{"id":416,"date":"2009-02-26T19:15:07","date_gmt":"2009-02-27T00:15:07","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=416"},"modified":"2009-06-03T11:09:48","modified_gmt":"2009-06-03T16:09:48","slug":"416","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/416","title":{"rendered":"Do Not Chase Stocks!"},"content":{"rendered":"

A problem I see time and time again in my own trading, but more so in inexperienced traders, is when you miss a move in a stock or in the market, we tend to chase and push. \u00a0This is obviously a lack of discipline. \u00a0But how can you protect yourself from this?\u00a0 First, let everybody understand that it is alright to miss a move, s**t happens. \u00a0The key is to not compound the missed opportunity by making bad buys or sales and lose money. \u00a0Make a new plan and ask yourself what needs to happen to get you back involved.\u00a0 “If A happens, I do B.\u00a0 If C happens I do D.\u00a0 If none of this happens, I do nothing.”\u00a0 For example, On Wednesday GS was in an upward trend.(chart attached below)\u00a0 After I missed my entry point at 86, I was frustrated, but I kept my cool and I set a new plan.<\/p>\n

GS gave me many opportunities to buy this stock on pull-backs during its 6 point up move.\u00a0 My new plan was to watch GS as it broke out and to identify points of entry if it continued its upward trend.\u00a0 In trending stocks <\/strong>I want to buy into pull-backs.\u00a0 Watching a stock or the market after you missed your entry allows you to gather invaluable information that you will be able to use, which will give you an edge on your next trade.\u00a0 GS, after moving 2 points, found resistance at 88, pulled back 1 point to 87 and found support just under 87.\u00a0 That was my new entry, 1 point higher then my original plan.\u00a0 GS then continued upward and exploded on huge volume through 88.\u00a0 GS was then met with resistance at 90 and gave me another opportunity to enter the trade on a pull-back to 89. \u00a0 GS exploded through 90 and ran another 2.85 points.<\/p>\n

Even if I did not make another trade in GS after I missed my original entry, I would have gained invaluable information on how GS moves when it is in a strong trend.\u00a0 This information will help me make money in the future.<\/p>\n

\"gs.bmp\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A problem I see time and time again in my own trading, but more so in inexperienced traders, is when you miss a move in a stock or in the market, we tend to chase and push. \u00a0This is obviously a lack of discipline. \u00a0But how can you protect yourself from this?\u00a0 First, let everybody understand that it is alright … Read More<\/a><\/p>\n","protected":false},"author":273,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,186],"tags":[30,18,301],"class_list":["post-416","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-jeff-tomasulos-blogs","tag-prop-trading","tag-smb-capital","tag-trading-blog","no-post-thumbnail"],"yoast_head":"\nDo Not Chase Stocks! | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/416\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do Not Chase Stocks! | SMB Training\" \/>\n<meta property=\"og:description\" content=\"A problem I see time and time again in my own trading, but more so in inexperienced traders, is when you miss a move in a stock or in the market, we tend to chase and push. \u00a0This is obviously a lack of discipline. \u00a0But how can you protect yourself from this?\u00a0 First, let everybody understand that it is alright ... 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