Use these techniques to help improve your performance
Dave Landry is principal of Sentive Trading, a money management firm, and a
principal of Harvest Capital Management. Mr. Landry is the author of two top
selling books,
>Dave Landry’s 10 Best Swing Trader Patterns And Strategies and
>Dave Landry On Swing Trading.
If you would like a free trial to Dave’s Nightly Swing Trading Alerts Report
Markets don’t adhere to our exact expectations. Therefore, a little
discretion and common sense can really help improve your performance. Let’s take
a look at some discretionary techniques.
Second entries. In questionable markets, you might look forgo the area
you intended to enter and wait for additional follow through. For example,
suppose a stock hits your “trigger” but fails to follow much further.
At the same time, the market and representative sector is trading lower. In a
situation like this, you might consider forgoing the original entry and look to
take a second entry–when the stock trades back above the intra-day high (i.e.
above the original trigger). This is illustrated below.
Another discretionary technique is to be flexible on taking profits. In
momentum markets, you might want to let positions ride a bit. In choppy or
reversing markets, you should be willing to take profits a little early.
For instance, suppose your stock is nearing a profit target but the market is
weak and the sector is weak. You might lock in a piece and then tightenÂ
your stop on your remaining shares.Â
I covered the above along with other discretionary techniques, current market
condition, and my patented “trend pen” earlier today in my weekly
interactive presentation. Email me if you need the link or click
here to view it.
Best of luck with your trading on
Friday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. Learn my newest and most advanced version of my Bow
Ties Strategy. Click
here for details.