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A newbie who lost 10% of his investment on day 1


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A newbie who lost 10% of his investment on day 1

  #21 (permalink)
 grausch 
Luxembourg, Luxembourg
 
Experience: Advanced
Platform: TWS
Broker: Interactive Brokers
Trading: Stocks
Posts: 494 since May 2012
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Krav69 View Post
Not that I would know how to hide from my bosses while I checked my stocks or anything....

I am lucky in that I don't need to hide this, however, if swing-trading or if holding for the longer term, it is quite easy to just set up everything using stop and/or limit orders. Do most of your homework at night, decide on potential buy points and place your orders. Use OTO orders and you can set up your stop-losses as well. No monitoring needed.

If I pay more in $30 to Interactive Brokers in commissions a month (to avoid their $10 minimum charge), I usually have a bad month. If I just ride the positions out, I tend to have good months.

It is also a lot easier to let your profits run if you don't monitor the trades all the time. It is just one way to avoid self-sabotage.

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  #22 (permalink)
 
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 iqgod 
Mumbai, India
Legendary Market Wizard
 
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grausch View Post
.
.
.

If I pay more in $30 to Interactive Brokers in commissions a month (to avoid their $10 minimum charge), I usually have a bad month. If I just ride the positions out, I tend to have good months.

It is also a lot easier to let your profits run if you don't monitor the trades all the time. It is just one way to avoid self-sabotage.

This is good advice.

As the saying warns: penny wise, pound foolish.

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