Financial Movers Podcast: #043
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August is over. How was my overall performance
Market is down today: Key lessons to be learned
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:
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)