043: Never trade without a stop



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Financial Movers Podcast: #043

(09/03/20)


PODCAST OUTLINE

Welcome to the Financial Movers Podcast. (today is, the time is e/t, and this is episode # …. , and I’m speaking to you from ...) No matter if you’ve been listening to this podcast since episode 1, or this is your first time listening, OR you’re somewhere in the middle of those two, I promise you'll finish this podcast today with more knowledge than you started it with. 


Whether you’re listening to me on Apple podcasts, Spotify, Stitcher, the FMover website, or Youtube, please subscribe and leave me a review. 


Also, if you want a visual aid to better understand the strategies and indicators I'm using then you can follow along on my Youtube channel @FinancialMovers where I have this episode posted with a screen recording in video format of what I'm doing this entire episode. Similarly, I have all of today's notes posted on the Financial Movers website, so if you're a cliff notes type of person then the outline will serve you well. 


Today’s Agenda:

  1. August is over. How was my overall performance 

  2. Market is down today: Key lessons to be learned

  3. New setups


1. August is over: How was my overall performance?

  • Today the market is down and stopped me out of the last of my August positions. 

  • Last podcast (episode #042) I reviewed a few of my losing trades such as K and PM to see what I did wrong and how to correct my mistakes as I move  forward. Go back and give that episode a listen and if you haven't heard it because there is some quality content in it. 

  • Overall this month I made 25 trades. I put on Twitter I made 24, I miscounted, I made 25. 

  • Of those 25, 16 were winners. So, not bad. I say this all the time. You can lose. Actually, you will lose! You just need to win more than you lose!

  • Of those 25 trades only 14 were good trades. Yes, I had some winning trades that weren't good trades. I just happened to turn a profit on them. 

  • From all 25 trades, I averaged a gain of 1.97% per trade. If I would have only traded the best 14 setups that I had then I would have averaged 2.5% per trade.

  • I’d have also not had any losers which would have earned me more overall because the losers drag my winners down.

  • Really, when trading, or specifically swing trading, less is more!


2. Down day in the market: Your lesson to be learned

  • Many times I’ve been taught this lesson and many times I paid handsomely for it. I’m sharing it with you, for free, right now. 

  • ALWAYS HAVE YOUR STOPS IN PLACE. PLEASE

  • One day later, so yesterday, google gained +4.9% and ran all the way up to $1723.

  • Great run! +5% in a day! But move have your stop in place! Today, Google has erased nearly all of its gains and is trading at $1644. 

  • I had my stop at $1690, so no, I didnt capture all of the gains. It impossible to time tops. But I am happy with the +2.9% that I won. It beats being down today!

-TXN: posted about TXN on Aug 24 @ $140

  • Yesterday I took profits at $145.50 bc that was my target. The price was trading far from support and I know $TXN likes its support when moving up. 

  • Well the price extended to $148 yesterday, but guess what! It’s now at $141. 

  • You’ll never time tops. Take profits, or at least move your stops up. Don’t let greed get to you.

3. What I’m watching going forward:

  • I’m not going to go to in-depth about $TMUS or $UPS but add them to your PEG watchlist. I’ve already beat those two to death talking about them in episode #041 and episode #042.

  • Go back and listen to those two episodes if you want to hear how I’m trading those. My initial trade strategy is still the same one I’m using because they’re still trading at the same prices as before and using the same support and resistance levels.

-I do have one new one and that is: Goldman Sachs (GS)


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