IBD’s Mike Webster and Justin Nielsen talk about reducing risk with chop.
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Regarding “The Successful Investor”: if you experience losses on the first two trades—cutting your losses at -7%—and then take profits when the price rises by 20% on the third trade, you can recover those losses. While adhering to the rules is crucial, the market volatility this time was extreme, and I was unable to stick to them. Thank you very much.
So going forward we should not expect SwingTrader to trade leading stocks or not successfully trade leading stocks? Seems like it should be taken out of the marketing material.
Yeah it has to be tough for these guys to show that chart LOL. I don’t really understand the whole swing trader thing. Bill was not a “swing trader.”
If anything this is a reminder to sit out during the chop, and only buy the right breakouts at the right time. Feels like they are forcing themselves to trade rather than doing what’s best for the account.
@Idontwantaname9 A good teacher might not be a great trader, or verse versa. That was why Bill was one in a million, he was great at both. Feel like IBD should focus on teaching rather than running trading services. But a lot of beginners trying to make money without making the effort learning, in the end, they learned nothing and lost money. They are better off holding SPY or QQQ, beating 90% of fund managers or trading services.
What you said at the 30 miinute mark is the reason I left Swingtrader. You watered down your trading style because too many alerts did not appeal to the masses. Well, sometimes that’s trading. I took this producct because I wanted to learn how Webby actually traded, not some version on Webby light. I understand you are running a business but so am I, and I wanted to learn professional trading from a professional. If people do not want to trade so much they should try Leaderboard.
IS IT POSSIBLE TO email ONLY the ETF TRADES?
Excellent job gents!
Thank you both for laying things out in such a practical way. Indeed, getting back in has required some skill and it’s reassuring to know that what we’re doing is aligned with what you’re presenting. Always learning from you guys.
Not that I’m happy about it, but it’s somehow motivating to see that I’m not the only one who went all the way back to the starting point. I was away from the screens for a while, and when I came back all my core positions were gone. I was 100% cash and had suffered a 30% drawdown after letting most of my positions run until they broke below the 10-day SMA
I understand the idea of adjusting exposure according to the progression of the P&L, but in my case I’m going to try to press harder at the beginning of rallies and then gradually reduce exposure as the rally matures. It would still be progressive, but much faster at the start, with the goal of capturing the easier part of the move and reducing the drawdown when the inevitable correction eventually comes.
I’m not a subscriber anymore, but from what I understood, by the end you may actually be doing something similar. Of course, it depends on the level of conviction at the start of the rally, and in this case there was a very specific event to mark the bottom.