you already have a position in? Should you trade a stock that you already have a position in and exponentially increase the size of that position? In this podcast episode Ryan explains the circumstances that allows you to increase your position size in an already profitable trade and how to manage the risk in doing so.
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