looool looks like I missed out on another 3x, this shit is crazy. I’m so bad at timing exits–understandably hard since it’s based on nothing but the whims of a Reddit group.
Bought CLVS at 8.33, couldn’t take it anymore and sold at 5.57… am I doing this right?
The total gamble I took off a hot tip, MDP, is up like 20% the last two days, so I dumped what was left of my CLVS into that
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Jesus it’s still going lmao
Yea, 34cs sold for $1.36, now up over $8 fml
Edit: make that over $10 lmao
Your goal as a swing trader is to have your winners double your losses, so averaging 10% for your winners and 5% for your losses. With this ratio, you only have to be successful on 50% of your trades to make nice profits across the board. You have to be disciplined though. If you don’t set a stop loss on a position entry and it moves 25% or more against you, that’s too large a draw down on your capital and makes your success rate have to be that much higher (which is hard).
If you have questions please ask. Trading is different than investing. In trading your must have defined rules and follow some form of technical analysis. You should at least mentally define the difference between your trading positions and long term investing.
Sage advice from the chiefsplanet investing thread.
Good advice but doesn’t really help me, I’m not so much swing trading as I am buying lottery tickets. I just always seem to choose the worst time to cash them in haha.
So I did my monthly overview and randomly checked the documents in my trader account and noticed they are charging me with negative interest rates on the cash I have there. I put in money when the markets crashed last spring after covid took off for investment opportunities and also keep about 12 month of payments for my saving plan there. It sucks. I really should look more active and get more money involved.
Fixed that headline
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I wasn’t really serious about sage advice. I seriously doubt “lewdog” has a day-trading edge on quants that make $1M+/year working for HFT firms. Although he is one of the brighter CPers.
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I put a trailing stop on my March calls that triggered :(. Made about $500 but lost out on about $1400 :(.
ETA. I opened positions on $UWMC (also a mortgage company) and that’s doing real well too.
Yea I roll my eyes anytime technical analysis gets mentioned, but it’s not like my system is any less arbitrary. It’s just something I’m really struggling with here–I know there’s probably value in trying to front-run meme stocks, but I have no idea how to judge how far to let it ride. I mean hell, I put a shit-eating grin emoji at the end of my original post and now I’m regretting selling lol.
Obviously it could have gone the other direction (like CLVS did when I was up a lot and didn’t sell) but I always seem to guess wrong on the coin flip.
Tbh I expect to see RKT go even higher from here, like a combo gamma+short squeeze or something, but the lack of cheap YOLO OTM options means it’s off my meme radar. And there’s just something that feels icky about selling for a profit and then buying back in at a higher price, like I’m admitting to myself that my original decision to sell was bad.
So now it’s hunting for the next future meme stock (though if the MMs create higher strike prices I may jump back into RKT).
I’m not entirely sure RKT is all WSB memes. I think they made a bunch of money, gave out big dividends, and are buying back stock.
I don’t know shit, but I figured it was a good investment at the time.
Hoping UWMC gets the WSB meme treatment.
I agree. I think the meme recipe is a strong stock + huge OTM call option buying + potential short squeeze. WSB has the latter two covered on this one.
I thought about selling when my CLVS shares were up 20%, but I had bought them hoping they would take off, not just give me a nice profit.
I held until I was down 10% from where I started, after which I dumped them all.
I have no regrets, since I willingly swung for the fences.
Yea that’s a good mindset, and something I need to commit myself to. I’m so scarred from things like CLVS that I decide to take profit while I’ve got it, rather than committing myself to the plan of swinging for the fences. (Not that 7-8x is a bad result–one could say that’s a homerun in itself.)
Obviously if I knew CLVS was peaking I would have sold it, but holding and losing 10% was preferable to selling at +20% and then watching it double.
Last time I tried to buy a car from a dealer the sales guy was a covid truther and asked me how many of my patients died… he was british. The car I wanted ended up getting delayed indefinitely because of covid production problems, so I wanted to cancel my deposit. They tried to make me drive 1.5 hours to cancel a fucking credit card swipe, saying they couldn’t do it over the phone. Fuckers
